并非所有市政债券都是平等的
底特律市于2014年摆脱破产. 仍然, its previous inability to pay investors left some questioning their long-held assumption about the relative safety of municipal bonds. 毫无疑问, 在底特律的麻烦之后, gaining a better understanding of municipal bonds makes more sense than ever.1
At their most basic level, there are two types of municipal bonds:2
- 一般债务债券, which are a promise by the issuer to levy taxes sufficient to make full and timely payments to investors.
- 收入债券, which are bonds whose interest and principal are backed by the revenues of the project that the bonds are funding.
风险类型
Both general obligation and revenue bonds share certain investment risks, 包括, 但不限于, 市场风险(价格波动的风险), credit risk (the possibility that the issuer will not be able to make payments), liquidity risk (muni markets may be illiquid and result in depressed sales prices), and inflation risk (the risk that inflation may erode the purchasing power of principal and interest payments). They also may share call risk, the risk that a bond may be redeemed prior to maturity.
收入债券 are considered riskier than general obligation bonds since they are only obligated to make repayments to the extent that the project funded by the bond generates the necessary revenue to meet payment obligations.
风险管理
Investors seeking to manage their risk may want to consider investing in general obligation bonds with investment-grade ratings.
Bonds used to support essential services, such as water or sewage, are also considered less risky. These services are normally unaffected by economic conditions that may impact other revenue bonds, 比如私人活动市政债券, which fund projects by private businesses and other nongovernmental borrowers.
Because the financial health of any one municipality cannot be guaranteed, diversification may help counter some of the risk involved.3
Since municipal bonds generally are sold in increments of $5,000 and may be subject to disadvantageous pricing for smaller investors, many individuals look to mutual funds to manage their municipal bond portfolio, 因为他们提供多样化, 研究, 分析, 以及大多数人无法比拟的购买力.4
共同基金只根据招股说明书出售. Please consider the charges, risks, expenses, and investment objectives carefully before investing. A prospectus containing this and other information about the investment company can be obtained from your financial professional. 在你投资或汇款之前仔细阅读它.
1. 维基百科.org, 2024
2. 证券交易委员会.政府,2024. A municipal bond issuer may be unable to make interest or principal payments, 这可能导致发行人对债券违约. If this occurs, the municipal bond may have little or no value.
3. 市政债券免征联邦所得税. Municipal bonds also may be free of state and local income taxes for investors who live in the area where the bond was issued. If a bondholder purchases shares of a municipal bond fund that invests in bonds issued by other states, 债券持有人可能需要缴纳所得税. It’s possible that the interest on certain municipal bonds may be determined to be taxable after purchase.
4. Diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if municipal bond prices decline.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. 请咨询法律或税务专业人士 for specific information regarding your individual situation. This material was developed and produced by love爱博体育app下载 to provide information on a topic that may be of interest. FMG套房不隶属于命名 broker-dealer, 国家或证券交易委员会注册的投资咨询公司. 所表达的意见和 所提供的资料仅供一般参考, and should not be considered a solicitation for the purchase or 出售任何证券. 版权 love爱博体育app下载.
