The City of New York and its related issuers are committed to providing investors with ongoing disclosure of important information that arises after the initial bond sale. The Comptroller’s Office uses the Electronic Municipal Market Access (EMMA) system established by the Municipal Securities Rulemaking Board (MSRB) to share this information.
The information reflects the financial health and operating condition of the City or its related issuers as they change over time, or of the occurrence of specific events that can have an impact on the status of the bonds. This information is important as it can potentially impact current yields on New York City’s bonds in the secondary market. Yields depend on many factors, including the stated interest rate or coupon, number of years to maturity, and bond call features, among other characteristics. EMMA also collects real-time trading data from broker-dealers and reports key information about individual bond trades including:
- Date and time of trade
- Trade price
- Principal amount of bonds bought or sold in the trade
- Parties involved in the trade. When a customer purchases a bond from a broker-dealer or bank, that trade is noted on EMMA as “Customer bought.” When a customer sells a bond to a broker-dealer or bank, that trade is noted on EMMA as “Customer sold.” A sale by a broker-dealer or bank to another broker-dealer or bank is noted on EMMA as an “Inter-dealer Trade.”
- The EMMA website also allows investors to compare the trading activity of bonds with similar coupon, maturity and ratings using EMMA’s “price discovery tool.”
EMMA data is keyed off of CUSIPs, the security identification number that every publicly-offered municipal bond carries. EMMA also helps users find their bond by issuer name and the name of the bond issue. EMMA has a landing pages for many large issuers, such as New York City, that list individual bond series of that issuer. By clicking on a bond issue, you can find all the individual bond maturities in that issue, and from there see the trading history by maturity.
To view real-time trading activity, ratings reports, official statements, and continuing disclosure of outstanding New York City GO, TFA, NYW, HYIC, STAR, and TSASC debt, please click one of the links below, which will take you to the issuer landing page on EMMA.