Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax–Exempt Interest Income

Until now, readers seeking a working knowledge of high yield munis had two options: they could wade through the rare general reference on the municipal bond markets in hopes of chancing upon the stray nugget or two of useful investing information; or they could take their chances with the superficial coverage provided by the typical do–it–yourself bond guide. Enter Investing in the High Yield Municipal Market. The first and only book devoted exclusively to the subject, it provides investors with the kind of practical, insider information they need to prosper from this little–understood, highly profitable corner of the fixed–income world.

Few authors are as uniquely qualified as Triet Nguyen to write such a book. He is a thirty–year veteran of the fixed–income markets, during which he witnessed the creation of the modern high yield tax–exempt institutional market. Writing from firsthand experience, he chronicles the market′s evolution, while providing a gold mine of useful information on its historical performance, and also:

• Develops a conceptual framework for high yield, tax–free investing that factors in both interest rate and credit cycles
• Reviews the latest historical data on municipal defaults, including, for the first time, the non–rated sector
• Frankly assesses the pros and cons of high–yield mutual funds, ETFs, and hedge funds, with insights into how these slickly–marketed vehicles really work
• Offers in–depth coverage of the inherent risks and rewards of the $28 billion distressed municipal bond market
• Features fascinating and instructive case studies illustrating, step–by–step, how the high yield investing process works
• And for investors prepared to do their own homework, Mr. Nguyen, supported by a team of industry experts, supplies in–depth coverage of key investment considerations for several major classes of high yield tax–exempt bonds, offering unique insights into the risk/return, trading, and liquidity characteristics of high yield municipal instruments.

Written by an industry insider and offering the practical, in–depth information needed to exploit the many exciting opportunities available in this fixed–income arena, Investing in the High Yield Municipal Market is an indispensable working resource for institutional and individual investors as well as wealth managers and financial advisors.

Praise for Investing in the High Yield Municipal Market

“In a market where understanding the arcane is essential to reducing one′s investment risk, Mr. Nguyen provides a well written road map for the various types of high yield municipal bonds.”
Richard Lehmann Publisher, Distressed Debt Securities Newsletter

“I applaud the discipline and thoroughness Triet offers the readers of this book, which sheds important light on a little understood but oft mentioned topic of high yield municipals.”
James T. Colby III Senior Municipal Strategist/Portfolio Manager, Van Eck Global

“Any individual investor considering navigating the turbulent seas of high yield municipal bonds should have a copy of Triet Nguyen′s book as their guide.”
Alexandra Lebenthal CEO, Lebenthal and Company

“Triet has shed some valuable light on what has often been an undervalued and somewhat opaque asset class. For the layman as well as the bond market veteran, this comprehensive guide is a welcome resource.”
Thomas C. Sulger Managing Partner/CEO, Gates Capital Corporation