Special Reports

The Appeal of Dedicated-Tax Bonds

November 2009

The fiscal plight of state and local governments has been the subject of much media attention, leading to speculation over issuer bankruptcies and bond defaults. This report addresses the appeal of dedicated-tax bonds -- municipal debt that is supported by an established revenue stream that covers annual debt service, making the likelihood of default very remote and providing some solace for investors.

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Build America Bonds Report

July 2009

Build America Bonds, or BABs, were introduced as part of the American Recovery and Reinvestment Act of 2009 as a new financing tool for state and local governments. This report provides an overview of the bonds, discusses implications for the tax-exempt and taxable markets, details recent issuance, and offers BlackRock's outlook on these new securities.

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US Private Real Estate Equity

July 2009

The real estate market has stalled in the midst of limited lending and expensive credit financing, with transaction volume down 75-80% from previous years. This report provides a history of institutional real estate investing, an overview of the risk premiums resulting from the subprime crisis, and BlackRock's outlook on what lies ahead for the industry and investors.

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