Disclosure

Disclosure

Issuers are required to disclose information in a timely fashion prior to entering into an agreement with underwriters to purchase bonds. As part of the bond issuance, the issuer must include an official statement that contains information that will help prospective investors evaluate the investment. Information provided in the official statement includes:

  • Description of the securities being offered, including authorization, purpose, and sources and uses of funds;
  • Security for the bonds, such as bond ordinance;
  • Credit enhancement;
  • Description of the issuer, including financial information;
  • Tax exemption;
  • Legal matters; and
  • Credit ratings.

Issuers are required to disclose information in a timely fashion prior to entering into an agreement with underwriters to purchase bonds. As part of the bond issuance, the issuer must include an official statement that contains information that will help prospective investors evaluate the investment. Additionally, issuers are responsible for continuing disclosure and are to provide annual financial operating information or notice of any failure to do so as well as notice of certain material events, including but not limited to principal and interest payment delinquencies, non-payment related defaults, and rating changes.

Training

The Debt Issuer's Disclosure ResponsibilitiesWebinar, 
  • September 24, 2014
Best Practices in Debt ManagementLive Training, 
  • November 19, 2014