Taxable TOBs Take The Stage

McGee, Patrick
July 2010
Bond Buyer;7/12/2010, Vol. 373 Issue 33347, p1
Trade Publication
The article reports on the advantages of taxable tender-option bonds (TOB) to investors and its growing demand in the U.S. It mentions that TOB are short-term, puttable and floating-rate certificates unveiled by banks to serve as collateral in lieu of long-term tax-exempt debt. According to Peter Hayes, managing director and head of municipal bond group of BlackRock, TOB is beneficial because there is no tax-exemption to maintain and its structure is attractive.


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