bond-basics

Institutional Investors

Banks, insurance companies, pension funds and other institutions meeting SEC requirements who buy Bonds.

Dive Deeper on State Law Matters

Learn more about the various aspects of state laws and how they intersect with municipal securities.


See Also

Accredited Investor

An investor satisfying the definition promulgated by the SEC in Rule 501 of Regulation D under the 1933 Act.

Hudson Yards Rail Yards

Start with the Bond Basics

Private Business Use (PBU) and Tests

Any use of Bond proceeds in a trade or business carried on by a person other than a governmental unit. The private business tests are used in part to establish whether a bond is a private activity bond (PAB).