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Municipal bond markets : experience of the USA : Les marches obligataires des collectivites territoriales aux Etats-Unis (French)

Municipal bond markets provide a vehicle to narrow local governments resource gap through schemes varying from debt funding based on the full faith and credit sub-sovereign issuers, to revenue bonds secured by the earnings of such projects as water facilities and toll roads. This note reviews the main characteristics of the US municipal bond markets--the most advanced by any measure of depth and sophistication. A separate Note discusses the conditions underlying the development of municipal credit markets in developing countries.


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    El Daher, Samir

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    United States,

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  • Doc Name

    Les marches obligataires des collectivites territoriales aux Etats-Unis

  • Keywords

    Municipal bonds; Revenue bonds; Tax-exempt debt; Taxation of bonds & securities; Interest payments; Revenue bonds; Municipal taxation; Revolving loan funds; Short-term bond issues; Zero coupon bonds; Variable rate bonds; Put options; Derivatives (finance); Credit risk premium; Credit ratings; Securitization of loans; Infrastructure financing, General Obligation Bonds, accruals, airports, bankruptcy, bond issuance, bond issues, bond markets, bonds, borrowing, capital grants, capital projects, central government guarantees, coupon rate, credit risk, Creditworthiness, debt, debt instruments, debt service, default risk, developed countries, electricity, expenditures, financial management, financial performance, general obligation bonds, government debt, government finance, government guarantees, Government securities, housing, housing finance, income, income taxes, Insurance, interest costs, interest rates, legal provisions, local, local government, local governments, market value, municipal credit, municipal credit markets, municipal debt, Municipal Finance, municipal notes, Municipalities, national governments, ports, profitability, property taxes, provisions, rating agencies, revenue, roads, sales taxes, secondary markets, securities markets, streams, subsidiaries, tax, Tax Reform, tax revenues, taxes, treasury, utilities



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El Daher, Samir

Municipal bond markets : experience of the USA : Les marches obligataires des collectivites territoriales aux Etats-Unis (French). Infrastructure notes ; no. FM-8a Urban Washington, D.C. : World Bank Group.