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Debt Schedules of Tax‐Exempt Bonds Using NIC

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  • Bryan Stanhouse
  • Duane Stock

Abstract

Municipal bonds are a large proportion of the total number of securities offered every year. The volume outstanding is more than that of all federal agency debt. It is important that the issuance procedure be as cost efficient as possible. This research develops a model to minimize the net interest cost of a municipal bond issue. Net interest cost remains a highly popular award criteria. The model incorporates the level and shape of the yield curve, the schedule of revenue to be received, and the segmented nature of the municipal market.

Suggested Citation

  • Bryan Stanhouse & Duane Stock, 2001. "Debt Schedules of Tax‐Exempt Bonds Using NIC," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 10(5), pages 234-252.
    • Handle: RePEc:wly:finmar:v:10:y:2001:i:5:p:234-252
    DOI: 10.1111/1468-0416.00046
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