Welcome to the Municipal Bond Department  

Municipal bonds are fixed income securities which offer income exempt from both state and federal taxes.  The higher an investor’s tax bracket, the more advantageous municipal holdings.  States, cities, counties and other government entities issue municipal debt to raise money to finance a variety of public projects, such as schools, highways, hospitals and sewer systems.  Janney is an active participant in both the new issue and secondary municipal markets. 

Below, you will find reports and articles related to tax-free investing.  Janney also offers a taxable equivalent yield calculator, laddered portfolio samples, regional offering sheets, and links to daily commentary about the municipal bond markets.

Municipal Reports:

Taxable Municipals
Sounds like a financial oxymoron. With a little understanding, however, owning this oxymoron can add a measure of diversity and yield to an investor’s portfolio.

Power of Premiums
It may be convenient to pay par ($1,000) for a bond and receive the same amount at maturity, but what happens when a bond is valued at a premium?  This Municipal Report will show you the value of a premium bond.

Taxable Equivalent Yield
Discusses how to compare yields for taxable bonds to tax-free bonds after considering the impact of taxes. We also have an interactive Comparison Calculator on the toolbar to the right which allows you to compare what you need to earn on a taxable security to equal the tax-free yield of a municipal bond.

A Laddered Approach
Establishing a laddered bond portfolio is one of the best ways for bond investors to address interest rate volatility.  This portfolio strategy is explained and illustrated in this Municipal Report.  

Tax Free Zeros and CAV
Discusses the value and mechanics of zero-coupon bonds.