WASHINGTON — An industry group on Tuesday will unveil a revised edition of a one-volume treatise on municipal bonds, citing significant changes in the market since the last edition went to press 10 years ago.
“The Fundamentals of Municipal Bonds,” by the Securities Industry and Financial Markets Association and published by Wiley Finance, is a 320-page overview of the municipal securities market, including topics such as issuers, primary and secondary markets, investing, credit analysis and disclosure, and regulatory requirements.
This version, the sixth edition, is designed to provide a basic understanding for a wide range of readers, such as junior industry professionals who are just entering the business, investment professionals who do not specialize in munis, and sophisticated retail investors, according to Michael Decker, SIFMA’s managing director and co-head of the municipal securities division.
SIFMA published the last edition, the fifth in a series that dates to the 1950s, in 2001, according to Decker.
“A lot has changed and evolved in the market since then and we thought it was time to update it,” Decker said.
Some revisions include information about the 2008 financial crisis and products that were not widely available 10 years ago, such as interest rate swaps and variable rate products, Decker said.
The book is available on www.amazon.com and retails for $46.30 in hardcover or $41.67 for the Kindle edition.
An editorial review on the book’s Amazon page credits Neil O’Hara, a financial writer, for the updates and revisions.
“This book cuts through the noise to get to the facts that any investor needs to know,” the review says, citing the jacket copy.