Electronic Municipal Market Access


Understanding New Issue Calendar

A new issue calendar lists the issues scheduled to be sold to investors in the future. Information about municipal issues coming to market on EMMA’s new issue calendar is integrated with final pricing scales for deals that have sold in the market recently. Unless noted, the following information will be available for the municipal issues being sold through competitive and negotiated sales. For issues that contain bond series with different characteristics, click on the data points provided to view additional information. Read more about using the new issue calendar in the MSRB Education Center.

  • State – state of issuer
  • Issuer Name and Issue Description – name of issuer and general description of issue
  • Principal Amount – total dollar amount of the issue
  • Sale Date and Time – the official date and time of purchase of the issue. (All times Eastern and time of sale available for competitive sales only)
  • Maturities – range of maturities of the issue
  • Lead Manager – the underwriter or group of underwriters generally in charge of handling the underwriting of a new issue of municipal securities (available for negotiated deals only)
  • Financial Advisor – name of individual or firm that advises the issuer or other obligated person on matters pertinent to the issue, such as structure, timing, marketing, fairness of pricing, terms and ratings. Generally required to be registered with the MSRB as a municipal advisor. View a list of MSRB-registered municipal advisors.
  • Bank Qualified – flag indicating whether a deal is bank qualified
  • Tax Status – denotes whether an issue is tax-exempt or taxable
  • ESG Type – denotes the ESG (environmental, social and governance) certification of the issue, such as Green, Climate or Sustainable, if applicable
  • Dated Date – date from which interest on a new issue typically starts to accrue
  • Security Type – denotes whether the issue is a bond or a note
  • Coupon Type – denotes whether the issue has a fixed or variable rate interest rate
  • Source of Repayment – denotes whether the issue is a general obligation or a revenue issue
  • Purpose/Sector – categorization of the use of proceeds used to finance a project such as education, transportation, healthcare, etc.
  • Insurer – flag indicating whether the issue is insured by a third-party insurance company
  • Call Type – indicates the type of call, if any, associated with the issue
  • ESG Certifier – name of the firm that certified the ESG type of the issue, if applicable
  • Coupon Frequency – the frequency in which coupon payments are paid
  • Deal Type – denotes whether the issue is a regularly sold deal, a forward contract or a remarketing

Information included in the new issue calendar is provided by Ipreo. The MSRB takes no responsibility for independently verifying the accuracy, completeness or timeliness of the information.