High Yield Bond Institutional Investor Comes Clean

Published November 27, 2012

There is a new book titled Investing in the High Yield Municipal Market written by Triet Nguyen, a well-respected high yield municipal bond analyst with over 30 years of experience. It is the first and only book devoted exclusively to high yield municipal bonds, a sector that HJ Sims has proudly served for many years. HJ Sims sold senior living tax-free bonds to Triet Nguyen beginning almost 20 years ago when he was an analyst for Putnam Funds.

Besides giving investors a primer on this segment of the muni market, the book also:

  • Develops a conceptual framework for high yield tax-exempt investing that factors in both interest rates and credit cycles;
  • Reviews the latest historical data on municipal defaults, including the non-rated sector, a subject that Sims has frequently reported on resulting in substantial media attention (see Sims report Municipal Bond Credit Outlook for 2012);
  • Assesses the pros and cons of high yield mutual funds, ETFs and hedge funds;
  • Offers in-depth coverage of risks and rewards of the $28 billion distressed municipal bond market; and
  • Features instructive case studies illustrating how the high yield investing process works.

Included within its 13 chapters are 4 chapters contributed by recognized experts in various sectors of high yield munis. For example, Sims’’ own Dick Larkin contributed his expertise on securitized tobacco bonds as part of Chapter 11 on Special Types of High Yield Municipal Bonds.

We would like to point out that a Sims report from earlier this year, “DOING YOUR HOMEWORK: Looking For Yield?”surveys different types of municipal bonds and also discusses key factors that investors should consider when investing in higher-yielding tax-exempt bonds.

The book, published by John Wiley & Sons through Bloomberg Press, retails at $95.00, but we are aware of programs that can reduce the list price dramatically. If you are interested, please contact Dick Larkin for programs that could help reduce the cost of your purchase. HJ Sims receives no royalties or compensation from sales of this book.

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