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Expert Analysis

Some Tricks To Split A Bond Issue

Law360, New York (September 21, 2016, 11:48 AM EDT) -- Many of the tax-exempt bond rules apply to an "issue" of bonds. With a few exceptions, an issue of bonds includes all bonds sold by an issuer less than 15 days apart under the same plan of financing, if the debt service on those bonds is reasonably expected to be paid from the same source of funds. If an issuer wants to keep two sets of bonds separate, the usual technique is to sell them 15 days apart. But this can expose the bonds to market movements. Where an issuer does not want to take these risks, if bonds are treated as part of the same issue under this rule, what can be done to separate them?...

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