PRESENTATION: IDENTIFYING TODAY’S MUNI BUYER

The universe of municipal bond buyers has shifted dramatically in the past 18 months, as leverage-driven tender-option bond programs and hedge funds have receded, traditional buyers like mutual funds saw a surge in new cash, and the expansion of the taxable municipal market has drawn new interest from across the nation.  Who are these new buyers, and what do issuers need to do to tailor their offerings to appeal to them today?