0 a bond that is sold by a town or city government in the US:
Muni arb is a relative value strategy that seizes upon an inefficiency that is related to government tax policy; interest on municipal bonds is exempt from federal income tax.
Positive, tax-free carry from muni arb can reach into the double digits.
I have only quoted that in order to reinforce the statement that it is the desire of the manufacturers to dispose of the muni- tions of war which they produce.
I can give a specific assurance that muni- cipal and charitable authorities will not be affected.
He reads in a muni- cipal library, and he has his sport on a municipal recreation ground.
