Book description
A practical guide to profiting from the high yield municipal market
This unique guide to the high yield municipal bond market sheds some
much-needed light on this esoteric but profitable corner of the
fixed-income world. It fills the void between the general reference
handbooks on municipal bonds and the superficial treatment of
do-it-yourself bond guides, with an emphasis on practical trading applications.
Having witnessed the beginning of the modern high yield tax-exempt
institutional market, author Triet Nguyen documents its historical
evolution, outlines a conceptual framework for high yield tax-free
investing, one that takes into account both interest rate and credit
cycles, and reviews the latest historical data on municipal defaults,
including for the first time the non-rated sector. Current distressed
opportunities are also discussed. Along the way, Nguyen takes the time
to discuss in detail the pros and cons of investing in pre-packaged
high yield vehicles-from mutual funds to hedge funds to
exchange-traded funds-with frank and objective insider tips on how
these slickly marketed products really work. For the truly committed
investor who wants to do his or her own homework, Nguyen and a group
of industry experts go over the key investment considerations for
several major classes of high yield tax-exempt bonds.
- Offers unique insights into the risk/return, trading, and
liquidity characteristics of high yield municipal instruments
- Includes interesting case studies to fully illustrate the high
yield investing process
- Written by an insider of both the asset management industry and
the broker-dealer community
Investing in the High Yield Municipal Market will put you in a
better position to profit in this arena and help you excel in today's
tough financial environment.
Triet Nguyen is a thirty-year veteran of the fixed-income
markets and a high yield municipal bond expert. He has designed,
marketed, and managed every type of buy-side investment product, from
mutual funds (open and closed-end) to managed accounts and hedge
funds. He was Senior Vice President at B. C. Ziegler in charge of
tax-exempt high yield and taxable municipal bond trading (including
Build America Bonds) and Managing Director of Saybrook Capital, LLC,
managing municipal bond hedge funds. In addition, Mr. Nguyen was
President of Axios Advisors, LLC, a Vice President/Portfolio Manager
of the John Hancock Funds, and a Senior Portfolio Manager of the
Putnam Funds. Triet received a BA in economics and an MBA in finance
and accounting from the University of Chicago.
