The Internal Revenue Service has issued a favorable but limited private-letter ruling concluding a total return swap entered into between a borrower and a bank at the same time the underlying tax-exempt bonds were sold is not an abusive arbitrage device, tax lawyers said.
The Commonwealth of Puerto Rico has a long history of fiscal uncertainty and structural deficits. Responding to decades of general fund deficits in 2014, the rating services lowered the ratings on the Commonwealths general obligation credit to below investment grade, or junk status.
This course reviews the basics of swap contracts, defines how they differ from fixed income securities and how fixed income investors use them as part of their investment, issuance and hedging strategies.
Taught by professional with extensive hands-on experience
Five lessons include video lectures, review quizzes & interactive resources
Earn 2.5 CPE credit hours for just $159. Field of Study: Finance | Level: Intermediate