SYLVAN G. FELDSTEIN, PHD, is a Director in the Investment Department of the Guardian Life Insurance Company of America, specializing in tax-exempt, taxable, and non-U.S. municipal bonds. Prior to this, he was a research manager and analyst at major Wall Street broker-dealers and a rating agency. A graduate of Columbia University, Feldstein has won the Analyst of the Year Award from the National Federation of Municipal Analysts in addition to authoring or editing four other municipal bond industry books. FRANK J. FABOZZI, PHD, CFA, is Professor in the Practice of Finance at Yale University's School of Management and the Editor of the Journal of Portfolio Management. In 2002, he was inducted into the Fixed Income Analysts Society Hall of Fame and, in 2007, was the recipient of the C. Stewart Sheppard Award given by the CFA Institute.

Foreword (Christopher "Kit" Taylor)

Preface.

About the Editors.

Contributing Authors.

Part One: The Sell Side: The Originators of Deals.

Chapter 1. The Central Place of States and Local Governments inAmerican Federalism (Richard Briffault)

Chapter 2. An Overview of Investment Banking (Herman R.Charbonneau)

Chapter 3. Chapter 3. Role of the Financial Advisor (William H.Wood)

Chapter 4. Method of Sale in the Municipal Bond Market (JunPeng, Kenneth A. Kriz, and Tracy Neish)

Chapter 5. The Role of Bond Counsel in Public Agency Financing(John L. Kraft)

Chapter 6. The Role of Counsel to the Underwriters (Mary G.Wilson)

Chapter 7. Summary of Federal Tax Requirements for Tax-ExemptBonds ( Perry E. Israel)

Chapter 8. The Role of the Municipal Bond Trustee (James E.Spiotto)

Chapter 9. The Last Resort for Financially DistressedMunicipalities (James E. Spiotto)

Chapter 10. Subnational Infrastructure Finance in the EmergingMarkets: A Financial Guaranty Perspective (Thomas H. Cochran,Anthony Pellegrini, David Stevens, Richard Torkelson, and DavidWhite)

Chapter 11. The Role of the Rating Agencies (Edward A.Rabson)

Chapter 12. Municipal Bond Refundings (William H. Wood)

Chapter 13. Public-Private Partnerships (Robert H. Muller)

Part Two: The Sell Side: Distribution and Market-MakingRoles.

Chapter 14. The Role of Underwriter (Christopher J. Mier)

Chapter 15. The Roles of Traders and Brokers (JonPaulZaptin)

Chapter 16. Municipal Arbitrage and Tender Option Bonds (BartMosley)

Chapter 17. Interest Rate Swaps and Their Application toTax-Exempt Financing (Eric H. Chu, Craig Underwood, Thomas B. Fox,Jon A. McMahon, Roger L. Davis, Stephen A. Spitz, Albert SimonsIII, and George G. Wolf)

Chapter 18. The Regional Firm: Its Customers, Traders, andInstitutional Salespeople (Mychele Lindvall)

Chapter 19. Changing Roles of Buyers and Sellers of MunicipalBonds: One Participant's View (William J. Darusmont)

Chapter 20. The Depository Trust Company and Real-Time PriceTransparency (Sylvan G. Feldstein and David Ratner)

Chapter 21. i-Deal/Ipreo: the Transaction Platform (AllenWilliams)

Part Three: Compliance Issues.

Chapter 22. The Municipal Securities Rulemaking Board (Paul S.Maco and Jennifer Webster Taffe)

Chapter 23. The Role of the Securities and Exchange Commission(Paul S. Maco and Cristy C. Edwards)

Chapter 24. Sarbanes-Oxley and the Securities and ExchangeCommission (Paul S. Maco)

Chapter 25. Using Auditing Techniques to Develop InvestmentAdviser Compliance Procedures (Kevin Reilly)

Chapter 26. Rule 2a-7: Legal and Research Issues for Tax-ExemptMoney Market Funds 9Stephen A. Keen and Leslie K. Ross)

Part Four: Fixed Income Analysis of MunicipalProducts.

Chapter 27. Evaluation of Municipal Bonds (Gerard Brennan)

Chapter 28. Valuation of Municipal bonds with Embedded Options(Fr5ank J. Fabozzi, Andrew Kalotay, and Michael P. Dorigan)

Chapter 29. Analyzing and Evaluating Tax-Exempt IndexedFloaters: Investor and Issuer Perspectives (Yingchen Li)

Chapter 30. Municipal Inverse Floating Rate Securities (CadmusHicks)

Chapter 31. Analyzing Portfolios Daily (Paul R. Daniels)

Chapter 32. Discovering Relative Value Using Custom Indices(Daniel J. Garrett)

Chapter 33. Municipal Bond Swaps (Evan C. Rourke)

Chapter 34. The Tax Treatment of Municipal Bonds (Martin J.Mauro and Philip Fischer)

Part Five: The Buy Side: Institutional Investors.

Chapter 35. Managing a National Municipal Bond Fund (AlexanderGrant)

Chapter 36. Managing a High-Yield Municipal Fund (Wayne Godlin,Jim Phillips, Bill Black, Barnet Sherman, Mark Paris, and SethHorwitz)

Chapter 37. Managing Municipal bonds for Property and CasualtyInsurance Companies for Total Return. (Karen Szerszen)

"timeless and important...to all participants in the municipal bond market."--The Bond Buyer