index published daily by the BOND BUYER, a newspaper covering the municipal bond market. The index tracks municipal bond prices and is composed of 40 actively traded general obligation and revenue issues rated A or better with a term portion of at least $50 million ($75 million for housing issues); at least 19 years remaining to maturity; a first call date between 7 and 16 years; and at least one call at par before redemption. Starting in July 1, 1995, noncallable bonds became eligible for inclusion in the index. The publication also tracks the Bond Buyer 20 Bond Index, which is an index of yields of 20 general obligation municipal bonds. Investors use the publication's Bond Buyer indices to plot interest rate patterns in the muni market. Traders use the daily Bond Buyer Index to trade municipal bond index futures and futures options at the Chicago Board Of Trade.
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