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State
A drop-down menu allows for the selection of the state in which the municipal issuer
of the securities is located.
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Issuer Name & Issue Description
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Standardized issuer names are used in connection with the assignment of CUSIP numbers.
These are the names upon which Issuer Name searches are based. These names include
a number of standardized or common abbreviations, and EMMA has incorporated into
its search functions a translation algorithm that should allow users to search on
many of the most often used standard abbreviations and their related plain English
equivalents interchangeably. Users are not required to enter the full name but can
search on specific words within a name.
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Standardized terminology is used for issue descriptions when CUSIP numbers are assigned.
These issue descriptions are used for purposes of Issue Description searches. Issue
descriptions include a number of standardized abbreviations, and EMMA has incorporated
into its search functions a translation algorithm that should allow users to search
on many of the most often used standard abbreviations and their related plain English
equivalents interchangeably. In many but not all cases, a borrower or obligor that
is the beneficiary of an issue may be named in the issue description. Currently,
the best way to search for an obligor in EMMA is through the Issue Description field,
but there is no assurance that obligors will always be identified in this way. Users
may search on a full or partial issue description.
If multiple terms are entered within a single field, EMMA will find matching records
containing all such terms in any order. If multiple terms are entered within quotation
marks (" "), then EMMA will find only exact matches for such multiple terms as entered.
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Closing Date
Closing date is the date on which the issuer delivered the securities to the underwriter
upon initial issuance.
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Dated Date
Dated date is the date from which interest on the securities begins to accrue.
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Interest Rate
This criteria searches on the interest rate, sometimes referred to as the "coupon
rate" of the bond or note, expressed as a percentage. This is different from yield,
which is the rate of return on an investment based on trade price and term of investment.
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CUSIP-6
CUSIP-6s (the first six characters of a CUSIP-9) are a way to search for multiple
issues of an issuer. If the issuer has a single CUSIP-6, your search should return
all of the securities within that issuer’s bond issues. If the issuer has more than
one CUSIP-6, your search will only return securities in a subset of that issuer’s
issues (e.g., bonds secured by a particular credit, securities issued for a particular
purpose, bonds issued during a particular timeframe). Often, you can find other
issues of an issuer with multiple CUSIP-6s by conducting an Issuer Name search using
the exact name from the first CUSIP-6 search. Do not use Issuer Name or State when
conducting a CUSIP-6 search since these are already tied to the CUSIP-6.
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Maturity Date
This is the date on which a bond or note matures and the principal amount is repaid
to the investor.
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Purpose/Sector
A drop-down menu allows a search based on the issuer's intended use of the proceeds
of the offering. Options include:
- Education
- Health
- Housing
- Improvement
- Tax-Revenue
- Utility
- Other
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Source of Repayment
A drop-down menu allows a search on the source of funds pledged by the issuer for
repayment of the securities. Options include:
- General Obligation
- Revenue
- Double Barrel
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Rate Type
A drop-down menu allows a search on securities with different types of interest
rates/coupons. Options include:
- Fixed
- Variable
- Zero-Coupon
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Insured
A drop-down menu allows a search on whether a security has been guaranteed by a
bond insurer for the payment of the principal and interest should the issuer fail
to make the required payments.
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Tax Status
A drop-down menu allows a search on whether a security is subject to federal income tax.
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Callable
A drop-down menu allows a search on whether the issuer has the right to redeem a security in whole before maturity.
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Next Call Date
The next date on which the issuer can exercise its option to redeem a security in whole.
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Next Call Price
The price at which the issuer can redeem a security on the next call date.
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Current Long-Term Ratings
Current long-term credit ratings assigned by Fitch Ratings, Kroll Bond Ratings Agency (KBRA), Moody’s Investors Service, Inc.
and Standard and Poor’s are provided on EMMA and may be included in a search. See
Understanding Credit Ratings for more information.
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Security Type
More than 95 percent of all municipal securities are municipal bonds and notes that are assigned a CUSIP-9. This is the default option for searches on EMMA. However,
the Security Type drop-down menu allows searches for other types of municipal securities. Commercial paper consists of short-term, unsecured promissory notes assigned
a CUSIP-6 identifier. Securities ineligible for CUSIP number assignment are securities that do not have CUSIP numbers assigned due to unique characteristics of the security.
Municipal fund securities are securities with features similar to mutual funds such as local government investment pools.
To search for 529 savings plans and ABLE programs, click the 529 Savings Plan/ABLE Program Disclosures link under the Market Activity tab.
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Trade Date
This is the date range on which a legally binding agreement was reached between
the buyer and seller. Trade data on EMMA dates to January 2005.
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Trade Price
This is the price at which the securities were transacted, expressed as a percentage
of the principal amount.
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Trade Yield
This is the yield, calculated on a "yield to worst" basis, using the trade price,
the interest rate on the bonds and the remaining period until maturity or earlier
redemption.
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Trade Amount
This is the principal amount traded. An indicator of MM+ is shown for trades over
5
million dollars during the first week after the trade date. After a week has elapsed,
this indicator is replaced by the exact dollar amount. Enter "MM+" to search for
trade over $5 million.
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Trade Type
Drop-down menu of whether a customer bought the security from a broker-dealer or
bank, a customer sold the security to a broker-dealer or bank, or the trade was
between a broker-dealer or bank and another broker-dealer or bank. Options include:
- Customer bought
- Inter-dealer Trade
- Customer sold
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Special Condition
A drop-down menu of special trading situations. Options include:
- (A)-Alternative Trading System – indicates an inter-dealer transaction executed with or using the services of an alternative trading system.
- (B)-Broker’s Broker – indicates an inter-dealer transaction by a broker's broker.
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(L)-List Offering Price/Takedown – Indicates a primary market sale transaction executed on the first day of trading of a new issue:
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by a sole underwriter, syndicate manager, syndicate member, selling group member or distribution participant to a customer at the published list offering
price for the security ("List Offering Price Transaction"); or
- by a sole underwriter or syndicate manager to a syndicate member, selling group member or distribution participant ("RTRS Takedown Transaction").
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(N)-Non-Transaction-Based Compensation Arrangement Trade (N) – indicates a customer transaction that did not include a mark-up, mark-down or commission.
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(P)-Weighted Average Price (P) – indicates a price based on the average price of multiple transactions executed during the day to acquire the total quantity
of securities.
- (W)-When Issued – indicates transactions in a new issue security on or before final issuance and settlement of the issue by the issuer.
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Posting Date
This is the date on which a disclosure was made available on the EMMA website.
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Official Statements and Other Primary Market Documents
Official statements describe the essential terms of a bond, including whether and
on what terms a bond can be redeemed prior to maturity, the sources pledged to repay
the bond, the issuer's covenants for the benefit of investors, and much more. Selecting
this option will include securities for which primary market documents have been
posted on EMMA.
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Advance Refunding Documents
Advance refunding documents set out important terms of how and when a bond that
has been advance refunded ultimately will be paid. Selecting this option will include
securities for which advance refunding documents have been posted on EMMA.
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Variable Rate Security Documents
Variable rate security documents include liquidity facility documents for variable
rate demand obligations such as letters of credit and stand-by bond purchase agreements
as well as program documents for auction rate securities. Selecting this option
will include securities for which such documents have been posted on EMMA.
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Continuing Disclosure Documents
Continuing disclosure documents consist of important information about a bond that
arises after the initial issuance. Continuing disclosures include those identified
under Rule 15c2-12 and Rule 15Ga-1 of the Securities Exchange Act of 1934 (Exchange Act) as well
as those made on a voluntary basis. Selecting a specific continuing disclosure document
type will include all securities for which this document type has been posted on
EMMA.
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Event Filings
Selecting this checkbox will include all securities that have had an event–based
continuing disclosure document posted on EMMA.
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Financial/Operating Filings
Selecting this checkbox will include all securities that have had a financial or
operating filing document posted on EMMA.
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Asset-Backed Securities Filings
Selecting this checkbox will include all securities that have had asset-backed securities disclosure document(s) posted on EMMA.