TITLE

TBMA to Set Derivatives Principles

AUTHOR(S)
Hume, Lynn
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Bond Market Association announced that it will develop a set of guiding principles that dealers should follow in the U.S. municipal derivatives market. National Federation of Municipal Analysts issued a white paper on analysts' disclosure needs on derivatives. The initiatives were discussed at The Bond Buyer's 3rd Annual Derivatives and Short-Term Finance Institute, where dealer panelists all applauded the Governmental Accounting Standards Board's proposed financial reporting requirements on derivatives for states and localities. Six critical areas of interest for analysts are the issuer's mix of fixed- and variable-rate debt, liquidity, required cash flows related to swaps and the impact those payments have on the financial results, disclosure of how any up-front payment received will be used to meet budgetary or cash flow needs, termination payment for a swap or swaption and any events that would trigger it, and whether the swap transaction is being integrated for tax yield calculation purposes.
ACCESSION #
9893097

 

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