B-VRDO
Biddable-Variable Rate Demand Obligation (B-VRDO) is a new municipal variable rate debt security designed to be traded on Clarity.
The B-VRDO structure maintains 2(a)7 eligibility through backstop liquidity. The liquidity bank plays a more formalized role as the ‘Contractual Bidder’ in the bidding process, and as the obligated party will bid for 100% of the bonds at each reset.
B-TOB
Biddable-Tender Option Bond (B-TOB) is a new municipal variable rate debt security designed to be traded on Clarity.
The B-TOB structure maintains 2(a)7 eligibility through backstop liquidity. The liquidity bank plays a more formalized role as the ‘Contractual Bidder’ in the bidding process, and as the obligated party will bid for 100% of the bonds at each reset.
B-FRN
Biddable-Floating Rate Notes (B-FRN) are floating rate debt instruments that have a rolling Mandatory Tender date, an underlying long term final maturity, and a pre-determined periodic reset where the spread to an index resets.
B-MLVRS
Biddable-Market Liquidity Variable Rate Securities (B-MLVRS) are floating rate debt instruments that have a long term final maturity and a pre-determined short term periodic reset, typically 7, 28 or 35 days.