The short-term, tax-exempt market features a variety of securities designed to satisfy different classes of investors.

There are two broad classes of variable-rate, short-term securities. Some securities are backed only by the issuer, while others are backed by a variety of credit enhancement, such as letters of credit, bond insurance, securitized mortgages, and put rights with liquidity support.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.