The Internal Revenue Service has declared as taxable interest earnings from tax-exempt bonds issued by an authority in Little Rock, Ark., but that may be the least of the bondholders' concerns because the bonds are in default and they may not receive any more interest payments.
Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.
the bond buyer conferences
September 25-27, 2013JW Marriott LA Live, Los Angeles, CA
October 27-29, 2013Crowne Plaza Times Square Manhattan, New York, NY