{"id":173829,"date":"2020-08-26T18:25:00","date_gmt":"2020-08-26T22:25:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/muni-bond-overview\/"},"modified":"2024-01-24T16:06:08","modified_gmt":"2024-01-24T21:06:08","slug":"muni-bond-overview","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/muni-bond-overview\/","title":{"rendered":"Course Overview"},"content":{"rendered":"<p>Municipal bonds come in several shapes and sizes, with a variety of tax structures, funding sources and methods of analyses.<\/p>\n<p><img decoding=\"async\" class=\"twothird alignnone wp-image-2390 size-medium lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/Les1_1.jpg\" alt=\"\" width=\"960\" height=\"540\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/540;\"><\/p>\n<p>Types of municipal debt include:<\/p>\n<ul>\n<li>General obligation bonds,<\/li>\n<li>Revenue bonds, which may focus on specific areas such as\n<ul>\n<li>Housing,<\/li>\n<li>Healthcare,<\/li>\n<li>Education, and<\/li>\n<li>Transportation \u2013 as well as<\/li>\n<\/ul>\n<\/li>\n<li>Issuance subject to the Alternative Minimum Tax (AMT),<\/li>\n<li>Build America Bonds (BABs),<\/li>\n<li>Double-barreled bonds, and<\/li>\n<li>Advance refunding bonds, to name just a few.<\/li>\n<\/ul>\n<p>But what differentiates these bonds from one another, and what are some of the ways in which investors can conduct analyses on some of these instruments in both the primary and secondary markets?<\/p>\n<p><strong>For example:<\/strong><\/p>\n<p>This is because payments to holders of revenue bonds are not sourced from taxes the way general obligation bonds are. For revenue bonds, cash flows from constructed projects are typically used to repay investors.<\/p>\n<p>In this course, we\u2019ll cover factors such as these, as well as many others.<\/p>\n<p>To navigate these oftentimes complex products, we\u2019ll also provide you with some tools so that you may be able to become more familiar with the types of municipal notes available to purchase and trade, as well as obtain a better understanding of the features associated with municipal debt in terms of:<\/p>\n<ul>\n<li>Risks,<\/li>\n<li>Due diligence,<\/li>\n<li>Calculating accrued interest<\/li>\n<li>Yield disclosure, and<\/li>\n<li>Tax considerations, including<\/li>\n<li>Recent changes to state and local tax, or SALT, deductions<\/li>\n<\/ul>\n<p>We\u2019ll also walk you through the IBKR Trader Workstation, where you can locate certain municipal bonds in the secondary market and conduct due diligence to help inform your investment decisions.<\/p>\n<p>In the next chapters of this video series, we\u2019ll explore more about general obligation bonds and revenue bonds, and as you progress through the course, you may wish to revisit previous lessons to enhance your understanding of the many facets that comprise the municipal bond market.<\/p>\n<p>You\u2019ll also find a quiz at the end of each lesson, along with a final exam at the end of the course, to reinforce your understanding.<\/p>\n<p>Please keep in mind that as you review this course that this material does not, and is not, intended to take into account your particular investment needs. Before acting on this material, you should consider whether it is suitable for your financial conditions, investment objectives or other requirements.<\/p>\n<p><strong>Other Disclosures<\/strong><\/p>\n<p>The information in this presentation is provided for informational purposes and should not be relied on for tax, legal or accounting advice. Before engaging in any transaction, you should consult your own tax, legal and accounting advisors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interactive Brokers&#8217; senior market analyst Steven Levine provides an overview of what to expect from the U.S. Municipal Bond Market course available at IBKR Traders&#8217; Academy.<\/p>\n","protected":false},"author":899,"featured_media":181012,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13125,13128,13132],"class_list":{"0":"post-173829","1":"trading-lessons","2":"type-trading-lessons","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-interactive-brokers","7":"traders-academy-beginner-trading","8":"traders-academy-level","9":"traders-academy-trading-lesson"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" content=\"Municipal bonds come in several shapes and sizes, with a variety of tax 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