Sample State of Illinois-style 5-Year municipal bond

Muni A- Public SAMPLE

Illustrative structure — 3.50% coupon · due Jun 15, 2031 · General obligation · bullet · IL-ST. Not a real, tradable CUSIP.

Yield to maturity i

3.47%

annualized total return if held to maturity

Matures

Jun 15, 2031

Coupon i

3.50%

Current yield i

3.50%

Taxable-equivalent

5.51%

≈ at a 37% federal bracket

Modified duration i

4.5 yr

Indicative price i

100.125

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 IL). At a 37% federal bracket, its 3.47% yield is worth about a 5.51% taxable-equivalent yield — i.e. 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	Jun 15, 2031
Coupon i	3.50% (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 IL-ST 3.50% ’31 here
FIGI	live feed
Issuer	State of Illinois IL-ST
Type	Muni

Computed metrics model

Clean price i

100.125

Dirty price i

100.211

Accrued i

0.086

Yield to maturity i

3.47%

Yield to worst i

3.47%

Modified duration i

4.5 yr

Convexity

23.74

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

A- Rating A- · 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 State of Illinois. 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 State of Illinois's real bonds on EMMA

The bond above is a representative sample. The official, free source for State of Illinois'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 IL-ST bonds on EMMA

1
Opens EMMA's search for State of Illinois — 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 — 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	+9.53%	109.666
-100 bp	+4.65%	104.776
+100 bp	-4.41%	95.710
+200 bp	-8.58%	91.534

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.