Content and Timeliness of Municipal Issuer
Clayton said there is an "aspect of the municipal securities market that I believe can and should be improved for the benefit of our Main Street investors: disclosure about the timeliness--or lack thereof --of municipal issuer
financial information." In his comments, Clayton also acknowledged the Tower Amendment, which expressly limits the authority of the SEC and the Municipal Securities Rulemaking Board (MSRB) authority to require municipal issuers
to file any document with the SEC or MSRB before the issuer sells any municipal securities.
Given the highly unlikely nature of the stress scenarios, and the minimal rating impact, Fitch views the fund's permitted investments, municipal issuer
diversification framework and mandatory deleveraging mechanisms as consistent with an 'AAA' rating.
Issuer's Side Underwriter's Side Municipal Issuer
(22) Underwriter(s) (23) Bond Counsel (24) Trustee (25) Municipal Advisor (26) Credit Enhancer (27) Issuer's General Counsel Underwriter Counsel (28) Disclosure Counsel (29) Selling Group Counsel (30) Credit Enhancer Counsel (31) Feasibility Consultant (32) Auditor (33) Trustee's Counsel (34) The key difference is that on the issuer's side, the bond counsel, municipal advisor, and general counsel statutorily owe the issuer a fiduciary duty.
As HDC president, he led one of the nation's most active Housing Finance Agencies and the largest municipal issuer
of mortgage revenue bonds for affordable multifamily housing.
(184) Disclosure statements contain financial information "critical" for investors to assess the financial condition of a municipal issuer
and thus analyze their investment's safety.
question of whether a municipal issuer
should incur debt in the first
The methodology results in a long-term rating that is up to two notches higher than the stronger of the two credits if the following conditions are met: (1) both entities have a rating of 'A' or higher; (2) the transaction is structured such that payments from both the municipal issuer
and the bank are in the flow of funds and both entities would have to fail to perform before the bonds defaulted; and (3) the interest rate modes to be covered by Fitch's rating provide for either a mandatory purchase at the end of each interest rate period, or a purchase demand option.
The SVO's Purposes and Procedures Manual will be amended to permit the unit to determine its own rating based on analysis of a municipal issuer
's financial strength.--R.J.
Given the highly unlikely nature of the stress scenarios, and the minimal rating impact at the target leverage level, Fitch views the permitted investments, municipal issuer
diversification framework, and mandatory deleveraging mechanisms of NZF as consistent with the 'AAA' rating assigned to the preferred shares.
The firm did not consider, and the automated system calculating the interest owed to customers did not take into account, whether the interest it paid to customers should be coded as nontaxable when the firm, rather than the municipal issuer
, paid the interest.
When a municipal issuer
plans to sell bonds, it often has several conversations with its municipal advisors and underwriters about the types of prices to expect.