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I have a payoff structure but I do not know the price of the bond. The bond is municipal. What discount rates should I take for each period in order to calculate its fair price?

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The standard curve for this is the MMD AAA GO NC Zero curve published by Thomson Reuters. There is likely a Bloomberg equivalent, you can check using AAA

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    $\begingroup$ Would you be willing to buy some Illinois and California munis at this price? $\endgroup$ Commented Feb 13, 2021 at 15:12
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    $\begingroup$ 90%+ of munis are AAA and AAs price only marginally cheaper to risk free as I'm sure you know. It's an assumption OP isn't asking about IL or a low rated credit. Cals often trade at or through benchmark due to state tax, so if you have some you're selling cheap to MMD give my desk a call and we'll take 'em off your hands... $\endgroup$
    – Kch
    Commented Feb 13, 2021 at 16:20
  • $\begingroup$ Since the OP didn't say what he's asking about, then I think your answer would be even better if you mentioned for completeness that some munis do have higher yields. Assuming that he didn't mean City of Chicago can lead to oops moments :) (But we can probably safely assume he meant U.S. munis and not e.g. provinces of Argentina or Russian oblasts.) $\endgroup$ Commented Feb 13, 2021 at 17:34
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    $\begingroup$ Given that the question/answer was over 2 years ago with no follow-up this is just splitting hairs... $\endgroup$
    – Kch
    Commented Feb 13, 2021 at 17:41

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