Problem:

Please provide a thorough discussion on the different bond features someone might consider pref. For example, some bonds are tax free (municipal bonds), some are insured. Of course there is a tradeoff between risk and return.

Requirement:

Do you think that there is a trend toward some features and away from others, as well as are there new features that may not have been offered before? Please provide step by step solution and also justify your answer and calculations.