Fixed Income Municipal

Handles municipal bond analysis with tax-equivalent yield calculations, GO versus revenue bond evaluation, and muni-specific credit metrics like debt service coverage ratios. You'd reach for this when comparing tax-exempt munis to taxable bonds, evaluating whether a client's tax bracket justifies munis, or analyzing credit quality for revenue bonds backed by tolls or utilities. The TEY formulas account for both federal and state tax benefits, which matters more than you'd think when dealing with high-tax-state residents. Also covers the de minimis rule for discount bonds and AMT considerations for private activity bonds. Solid reference implementation if you're building fixed income tools for tax-aware investors.