If a municipal bond is purchased regular way on Wednesday, march 11th, trade settle on a Friday march 13.
Municipal securities, sometimes known as "munis," are bonds that are issued by states, cities, counties, and other governmental bodies to obtain funds for the construction of roads, schools, and a variety of other public projects.
A municipal bond, or "muni," is a type of bond issued by local or state governments, as well as the authorities and special districts they establish. Holders of municipal bonds are frequently, but not always, free from paying federal and state income taxes on the interest they receive.
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