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OVERVIEW OF MAJOR PLAYERS
The
municipal bond market
comprises many different
individuals and
institutions. State and
local governments, or
their units such as
non-profit authorities,
issue bonds;
underwriters set the
structure, prices and
terms of new issues of
municipal bonds and
market them; and
investors buy them. Also
involved in the process
are rating agencies,
bond insurers, trustees
and government
regulators.
This section
explains in detail the roles
played by the key actors in
the different stages of
issuing and selling bonds
and highlights some of the
controversies and key
debates surrounding them. It
covers:
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Underwriters. We describe
how the underwriting
process works, provide
an
overview of the
leading underwriters and
provide profiles of the
top ten municipal bond
underwriters in 2003. The
underwriters profiled are:
Bank of
America
Bear Stearns
Citigroup
Goldman Sachs
J. P.
Morgan
Lehman
Brothers
Merrill
Lynch
Morgan
Stanley
RBC Dain Rauscher
UBS
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