Municipal Bond Pricing and Closing


This practice note addresses the responsibilities and activities of counsel during the pricing and closing of a municipal bond issue and some of the considerations to be mindful of during this process. A publicly offered bond transaction on which the parties have spent weeks or months negotiating and drafting is often punctuated by a flurry of activity during a much shorter period commencing on the day of pricing the bonds and ending on the day of closing. During this period, major documents are finalized with bond pricing information, closing certificates and opinions are prepared and negotiated, and final deliveries of other items necessary for closing are obtained.