When bonds are issued publicly, the issuer and its financing team prepare the official statement. The document typically includes information regarding:
· the terms of the bonds, such as minimum denominations, interest rates, maturity dates, and call provisions
· the revenue used to repay the bonds
· financial information and economic data about the issuer, such as other outstanding debt, debt limits, and any pending legal issues that might hinder repayment.
Before the official statement is finalized, a preliminary official statement provides much of the same information, but may exclude prices, delivery dates, or other information that depends on the market when the bonds are issued.
Underwriters are required to submit official statements for municipal bonds to the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.