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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)
A2 25000 POUGHKEEPSIE,NY 5.000 6/1/2017 YTM 1.000% 107.911
738629X41  
2)
AA2 5000 GLEN ROCK,NJ S/D 4.250 9/1/2017 YTM 1.250% 106.641
377784EG4 (SCHOOL AID)  
3)
A3 5000 NEW HAVEN,CT 4.750 3/1/2027
AA 645020XZ6 AGC INS 3/1/2018 100.000   PR 1.500% 108.730
4)
A1 25000 AUBURN,NY 1.500 6/1/2018 YTM 1.500% 100.000
050537SH3 AGM INS  
5)
A1 15000 STATE PUB SCH BLDG 4.000 7/15/2018 YTM 1.500% 107.603
85732MNP8 AUTH PA COLLEGE REV  
6)
A1 5000 PHILADELPHIA,PA S/D 5.250 9/1/2027
717883NU2 AGC INS 9/1/2018 100.000   PR 1.350% 112.368
7)
A2 25000 MAINE MUNI BOND BANK REV 5.000 9/1/2018 YTM 1.250% 111.914
NR 56045RPU7  
8)
AA3 15000 MIAMI-DADE CO,FL WATER & SEWER 5.250 10/1/2018 YTM 1.300% 112.853
59334DEK6 AGM INS  
9)
AA3 10000 PENNSYLVANIA 5.000 10/15/2018 YTM 1.300% 112.177
AA- 70914PUN0  
10)
A2 10000 RICHLAND CO,OH 6.125 12/1/2038
763614VN1 ASSURED GTY INS 12/1/2018 100.000   PR 1.500% 115.724
11)
AA3 10000 CONNECTICUT SPL TAX REV 5.000 12/1/2018 YTM 1.250% 112.812
207758ND1  
12)
A1 10000 PASSAIC VALLEY,NJ WATER REV 3.000 12/15/2018 YTM 1.350% 105.687
702845HZ4  
13)
A2 10000 NEW JERSEY TRANSPORTATION 5.000 12/15/2018 YTM 2.000% 110.207
A 646136XZ9 TRUST FUND AUTH  
14)
A2 15000 NEW JERSEY ECON DEVEL REV 5.000 12/15/2018 YTM 1.750% 111.113
A- 645918VX8 (SCHOOL CONST)  
15)
A1 15000 WILSONVILLE,AL PCR 4.550 6/1/2019 YTM 1.500% 111.806
A 972475AG2 (SOUTHERN ELEC PROJECT)  
16)
AA3 10000 MASSACHUSETTS ST DEV 4.000 7/1/2019 YTM 1.500% 109.871
57583UD70 FIN AGY REV PARTNERS  
17)
AA3 5000 NEW JERSEY 5.250 7/1/2019 YTM 1.800% 113.530
AA 646039BC0  
18)
A1 35000 OLEAN,NY 1.625 8/15/2019 YTM 1.625% 100.000
680554LT7 AGM INS  
19)
AA3 5000 WASHINGTON ST HEALTHCARE REV 6.000 8/15/2039
93978E2S0 8/15/2019 100.000   PR 1.750% 117.167
20)
AA3 15000 CONNECTICUT HEALTH & ED REV 5.000 11/1/2019 YTM 1.600% 114.450
AA 20774YPK7 (CT.STATE UNIV.SYSTEM)  
21)
NR 10000 ST LOUIS CO,MO SPL OBLIG REV 3.100 12/1/2019 YTM 1.900%
AA 791526CN4 12/1/2017 100.000   YTC 1.000% 105.177
22)
5000 LOUDOUN CO,VA 5.000 12/1/2019 YTM 1.750% 114.013
54589TCS9  
23)
A1 10000 NEW JERSEY TRANSPORTATION 5.250 12/15/2019 YTM 1.750% 115.215
A+ 646136DW8 TRUST FUND REV N/C  
24)
A3 5000 NEW YORK STATE DORM AUTH REV 5.250 7/1/2020 YTM 1.750% 116.959
AA- 649903EY3 (SAINT JOHN'S UNIV) NATL INS  
25)
BAA1 5000 BAYONNE,NJ 5.000 7/1/2020 YTM 2.534%
072887A85 7/1/2019 100.000   YTC 2.000% 111.712
26)
AA3 20000 NEWARK,NJ QUALIFIED SCHOOL 4.000 10/1/2020 YTM 2.600% 106.930
650367GP4 BOND  
27)
AA3 15000 JEA,FL ELEC REV 4.000 10/1/2020 YTM 1.500% 112.772
A+ 46613SBU3  
28)
AA1 15000 FAIRFAX CO,VA ECON DEVEL AUTH 5.000 10/1/2020 YTM 1.750% 116.486
30382LDE5 REV  
29)
AA2 25000 NORFOLK,VA HEALTH FACIL REV 5.000 11/1/2020 YTM 1.500% 118.151
AA 65588NAJ1 (SENTARA HEALTHCARE)  
30)
A1 20000 NEW JERSEY TRANSPORTATION 5.250 12/15/2020 YTM 2.750% 112.767
A+ 646136DY4 TRUST FUND REV  
31)
BAA1 15000 CHICAGO,IL 5.250 1/1/2021 YTM 3.826%
A+ 1674855J6 1/1/2018 100.000   YTC 2.400% 107.102
32)
AA2 35000 OMAHA PUB PWR DIST 4.000 2/1/2021 YTM 1.750% 112.091
6817934V4 NEB ELEC REV  
33)
10000 TODD CO,KY 3.000 2/1/2021 YTM 2.000% 105.333
889001BN2 MAC INS  
34)
AA3 10000 FLORIDA TURNPIKE REV 5.000 7/1/2021 YTM 2.000% 117.108
343136Y35  
35)
A2 10000 DELAWARE MUNI ELEC REV 5.000 7/1/2021 YTM 2.000% 117.108
A 246154BG2  
36)
A2 20000 NASSAU CO,NY 5.000 10/1/2021 YTM 2.244%
63165TFM2 AGM INS 10/1/2020 100.000   YTC 1.800% 116.209
37)
10000 HARRIS CO,TX FLOOD CTL DIST 5.250 10/1/2021 YTM 1.750% 120.902
4140185U1  
38)
AA2 10000 CAMDEN CO,NJ IMPT AUTH LEASE 5.000 10/1/2021 YTM 2.600% 113.933
13281KUM8 REV GLOUCESTER TWP GTD  
39)
AA3 30000 MARION CO,FL UTILITY SYS REV 5.000 12/1/2021 YTM 2.000% 118.207
568806DV2  
40)
AA2 25000 JEFFERSON CO,COLO S/D # 1 5.000 12/15/2021 YTM 2.000% 118.308
472736P84  
41)
AAA 10000 NORTHWEST,TX ISD PSF GTD 5.000 2/15/2022 YTM 2.000% 118.742
667825YW7  
42)
15000 ARMSTRONG CO,PA 4.000 6/1/2022 YTM 2.250% 111.279
042325KA7 BAM INS  
43)
A1 40000 PHILADELPHIA,PA S/D 4.000 9/1/2022 YTM 2.873%
A+ 717883JX1 (ST.AID) 9/1/2020 100.000   YTC 2.500% 107.337
44)
A2 35000 PENN HILLS,PA S/D 4.000 10/1/2022 YTM 2.000% 113.581
AA 707487HS6 BAM INS (ST.AID)  
45)
10000 SUFFOLK CO,NY 5.000 10/1/2022 YTM 2.250% 118.498
86476PPN2  
46)
BAA2 45000 SOUTH JERSEY TRANSN 5.000 11/1/2022 YTM 2.850% 114.284
838536GS3 AUTH N J TRANSN SYS  
47)
A2 20000 ROCKLAND CNTY N Y 5.000 3/1/2023 YTM 2.500% 117.516
77355PQZ9 SER A  
48)
A2 50000 NEW JERSEY ED FACIL REV 5.000 6/15/2023 YTM 2.650% 116.918
A- 646066ED8 (HIGHER ED TRUST FUND)  
49)
10000 LEBANON IND ELEC 3.000 7/1/2023 YTM 2.643%
522510AV8 UTIL REV 1/1/2021 100.000   YTC 2.500% 102.590
50)
A2 5000 BENTON ARK CAP IMPT 3.000 9/1/2023 YTM 2.500% 103.705
082748BQ6 REV  
51)
AA3 20000 NEWARK,NJ 4.000 10/1/2023 YTM 2.917%
NR 650367GS8 QUALIFIED SCHOOLS (ST.AID) 10/1/2020 100.000   YTC 2.400% 107.966
52)
BAA2 10000 PHILADELPHIA,PA GAS REV 5.000 10/1/2023 YTM 4.029%
BBB+ 717823X60 AMBAC INS 10/1/2017 100.000   YTC 2.000% 106.811
53)
AA3 10000 KENTUCKY ST PROPERTY & BDLGS 5.000 11/1/2023 YTM 3.538%
49151EP56 COMMISSION REV 11/1/2018 100.000   YTC 1.800% 110.564
54)
A3 10000 SOUTH JERSEY TRANSPORTATION 4.500 11/1/2023 YTM 3.073%
AA 838536FF2 AUTH REV ASSURED GTY INS 11/1/2019 100.000   YTC 2.000% 110.522
55)
A2 25000 OHIO DEVEL REV 5.000 12/1/2023 YTM 2.921%
A- 677525UN5 (BUCKEYE POWER) 12/1/2020 100.000   YTC 2.000% 115.558
56)
AA2 10000 RHODE ISLAND 4.000 8/1/2024 YTM 2.784%
AA 76222NLB5 8/1/2022 100.000   YTC 2.500% 109.786
57)
AA2 20000 PADUCAH KY ELEC 4.625 10/1/2024 YTM 3.526%
NR 695317CU9 PLANT BRD REV SER A 4/1/2019 100.000   YTC 2.250% 108.679
58)
AA3 5000 WATERVILLE OHIO 3.000 12/1/2024 YTM 2.644%
NR 942318CK0 RFDG-VARIOUS PURP 12/1/2021 100.000   YTC 2.500% 102.983
59)
A1 50000 FLORIDA ST BRD ED 3.000 7/1/2025 YTM 2.400% 105.345
341507M24 LOTTERY REV RFDG-SER 7/1/2023 100.000  
60)
BA1 30000 CHICAGO ILL PK DIST 3.600 1/1/2026 YTM 5.000% 88.596
167615PZ0 LTD TAX-SER A 1/1/2022 100.000  
61)
10000 NEW HAMPSHIRE HEALTH FACIL REV 5.500 1/1/2026 YTM 3.710%
644614L80 (WENTWORTH-DOUGLAS HOSP) 1/1/2021 100.000   YTC 2.500% 115.547
62)
AA2 15000 GARDEN GROVE,CA S/D 5.000 8/1/2026 YTM 3.048%
365298N53 8/1/2023 100.000   YTC 2.500% 118.366
63)
NR 10000 MC COOK,IL 5.000 12/1/2026 YTM 4.267%
BBB 579695CH8 12/1/2018 100.000   YTC 3.000% 106.603
64)
A3 5000 PIEDMONT MUN PWR AGY 4.750 1/1/2027 YTM 3.568%
720175WT1 S C ELEC REV 7/1/2021 100.000   YTC 2.750% 111.135
65)
A2 60000 NEW JERSEY ECON DEVEL REV 5.000 3/1/2027 YTM 3.875%
A- 645918M83 (SCHOOL CONST) 3/1/2022 100.000   YTC 3.250% 110.529
66)
10000 MANHEIM,PA CENT S/D 4.000 5/1/2027 YTM 3.275%
563168KB8 11/1/2019 100.000   YTC 2.300% 107.103
67)
A1 10000 BRAWLEY CALIF UN 2.750 8/1/2027 YTM 2.900% 98.468
105727ER8 HIGH SCH DIST RFDG 8/1/2022 100.000  
68)
A1 5000 NEWARK,NJ 4.250 10/1/2027 YTM 3.630%
650367GH2 RFDG -QUALIFIED GEN 10/1/2020 100.000   YTC 3.000% 106.117
69)
AAA 5000 FAIRFAX CO,VA 5.000 10/1/2027 YTM 3.387%
3038208L1 10/1/2021 100.000   YTC 2.250% 116.151
70)
AA3 25000 CONNECTICUT 5.000 10/15/2027 YTM 2.650% 124.653
20772JRD6 10/15/2023 100.000  
71)
AA3 35000 IRONDEQUOIT N Y RFDG 2.300 12/1/2027 YTM 2.800% 94.756
463074ZH0 PUB IMPT 12/1/2020 100.000  
72)
10000 LONGMONT,COLO SEWER REV 4.500 12/1/2027 YTM 3.655%
54310PAU0 12/1/2018 100.000   YTC 2.000% 108.416
73)
AA2 5000 INDIANAPOLIS,IN LOCAL BOND 5.000 2/1/2028 YTM 3.321%
A 45528ULC3 BANK REV 2/1/2024 100.000   YTC 2.750% 117.246
74)
5000 SAN BENITO,TX S/D 3.125 2/15/2028 YTM 3.125% 100.000
796575RP5 PSF GTY 2/15/2022 100.000  
75)
10000 MONROE BD OF ED,NJ 5.000 3/1/2028 YTM 3.368%
611305MC4 3/1/2025 100.000   YTC 3.000% 116.798
76)
NR 5000 GRAFTON,MA 4.500 4/1/2028 YTM 3.713%
AA+ 384406KY9 4/1/2021 100.000   YTC 3.000% 107.972
77)
AA1 10000 TENNESSEE HIGHER ED REV 5.000 5/1/2028 YTM 3.533%
880558BK6 (ST.AID) 5/1/2022 100.000   YTC 2.600% 115.106
78)
AA2 5000 MOBILE CO,AL 4.250 6/1/2028 YTM 3.515%
AA 607267T27 6/1/2019 100.000   YTC 2.250% 107.614
79)
NR 25000 NEW ORLEANS,LA SEWER REV 5.000 6/1/2028 YTM 3.302%
AA 647719NG4 BAM INS 6/1/2024 100.000   YTC 2.750% 117.835
80)
AA2 15000 UNIVERSITY NEBRASKA REV 4.500 7/1/2028 YTM 3.773%
AA- 914641J89 7/1/2018 100.000   YTC 2.000% 107.444
81)
10000 TOMS RIVER,NJ BD OF ED 4.000 7/15/2028 YTM 3.394%
890125WK9 (ST.AID) 7/15/2022 100.000   YTC 3.000% 106.369
82)
AA2 15000 BERRYESSA,CA S/D 5.000 8/1/2028 YTM 3.293%
085797UE6 8/1/2024 100.000   YTC 2.750% 118.122
83)
AA2 10000 GARDEN GROVE,CA S/D 5.000 8/1/2028 YTM 3.341%
365298N79 8/1/2023 100.000   YTC 2.600% 117.558
84)
A3 10000 WYANDOTTE CO,KS UTILITY REV 5.000 9/1/2028 YTM 3.285%
A+ 982674GV9 9/1/2022 100.000   YTC 2.250% 118.304
85)
25000 FLORIDA ST MUN LN 3.000 10/1/2028 YTM 3.250% 97.309
342815V20 COUNCIL REV RFDG-SER 10/1/2022 100.000  
86)
AA2 5000 SAINT PETERSBURG,FL UTILITY 5.000 10/1/2028 YTM 3.805%
793323LC8 REV 10/1/2019 100.000   YTC 2.000% 112.398
87)
A1 40000 SUFFOLK CO,NY PUB SCH BLDG 4.000 10/15/2028 YTM 3.382%
86476PCD8 10/15/2019 100.000   YTC 2.400% 106.605
88)
BAA1 15000 CHICAGO, IL 5.000 1/1/2029 YTM 4.403%
A+ 167486DM8 1/1/2019 100.000   YTC 3.200% 106.049
89)
AAA 15000 LINCOLN,NE SER 2011 4.375 6/1/2029 YTM 3.361%
5342385J5 6/1/2020 100.000   YTC 2.000% 111.253
90)
NR 10000 PHILOMATH,OR 4.150 6/1/2029 YTM 3.394%
AA 718780EH8 AGC INS 6/1/2018 100.000   YTC 1.300% 108.366
91)
AA3 25000 ORANGE CO,NY 3.000 8/15/2029 YTM 3.000% 100.000
6845753B7 AGM INS 8/15/2024 100.000  
92)
AA3 5000 ALLEN CO,IN 4.700 9/1/2029 YTM 3.703%
017519SN0 9/1/2019 100.000   YTC 2.000% 110.952
93)
A3 10000 BEAVER CO,PA PCR DUGUESNE 4.500 11/1/2029 YTM 4.067%
BBB+ 074876GD9 LIGHT CO. 1/1/2017 100.000   YTC 1.500% 104.683
94)
AA3 5000 KENTUCKY ST PROPERTY & BLDGS 4.250 11/1/2029 YTM 3.598%
49151E3X9 COMMISSION REV 11/1/2019 100.000   YTC 2.500% 107.277
95)
AA1 10000 LAKE OSWEGO,OR 4.125 12/1/2029 YTM 3.241%
AAA 510390TT4 6/1/2019 100.000   YTC 1.500% 110.161
96)
AA1 25000 VIRGINIA ST PUBLIC BLDG AUTH 4.000 8/1/2030 YTM 3.521%
928172XP5 REV 8/1/2021 100.000   YTC 3.000% 105.590
97)
15000 RHODE ISLAND CLEAN WATER 3.000 10/1/2030 YTM 3.300% 96.409
76218RHB7 REVOLVING FUND REV 10/1/2023 100.000  
98)
AA2 10000 SAINT PETERSBURG,FL UTILITY 5.000 10/1/2030 YTM 3.916%
793323LE4 REV 10/1/2019 100.000   YTC 2.000% 112.398
99)
A3 10000 NEW JERSEY ST TRANSN 0.000 12/15/2030 YTM 4.350% 51.231
646136ET4 TR FD AUTH SER C  
100)
AA2 5000 MOBILE CO,AL 4.375 6/1/2031 YTM 3.700%
AA 607267T50 6/1/2019 100.000   YTC 2.250% 108.090
101)
A2 10000 NEW JERSEY HEALTHCARE REV 5.000 7/1/2031 YTM 4.263%
64579FF99 R.W.J. UNIV HOSP 1/1/2020 100.000   YTC 3.000% 108.507
102)
AA2 25000 ALMA,AR S/D # 30 3.125 8/1/2031 YTM 3.350% 97.205
020073X80 2/1/2019 100.000  
103)
20000 COHOES,NY 3.250 8/15/2031 YTM 3.250% 100.000
192522VQ0 8/15/2022 100.000  
104)
20000 CENTRAL BRADFORD 5.000 12/1/2031 YTM 2.750% 129.686
152691AN1 PROGRESS AUTH PA REV 12/1/2021 100.000  
105)
AA2 25000 VAN BUREN ARK SCH 3.000 4/1/2032 YTM 3.136%
9205766A8 DIST NO 042 RFDG 4/1/2020 100.000   YTC 3.400% 98.227
106)
BAA1 20000 CHICAGO,IL 5.250 1/1/2033 YTM 4.737%
A+ 1674855T4 1/1/2018 100.000   YTC 2.800% 106.068
107)
NR 5000 MIFFLINBURG,PA S/D 3.125 6/15/2033 YTM 3.250% 98.302
AA- 598575GM4 (ST.AID) 6/15/2020 100.000  
108)
A3 45000 PUERTO RICO ELEC REV 4.750 7/1/2033 YTM 5.000% 97.042
AA- 74526QAR3 NATL INS 30 DAY CALL @100 7/1/2013 100.000  
109)
A2 25000 NASSAU CO,NY 5.000 4/1/2034 YTM 3.792%
A+ 63165TKF1 4/1/2023 100.000   YTC 2.700% 116.142
110)
A1 80000 NEW JERSEY ST 4.000 6/1/2034 YTM 3.753%
646039VN4 VARIOUS PURP 6/1/2025 100.000   YTC 3.600% 103.334
111)
AA3 5000 BERKELEY CO,SC UTILITY 4.000 6/1/2034 YTM 3.773%
084213BL0 6/1/2024 100.000   YTC 3.600% 103.052
112)
BA2 30000 PUERTO RICO 5.000 7/1/2035 YTM 6.000% 88.411
BB+ 74514LQF7 7/1/2016 100.000  
113)
AA1 5000 TWIN FALLS CO,ID S/D # 411 4.625 9/15/2036 YTM 3.455%
NR 901561GR5 (TWIN FALLS) (ST.AID) 9/15/2024 100.000   YTC 2.500% 117.518
114)
NR 10000 ERIE,PA WATER REV 5.000 12/1/2036 YTM 4.184%
AA 295542JM7 AGM INS 12/1/2019 100.000   YTC 2.300% 111.486
115)
20000 PIGEON FORGE,TN 3.500 6/1/2037 YTM 3.600% 98.489
721014JG4 6/1/2021 100.000  
116)
AA3 25000 LINCOLN,CA S/D 4.000 8/1/2037 YTM 3.662%
NR 533067KJ2 8/1/2022 100.000   YTC 3.200% 105.085
117)
A2 5000 BESSEMER,AL 4.625 2/1/2038 YTM 4.112%
AA- 086365SH7 2/1/2023 100.000   YTC 3.500% 107.505
118)
AA3 10000 SPARTANBURG,SC SEWER DIST 5.000 3/1/2038 YTM 4.183%
AA 847172HA4 3/1/2023 100.000   YTC 3.250% 111.903
119)
AA2 5000 FRAMINGHAM,MA 4.250 12/1/2038 YTM 3.655%
NR 3516942A1 12/1/2023 100.000   YTC 3.000% 109.319
120)
AA3 10000 LOS ANGELES,CA WATER & POWER 5.000 7/1/2039 YTM 3.974%
544495H72 REV 7/1/2024 100.000   YTC 3.000% 115.800
121)
A2 205000 COLORADO HEALTH FACS 5.000 2/1/2041 YTM 3.600% 123.321
19648AWL5 AUTH REV 2/1/2021 100.000  
122)
AA3 20000 SAINT AUGUSTINE,FL IMP REV 5.750 10/1/2041 YTM 4.401%
A+ 787350AW7 10/1/2021 100.000   YTC 2.200% 120.885
123)
A1 45000 SOUTH CAROLINA PUBLIC SERVICES 5.000 12/1/2043 YTM 4.237%
AA- 837151FJ3 REV (SANTEE COOPER PROJECT) 6/1/2022 100.000   YTC 3.000% 112.547
124)
AA2 10000 MILFORD MASS 3.625 5/1/2045 YTM 3.900% 95.166
599496UW4 RFDG-GERIATRIC AUTH 5/1/2023 100.000  
125)
AA3 90000 MISSOURI HEALTH FACIL REV 4.250 11/15/2048 YTM 3.926%
AA- 60637AGQ9 (MERCY HEALTH) 11/15/2024 100.000   YTC 3.500% 105.993
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