IDEAS home Printed from https://ideas.repec.org/a/ucp/munifj/doi10.1086-mfj40040109.html
   My bibliography  Save this article

TOBs: More Than Meets the Eye

Author

Listed:
  • John Vetter
  • Steven M. Hlavin

Abstract

After nearly becoming extinct under the Volcker Rule, the tender option bond (TOB) market has made an impressive comeback, as both Wall Street and Main Street have found a new path to finance bond positions. Now, the Volcker Rule is under consideration for relaxation such that TOBs may benefit from deregulation. At the same time, tax reform has affected borrowing and investment strategies alike. Given the importance of this sometimes opaque market in absorbing municipal bond supply and the involvement of mutual funds, banks, hedge funds, and a variety of issuers and credits, it is imperative that municipal analysts understand how and why TOBs exist.

Suggested Citation

  • John Vetter & Steven M. Hlavin, 2020. "TOBs: More Than Meets the Eye," Municipal Finance Journal, University of Chicago Press, vol. 40(4), pages 109-136.
    • Handle: RePEc:ucp:munifj:doi:10.1086/mfj40040109
    DOI: 10.1086/MFJ40040109
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/MFJ40040109
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: http://dx.doi.org/10.1086/MFJ40040109
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: https://libkey.io/10.1086/MFJ40040109?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucp:munifj:doi:10.1086/mfj40040109. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journals Division (email available below). General contact details of provider: https://www.journals.uchicago.edu/MFJ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.