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Reply to "crash course on municipal bonds?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous] My investment advisor told me that muni bonds, and bonds in general, don’t just have one price. It’s not like the stock market where everything costs the same for everyone. Different advisors can get it for different prices. [/quote] I mean, that is clearly improbable. Imagine I am selling a bond. I would sell it to whoever offers the highest price. I wouldn’t sell it for anything less to a particular advisor! It is true that the market for munis is much less liquid than most shares or treasury bonds. But it isn’t likely that some advisors can buy the same munis at the same volume at the same time for different prices.[/quote] The advisor isn't totally wrong. In your scenario selling one bond, you are correct. At issuance, they go through underwriters who will happily unload large trances to institutional investors at lower prices than to retail investors if they will even sell directly to retail [/quote]
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