Taxable Bond

Not a muni. But a corporate bond.

Disney wants cash to buy Netlifx. You know...so it can chill. It issues bonds, which pay 8% interest. Those bonds are fully taxable as ordinary income to normal retail investors. So if you're in a 50% tax bracket in a Blue State, you're keeping 4%, net of taxes. It's likely that a muni bond (tax-free) pays a tiny bit more than 4% in interest or yield.

Corporate bonds: taxable. Muni bonds: not.