EMMA®: What does it do for you?

The Electronic Municipal Market Access system, commonly known as EMMA®, was implemented by the Municipal Securities Rulemaking Board (MSRB) in 2008 to aid in providing transparency for the municipal securities market.  From providing information specific to individual securities to market-wide data, there is a plethora of information available for market participants, including issuers.  So, what does EMMA® do for you? 

Access to documentation

EMMA® is the centralized location for documentation related to municipal securities.  In addition to Preliminary Official Statements and other pre-sale documents, EMMA® is the sole repository for required continuing disclosure documents such as annual financial statements and material event filings.  Also available on EMMA® are documents associated with refundings, such as escrow agreements and notices of redemption.  Issuers may also use EMMA® to provide information on a voluntary basis including, but not limited to, bank loan documents, budget information, interim financial information, 529 plan documents, or other information provided to a rating agency that would also be material to investors. 

Secondary market trade data 

EMMA® provides information on the trading activity of individual securities, including trade dates, trade prices and yields, trade types, and trade amounts.  This information is updated in real time, as well as tracked historically, and an issuer may view this information to see how their securities have been trading from the day of sale to its maturity.  EMMA® users also have the ability to search and compare trade prices of various municipal securities.

Credit ratings 

Credit ratings for individual issues are made available through EMMA® and updated in real time. 

Variable rate demand obligations (VRDOs)

EMMA® provides comprehensive information regarding rate resets for VRDOs, as well as the ability to compare pricing of VRDO securities between different issuers.

Market statistics, yield curves and other economic data

EMMA® provides access to an array of market statistics, yield curves, and statistics on primary and secondary market activity.  EMMA® also provides a calendar of upcoming and recently sold debt obligations for competitive and negotiated transactions, as well as an economic calendar reflecting various economic events and reports.

In honor of its 10-year anniversary, EMMA® has introduced various improvements to its website:

• Additional search abilities, allowing issuer debt obligations to be filtered by different search criteria;
• Interactive trade graphs for individual securities;
• Current underlying and enhanced ratings are available at the individual securities level;
• Redesigned layout of disclosure documents at the individual securities level; and
• The addition of a price discovery tool that allows market participants to search securities with similar characteristics, as well as compare and graph trade activity for multiple securities.

While these changes are mainly investor-based, future enhancements will focus on issuers and other municipal industry professionals. 

It is important for issuers to be knowledgeable about debt obligations, and EMMA® continues to be an all-around market tool providing participants free and easy access to valuable information.  To find information related to your entity, visit the EMMA® map and select your state.  Type your entity name into the search box and then choose your entity name from the list provided to view your securities and related documentation.

For more information on this topic, or to learn how Baker Tilly municipal specialists can help, contact our team.

Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly-owned subsidiary of Baker Tilly US, LLP, an accounting firm. Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.