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  • stoeverglass A Good Place to Shop for Bonds
  • stoeverglass A Good Place to Shop for Bonds
  • stoeverglass A Good Place to Shop for Bonds
  • stoeverglass A Good Place to Shop for Bonds
  • stoeverglass A Good Place to Shop for Bonds
Stoeverglass

Tax Free Municipal Bond Offerings

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YTM = Yield to Maturity, YTC = Yield to Call, PR = Pre-Refunded (already called in advance) with both principal and interest payments secured by US Treasuries held in escrow, OID = Original Issue Discount. Ratings are obtained from both Moody’s and S&P.
Uninsured lower rated or non-rated Michigan bonds and uninsured Puerto Rico bonds are subject to additional risk factors.

Stoeverglass
Inventory Selected by State:
Srl Moody's Quantity Description Coupon Maturity - Yield Approx.
No. S & P  Cusip   Call Date Call Price -   Price
1)
A1 10000 NEW JERSEY 5.250 7/15/2017 YTM 1.000% 110.707
A 646039KF3  
2)
NR 20000 EAST GREENWICH TWP,NJ 2.125 11/1/2017 YTM 1.000% 103.155
AA 272596CV7 BAM INS  
3)
A2 20000 NEW JERSEY ECON DEVEL REV 5.000 12/15/2017 YTM 1.250% 110.917
A- 645918YA5 (SCHOOL CONST) N/C  
4)
AA2 15000 CAMDEN CO,NJ IMPT REV 4.000 2/15/2018 YTM 1.250% 108.445
A 13281NQC9 (CAMDEN CO COLLEGE G O)  
5)
A1 25000 YAVAPAI CO,AZ S/D # 4 4.000 7/1/2018 YTM 1.953%
NR 985245CX5 (MINGUS) NATL INS 7/1/2017 100.000   YTC 1.200% 106.928
6)
A3 10000 TRENTON,NJ 5.000 7/15/2018 YTM 1.500% 112.082
NR + 8951306B3 ASSURED GTY (ST.AID)  
7)
AA1 10000 VIRGINIA PUBLIC BLDG AUTH REV 5.000 8/1/2018 YTM 1.100% 113.737
AA+ 928172A21  
8)
A1 10000 OTTAWA,KS 3.000 10/1/2018 YTM 1.250% 106.422
NR 689461TL5  
9)
A1 20000 GRANT CO,KS 3.750 10/1/2018 YTM 1.877%
NR 387640BW4 10/1/2017 100.000   YTC 1.250% 106.782
10)
NR 20000 NEW LONDON,CT 4.000 11/1/2018 YTM 1.250% 110.311
A+ 646513SQ5  
11)
AA2 20000 UNIVERSITY OF CONN REV 4.000 11/15/2018 YTM 1.200% 110.614
AA- 914225FU6 RFDG-STUDENT FEE-SER  
12)
25000 SOUTHCENTRAL,PA GEN REV 6.000 6/1/2029
84129NHU6 12/1/2018 100.000   PR 1.200% 118.399
13)
A2 60000 NEW JERSEY ECON DEVEL REV 5.000 3/1/2019 YTM 1.600% 113.711
A- 645918U50 (SCHOOL CONST)  
14)
A1 20000 NORTHAMPTON,PA WATER REV 4.000 5/15/2019 YTM 1.500% 110.585
NR 663498GX5 AGM INS  
15)
A3 10000 INDIANAPOLIS,IN GAS UTILITY 5.250 6/1/2019 YTM 1.500% 116.034
AA 455398MK0 REV ASSURED GTY INS  
16)
35000 MINISINK VALLEY,NY S/D 4.000 6/15/2019 YTM 1.300% 111.700
603670SB7  
17)
A3 15000 MARYLAND HEALTH FACIL REV 6.750 7/1/2029
A- 5742173T0 (ANNE ARUNDEL HEALTH SYS) 7/1/2019 100.000   PR 1.300% 123.845
18)
A2 20000 CONNECTICUT HEALTH FACIL,REV 5.000 7/1/2019 YTM 1.600% 114.766
NR 20774YAM9 (MIDDLESEX HOSP)  
19)
AA1 20000 CALISTOGA,CA S/D 4.000 8/1/2019 YTM 1.300% 112.024
AA 130897EG2  
20)
NR 20000 WINSLOW,NJ S/D 4.000 8/1/2019 YTM 1.500% 111.077
A+ 975485HA4 (ST.AID)  
21)
A3 5000 ILLINOIS COLLEGE SAVINGS 0.000 8/1/2019 YTM 2.500% 89.194
A- 452150L37  
22)
A2 10000 PHILADELPHIA,PA GAS REV 5.000 8/1/2019 YTM 2.000% 113.127
AA 7178234Y1 AGM INS  
23)
A2 10000 NEW HAVEN,CT 5.000 8/1/2019 YTM 1.750% 114.310
AA 645020G69 AGM INS  
24)
AA3 15000 PENNSYLVANIA HEALTH FACIL REV 4.250 8/15/2019 YTM 1.250% 113.486
AA- 70917RWQ4 (UNIV OF PENN HEALTH SYS)  
25)
AA2 30000 BURLINGTON CO, NJ 4.250 9/1/2019 YTM 2.308%
121637T51 9/1/2017 100.000   YTC 1.000% 108.591
26)
NR 40000 MONROE TWP,NJ 4.500 9/15/2019 YTM 1.250% 114.864
AA- 611305KY8 (MIDDLESEX CO)  
27)
A2 15000 MINNESOTA MUNI POWER AGENCY 5.000 10/1/2019 YTM 1.500% 116.049
NR 60412PCY4 REV  
28)
NR 10000 ULSTER CO,NY 4.000 11/15/2019 YTM 1.500% 111.747
AA 903766YP2  
29)
A2 30000 METROPOLITAN TRANS AUTH REV,NY 5.000 11/15/2019 YTM 1.250% 117.739
AA- 59259YFQ7  
30)
NR 10000 VINELAND,NJ 4.000 1/15/2020 YTM 1.750% 110.845
AA- 927396U74  
31)
AA2 5000 NEW YORK,NY TRANSITIONAL FIN 5.000 7/15/2020 YTM 1.750% 117.141
AA- 64972HQL9 AUTH REV  
32)
NR 15000 ERIE CO,NY 5.000 9/15/2020 YTM 1.600% 118.526
AA 295084LP0 AGM INS  
33)
AA2 30000 NEW YORK,NY 5.000 10/1/2020 YTM 1.600% 118.664
AA 64966JY91  
34)
AA2 15000 TOLEDO,OH S/D 4.250 12/1/2020 YTM 2.352%
AA 889294NC4 12/1/2018 100.000   YTC 1.500% 110.471
35)
A2 30000 NASSAU CO,NY 5.000 12/1/2020 YTM 1.750% 118.247
A+ 63165TES0  
36)
AA2 15000 BIRMINGHAM,AL WATER REV 5.000 1/1/2021 YTM 2.000% 116.933
AA 091096FK8  
37)
NR 10000 SARTELL,MN 3.000 2/1/2021 YTM 2.137%
AA 803803ZW8 2/1/2019 100.000   YTC 1.750% 104.926
38)
NR 5000 ROBBINSDALE,MN S/D # 281 5.000 2/1/2021 YTM 2.000% 117.152
AA+ 770265BR6 (ST.AID)  
39)
NR 25000 CLAY CO,MO S/D # 53 3.000 3/1/2021 YTM 2.025%
AA 18347AFW6 (LIBERTY) 3/1/2020 100.000   YTC 1.850% 105.660
40)
A1 30000 NEW HAMPSHIRE TURNPIKE REV 5.000 4/1/2021 YTM 1.850% 118.562
A+ 644693KP7 RFDG 4/1/2020 100.000  
41)
AA3 25000 LAFAYETTE,LA SALES TAX REV 5.000 5/1/2021 YTM 2.000% 117.811
AA 506485CH2  
42)
AA1 75000 PHOENIX,AZ 4.000 7/1/2021 YTM 1.600% 114.801
AA+ 718814N28  
43)
A1 25000 MIAMI-DADE CO,FL 5.000 7/1/2021 YTM 2.000% 118.251
AA 59334PEJ2 TRANSPORTATION SALES TAX REV  
44)
AA3 40000 SHEFFIELD,AL ELEC REV 5.000 7/1/2021 YTM 2.000% 118.251
NR 821090ER4  
45)
AA3 5000 CENTRAL REGL S/D,NJ 3.500 7/15/2021 YTM 2.000% 109.175
NR 15505RAT5 (OCEAN CO)  
46)
NR 25000 SCOTCH PLAINS-FANWOOD,NJ S/D 5.000 7/15/2021 YTM 2.000% 118.352
AA 809197JF4 (ST.AID)  
47)
A3 5000 ILLINOIS COLLEGE SAVINGS 0.000 8/1/2021 YTM 3.000% 82.150
A- 452150L52  
48)
AA3 10000 KENTUCKY PROPERTY & BLDG REV 5.000 8/1/2021 YTM 2.000% 118.467
AA- 49151EYE7 (PROJECT # 84) NATL INS  
49)
A1 10000 DEER LAKES,PA S/D 5.000 10/1/2021 YTM 2.250% 117.174
NR 243859HZ1 AGM INS B/E  
50)
A1 10000 SOUTH CAROLINA TRANSN INFRA- 5.000 10/1/2021 YTM 2.000% 118.902
NR 837152SH1 STRUCTURE REV  
51)
AA2 30000 WINTER PARK,FL WATER & SEWER 5.000 12/1/2021 YTM 2.000% 119.338
AA- 976050DW1 REV  
52)
NR 30000 GETTYSBURG,PA S/D 5.000 1/15/2022 YTM 2.707%
AA- 374307PJ9 (ST.AID) 7/15/2019 100.000   YTC 1.650% 114.651
53)
A1 20000 NEW HAMPSHIRE TURNPIKE REV 5.000 2/1/2022 YTM 2.000% 119.770
A+ 644693LP6  
54)
NR 15000 OXFORD,PA S/D 5.000 2/15/2022 YTM 2.000% 119.870
AA 691789NW7 (ST.AID)  
55)
AA3 10000 LEWISBURG,PA S/D 5.000 2/15/2022 YTM 2.250% 118.046
NR 528174JB2 (ST.AID)  
56)
NR 45000 POINT PLEASANT,NJ S/D 5.000 3/15/2022 YTM 2.357%
AA 730621HE2 (ST.AID) 3/15/2021 100.000   YTC 2.000% 117.474
57)
AA2 10000 KENTON CO,KY 4.000 4/1/2022 YTM 2.488%
NR 491008DN5 10/1/2019 100.000   YTC 1.800% 110.009
58)
AA3 30000 PINE BUSH,NY S/D 4.000 5/15/2022 YTM 2.000% 113.677
NR 722477LP9  
59)
A1 15000 GREENE CO,TN 2.500 6/1/2022 YTM 2.128%
NR 394694NW9 6/1/2020 100.000   YTC 2.000% 102.562
60)
NR 20000 UNIV OF OKLAHOMA REV 5.000 7/1/2022 YTM 2.695%
AA- 9147604A8 7/1/2020 100.000   YTC 2.000% 115.602
61)
A1 10000 CORPUS CHRISTI,TX UTILITY REV 5.000 7/15/2022 YTM 2.350% 118.252
A 220245TY0  
62)
NR 25000 BARNEGAT,NJ S/D 5.000 7/15/2022 YTM 2.000% 120.946
A+ 067770HJ9 (ST.AID)  
63)
A2 10000 PHILADELPHIA,PA GAS REV 5.000 8/1/2022 YTM 3.264%
AA- 7178235D6 AGM INS 8/1/2020 100.000   YTC 2.750% 111.606
64)
AA3 20000 ANAHEIM,CA S/D 5.000 8/1/2022 YTM 2.000% 121.059
A+ 03254CGP9 SER A  
65)
AA2 10000 NEW YORK,NY 5.000 8/1/2022 YTM 2.000% 121.059
AA 64966JN44  
66)
AA1 10000 SAN DIEGO,CA COMNTY COLLEGE 5.000 8/1/2022 YTM 2.203%
AA+ 797272KJ9 DIST G O 8/1/2021 100.000   YTC 1.850% 119.492
67)
NR 25000 WOODBRIDGE,NJ 3.000 8/15/2022 YTM 2.000% 107.052
AA+ 978862R51  
68)
NR 50000 HARLAN CO,KY 2.000 9/1/2022 YTM 3.250% 91.556
NR 412576BN9  
69)
AA1 5000 VIRGINIA TRANSPORTATION AUTH 5.000 9/15/2022 YTM 2.164%
AA 927790DD4 REV 3/15/2022 100.000   YTC 2.000% 120.085
70)
AA2 10000 MASSACHUSETTS SCHOOL BLDG REV 5.000 10/15/2022 YTM 2.326%
AA+ 576000MB6 10/15/2021 100.000   YTC 2.000% 119.003
71)
A1 25000 BOYNTON BEACH,FL UTILITY REV 4.500 11/1/2022 YTM 2.275%
AA 103580DZ6 AGM INS 11/1/2021 100.000   YTC 2.000% 115.933
72)
A2 25000 NIAGARA FALLS,NY 4.500 12/1/2022 YTM 3.140%
AA 653369J90 AGM INS 12/1/2017 100.000   YTC 1.200% 109.491
73)
AA3 15000 PARIS,TX 5.000 12/15/2022 YTM 2.300% 119.570
A+ 699891MR5  
74)
NR 15000 NEW YORK STATE DORM AUTH REV 5.000 4/1/2023 YTM 2.152%
AA 649906XG4 (SCHOOL DISTS) (ST.AID) 10/1/2022 100.000   YTC 2.000% 121.485
75)
AA1 15000 SAN ANTONIO,TX WATER REV 5.000 5/15/2023 YTM 2.299%
AA+ 79642BTK9 5/15/2022 100.000   YTC 2.000% 120.516
76)
AA2 20000 NEWPORT NEWS,VA WATER REV 4.250 6/1/2023 YTM 3.189%
AAA 652282AP9 AGM INS 6/1/2017 100.000   YTC 1.000% 107.801
77)
NR 35000 OKLAHOMA CAPITAL IMPT REV 4.000 7/1/2023 YTM 2.713%
AA 67908NUX7 (CONSERVATION PROJECT) 7/1/2019 100.000   YTC 1.750% 109.735
78)
A1 10000 ROANOKE,VA EDA HOSP REV 3.000 7/1/2023 YTM 2.330%
A+ 770082AP0 (CARILION CLINIC) 7/1/2022 100.000   YTC 2.250% 105.161
79)
NR 5000 PLUMSTED,NJ S/D 3.250 7/15/2023 YTM 2.741%
A+ 729400CZ2 (ST.AID) 7/15/2020 100.000   YTC 2.500% 103.868
80)
NR 35000 BARNEGAT,NJ S/D 5.000 7/15/2023 YTM 2.300% 120.865
A+ 067770HK6 (ST.AID)  
81)
NR 25000 MONROE TWP, NJ S/D 4.000 8/1/2023 YTM 2.471%
AA- 611305LJ0 (MIDDELSEX CO) (ST.AID) 8/1/2022 100.000   YTC 2.300% 111.793
82)
A1 25000 CALIFORNIA 5.000 9/1/2023 YTM 2.287%
A 13063BL34 9/1/2022 100.000   YTC 2.000% 121.272
83)
AA1 5000 VIRGINIA TRANSPORTATION AUTH 5.000 9/15/2023 YTM 2.286%
AA 927790FB6 REV 9/15/2022 100.000   YTC 2.000% 121.371
84)
A1 10000 JERSEY CITY,NJ UTILITIES REV 4.000 10/15/2023 YTM 2.798%
NR 476624BZ3 AGM INS 10/15/2021 100.000   YTC 2.500% 109.334
85)
A2 10000 NEW JERSEY TRANS TRUST FUND 5.000 12/15/2023 YTM 3.000% 115.633
A- 646136YB1 REV  
86)
AA3 10000 LOS ANGELES,CA SEWER REV 5.000 6/1/2024 YTM 1.300% 132.756
5446527X2 6/1/2022 100.000  
87)
A2 35000 NASSAU CO,NY 4.500 7/1/2024 YTM 3.157%
AA 63165NY77 AGM INS 7/1/2018 100.000   YTC 1.300% 110.973
88)
A3 15000 TRENTON,NJ 4.250 7/15/2024 YTM 3.055%
NR 8951306H0 AGC INS 7/15/2020 100.000   YTC 2.350% 109.844
89)
AA3 35000 SAN DIEGO,CA WATER REV 5.000 8/1/2024 YTM 2.518%
NR 79730CEQ3 8/1/2022 100.000   YTC 2.000% 121.059
90)
NR 25000 PLEASANT HILL,CA REC & PARK 4.000 8/1/2024 YTM 2.901%
A- 728343BB9 DIST G.O. 8/1/2020 100.000   YTC 2.250% 109.161
91)
A1 5000 NEW HAMPSHIRE MUNI BOND BANK 4.250 8/15/2024 YTM 3.079%
AA 64465PDH8 AGM INS 8/15/2018 100.000   YTC 1.500% 109.708
92)
NR 5000 MISSOURI HEALTH FACIL REV 4.125 12/1/2024 YTM 3.183%
A 60637ABH4 (SAINT LUKE'S HOSP) 12/1/2021 100.000   YTC 2.850% 107.971
93)
AA3 5000 PENNSYLVANIA HEALTH FACIL REV 5.250 8/15/2025 YTM 3.366%
AA- 70917RS97 (UNIV OF PA HEALTH SYS) 8/15/2021 100.000   YTC 2.500% 116.729
94)
A1 10000 CALIFORNIA 5.250 10/1/2025 YTM 3.010%
13063BPF3 10/1/2021 100.000   YTC 2.000% 120.477
95)
A2 20000 NIAGARA FALLS,NY 4.500 12/1/2025 YTM 3.578%
AA 653369K49 AGM INS 12/1/2017 100.000   YTC 1.600% 108.284
96)
A2 25000 ALLENTOWN,PA S/D 4.000 2/15/2026 YTM 3.344%
AA 018471JV5 AGM INS (ST.AID) 2/15/2018 100.000   YTC 2.000% 106.058
97)
NR 25000 NEW YORK STATE DORM AUTH REV 0.000 7/1/2026 YTM 2.500% 75.111
AA- 64983UFQ8 (SLOAN-KETTERING) OID 5.02  
98)
NR 25000 MINNEAPOLIS - SAINT PAUL,MN 4.000 1/1/2027 YTM 3.168%
AA- 603827SW7 AIRPORT REV 1/1/2020 100.000   YTC 2.250% 108.261
99)
AA2 15000 HOUSTON,TX 5.000 3/1/2027 YTM 3.620%
AA+ 442331RL0 3/1/2019 100.000   YTC 1.650% 113.494
100)
A3 5000 NEW HAVEN,CT 4.750 3/1/2027 YTM 2.000% 129.607
AA 645020XZ6 ASSURED GTY INS 3/1/2018 100.000  
101)
NR 10000 ZACHARY,LA S/D # 1 4.500 3/1/2027 YTM 3.553%
AA 988844EC6 ASSURED GTY INS 3/1/2018 100.000   YTC 1.500% 109.297
102)
AA3 10000 CAMPBELL CO, KY SCHOOL DIST 4.000 8/1/2027 YTM 3.269%
NR 134290KZ7 BLDG REV 8/1/2021 100.000   YTC 2.750% 107.498
103)
AA2 20000 PENNSYLVANIA STATE UNIV REV 5.000 8/15/2027 YTM 3.887%
AA 709235SB2 2/15/2018 100.000   YTC 1.400% 111.025
104)
AA3 10000 JEA,FL ELEC REV 5.000 10/1/2027 YTM 3.315%
A+ 46613SBJ8 10/1/2023 100.000   YTC 2.750% 117.422
105)
A1 10000 CLEVELAND,OH 4.500 12/1/2027 YTM 3.377%
AA 186343E96 12/1/2019 100.000   YTC 2.000% 111.693
106)
NR 10000 THOMASVILLE,AL WATER & SEWER 4.400 3/1/2028 YTM 3.763%
A 884603GT2 REV 3/1/2018 100.000   YTC 2.250% 106.571
107)
NR 25000 CAMDENTON,MO S/D # 3 5.000 3/1/2028 YTM 3.446%
AA- 133195FS1 3/1/2022 100.000   YTC 2.500% 116.347
108)
AA3 85000 MARYLAND HEALTH FACIL REV 5.000 7/1/2028 YTM 3.416%
AA- 574218FY4 (JOHNS HOPKINS HEALTH SYS) 7/1/2022 100.000   YTC 2.500% 117.040
109)
AA1 15000 DALLAS,TX WATER & SEWER REV 5.000 10/1/2028 YTM 3.298%
AAA 2354165R1 10/1/2023 100.000   YTC 2.600% 118.707
110)
AA3 10000 KENTUCKY PROPERTY & BLDGS REV 5.500 11/1/2028 YTM 4.079%
A+ 49151EU92 (PROJ # 90) 11/1/2018 100.000   YTC 1.500% 114.917
111)
NR 10000 YOAKUM,TX ISD 5.000 2/15/2029 YTM 3.529%
AAA 985896GZ6 PSF GTD 2/15/2022 100.000   YTC 2.500% 116.255
112)
AA2 20000 FALL RIVER,MA 3.375 3/1/2029 YTM 3.163%
NR 306297D41 (ST AID) B/E 3/1/2022 100.000   YTC 3.000% 102.405
113)
A1 5000 WOLCOTT,CT 4.125 8/1/2029 YTM 3.402%
NR 977623SS7 8/1/2019 100.000   YTC 2.225% 108.266
114)
BAA2 15000 SOUTH JERSEY TRANSPRTN AUTH 5.000 11/1/2029 YTM 4.075%
A- 838536GG9 REV 11/1/2022 100.000   YTC 3.500% 110.217
115)
A1 60000 AUSTIN,TX ELEC REV 5.250 11/15/2029 YTM 3.983%
AA- 052414KP3 11/15/2018 100.000   YTC 1.500% 114.122
116)
NR 85000 MERIDEN,CT 3.125 3/1/2030 YTM 3.200% 99.100
AA 589535V67 3/1/2022 100.000  
117)
NR 30000 QUINCY,MA 3.125 9/1/2030 YTM 3.209%
AA+ 748508HM3 9/1/2024 100.000   YTC 3.250% 98.965
118)
AA1 10000 HARTFORD CO,CT MET DIST G O 4.250 7/15/2033 YTM 3.688%
AA+ 416489KH4 7/15/2019 100.000   YTC 2.500% 107.493
119)
30000 PLYMOUTH,MA 3.250 5/1/2034 YTM 3.350% 98.581
729654RG0 5/1/2023 100.000  
120)
A2 10000 READING,PA S/D 5.000 3/1/2035 YTM 4.214%
AA 755638UQ4 (ST.AID) AGM INS 9/1/2018 100.000   YTC 2.000% 110.606
121)
AA3 5000 PADUCAH,KY ELEC REV 5.250 10/1/2035 YTM 4.281%
NR 695317DD6 ASSURED GTY INS 4/1/2019 100.000   YTC 2.000% 113.233
122)
A2 10000 MINNESOTA MUNI POWER AGENCY 5.250 10/1/2035 YTM 4.184%
NR 60412PCR9 REV 10/1/2020 100.000   YTC 2.500% 114.685
123)
A1 10000 NEW JERSEY TRANS TRUST FUND 0.000 12/15/2035 YTM 4.850% 36.599
AA- 646136WG2 REV OID 6.72  
124)
A2 10000 MASSACHUSETTS DEVEL AGENCY REV 5.250 3/1/2037 YTM 4.127%
NR 57583UA99 (NORTHEASTERN UNIV) 3/1/2024 100.000   YTC 3.200% 116.200
125)
NR 25000 SANTA CLARA CO,CA 3.500 8/1/2038 YTM 3.500% 100.000
AAA 801546NV0 8/1/2022 100.000  
126)
AA1 60000 MASSACHUSETTS 5.000 3/1/2039 YTM 4.165%
AA+ 57582PQY9 3/1/2019 100.000   YTC 1.850% 112.629
127)
AA3 10000 JEA,FL ELEC REV 5.000 10/1/2039 YTM 4.138%
A+ 46613SBT6 10/1/2023 100.000   YTC 3.250% 113.255
128)
A2 25000 MISSOURI HEALTH FACIL REV 5.000 11/15/2048 YTM 4.417%
A 60637AEA6 (LESTER COX MED CTR) 11/15/2023 100.000   YTC 3.650% 110.168
Stoeverglass


While many of our attractive bonds appear on our web-site, most of them never get listed on the web site, because they are immediately sold to investors who give us their parameters in advance.

Legal Disclaimer:

The above offerings are subject to prior sale and/or change in price. All information and calculations contained herein are believed to be correct, however Stoever Glass & Co. and its employees cannot be held liable for any errors. Municipal bonds are subject to market fluctuation and may be worth less or more if sold prior to maturity. Ratings may be subject to change.


RISK FACTORS:

Interest rate risk--An increase in interest rates will cause bond prices to decrease and vice versa.

Market risk--Other things being equal longer term bonds have higher yield than shorter term bonds, but they also fluctuate more widely in price as interest rates go up or down.

Call risk--If your bonds are called prior to maturity you may not be able reinvest at the same interest rate.

Inflation risk--If the rate of inflation increases, your bond yield may be lower than the annual rate of inflation.

Liquidity risk--The value of an individual security can perform differently from the market as a whole. A decline in the credit quality or rating change of a bond can cause the price of a security to decrease and/or make it more difficult to find a suitable price

Timing risk--The risk that an investment performs poorly after its purchase or better after its sale.

Legislative risk--The risk that a change in the Tax Code could affect the value of tax-exempt bonds.

Quality risk/Default risk--Higher yield bonds pay higher interest but they also are of lower quality and involve more risk. A bond default occurs when the issuer fails to make an interest or principle payment within the specified period even when it is one day late.

Some types of bonds such as Nursing Home revenue bonds, some Hospital revenue and certain Industrial Revenue bonds have a much higher default risk than general obligation bonds and essential service revenue bonds.

Just because a bond defaults does not mean that the investor is going to lose all of the principle. The historical recovery rate on defaulted municipal bonds is about 67% including those referred to above.



 

Stoeverglass