WASHINGTON May 6 Investors in the U.S.
municipal bond market will now be able to find more free
information about new bond sales, with the Municipal Securities
Rulemaking Board announcing on Monday it is adding the initial
offering dollar prices and yields for bonds.
The board, a self-regulatory organization, said those in the
$3.7 trillion municipal bond market will also be able to look up
the time of formal award and of first execution for new issues
on its site, which is known as EMMA for Electronic Municipal
The board said the new addition will allow those in the
primary market to compare new debt against trade data.
For the last five years, the board, which writes the rules
that the Securities and Exchange Commission enforces, has worked
to make more information about the market available. Most of its
work has focused on continuing disclosure and trading data for
debt already sold.
Still, it now offers official statements and preliminary
documents on EMMA and posts the credit ratings of debt.
Meanwile, the board is working toward making indices and other
benchmarks used for pricing debt available publicly.
Last summer, the Government Accountability Office said that
retail investors have a disadvantage in the market, often paying
higher prices because they do not have access to all the
information that would allow them to assess the true value of a