SlideShare a Scribd company logo
1 of 48
Download to read offline
EMMA – Electronic Municipal Market Access
  The Official Source for Municipal Disclosures and Market Data




Using EMMA® to Find Great Stories
in Municipal Bonds
The Municipal Securities Rulemaking Board and the
Donald W. Reynolds National Center for Business Journalism

March 27, 2012



                                                                  emma.msrb.org
What Kinds of Stories Have Been Written
Using the EMMA Website?




     http://buswk.co/wM6lVQ      emma.msrb.org | 2
What Kinds of Stories Have Been Written
Using the EMMA Website?




   http://bit.ly/GDLypK
                                 emma.msrb.org | 3
What Kinds of Stories Have Been Written
Using the EMMA Website?




        http://bit.ly/GDNTi8     emma.msrb.org | 4
Poll – EMMA Usage

n  How often have you consulted EMMA?
   q Never
   q Once
   q 2-5 times
   q More than 5 times




                                         emma.msrb.org | 5
Poll – Reporter Beats

n  Which beat(s) do you cover? Pick all that apply.
   q Business
   q Government
   q Education
   q Health care
   q General assignment
   q Features, including the arts
   q Sports
   q Other beats
   q I'm not a reporter




                                              emma.msrb.org | 6
Webinar Objectives

n  What is the EMMA website and how does it act as a
    tool for journalists?
n  What information is available on EMMA that can
    help journalists report their stories?
n  How do journalists use the EMMA website to find
    information?




                                           emma.msrb.org | 7
What Is the Municipal Securities
Rulemaking Board?

n  National regulator for the municipal market
n  Mission to protect:
   n  Investors
   n  Issuers of municipal securities
   n  Entities whose credit stands behind municipal securities
   n  Public pension plans
n  The MSRB makes municipal market information as
    transparent and widely available as possible
   n  Created and operates the Electronic Municipal Market
       Access (EMMA®) website

 http://www.msrb.org/

                                                     emma.msrb.org | 8
What Is a Municipal Bond?

n  Type of debt security issued by a state, municipality
    or county to finance its capital expenditures
n  Exempt from federal taxes and from most state and
    local taxes, especially if the bond holder lives in the
    state in which the bond is issued
n  Capital expenditures include:
   n  Highways
   n  Bridges
   n  Schools
   n  Parks




                                                emma.msrb.org | 9
What Is the EMMA Website?

n  The MSRB’s Electronic Municipal Market Access
    (EMMA) website
n  Provides access to
    municipal bond data
    and disclosures
n  All information is
    available free of
    charge



                          http://emma.msrb.org/

                                           emma.msrb.org | 10
What Information Is Available on EMMA?

n  Investors, other market participants and the general
    public have unlimited access to:
   n  Municipal bond offering documents
   n  Continuing disclosure documents
   n  Trade prices
   n  Interest rates
n  Enables investors to better understand certain
    elements of a particular security:
   n  Terms
   n  Characteristics
   n  Risks


                                             emma.msrb.org | 11
How Can the EMMA Website Help Journalists?


 n  EMMA contains documents
     prepared by state and local
     governments
 n  These documents typically
     are not readily available
     elsewhere




                                   emma.msrb.org | 12
How Can the EMMA Website Help Journalists?

 n  Documents contain information about a municipality,
     its financial condition and its infrastructure projects
    n  Projects financed with municipal bonds
 n  Information which helps reporters understand the
     local economy, development and politics




                                                 emma.msrb.org | 13
How Do Journalists Use the EMMA
Website to Find this Information?

n  Basic municipal bond search
   n  Limited functionality
   n  Significant amount of information to sift through




n  To perform basic search, use one of the following:
   n  Issuer’s name
   n  State of the issue
   n  CUSIP of bond or issuer

                                                      emma.msrb.org | 14
What Is a CUSIP Number?

n  Unique identification code
n  CUSIP-9
   n  Assigned to each maturity
       of a bond issue
   n  Can be obtained from bond
       underwriter
n  CUSIP-6
   n  Identifies a particular bond
       issuer
n  Located on the official
    statement of a bond issue


                                      emma.msrb.org | 15
Search the EMMA Website Using a
CUSIP Number

n  A source slipped you a copy of a municipal bond
    disclosure document and said you should look into
    the bond. You found the bond’s CUSIP number on
    the document and go to the EMMA website for
    more information.

n  VIDEO: Search using a CUSIP number




                                           emma.msrb.org | 16
Advanced Search

n  Advanced search option
   n  Issue description   n  Date of issuance
   n  State               n  Interest rate
   n  Maturity date       n  Coupon rate




                                                  emma.msrb.org | 17
Search the EMMA Website Using
Advanced Search

n  You overheard some local officials discussing a
    recent bond issue that will fund a public works
    facility. Knowing the state of issuance and
    description of the issue, you go to the EMMA
    website to get more information on the bond.

n  VIDEO: Search using advanced search




                                            emma.msrb.org | 18
Quiz – Searching on EMMA

n  What does a CUSIP-6 identify?
   q A bond issue
   q A 529 plan
   q A bond issuer
   q A municipality
   q A bond lawyer




                                    emma.msrb.org | 19
Questions?

        emma.msrb.org | 20
What Is an Official Statement?

n  Document prepared in connection with a new issue
    of municipal securities




                                          emma.msrb.org | 21
What Is an Official Statement?

n  Describes the essential terms of the bond
   n  Terms of the bond
   n  Bond features
   n  Key financial and operating data
   n  Repayment obligations




n  Can apply to multiple issues of a particular bond
                                             emma.msrb.org | 22
How Is an Official Statement Helpful to a
Reporter?

n  Ashtabula Area City School District, Ohio General
    Obligation School Improvement Refunding Bonds




                                            emma.msrb.org | 23
How Is an Official Statement Helpful to a
Reporter?

n  Ashtabula Area City School District, Ohio General
    Obligation School Improvement Refunding Bonds
   n  School enrollment and testing proficiency levels
   n  Education of teaching staff
   n  Description and value of school facilities
   n  Retirement expenses for teaching staff




http://emma.msrb.org/ER548130-ER424930-ER827047.pdf
                                                     emma.msrb.org | 24
How Is an Official Statement Helpful to a
Reporter?

n  Ashtabula Area City School District, Ohio General
    Obligation School Improvement Refunding Bonds
   n  Timing and amount of revenues
   n  Economic and demographic information
   n  Local economy data
   n  School district debt/long-term obligations




                                                    emma.msrb.org | 25
How Is an Official Statement Helpful to a
Reporter?

n  Miami-Dade County, Florida General Obligation
    Refunding Bonds (Parks Program)




                                          emma.msrb.org | 26
How Is an Official Statement Helpful to a
Reporter?

n  Miami-Dade County, Florida General Obligation
    Refunding Bonds (Parks Program)
   n  “Building Better Communities” program information
   n  County services and functions
   n  Largest taxpayers
   n  Pending litigation




                                                  emma.msrb.org | 27
How Is an Official Statement Helpful to a
Reporter?

n  Miami-Dade County, Florida General Obligation
    Refunding Bonds (Parks Program)
    n  Market value of all property
    n  Employment data
    n  Tourism statistics
    n  Impact of local film industry




http://bit.ly/GEiry4


                                          emma.msrb.org | 28
How Is an Official Statement Helpful to a
Reporter?

n  You know that the city involved in a big upcoming
    municipal bond offering recently laid off some of its
    government employees. You’re interested in the
    overall financial picture of the city, so you look
    through the official statement for the bond issue.

n  VIDEO: Finding newsworthy parts of an official
    statement




                                              emma.msrb.org | 29
What Are Continuing Disclosure
Documents?

n  Contain important information that arises after the
    initial issuance of a municipal bond
   n  Reflects the financial or operating conditions of an issuer
       over time
   n  Specific events that occur after issuance
n  Continuing Disclosure Agreement
   n  Describes the type of events about the bond that be
       disclosed
n  The EMMA website contains both voluntary and
    required continuing disclosure documents



                                                      emma.msrb.org | 30
Types of Continuing Disclosure Documents

n  Rule 15c2-12 of the Securities Exchange Act of
    1934 requires certain information be provided to the
    EMMA system:
   n  Financial or operational information
        §  Annual financial information
        §  Audited financial statements
   n  Event Notices
        §  Principal and interest payment delinquencies
        §  Rating changes
        §  Bankruptcy, insolvency or receivership
        §  Merger, consolidation or acquisition



                                                      emma.msrb.org | 31
Types of Continuing Disclosure Documents

n  Some issuers and obligated persons provide
    additional information after initial issuance
   n  Contractual arrangement
   n  Matter of practice
n  Types of additional information:
   n  Additional financial or operating information
        §  Accounting standard
        §  Budget data
        §  Consultant reports
   n  Additional event-based disclosures
        §  Change in obligated person or agent
        §  IRS communications
        §  Bid for auction rate or other securities
                                                       emma.msrb.org | 32
Finding Continuing Disclosure Documents
on the EMMA Website

n  You heard on the news that Moody’s just
    downgraded the bond issues of municipalities
    across the country. You’re interested in whether
    your city was one of those downgraded. You go to
    EMMA and look for a continuing disclosure
    document to this effect.

n  VIDEO: Finding continuing disclosure documents




                                           emma.msrb.org | 33
Quiz – Disclosures

n  Which of the following information is found in
    continuing disclosure documents on the EMMA
    website?
q Audited financial statements for the issuer
q Bankruptcy of the issuer
q Credit-rating downgrade for the issuer
q Communications from the IRS related to bonds’ tax-
    exempt status
q All of the above



                                          emma.msrb.org | 34
Questions?

        emma.msrb.org | 35
What Is a Municipal Bond’s Credit Rating?

n  A bond’s credit rating
    is an opinion about its
    risk of default
n  Ratings can be issued
    at the time of issuance
    or anytime over the
    life of the bond
n  Can be changed or
    withdrawn at any time
n  The EMMA website displays current long-term ratings
    and underlying or unenhanced ratings
   n  Fitch Ratings
   n  Standard and Poor’s                 emma.msrb.org | 36
Credit Ratings on the EMMA Website

n  You’re writing a story on bond issuance throughout
    the State of North Carolina, and are curious as to
    which municipalities have the highest credit ratings
    for their bonds. You use the Credit Ratings Search
    function on the EMMA website to get a broad idea
    of this information.

n  VIDEO: Finding credit ratings




                                              emma.msrb.org | 37
EMMA Alerts

 n  Available for any security listed on the EMMA website
     n  Email notification sent when a new document is submitted
         for that particular bond
 n  Keep apprised of newsworthy material information
     n  Downgrade of municipal bond
     n  Municipality bankruptcy




http://dataport.emma.msrb.org/MarketActivity/ManageAlerts.aspx
                                                     emma.msrb.org | 38
Additional Videos on EMMA on
BusinessJournalism.org

In addition to the videos in the webinar today, you can
   find these short videos at http://bit.ly/EMMA2012:

n  Finding credit ratings
n  Signing up for email alerts about a bond issue
n  Analyzing the first page of bonds’ official statements
n  Finding lawsuits affecting bond issuers
n  Finding recent trades and prices
n  Searching for bond defaults
n  Tracking IRS audits involving bonds’ tax-exempt
    status
                                              emma.msrb.org | 39
Political Contributions – MSRB Rule G-37

n  Maintains the integrity of the municipal securities
    market and prevents pay-to-play practices
n  Bans municipal securities dealers from engaging in
    municipal securities business after they have made
    contributions to issuer officials
n  Search for political contribution disclosures on
    MSRB.org:
    http://www.msrb.org/msrb1/pcocweb/search/
    search.asp




                                            emma.msrb.org | 40
EMMA Education Center


  n  Contains educational
      resources for municipal
      bond investors and users of
      the EMMA website
     n  Videos
     n  Glossary of municipal bond
         terms
     n  Frequently asked questions



http://emma.msrb.org/EducationCenter/EducationCenter.aspx

                                          emma.msrb.org | 41
EMMA Mobile

n  Mobile-friendly version of the EMMA website that
    optimizes certain elements of the site for mobile
    display
n  http://emma.msrb.org/
n  Direct access and improved navigation to:
   n  Municipal bond trade prices
   n  Search functions
   n  Market statistics




                                             emma.msrb.org | 42
Contact Information

n  Ernesto Lanza
   n  elanza@msrb.org
   n  (703) 797-6720
n  Justin Pica
   n  jpica@msrb.org
   n  (703) 797-6716
n  MSRB Main Number
   n  (703) 797-6600
n  Sign up to receive emailed news releases:
    https://public.govdelivery.com/accounts/
    VAORGMSRB/subscriber/new
n  Follow us on Twitter:
    http://twitter.com/#!/MSRB_News          emma.msrb.org | 43
What You Learned

n  Stories written using the EMMA website
n  Information available on the EMMA website
n  How the EMMA website can help journalists
n  How to search the EMMA website to find
    information
n  Types of municipal bond documents and how they
    can be used
n  Additional features on the EMMA website




                                         emma.msrb.org | 44
Tomorrow’s Session – Noon and 4 p.m. ET


 n  Yamil Berard of the Fort Worth Star-Telegram
    n  High rate of default for a particular type of muni called
        conduit bonds for Tarrant County


 n  Lynn Hume of the Bond Buyer
    n  IRS investigations into community development districts




                                                        emma.msrb.org | 45
Homework Tonight

n  You will be able to download the three-question
    homework assignment from the next screen.
n  Email your answers to
    linda.austin@businessjournalism.org
    by 11:59 p.m. PT March 28.
n  Those who answer correctly will be entered into a
    drawing for a $10 Starbucks gift card.
n  A video showing how to find the answers will be
    available at http://bit.ly/EMMA2012



                                            emma.msrb.org | 46
Questions?

        emma.msrb.org | 47
EMMA – Electronic Municipal Market Access
  The Official Source for Municipal Disclosures and Market Data




Using EMMA® to Find Great Stories
in Municipal Bonds
The Municipal Securities Rulemaking Board and the
Donald W. Reynolds National Center for Business Journalism

March 27, 2012



                                                                  emma.msrb.org

More Related Content

Similar to Using EMMA to Find Great Stories by Ernesto Lanza and Justin Pica

BXCB9 Commercial Corridor Study FACT SHEET
BXCB9 Commercial Corridor Study FACT SHEETBXCB9 Commercial Corridor Study FACT SHEET
BXCB9 Commercial Corridor Study FACT SHEETHannah Fleisher
 
Sheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docx
Sheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docxSheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docx
Sheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docxlesleyryder69361
 
What is an infrastructure bank and its role with infrastructure spending ca...
What is an infrastructure bank and its role with infrastructure spending   ca...What is an infrastructure bank and its role with infrastructure spending   ca...
What is an infrastructure bank and its role with infrastructure spending ca...paul young cpa, cga
 
Boston Fintech Week - Day 1
Boston Fintech Week - Day 1Boston Fintech Week - Day 1
Boston Fintech Week - Day 1QuantUniversity
 
Cost Benefit Analysis Of Spotsylvania County Public Schools
Cost Benefit Analysis Of Spotsylvania County Public SchoolsCost Benefit Analysis Of Spotsylvania County Public Schools
Cost Benefit Analysis Of Spotsylvania County Public SchoolsWhitney Turner
 
FIWARE Tech Summit - City as a Platform Enabling the Data Economy
FIWARE Tech Summit - City as a Platform Enabling the Data Economy FIWARE Tech Summit - City as a Platform Enabling the Data Economy
FIWARE Tech Summit - City as a Platform Enabling the Data Economy FIWARE
 
Week 10, budget approval and budget communication
Week 10, budget approval and budget communicationWeek 10, budget approval and budget communication
Week 10, budget approval and budget communicationwillshatcher
 
20 Best Essay Writing Services In 2020 - FarhanTech
20 Best Essay Writing Services In 2020 - FarhanTech20 Best Essay Writing Services In 2020 - FarhanTech
20 Best Essay Writing Services In 2020 - FarhanTechTina Marie
 
CLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docx
CLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docxCLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docx
CLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docxmonicafrancis71118
 
RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...
RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...
RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...Rail~Volution
 
Data Privacy, Security and Protection: Learning from Today's Toll Highways
Data Privacy, Security and Protection: Learning from Today's Toll HighwaysData Privacy, Security and Protection: Learning from Today's Toll Highways
Data Privacy, Security and Protection: Learning from Today's Toll HighwaysThomas Bamonte
 
New Battles in Southeast Asia for Foreign Investment: Myanmar v.Vietnam
New Battles in Southeast Asia for Foreign Investment: Myanmar v.VietnamNew Battles in Southeast Asia for Foreign Investment: Myanmar v.Vietnam
New Battles in Southeast Asia for Foreign Investment: Myanmar v.VietnamDr. Oliver Massmann
 
Omass afla myanmar vs vietnam (1008)
Omass afla   myanmar vs vietnam (1008)Omass afla   myanmar vs vietnam (1008)
Omass afla myanmar vs vietnam (1008)Dr. Oliver Massmann
 
DWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-U
DWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-UDWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-U
DWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-UIDATE DigiWorld
 
Cuyahoga County Transparency Update
Cuyahoga County Transparency UpdateCuyahoga County Transparency Update
Cuyahoga County Transparency UpdateBethSebian
 
Driving Efficiency Through Mobile Applications at the Kansas Department of Re...
Driving Efficiency Through Mobile Applications at the Kansas Department of Re...Driving Efficiency Through Mobile Applications at the Kansas Department of Re...
Driving Efficiency Through Mobile Applications at the Kansas Department of Re...Amazon Web Services
 

Similar to Using EMMA to Find Great Stories by Ernesto Lanza and Justin Pica (20)

BXCB9 Commercial Corridor Study FACT SHEET
BXCB9 Commercial Corridor Study FACT SHEETBXCB9 Commercial Corridor Study FACT SHEET
BXCB9 Commercial Corridor Study FACT SHEET
 
Sheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docx
Sheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docxSheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docx
Sheet1Taxes and Special AssessmentsMiscellaneous SourcesLocal Sour.docx
 
What is an infrastructure bank and its role with infrastructure spending ca...
What is an infrastructure bank and its role with infrastructure spending   ca...What is an infrastructure bank and its role with infrastructure spending   ca...
What is an infrastructure bank and its role with infrastructure spending ca...
 
Kremen
KremenKremen
Kremen
 
1. Mzuzu City Council, Malawi, property tax reform Paul Fish and Alexander C...
1. Mzuzu City Council, Malawi, property tax reform  Paul Fish and Alexander C...1. Mzuzu City Council, Malawi, property tax reform  Paul Fish and Alexander C...
1. Mzuzu City Council, Malawi, property tax reform Paul Fish and Alexander C...
 
Boston Fintech Week - Day 1
Boston Fintech Week - Day 1Boston Fintech Week - Day 1
Boston Fintech Week - Day 1
 
Cost Benefit Analysis Of Spotsylvania County Public Schools
Cost Benefit Analysis Of Spotsylvania County Public SchoolsCost Benefit Analysis Of Spotsylvania County Public Schools
Cost Benefit Analysis Of Spotsylvania County Public Schools
 
FIWARE Tech Summit - City as a Platform Enabling the Data Economy
FIWARE Tech Summit - City as a Platform Enabling the Data Economy FIWARE Tech Summit - City as a Platform Enabling the Data Economy
FIWARE Tech Summit - City as a Platform Enabling the Data Economy
 
Week 10, budget approval and budget communication
Week 10, budget approval and budget communicationWeek 10, budget approval and budget communication
Week 10, budget approval and budget communication
 
20 Best Essay Writing Services In 2020 - FarhanTech
20 Best Essay Writing Services In 2020 - FarhanTech20 Best Essay Writing Services In 2020 - FarhanTech
20 Best Essay Writing Services In 2020 - FarhanTech
 
Service Automation for Local Government
Service Automation for Local GovernmentService Automation for Local Government
Service Automation for Local Government
 
CLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docx
CLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docxCLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docx
CLASS MATE EXAMPLECLASS MATE EXAMPLEMayer Anthony Williams a.docx
 
DMarshall_Public
DMarshall_PublicDMarshall_Public
DMarshall_Public
 
RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...
RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...
RV 2014: Mind Our Dust- Supporting Businesses During Construction by Ellen Mu...
 
Data Privacy, Security and Protection: Learning from Today's Toll Highways
Data Privacy, Security and Protection: Learning from Today's Toll HighwaysData Privacy, Security and Protection: Learning from Today's Toll Highways
Data Privacy, Security and Protection: Learning from Today's Toll Highways
 
New Battles in Southeast Asia for Foreign Investment: Myanmar v.Vietnam
New Battles in Southeast Asia for Foreign Investment: Myanmar v.VietnamNew Battles in Southeast Asia for Foreign Investment: Myanmar v.Vietnam
New Battles in Southeast Asia for Foreign Investment: Myanmar v.Vietnam
 
Omass afla myanmar vs vietnam (1008)
Omass afla   myanmar vs vietnam (1008)Omass afla   myanmar vs vietnam (1008)
Omass afla myanmar vs vietnam (1008)
 
DWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-U
DWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-UDWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-U
DWS15 - Future Networks Forum - Gigabit Networks - Blair Levin Gig-U
 
Cuyahoga County Transparency Update
Cuyahoga County Transparency UpdateCuyahoga County Transparency Update
Cuyahoga County Transparency Update
 
Driving Efficiency Through Mobile Applications at the Kansas Department of Re...
Driving Efficiency Through Mobile Applications at the Kansas Department of Re...Driving Efficiency Through Mobile Applications at the Kansas Department of Re...
Driving Efficiency Through Mobile Applications at the Kansas Department of Re...
 

More from Reynolds Center for Business Journalism

“Using Census Data in Your Stories” by Brandon Quester and Evan Wyloge
“Using Census Data in Your Stories” by Brandon Quester and Evan Wyloge“Using Census Data in Your Stories” by Brandon Quester and Evan Wyloge
“Using Census Data in Your Stories” by Brandon Quester and Evan WylogeReynolds Center for Business Journalism
 
“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...
“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...
“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...Reynolds Center for Business Journalism
 
“Developing an Effective Business Journalism Syllabus - Building the Syllabus...
“Developing an Effective Business Journalism Syllabus - Building the Syllabus...“Developing an Effective Business Journalism Syllabus - Building the Syllabus...
“Developing an Effective Business Journalism Syllabus - Building the Syllabus...Reynolds Center for Business Journalism
 
“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...
“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...
“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...Reynolds Center for Business Journalism
 
“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...
“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...
“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...Reynolds Center for Business Journalism
 
“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...
“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...
“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...Reynolds Center for Business Journalism
 
“The Numbers in Sports - Investigating Sports Non-Profits" by Craig Harris
“The Numbers in Sports - Investigating Sports Non-Profits" by Craig Harris“The Numbers in Sports - Investigating Sports Non-Profits" by Craig Harris
“The Numbers in Sports - Investigating Sports Non-Profits" by Craig HarrisReynolds Center for Business Journalism
 

More from Reynolds Center for Business Journalism (20)

“10 Databases You Can Use Today” by Steve Doig and Evan Wyloge
“10 Databases You Can Use Today” by Steve Doig and Evan Wyloge“10 Databases You Can Use Today” by Steve Doig and Evan Wyloge
“10 Databases You Can Use Today” by Steve Doig and Evan Wyloge
 
“The Numbers in Sports” by Dash Davidson
“The Numbers in Sports” by Dash Davidson“The Numbers in Sports” by Dash Davidson
“The Numbers in Sports” by Dash Davidson
 
“The Numbers in Sports” by Brett Kurland
“The Numbers in Sports” by Brett Kurland“The Numbers in Sports” by Brett Kurland
“The Numbers in Sports” by Brett Kurland
 
“Using Census Data in Your Stories” by Brandon Quester and Evan Wyloge
“Using Census Data in Your Stories” by Brandon Quester and Evan Wyloge“Using Census Data in Your Stories” by Brandon Quester and Evan Wyloge
“Using Census Data in Your Stories” by Brandon Quester and Evan Wyloge
 
“The Business of Pot” by Ricardo Baca and Kevin Dale
“The Business of Pot” by Ricardo Baca and Kevin Dale“The Business of Pot” by Ricardo Baca and Kevin Dale
“The Business of Pot” by Ricardo Baca and Kevin Dale
 
“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...
“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...
“Developing an Effective Business Journalism Syllabus - Leverage! Using Exist...
 
“Developing an Effective Business Journalism Syllabus - Building the Syllabus...
“Developing an Effective Business Journalism Syllabus - Building the Syllabus...“Developing an Effective Business Journalism Syllabus - Building the Syllabus...
“Developing an Effective Business Journalism Syllabus - Building the Syllabus...
 
“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...
“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...
“Marketing Your Work and Engaging Your Audience - Marketing Your Work” by Eli...
 
“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...
“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...
“Marketing Your Work and Engaging Your Audience - Engaging Audiences to Promo...
 
“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...
“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...
“Marketing Your Work and Engaging Your Audience - Social Media Strategy and A...
 
“Teaching Business Journalism - Finding Your Audience" by Randy Smith
“Teaching Business Journalism - Finding Your Audience" by Randy Smith“Teaching Business Journalism - Finding Your Audience" by Randy Smith
“Teaching Business Journalism - Finding Your Audience" by Randy Smith
 
“Teaching Business Journalism - Organizing Your Course" by Pam Luecke
“Teaching Business Journalism - Organizing Your Course" by Pam Luecke“Teaching Business Journalism - Organizing Your Course" by Pam Luecke
“Teaching Business Journalism - Organizing Your Course" by Pam Luecke
 
“The Numbers in Sports - Investigating Sports Non-Profits" by Craig Harris
“The Numbers in Sports - Investigating Sports Non-Profits" by Craig Harris“The Numbers in Sports - Investigating Sports Non-Profits" by Craig Harris
“The Numbers in Sports - Investigating Sports Non-Profits" by Craig Harris
 
“Covering Campaign Finance” by Leslie Wayne
“Covering Campaign Finance” by Leslie Wayne“Covering Campaign Finance” by Leslie Wayne
“Covering Campaign Finance” by Leslie Wayne
 
“The Economics of Immigration” by Fernanda Santos
“The Economics of Immigration” by Fernanda Santos“The Economics of Immigration” by Fernanda Santos
“The Economics of Immigration” by Fernanda Santos
 
“Where to Find Economic Data”
“Where to Find Economic Data”“Where to Find Economic Data”
“Where to Find Economic Data”
 
“Building Winning Business Investigations” by Glenn Hall
“Building Winning Business Investigations” by Glenn Hall“Building Winning Business Investigations” by Glenn Hall
“Building Winning Business Investigations” by Glenn Hall
 
Ag Media Summit - 30 Agriculture Stories
Ag Media Summit - 30 Agriculture StoriesAg Media Summit - 30 Agriculture Stories
Ag Media Summit - 30 Agriculture Stories
 
Data Journalism 101 - Part 3 by Michael J. Berens
Data Journalism 101 - Part 3 by Michael J. BerensData Journalism 101 - Part 3 by Michael J. Berens
Data Journalism 101 - Part 3 by Michael J. Berens
 
Data Journalism 101 - Part 1 by Michael J. Berens
Data Journalism 101 - Part 1 by Michael J. BerensData Journalism 101 - Part 1 by Michael J. Berens
Data Journalism 101 - Part 1 by Michael J. Berens
 

Recently uploaded

kids gpaddfghtggvgghhhuuuuuhhhgggggy.pptx
kids gpaddfghtggvgghhhuuuuuhhhgggggy.pptxkids gpaddfghtggvgghhhuuuuuhhhgggggy.pptx
kids gpaddfghtggvgghhhuuuuuhhhgggggy.pptxJagrutiSononee
 
127. Reviewer Certificate in BP International
127. Reviewer Certificate in BP International127. Reviewer Certificate in BP International
127. Reviewer Certificate in BP InternationalManu Mitra
 
10 Things That Will Shape the Future of Education.pdf
10 Things That Will Shape the Future of Education.pdf10 Things That Will Shape the Future of Education.pdf
10 Things That Will Shape the Future of Education.pdfEducationView
 
STORY OF SUSAN & JUDY - CEREBRAL PALSY.pptx
STORY OF SUSAN & JUDY - CEREBRAL PALSY.pptxSTORY OF SUSAN & JUDY - CEREBRAL PALSY.pptx
STORY OF SUSAN & JUDY - CEREBRAL PALSY.pptxsheenam bansal
 
Full Sail projects and portfolio. edits after feedback
Full Sail projects and portfolio. edits after feedbackFull Sail projects and portfolio. edits after feedback
Full Sail projects and portfolio. edits after feedbacknkdiehl
 
ASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJF
ASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJFASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJF
ASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJFJulia Kaye
 
Crucial Conversation Certification India
Crucial Conversation Certification IndiaCrucial Conversation Certification India
Crucial Conversation Certification IndiaCrucial Skills
 
Blockchain_TezosDeveloperCommunitySNSCE.pdf
Blockchain_TezosDeveloperCommunitySNSCE.pdfBlockchain_TezosDeveloperCommunitySNSCE.pdf
Blockchain_TezosDeveloperCommunitySNSCE.pdfVISHNURAJSSNSCEAD
 
Personal Branding Exploration for Career
Personal Branding Exploration for CareerPersonal Branding Exploration for Career
Personal Branding Exploration for Careerwhiteheadnakiyyah
 
Chapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, Conventions
Chapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, ConventionsChapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, Conventions
Chapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, ConventionsMd Shaifullar Rabbi
 
asdfasdiofujasloidfoia nslkflsdkaf jljffs
asdfasdiofujasloidfoia nslkflsdkaf jljffsasdfasdiofujasloidfoia nslkflsdkaf jljffs
asdfasdiofujasloidfoia nslkflsdkaf jljffsJulia Kaye
 
Globally, corrosion expenses reach $2.5 trillion yearly
Globally, corrosion expenses reach $2.5 trillion yearlyGlobally, corrosion expenses reach $2.5 trillion yearly
Globally, corrosion expenses reach $2.5 trillion yearlyReddy Kancharla
 
FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...
FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...
FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...FaHaD .H. NooR
 
reStartEvents March 28th TS/SCI & Above Employer Directory.pdf
reStartEvents March 28th TS/SCI & Above Employer Directory.pdfreStartEvents March 28th TS/SCI & Above Employer Directory.pdf
reStartEvents March 28th TS/SCI & Above Employer Directory.pdfKen Fuller
 
Chapter-4 Introduction to Global Distributions System and Computerized Reserv...
Chapter-4 Introduction to Global Distributions System and Computerized Reserv...Chapter-4 Introduction to Global Distributions System and Computerized Reserv...
Chapter-4 Introduction to Global Distributions System and Computerized Reserv...Md Shaifullar Rabbi
 
ALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIO
ALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIOALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIO
ALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIOAlishaShakya7
 
Audhina Nur Afifah Resume & Portofolio_2024.pdf
Audhina Nur Afifah Resume & Portofolio_2024.pdfAudhina Nur Afifah Resume & Portofolio_2024.pdf
Audhina Nur Afifah Resume & Portofolio_2024.pdfaudhinafh1
 
Nashon Holloway - Media/Press Kit - Priv
Nashon Holloway - Media/Press Kit - PrivNashon Holloway - Media/Press Kit - Priv
Nashon Holloway - Media/Press Kit - PrivNashonHolloway
 
Thisismycivics101Presentationforicstars.
Thisismycivics101Presentationforicstars.Thisismycivics101Presentationforicstars.
Thisismycivics101Presentationforicstars.mellis7
 
Women_In_Automation_Introduction Session Presentation_2024.pptx
Women_In_Automation_Introduction Session Presentation_2024.pptxWomen_In_Automation_Introduction Session Presentation_2024.pptx
Women_In_Automation_Introduction Session Presentation_2024.pptxAndreeaTom
 

Recently uploaded (20)

kids gpaddfghtggvgghhhuuuuuhhhgggggy.pptx
kids gpaddfghtggvgghhhuuuuuhhhgggggy.pptxkids gpaddfghtggvgghhhuuuuuhhhgggggy.pptx
kids gpaddfghtggvgghhhuuuuuhhhgggggy.pptx
 
127. Reviewer Certificate in BP International
127. Reviewer Certificate in BP International127. Reviewer Certificate in BP International
127. Reviewer Certificate in BP International
 
10 Things That Will Shape the Future of Education.pdf
10 Things That Will Shape the Future of Education.pdf10 Things That Will Shape the Future of Education.pdf
10 Things That Will Shape the Future of Education.pdf
 
STORY OF SUSAN & JUDY - CEREBRAL PALSY.pptx
STORY OF SUSAN & JUDY - CEREBRAL PALSY.pptxSTORY OF SUSAN & JUDY - CEREBRAL PALSY.pptx
STORY OF SUSAN & JUDY - CEREBRAL PALSY.pptx
 
Full Sail projects and portfolio. edits after feedback
Full Sail projects and portfolio. edits after feedbackFull Sail projects and portfolio. edits after feedback
Full Sail projects and portfolio. edits after feedback
 
ASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJF
ASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJFASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJF
ASDFSDFASDFASDFASDFOUIASHDFOIASUD FOIJSADO;IFJOISADJF
 
Crucial Conversation Certification India
Crucial Conversation Certification IndiaCrucial Conversation Certification India
Crucial Conversation Certification India
 
Blockchain_TezosDeveloperCommunitySNSCE.pdf
Blockchain_TezosDeveloperCommunitySNSCE.pdfBlockchain_TezosDeveloperCommunitySNSCE.pdf
Blockchain_TezosDeveloperCommunitySNSCE.pdf
 
Personal Branding Exploration for Career
Personal Branding Exploration for CareerPersonal Branding Exploration for Career
Personal Branding Exploration for Career
 
Chapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, Conventions
Chapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, ConventionsChapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, Conventions
Chapter-1 IATA, UFTAA, ICAO, FAA, CAA, ATAB, Conventions
 
asdfasdiofujasloidfoia nslkflsdkaf jljffs
asdfasdiofujasloidfoia nslkflsdkaf jljffsasdfasdiofujasloidfoia nslkflsdkaf jljffs
asdfasdiofujasloidfoia nslkflsdkaf jljffs
 
Globally, corrosion expenses reach $2.5 trillion yearly
Globally, corrosion expenses reach $2.5 trillion yearlyGlobally, corrosion expenses reach $2.5 trillion yearly
Globally, corrosion expenses reach $2.5 trillion yearly
 
FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...
FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...
FAHAD HASSAN NOOR || UCP Business School Data Analytics Head Recommended | MB...
 
reStartEvents March 28th TS/SCI & Above Employer Directory.pdf
reStartEvents March 28th TS/SCI & Above Employer Directory.pdfreStartEvents March 28th TS/SCI & Above Employer Directory.pdf
reStartEvents March 28th TS/SCI & Above Employer Directory.pdf
 
Chapter-4 Introduction to Global Distributions System and Computerized Reserv...
Chapter-4 Introduction to Global Distributions System and Computerized Reserv...Chapter-4 Introduction to Global Distributions System and Computerized Reserv...
Chapter-4 Introduction to Global Distributions System and Computerized Reserv...
 
ALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIO
ALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIOALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIO
ALISHA SHAKYA - Decade of Short Selected WORK PORTFOLIO
 
Audhina Nur Afifah Resume & Portofolio_2024.pdf
Audhina Nur Afifah Resume & Portofolio_2024.pdfAudhina Nur Afifah Resume & Portofolio_2024.pdf
Audhina Nur Afifah Resume & Portofolio_2024.pdf
 
Nashon Holloway - Media/Press Kit - Priv
Nashon Holloway - Media/Press Kit - PrivNashon Holloway - Media/Press Kit - Priv
Nashon Holloway - Media/Press Kit - Priv
 
Thisismycivics101Presentationforicstars.
Thisismycivics101Presentationforicstars.Thisismycivics101Presentationforicstars.
Thisismycivics101Presentationforicstars.
 
Women_In_Automation_Introduction Session Presentation_2024.pptx
Women_In_Automation_Introduction Session Presentation_2024.pptxWomen_In_Automation_Introduction Session Presentation_2024.pptx
Women_In_Automation_Introduction Session Presentation_2024.pptx
 

Using EMMA to Find Great Stories by Ernesto Lanza and Justin Pica

  • 1. EMMA – Electronic Municipal Market Access The Official Source for Municipal Disclosures and Market Data Using EMMA® to Find Great Stories in Municipal Bonds The Municipal Securities Rulemaking Board and the Donald W. Reynolds National Center for Business Journalism March 27, 2012 emma.msrb.org
  • 2. What Kinds of Stories Have Been Written Using the EMMA Website? http://buswk.co/wM6lVQ emma.msrb.org | 2
  • 3. What Kinds of Stories Have Been Written Using the EMMA Website? http://bit.ly/GDLypK emma.msrb.org | 3
  • 4. What Kinds of Stories Have Been Written Using the EMMA Website? http://bit.ly/GDNTi8 emma.msrb.org | 4
  • 5. Poll – EMMA Usage n  How often have you consulted EMMA? q Never q Once q 2-5 times q More than 5 times emma.msrb.org | 5
  • 6. Poll – Reporter Beats n  Which beat(s) do you cover? Pick all that apply. q Business q Government q Education q Health care q General assignment q Features, including the arts q Sports q Other beats q I'm not a reporter emma.msrb.org | 6
  • 7. Webinar Objectives n  What is the EMMA website and how does it act as a tool for journalists? n  What information is available on EMMA that can help journalists report their stories? n  How do journalists use the EMMA website to find information? emma.msrb.org | 7
  • 8. What Is the Municipal Securities Rulemaking Board? n  National regulator for the municipal market n  Mission to protect: n  Investors n  Issuers of municipal securities n  Entities whose credit stands behind municipal securities n  Public pension plans n  The MSRB makes municipal market information as transparent and widely available as possible n  Created and operates the Electronic Municipal Market Access (EMMA®) website http://www.msrb.org/ emma.msrb.org | 8
  • 9. What Is a Municipal Bond? n  Type of debt security issued by a state, municipality or county to finance its capital expenditures n  Exempt from federal taxes and from most state and local taxes, especially if the bond holder lives in the state in which the bond is issued n  Capital expenditures include: n  Highways n  Bridges n  Schools n  Parks emma.msrb.org | 9
  • 10. What Is the EMMA Website? n  The MSRB’s Electronic Municipal Market Access (EMMA) website n  Provides access to municipal bond data and disclosures n  All information is available free of charge http://emma.msrb.org/ emma.msrb.org | 10
  • 11. What Information Is Available on EMMA? n  Investors, other market participants and the general public have unlimited access to: n  Municipal bond offering documents n  Continuing disclosure documents n  Trade prices n  Interest rates n  Enables investors to better understand certain elements of a particular security: n  Terms n  Characteristics n  Risks emma.msrb.org | 11
  • 12. How Can the EMMA Website Help Journalists? n  EMMA contains documents prepared by state and local governments n  These documents typically are not readily available elsewhere emma.msrb.org | 12
  • 13. How Can the EMMA Website Help Journalists? n  Documents contain information about a municipality, its financial condition and its infrastructure projects n  Projects financed with municipal bonds n  Information which helps reporters understand the local economy, development and politics emma.msrb.org | 13
  • 14. How Do Journalists Use the EMMA Website to Find this Information? n  Basic municipal bond search n  Limited functionality n  Significant amount of information to sift through n  To perform basic search, use one of the following: n  Issuer’s name n  State of the issue n  CUSIP of bond or issuer emma.msrb.org | 14
  • 15. What Is a CUSIP Number? n  Unique identification code n  CUSIP-9 n  Assigned to each maturity of a bond issue n  Can be obtained from bond underwriter n  CUSIP-6 n  Identifies a particular bond issuer n  Located on the official statement of a bond issue emma.msrb.org | 15
  • 16. Search the EMMA Website Using a CUSIP Number n  A source slipped you a copy of a municipal bond disclosure document and said you should look into the bond. You found the bond’s CUSIP number on the document and go to the EMMA website for more information. n  VIDEO: Search using a CUSIP number emma.msrb.org | 16
  • 17. Advanced Search n  Advanced search option n  Issue description n  Date of issuance n  State n  Interest rate n  Maturity date n  Coupon rate emma.msrb.org | 17
  • 18. Search the EMMA Website Using Advanced Search n  You overheard some local officials discussing a recent bond issue that will fund a public works facility. Knowing the state of issuance and description of the issue, you go to the EMMA website to get more information on the bond. n  VIDEO: Search using advanced search emma.msrb.org | 18
  • 19. Quiz – Searching on EMMA n  What does a CUSIP-6 identify? q A bond issue q A 529 plan q A bond issuer q A municipality q A bond lawyer emma.msrb.org | 19
  • 20. Questions? emma.msrb.org | 20
  • 21. What Is an Official Statement? n  Document prepared in connection with a new issue of municipal securities emma.msrb.org | 21
  • 22. What Is an Official Statement? n  Describes the essential terms of the bond n  Terms of the bond n  Bond features n  Key financial and operating data n  Repayment obligations n  Can apply to multiple issues of a particular bond emma.msrb.org | 22
  • 23. How Is an Official Statement Helpful to a Reporter? n  Ashtabula Area City School District, Ohio General Obligation School Improvement Refunding Bonds emma.msrb.org | 23
  • 24. How Is an Official Statement Helpful to a Reporter? n  Ashtabula Area City School District, Ohio General Obligation School Improvement Refunding Bonds n  School enrollment and testing proficiency levels n  Education of teaching staff n  Description and value of school facilities n  Retirement expenses for teaching staff http://emma.msrb.org/ER548130-ER424930-ER827047.pdf emma.msrb.org | 24
  • 25. How Is an Official Statement Helpful to a Reporter? n  Ashtabula Area City School District, Ohio General Obligation School Improvement Refunding Bonds n  Timing and amount of revenues n  Economic and demographic information n  Local economy data n  School district debt/long-term obligations emma.msrb.org | 25
  • 26. How Is an Official Statement Helpful to a Reporter? n  Miami-Dade County, Florida General Obligation Refunding Bonds (Parks Program) emma.msrb.org | 26
  • 27. How Is an Official Statement Helpful to a Reporter? n  Miami-Dade County, Florida General Obligation Refunding Bonds (Parks Program) n  “Building Better Communities” program information n  County services and functions n  Largest taxpayers n  Pending litigation emma.msrb.org | 27
  • 28. How Is an Official Statement Helpful to a Reporter? n  Miami-Dade County, Florida General Obligation Refunding Bonds (Parks Program) n  Market value of all property n  Employment data n  Tourism statistics n  Impact of local film industry http://bit.ly/GEiry4 emma.msrb.org | 28
  • 29. How Is an Official Statement Helpful to a Reporter? n  You know that the city involved in a big upcoming municipal bond offering recently laid off some of its government employees. You’re interested in the overall financial picture of the city, so you look through the official statement for the bond issue. n  VIDEO: Finding newsworthy parts of an official statement emma.msrb.org | 29
  • 30. What Are Continuing Disclosure Documents? n  Contain important information that arises after the initial issuance of a municipal bond n  Reflects the financial or operating conditions of an issuer over time n  Specific events that occur after issuance n  Continuing Disclosure Agreement n  Describes the type of events about the bond that be disclosed n  The EMMA website contains both voluntary and required continuing disclosure documents emma.msrb.org | 30
  • 31. Types of Continuing Disclosure Documents n  Rule 15c2-12 of the Securities Exchange Act of 1934 requires certain information be provided to the EMMA system: n  Financial or operational information §  Annual financial information §  Audited financial statements n  Event Notices §  Principal and interest payment delinquencies §  Rating changes §  Bankruptcy, insolvency or receivership §  Merger, consolidation or acquisition emma.msrb.org | 31
  • 32. Types of Continuing Disclosure Documents n  Some issuers and obligated persons provide additional information after initial issuance n  Contractual arrangement n  Matter of practice n  Types of additional information: n  Additional financial or operating information §  Accounting standard §  Budget data §  Consultant reports n  Additional event-based disclosures §  Change in obligated person or agent §  IRS communications §  Bid for auction rate or other securities emma.msrb.org | 32
  • 33. Finding Continuing Disclosure Documents on the EMMA Website n  You heard on the news that Moody’s just downgraded the bond issues of municipalities across the country. You’re interested in whether your city was one of those downgraded. You go to EMMA and look for a continuing disclosure document to this effect. n  VIDEO: Finding continuing disclosure documents emma.msrb.org | 33
  • 34. Quiz – Disclosures n  Which of the following information is found in continuing disclosure documents on the EMMA website? q Audited financial statements for the issuer q Bankruptcy of the issuer q Credit-rating downgrade for the issuer q Communications from the IRS related to bonds’ tax- exempt status q All of the above emma.msrb.org | 34
  • 35. Questions? emma.msrb.org | 35
  • 36. What Is a Municipal Bond’s Credit Rating? n  A bond’s credit rating is an opinion about its risk of default n  Ratings can be issued at the time of issuance or anytime over the life of the bond n  Can be changed or withdrawn at any time n  The EMMA website displays current long-term ratings and underlying or unenhanced ratings n  Fitch Ratings n  Standard and Poor’s emma.msrb.org | 36
  • 37. Credit Ratings on the EMMA Website n  You’re writing a story on bond issuance throughout the State of North Carolina, and are curious as to which municipalities have the highest credit ratings for their bonds. You use the Credit Ratings Search function on the EMMA website to get a broad idea of this information. n  VIDEO: Finding credit ratings emma.msrb.org | 37
  • 38. EMMA Alerts n  Available for any security listed on the EMMA website n  Email notification sent when a new document is submitted for that particular bond n  Keep apprised of newsworthy material information n  Downgrade of municipal bond n  Municipality bankruptcy http://dataport.emma.msrb.org/MarketActivity/ManageAlerts.aspx emma.msrb.org | 38
  • 39. Additional Videos on EMMA on BusinessJournalism.org In addition to the videos in the webinar today, you can find these short videos at http://bit.ly/EMMA2012: n  Finding credit ratings n  Signing up for email alerts about a bond issue n  Analyzing the first page of bonds’ official statements n  Finding lawsuits affecting bond issuers n  Finding recent trades and prices n  Searching for bond defaults n  Tracking IRS audits involving bonds’ tax-exempt status emma.msrb.org | 39
  • 40. Political Contributions – MSRB Rule G-37 n  Maintains the integrity of the municipal securities market and prevents pay-to-play practices n  Bans municipal securities dealers from engaging in municipal securities business after they have made contributions to issuer officials n  Search for political contribution disclosures on MSRB.org: http://www.msrb.org/msrb1/pcocweb/search/ search.asp emma.msrb.org | 40
  • 41. EMMA Education Center n  Contains educational resources for municipal bond investors and users of the EMMA website n  Videos n  Glossary of municipal bond terms n  Frequently asked questions http://emma.msrb.org/EducationCenter/EducationCenter.aspx emma.msrb.org | 41
  • 42. EMMA Mobile n  Mobile-friendly version of the EMMA website that optimizes certain elements of the site for mobile display n  http://emma.msrb.org/ n  Direct access and improved navigation to: n  Municipal bond trade prices n  Search functions n  Market statistics emma.msrb.org | 42
  • 43. Contact Information n  Ernesto Lanza n  elanza@msrb.org n  (703) 797-6720 n  Justin Pica n  jpica@msrb.org n  (703) 797-6716 n  MSRB Main Number n  (703) 797-6600 n  Sign up to receive emailed news releases: https://public.govdelivery.com/accounts/ VAORGMSRB/subscriber/new n  Follow us on Twitter: http://twitter.com/#!/MSRB_News emma.msrb.org | 43
  • 44. What You Learned n  Stories written using the EMMA website n  Information available on the EMMA website n  How the EMMA website can help journalists n  How to search the EMMA website to find information n  Types of municipal bond documents and how they can be used n  Additional features on the EMMA website emma.msrb.org | 44
  • 45. Tomorrow’s Session – Noon and 4 p.m. ET n  Yamil Berard of the Fort Worth Star-Telegram n  High rate of default for a particular type of muni called conduit bonds for Tarrant County n  Lynn Hume of the Bond Buyer n  IRS investigations into community development districts emma.msrb.org | 45
  • 46. Homework Tonight n  You will be able to download the three-question homework assignment from the next screen. n  Email your answers to linda.austin@businessjournalism.org by 11:59 p.m. PT March 28. n  Those who answer correctly will be entered into a drawing for a $10 Starbucks gift card. n  A video showing how to find the answers will be available at http://bit.ly/EMMA2012 emma.msrb.org | 46
  • 47. Questions? emma.msrb.org | 47
  • 48. EMMA – Electronic Municipal Market Access The Official Source for Municipal Disclosures and Market Data Using EMMA® to Find Great Stories in Municipal Bonds The Municipal Securities Rulemaking Board and the Donald W. Reynolds National Center for Business Journalism March 27, 2012 emma.msrb.org