Much of the process of bringing a muni public works the same as bringing stocks and bonds in corporate America public. Like the underwriting secular America, Syndicates make a spread, that is, they buy this $100 million of par value bonds for $987,250,000. Using fancy math, the spread then is $12,750,000. Sounds like a lot of money but it has to feed a lot of mouths. In fact, municipal underwriting is one of the lower margin businesses on Wall Street. For every win like...
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