Читать книгу Handbook for Muni-Bond Issuers - Mysak Joe - Страница 7

BY MICHAEL R. BLOOMBERG

SOME YEARS BACK, The Bonfire of the Vanities author Tom Wolfe suggested to Joe Mysak that he write a book about the municipal bond market. Call it The Dark Continent, Wolfe suggested. You hold in your hands the result.

The municipal market is a vast place, and not a little scary for those not privy to its mysteries. Despite its intimate connections with all of us – look no further than the sewers and the side-walks beneath your feet for examples of things financed through the sale of municipal bonds-the municipal market has never really become a part of our financial culture.

The consequence is that most people probably know more about how to sell an initial public offering in the stock market than they do about selling municipal bonds. How do you choose a financial adviser, an underwriter, a bond counsel? How are bonds priced? How do underwriting syndicates work? Why do we need a credit rating? How do we pay all these people? This book takes you through the whole process, step by step.

The municipal market is, by any measure, big. It has been estimated that more than 80,000 entities have the authority to issue municipal debt. And every year, more than 7,000 of them do so, selling some 10,000 separate bond issues. As Joe Mysak points out, the municipal market is particular and specific to a remarkable degree. But there is a basic framework to all municipal bond transactions, and it is explained here.

That basic framework now includes heightened regulatory scrutiny. The Securities and Exchange Commission Office of Municipal Securities’s advice to issuers is simple and direct: You are responsible for your bond issues. You can rely upon the professionals you hire, but only up to a point. You have to understand exactly what is going on and why. Before you can do this, you have to know what questions to ask.

I believe Joe Mysak delivers solid advice on how to tap a market that has become a wonder of the (increasingly decentralized) world. I think you will find this book a reliable source of guidance and good practice.

A Few Notes on the Format

♦ This book packs a lot of information. It is designed to be functional as well as factual, trim enough to be carried in a coat pocket and taken on the road, and read easily on train, ship, or plane.

♦ The book’s organization accommodates your hectic schedule. The material flows logically and offers real-world applications at every turn.

♦ Graphics are designed with the busy reader in mind, highlighting important concepts from the experts in color throughout.