Municipal Bond Analysis

The following format is mandatory: Cover Page (Name, Assignment #, class time, date) Page 1: Using http://emma.msrb.org, select a municipal bond that traded recently. List its 1) credit ratings, 2) coupon rate, 3) yield-to-maturity, 4) dollar price, 5) maturity date, 6) trade date and 7) special features such as call provisions. Go to the Emma home page and click on “Advanced Search”. At a minimum select state; under “Security Info” Official Statement; and other under “Disclosure”. Scroll down and select any municipal bond that looks interesting. Click on “official statement” and “ratings.” If no official statement or bond ratings (S&P or Fitch) are available, try another bond. Click on trade activity and select a recent “customer bought” trade to complete the assignment. Maturity Date (#5), Coupon (#2) listed as “interest rate,” Price (#4), Yield-to-Maturity (#3), and Trade Date (#6) are found on this page. You will need to go to the “Official Statement” tab to uncover Call Provisions (#7). The key word to look for is “redemption.” You will need to go to “Ratings” tab to find the Credit Ratings (#1). Page 2: Assume you are an Arizona resident buying an Arizona tax-exempt municipal bond. Calculate the taxable equivalent yield for the municipal bond you selected using the following site: www.bankrate.com/calculators/retirement/tax-equivalent-yield-calculator-tool.aspx The site provides Federal income tax rates. (Feel free to assume a higher income level if you are a “starving student”) Current Arizona marginal income tax brackets ($ rounded), needed as a model input, follow: SINGLE MARRIED $0+ 2.59% $0+ 2.59% $10,179+ 2.88% $20,357+ 2.88% $25,445+ 3.36% $50,890+ 3.36% $50,890+ 4.24% $101,779+ 4.24% $152,668+ 4.54% $305,336+ 4.54% Print the “View Report” result of the calculator and submit as Page 2. Page 3: Attach page one of the “Official Statement” for the bond you selected.

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