Important Event Notice for Issuers with U.S. Bank Trustee Relationships

Municipal bond issuers who have used U.S. Bank National Association (USBNA) for trustee services need to be aware that on January 31, 2022, USBNA announced its decision to reposition the legal entity used for its U.S. based Global Corporate Trust business as of January 29, 2022, involving the transfer of substantially all its corporate trust business to its wholly owned subsidiary, U.S. Bank Trust Company, National Association (USBTC).

GFOA recommends that governments should immediately discuss with their bond counsel whether this change to the trustee's legal entity's name triggers the need to file a material event notice in the EMMA system. U.S. Bank has provided GFOA and other market participants with information that explains the change and language to assist issuers and counsel if indeed they determine a material event filing should be made.