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What is Private Placements in Municipal Debt about?

The article examines the role of private placements in the municipal debt market, highlighting their potential cost advantages over traditional competitive and negotiated sales. It finds that private placements, which are sold directly to sophisticated investors without underwriters, can lead to lower issuance costs and arbitrage yields due to reduced financial intermediation and regulatory requirements. The study suggests that municipalities should consider private placements as a viable option for debt of

Author

anjan

Language

EN