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FMSbonds, Inc.'s Bond Forum™ is an exclusive opportunity for investors to submit questions and comments on the bond market or to respond to one of our articles.

To participate, just send us an e-mail. Be sure to include your name or initials and your state of residence. Posted e-mails may be edited for length and clarity. If you prefer a private response, please note that in your e-mail. Responses are provided by James A. Klotz, president and co-founder of FMSbonds, Inc., a municipal bond specialist for more than 35 years; and other members of the firm as noted.

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New Rule Should Allow Banks To Carry Certain Munis


Regarding your article, “Push is on to Include Munis in New Banking Rule,” shouldn’t banks, as part of the new liquidity rule, be allowed to hold pre-refunded bonds, bonds insured by strong insurers and short-maturity bonds in compliance with their covenants?


- C.K.
James A. Klotz responds

We couldn't agree more.

Our list however, would be considerably more extensive and would include other categories of investment-grade bonds, too.


Insurance refund for called bonds?

My understanding is that municipalities generally pay an upfront fee to bond insurers to wrap their bonds until maturity. If a municipality calls a bond early (for example, to refinance), does it get a pro-rated refund or does the bond insurer get a windfall profit? - M.M., Tennessee
James A. Klotz responds

The issuer pays an upfront premium to the insurance company, which agrees to insure the bonds as long as they are outstanding.

There is no refund if the issuer decides to retire its bonds prior to maturity.

Remember, the true value of the insurance to the issuer is the ability to borrow at a lower rate.

Good news or bad news?


Is your article, “Puerto Rico Moves To Strengthen Bank, Defend New Law,” good news or bad news?


- M.B. Texas
James A. Klotz responds

Although many analysts believe the Puerto Rico Electric Power Authority is likely to move to restructure its debt, there is no consensus as to what form it will take, when it may happen or the affect it may have on other Puerto Rico entities.

Pending litigation challenging the new Recovery Act also makes the eventual outcome less predictable.


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This report is produced solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. This report is based on information obtained from sources believed to be reliable but no independent verification has been made, nor is its accuracy or completeness guaranteed.