what is a municipal bond priced to date
Under rules governing municipal bonds, callable premium bonds must be priced to the date resulting in the worst (lowest) yield for the investor. Generally this means that the bonds are priced to the first call date. This is attractive to investors because, in the event the bonds are not called, the yield to maturity will be much higher. Furthermore, in a rising rate environment, premium bonds retain their value better than par or discount bonds.