Sample City of New York-style 5-Year municipal bond

Muni AA Public SAMPLE

Illustrative structure: 3.25% coupon · due Oct 15, 2031 · General obligation · bullet · NYC. Not a real, tradable CUSIP.

Yield to maturity i

3.82%

annualized total return if held to maturity

Matures

Oct 15, 2031

Coupon i

3.25%

Current yield i

3.34%

Taxable-equivalent

6.06%

≈ at a 37% federal bracket

Modified duration i

4.6 yr

Indicative price i

97.446

model not a market quote

Tax-free interest. This is a municipal bond, so its interest is generally exempt from federal income tax (and often from state tax if you live in NY). At a 37% federal bracket, its 3.82% yield is worth about a 6.06% taxable-equivalent yield. In other words, a fully taxable bond would need to pay roughly that much to leave you the same after tax. Illustrative, at one assumed bracket. Your own rate and any state tax change the figure; confirm with a tax professional.

Terms & structure

Maturity	Oct 15, 2031
Coupon i	3.25% (semiannual)
Callable	No (bullet)
Seniority	General obligation
Public access i	Public Municipal bonds are sold to the public through a broker, usually in $5,000 minimums. Interest is generally exempt from federal income tax.
Minimum purchase	$5,000 face (×$5,000)
Amount outstanding i	$400.0M (representative)
CUSIP	Find the real CUSIP on EMMA → · shown as NYC 3.25% ’31 here
FIGI	live feed
Issuer	City of New York NYC
Type	Muni

Computed metrics model

Clean price i

97.446

Dirty price i

97.446

Accrued i

0.000

Yield to maturity i

3.82%

Yield to worst i

3.82%

Modified duration i

4.6 yr

Convexity

24.02

tax-exempt level Priced at an indicative municipal level. High-grade munis typically yield below Treasuries pre-tax because the interest is tax-free (the muni/Treasury ratio); this is a model figure, not an observed market spread.

This bond is non-callable (a bullet), so yield to worst equals yield to maturity.

Credit context

AA Rating AA · outlook Stable (representative/indicative, not a live agency feed); drives the model spread

A general-obligation (GO) bond, backed by the full faith, credit and taxing power of City of New York. Municipal credit is assessed differently from corporations (there's no income statement in the same sense), so the rating shown is representative/indicative. Real ratings, financial disclosures and official statements are published on the MSRB's EMMA.

Where to find & buy this bond

See City of New York's real bonds on EMMA

The bond above is a representative sample. The official, free source for City of New York's actual municipal bonds (their real CUSIPs, recent trade prices, yields and official statements) is the MSRB's EMMA. You buy munis through a broker, using the CUSIP from EMMA.

Find NYC bonds on EMMA

1
Opens EMMA's search for City of New York, official and free, in a new tab.
2
Pick a bond matching the coupon & maturity you want. Each lists its real CUSIP, last-traded price, and the official statement.
3
Give that CUSIP to your broker for a live quote and to place an order. EMMA is for research and prices; the purchase itself goes through a broker.

EMMA (emma.msrb.org) is run by the MSRB, the municipal market's regulator, and has real trade data and disclosures, free. The bond shown here is an indicative sample, not a specific CUSIP.

Rate sensitivity i

approximate, from duration & convexity

Parallel rate move	Approx. price change	Approx. price
-200 bp	+9.61%	106.806
-100 bp	+4.68%	102.009
+100 bp	-4.44%	93.117
+200 bp	-8.64%	89.022

Cash-flow timeline

each tick a coupon · ◆ today

Market price & trading

requires a market-data feed (FINRA TRACE)

Bid / Ask

live feed

dealer quotes

Last trade

live feed

price + time of last reported trade

Recent volume

live feed

reported TRACE volume

This preview computes an indicative model price off the Treasury curve. Real municipal trade prices and official statements are free on the MSRB's EMMA. To find this bond's real CUSIP and prices, see above.