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MSRB’s EMMA website now links existing bonds to any new related Cusips
By Marisa Wong
Madison, Wis., June 16 – The Municipal Securities Rulemaking Board (MSRB) has added a new feature to its Electronic Municipal Market Access (EMMA) website that allows investors and other users to fully access disclosure information available for a municipal security in cases where new identification (Cusip) numbers are assigned to portions of the bond after issuance, according to a press release.
The EMMA website, which is the electronic source of all disclosure information for municipal securities, now links a municipal bond to any new Cusip numbers assigned to portions of that bond.
This new feature is helpful for investors in the newly created securities, as well as the issuer of the original security, who may want to refer to the official statement or other disclosures associated with the retired security, MSRB explained.
“We know that there are many EMMA users that want access to disclosures for partially refunded bonds and other securities connected with original bond issues,” MSRB executive director Lynnette Kelly said in the release.
“Digitally linking these new bonds to the retired security on EMMA solves the challenge of locating disclosures for these related securities.”
Related securities are created when, for instance, a bond is partially called in connection with a current refunding. In this case, the original Cusip is retired and new Cusips are assigned to the refunded and unrefunded portions.
Investors in the new securities may want to look at the official statement or other disclosures associated with the retired security. To find these disclosures, investors can go to EMMA’s “Security Details” for a bond, then click the “Related Securities” tab to find links to any new (or former) Cusips that may share disclosure information.
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