Education Center

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EMMA is a vital tool in fulfilling the MSRB’s mission to protect investors and municipal securities issuers. The EMMA Help page provides information on how to use the resources and tools available on EMMA.

What Are Bonds?

Municipal bonds, or “munis,” are issued by states, counties, cities, or their agencies to finance public-purpose projects –schools, roads and bridges, utilities, affordable housing, airports, hospitals, and other public facilities and programs. Munis come in many forms, including long-term fixed rate bonds, short term notes, variable rate securities, zero-coupon bonds, taxable securities, and other varieties.
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What Are 529 College Savings Plans?

529 college savings plans are established by states under Internal Revenue Code Section 529 for the purpose of providing a program for individuals wishing to invest to pay for qualified higher education expenses of a beneficiary. Usually but not always structured similar to a mutual fund or fund of funds, 529 college savings plans are offered by virtually every state.
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Searching for Municipal Securities

EMMA provides three powerful tools for finding information about specific municipal securities: CUSIP-based direct access to security details, advanced search filters and 529 Plan search.
Learn more about searching on EMMA
Go to EMMA’s comprehensive search tools
What is a CUSIP?

Understanding What You Find on EMMA

EMMA provides you with easy access to official statements, advance refunding documents and trade prices. Learn how to understand the information you find on EMMA.
Learn about official statements
Learn about advance refunding documents
Learn about trade prices

What You Should Know Before Investing

There is much to know and consider before making any investment, including an investment in municipal bonds, notes or 529 college savings plans. Investors need to understand the features of the investment, the credit quality of the investment, and the trade details, in addition to the investors’ own motivations, needs and risk tolerances.
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Questions to Ask When Investing in Municipal Bonds


Find answers to some of the basic questions about how EMMA works, what are the key features of municipal securities, how you should read an official statement, what is an advance refunding, and how to understand the price and other terms of a bond trade.
See Frequently Asked Questions

Glossary of Terms

A key to understanding investments in municipal securities is understanding the muni terminology. The MSRB has prepared the industry-standard Glossary of Municipal Securities Terms that includes the most comprehensive set of definitions of terms used in the municipal securities industry.
Look up a term in the Glossary

Related Links

There are many governmental, non-profit and private sector sources from which to obtain additional information about municipal securities on the web.
See links to other resources

EMMA® is a service of the Municipal Securities Rulemaking Board (MSRB). To ask questions about EMMA or provide feedback, please contact the MSRB through the Contact Us form or call MSRB Support at 703-797-6668.