Do You Know EMMA? Do You Know EMMA?

Do You Know EMMA?

Did you know the Municipal Securities Rulemaking Board’s (MSRB’S) Electronic Municipal Market Access (EMMA) website currently includes information about more than 1.2 million municipal securities? The website includes data about the types of securities and information about the issuer that may be useful to bond investors and anyone else interested in municipal securities.

EMMA is a service of the MSRB and has been publicly available at https://emma.msrb.org since 2011. EMMA is the official repository for information on virtually all municipal bonds and provides free access to official disclosures, trade data and other information about the municipal securities market. The purpose of EMMA is to promote a fair, transparent and efficient market in municipal securities. Improvements to its interface are being made regularly.

Most issuers and borrowers with publicly offered municipal securities are likely familiar with EMMA as the repository for continuing disclosure they provide while such municipal securities are outstanding. But issuers and borrowers may also find EMMA useful for other purposes. For example, EMMA includes offering documents, sale and trade prices, continuing disclosure of annual financial information for borrowers and issuers of tax-exempt bonds, other financial and operating information and event notices for municipal securities.

Issuers and borrowers can review offering documents and continuing disclosures for similarly situated obligors to better understand market standards for disclosure and business terms or to obtain information about industry and marketplace trends. In addition, issuers and borrowers can review offering documents and trade information for similarly situated obligors to identify prices at which their securities might be sold, allowing them to develop more useful financial projections.

EMMA also offers a new issue calendar, which may be useful for issuers, borrowers, investors and others interested in municipal securities, such as financial advisors and underwriters. The new issue calendar shows a chronological list of upcoming municipal securities to be sold and can be searched by security details. This calendar includes upcoming competitive sales and negotiated sales, along with recently closed transactions. 

Beyond the data that is publicly available on EMMA, the EMMA Trade Monitor is available to issuers and obligors. This service provides information, which is restricted from public dissemination, to such entities for the limited purpose of evaluating the secondary market in connection with existing issues of municipal securities or potential new offerings.

For those interested in additional information about municipal securities markets generally or how to use EMMA specifically, EMMA Help and EMMA Learn are publicly available.

For more information about municipal securities, contact a member of Ice Miller’s Municipal Finance Group.

This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances. 
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