from The American Heritage® Dictionary of the English Language, 4th Edition
- adj. Municipal.
- n. A municipal bond.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. A municipal bond
- n. A facility operated by a municipal government, such as a golf course or train line
- n. A Jain or Buddhist ascetic who has taken a vow of silence
from The Century Dictionary and Cyclopedia
- n. A Hindu sage or ascetic, especially one who has taken the vow of silence.
- n. One of the seven stars (the seven sages or rishis) of Charles's Wain, or the Dipper, in the constellation Ursa Major.
As money-market funds shrink, so too will financing for businesses (money-market funds hold 36% of commercial paper), state and local governments (57% of short-term muni debt) and banks (21% of large certificates of deposit).
And financial statements in muni-land aren't reviewed by the Securities and Exchange Commission, unlike those of public companies.
California accounted for about 4% of new long-term muni debt last year, according to Matt Fabian at Municipal Market Advisors.
Bloomberg News California accounted for about 4% of new long-term muni debt last year.
During the quarter, interest rates for long-term muni bonds shot up more than 1 percentage point, sending their prices lower.
The fund ' s institutional shares, available for a minimum investment of $25,000, charge expenses of 0.3% annually, compared with nearly 0.9% for the average national intermediate-term muni fund, according to investment-research firm Morningstar Inc. Lower fees relieve pressure on managers to juice returns with riskier holdings.
Interest rates for the highest-quality long-term muni bonds have increased by more than half a percentage point since the beginning of November.
That has boosted this market also, with prices of the highly rated, long-term muni bonds advancing almost 0.3 percentage point since Monday of last week.
"It is some kind of short term muni-based piece of paper used as an alternative to [a] money market."
Some hedge funds are getting hurt because they count on being able to tap short-term muni debt for cheap funds.