SPDR® Nuveen S&P VRDO Municipal Bond ETF
Callable municipal debt issuance in Q1 2014 declined ~27% in Q1 2014 to $53.9 billion on a year-over-year basis.
The chief advantage of investing in municipal bonds (VRD) is that the interest income on most of them is exempt from federal income taxes and often state and local taxes as well.
Energy & Utilities
Variable-rate demand obligations (or VRDOs) are long-term, tax-exempt, floating-rate bonds whose interest rates generally reset on a daily, weekly, or monthly basis.
The municipal bond (RVNU) market’s debt outstanding on December 31, 2013, stood at ~$3.7 trillion, making up about 9.2% of the total outstanding debt in the U.S.