Which of the Following Statements About Municipal Bond Financing Is

Which of the following statements about municipal bond financing is most correct?

A) Whereas the vast majority of Treasury and corporate bonds are held by institutions, no municipal bonds are held by individual investors.
B) The primary attraction of municipal bonds to individual investors is their high before-tax yields.
C) Municipal bonds usually pay higher coupon rates than corporate bonds with similar ratings.
D) Municipal bonds are risk-free.
E) In contrast to corporate bonds, municipal bond issues are not required to be registered with the Securities and Exchange Commission.