These are bonds issued by states, countries and local governments.
Munipical Bonds are a big market in the US
Municipal bond is a bond issued by a state, U.S. Territory, city, local government, or their agencies.
The distinction is that the interest payments are exempt from federa income taxes.
The interest is also exempt from any state or local taxes if the investor lives in the country issuing the bond
There are 2 types:
1) General Obligation Bonds
2) Revenue Bonds

World Bank (supernational bodies)
International Finance Corporation (IFC)
Public sector organizations

Municipal bonds can be secured or unsecured.

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