VRDO

AcronymDefinition
VRDOVariable Rate Demand Obligations
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Department of Justice and state governments have launched investigations into the defendants' VRDO practices, according to Baltimore's lawsuit.
The findings stated that the firm also failed to submit accurate rate reset dates and times to the MSRB's SHORT System for these VRDO securities.
CAPITAL MARKETS ULQ 0.57 0.41 MICRO-TERM FIXED INCOME ISHARES BARCLAY SHORT TREASURY BOND SHV 0.15 1.69 ISHARES S&P SHORT TERM NATIONAL SUB NA NA MUNICIPAL BOND MARKET VECTORS--SHORT MUNICIPAL SMB 0.16 2.63 POWERSHARES VRDO TAX-FREE WEEKLY PVI 0.25 1.82 SPDR BARCLAYS CAPITAL SHORT TERM SHM 0.20 2.16 MUNICIPAL BOND WISDOM TREE U.S.
VRDOs, also known as "put bonds," are the most popular variable rate bond and the most used by not-for-profit borrowers.
In regards to debt coverage requirements, an issuer must ensure on an ongoing basis that its available assets are sufficient, safe, and liquid enough to meet at least 100 percent of maturing CP in an upcoming 0- to 90-day period, depending on the rating level, or the full amount of a potential VRDO tender based on the tenders notice period.
The series 2018B and series 2018C VRDO bonds have an 'F1+' short-term rating based on liquidity support provided by TD Bank, NA in the form of two Standby Bond Purchase Agreements (SBPA).
The series 2018B and C VRDO bonds are expected to be supported by a standby bond purchase agreement (SBPA), which are expected to receive a short-term rating at a later date.
The series 2018A VRDO bonds are expected to be supported by self-liquidity, to which a 'F1+' short-term rating is assigned.
Later in spring 2016, Mayo plans to issue $250 million of VRDO bonds and CPs as part of a plan of finance to refund and defease $250 million of fixed rate Series 2006 bonds.
The 2018A bonds, which are variable rate demand obligations (VRDOs), are scheduled to sell via negotiation on or about Sept.
The article has a particular focus on debt that is referred to as (1) auction rate securities (ARSs) and (2) variable rate demand obligations (VRDOs), and provides issuers of tax-exempt debt and their auditors an overview of the accounting and auditing considerations that may be relevant in light of recent market events and entity transactions.
(121.) For a brief, "plain English" description of VRDOs, see Understanding Variable Rate Demand Obligations, Electronic Mun.