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1、CHAPTERTHIRTY-FOURGUIDELINESINTHECREDITANALYSISOFMUNICIPALGENERALOBLIGATIONANDREVENUEBONDSSYLVANG.FELDSTEIN,PH.D.DirectorInvestmentDepartmentGuardianLifeInsuranceCompanyofAmericaALEXANDERM.GRANT,JR.ManagingDirectorandPortfolioManagerInvestmentDepartmentGu
2、ardianLifeInsuranceCompanyofAmericaHistorically,thedegreeofsafetyofinvestinginmunicipalbondshasbeencon-sideredsecondonlytothatofU.S.Treasurybonds,butbeginninginthefourthquarterofthelastcentury,ongoingconcernsdevelopedamongmanyinvestorsandunderwritersabout
3、thepotentialdefaultrisksofmunicipalbonds.Oneconcernresultedfromthewell-publicizedbillion-dollargeneralobli-gationnotedefaultsin1975ofNewYorkCity.Notonlydidspecificinvestorsfacethelossoftheirprincipal,butthedefaultssentaloudandclearwarningtomunicipalbondinv
4、estorsingeneral.Thewarningwasthatregardlessofthesup-posedlyironcladlegalprotectionsforthebondholder,whenissuershaveseverebudget-balancingdifficulties,thepoliticalhues,cries,andfinancialinterestsofpublicemployeeunions,vendors,andcommunitygroupsmaybedominantf
5、orcesintheinitialdecision-makingprocess.ThisrealitywasfurtherreinforcedbythenewfederalbankruptcylawthattookeffectonOctober1,1979,whichmakesiteasierformunicipalbondissuerstoseekprotectionfrombondholdersbyfilingforbankruptcy.Oneby-productoftheincreasedinvest
6、orconcernisthatsince1975,theofficialstate-ment,whichisthecounterparttoaprospectusinanequityorcorporatebondofferingandistocontainasummaryofthekeylegalandfinancialsecurityfea-tures,hasbecomemorecomprehensive.Asanexample,before1975itwascommonforacityofNewYorko
7、fficialstatementforageneralobligationbond799Copyright©2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.800PART4CreditAnalysisandCreditRiskModelingsaletobeonly6pageslong,whereasforabondsaleattheendof2003itwas165pageslon
8、g.Thesecondreasonfortheincreasedinterestincreditanalysiswasderivedfromthechangingnatureofthemunicipalbondmarket.Itisnowcharacterizedbystrongbuyingpatternsbyprivateinvestorsandinstitutions.Thepatternswerecausedinpart
