4. Which statement is false? Circle only one answer. (5 points)

(1) Muni bonds are generally less liquid than corporate bonds.

(2) Bank-qualified muni bonds provide more liquidity to the muni markets.

(3) Bonds issued by Loyola University Maryland are conduit bonds.

(4) Credit ratings of some mono-line insurance companies are lower than AAA.

(5) Revenue bonds have greater credit risk than general obligation bonds.