Charter School Bond Issuance: A Complete History
Date Published: 06/20/2011
Author: Elise Balboni, Wendy Berry, Charles Wolfson of LISC
Publisher: LISC
Charter School Bond Issuance: A Complete History serves to provide greater transparency to the charter school sector of the municipal market for both investors and charter school borrowers. This data-rich compendium examines the 13-year history of the charter school tax-exempt bond sector, and for the first time:
- Identifies the universe of 478 rated and unrated charter school bond transactions totaling over $5 billion undertaken by approximately 400 charter schools through year-end 2010.
- Tracks basic bond data for all 478 issues, including par amount, issuer, jurisdiction, rating, credit enhancement, term and underwriter.
- Provides cost and pricing information not previously available at scale, including underwriter’s discount and costs of issuance, as well as coupon, yield and spread to the triple-A Municipal Market Data Index (MMD) for select maturities.
- Calculates the true borrowing cost, or All-In Cost, for fixed-rate issues with publicly available offering documents.
- Examines the repayment performance of charter school borrowers and details the credit characteristics of the defaulted transactions.
- Analyzes cost and pricing of charter school transactions based on a variety of factors, including issue timing, rating, credit enhancement, bond term and jurisdiction.
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Topics: Education, Children & Youth, --Educational Facilities
Type: Guidebook