Todd Fraizer of Public Financial Management, a firm that advises governments on borrowing, says there are 12,000-15,000 muni-bond issuers, of which only 300 are large and well-known to most investors.

• 政府借款建议公司PublicFinancialManagement的ToddFraizer讲，12000到15000名市政债券发行者中，其中只有300家有实力，为多数投资者所熟知(原译：仅有300家是大的和被大多数投资者所熟知)。