Investments, tenth edition

  Other Domestic Issuers 

 There are, of course, several issuers of bonds in addition to the Treasury and private corpo-

rations. For example, state and local governments issue municipal bonds. The outstanding 

feature of these is that interest payments are tax-free. We examined municipal bonds, the 

value of the tax exemption, and the equivalent taxable yield of these bonds in Chapter 2. 

 Government agencies such as the Federal Home Loan Bank Board, the Farm Credit 

agencies, and the mortgage pass-through agencies Ginnie Mae, Fannie Mae, and Freddie 

Mac also issue considerable amounts of bonds. These too were reviewed in Chapter 2.