A current hot topic in the world of municipal finance is the issue of voluntary reporting of information regarding direct bank loans to governmental entities or conduit governmental entity borrowers. The Municipal Securities Rulemaking Board (MSRB) has strongly encouraged municipal issuers to voluntarily report this information, through its Electronic Municipal Marketplace Access system (EMMA).
The MSRB has published a number of notices and advisories over the last few years in support of its position that this information should be voluntarily provided. The MSRB’s expressed concern is that such loans often contain terms that may adversely affect the parity position, rights or collateral of existing bondholders or the liquidity of the issuer, and that information regarding such loan terms, and the risks presented to bondholders, is not readily available to the secondary market.
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