Clarity in the Media

Lisa Recupero, Former Head of Goldman Sachs Tax-Exempt Money Market Finance Joins Clarity Markets Holdings

Clarity BidRate Markets Holdings LLC  |  February 22, 2021

"Lisa Recupero, Former Head of Goldman Sachs Tax-Exempt Money Market Finance Joins Clarity Markets Holdings..."

2020 HIGHLIGHTS… From the Desk of California State Treasurer Fiona Ma

State of California Treasurers Office website 2020 Highlights  |  January 22, 2021

"In November of 2020, the PFD sold $100 million of variable rate G.O. bonds to fund projects authorized by the Water Quality, Supply, and Infrastructure Improvement Act approved by voters in 2014. Following the initial weekly interest rate period, the weekly interest rate for the bonds will be determined by the Clarity BidRate Alternative Trading System (Clarity). Clarity is an innovative electronic trading platform that enables a centralized marketplace for bidding, pricing, trading, and analyzing data for municipal variable rate securities. Investors of the bonds participate in a competitive bid process and are able to directly bid each week for the bonds. Bonds are then allocated to investors based on their bid level and the final clearing rate. Treasurer Ma strongly supports Clarity’s goals, which she has noted democratize the variable rate market by creating an investor controlled marketplace that maximizes transparency, leverages technology, and helps to promote a broader and deeper distribution of bonds, which could lead to improving overall the risk for issuers and investors alike. ..."

Clarity BidRate Alternative Trading Systems Announces the Close of a Capital Raise

Clarity Markets Holdings, LLC.  |  December 10, 2020

"NEW YORK -Clarity BidRate Alternative Trading System®, a part of Clarity Markets Holdings, LLC and operator of™, announced today a well-deserved victory in closing its first funding raise with an outside party to further underpin the unique trading system. This capital raise for Clarity® on the heels of adding their most recent issuer-client, the State of California now trading on the system, has bolstered Clarity’s position in the market. The round was led by Chardan Capital Markets LLC as lead placement agent and SenaHill Partners LLC...."

State Treasurer Announces Sale of $100 million of Variable Rate General Obligation Bonds and Use of Innovative Electronic Trading Platform

California State Treasurer's Office  |  November 18, 2020

"SACRAMENTO – California State Treasurer Fiona Ma today announced the sale of $100 million of variable rate General Obligation bonds to fund projects authorized by the Water Quality, Supply, and Infrastructure Improvement Act, which was approved by voters in 2014. The bonds will bear interest at a variable interest rate which will be determined weekly. The initial interest rate was set on the pricing date by the Underwriter, Siebert Williams Shank & Co. Following the initial weekly interest rate period, the weekly interest rate for the bonds will be determined by the Clarity BidRate Alternative Trading System (Clarity)...."

BlackRock’s Former Head of Tax-Exempt Money Funds Joins Clarity

Bloomberg  |  June 17, 2020

"Bill Henderson, BlackRock Inc.’s former headof municipal bond money-market funds and short-term debt, has joined Clarity BidRate ..."

The Coronavirus Crisis And E-Trading Tax-Exempt Short Paper: Is The Platform Working?

Forbes  |  March 23, 2020

"ClarityBidRate was founded to solve the liquidity problem. It is an electronic trading platform where buyers and sellers interact directly..."

US court cases shine light on bonds set in aspic

Financial TImes  |  June 6, 2019

"US court cases shine light on bonds set in aspic. VRDOs belong to the 1980s world of Rolodexes, landlines and company-paid baseball tickets..."

Why MTA’s $50M remarketing deal on Clarity is bigger than its par amount

The Bond Buyer  |  June 2, 2019

"The New York Metropolitan Transportation Authority is set to issue $50 million of variable rate revenue bonds on Clarity Bidrate Alternative Trading System, highlighting the uptick of variable rate debt since the loss of advanced refundings..."

Wisconsin will use Clarity system on variable-rate note issue

The Bond Buyer  |  May 24, 2019

"Wisconsin next week will place $53.8 million of variable-rate general obligation notes that will use the Clarity Bidrate Alternative Trading System for competitive remarketing..."

Wisconsin seeks transparency with Clarity’s VRDO bid platform

The Bond Buyer  |  January 7, 2019

"Wisconsin intends to use the Clarity Bidrate Alternative Trading System to competitively remarket $60 million of floating-rate paper, a decision cemented by recent lawsuits accusing banks and broker-dealers of widespread fraud in the variable-rate demand obligation market..."

Industry News

Robots Bought Munis Amid Record Sell-Off’s ‘Baptism of Fire’

Bloomberg  |  April 20, 2020

"The liquidity crisis peaked in mid-March as fears about the economic impact of the coronavirus pandemic unleashed an unprecedented $40 billion stampede out of municipal-bond mutual funds during a two-week period..."

Treasurer Torsella Announces Program to Provide Relief for PA Hospitals Fighting COVID-19

Pennsylvania Treasury   |  April 6, 2020

"Pennsylvania Treasurer Joe Torsella today announced a bond purchasing program that seeks to provide financial relief to non-profit and public healthcare systems in Pennsylvania. This would help to provide liquidity to healthcare systems, while reducing the extreme borrowing costs they have recently incurred, caused by unusual market volatility..."

Ohio offering $900 million borrowing lifeline for hospitals

The Bond Buyer  |  March 27, 2020

"Ohio Treasurer Robert Sprague launched a program this week to bolster liquidity and ease the financial burden Ohio hospitals face because of the COVID-19 pandemic..."

Dramatic muni rally reverses recent coronavirus-driven selloff

The Bond Buyer  |  March 26, 2020

"The municipal market experienced an enormous rally Wednesday, swiftly reversing from the pronounced sell off it had experienced over the course of several wrenching, dislocated trading sessions due to the effects of the coronavirus..."

Municipalities Face Short-Term Cash Crunch, Pushing Up Borrowing Costs

Barron's  |  March 20, 2020

"The municipal bond market may be exempt from taxes, but it hasn’t been sheltered from a record-setting investor cash grab..."

Muni-Bond Liquidity Crisis Hits Governments With Rates Up to 11%

Bloomberg  |  March 19, 2020

"The sell-off sweeping through the municipal-bond market is hitting cities, public-transit systems, hospitals and local governments with spiraling interest bills on floating-rate debt, dealing a new financial hit just as they contend with the economic toll of the coronavirus pandemic..."

Muni-Bond Market’s Favorite No-Risk, Can’t-Lose Trade Is Back

Bloomberg  |  February 21, 2020

"The municipal-bond market’s favorite can’t-lose trade is back. So called variable-rate demand obligations -- which are virtually risk proof because they can be sold back at full face value to Wall Street banks as frequently as every day -- are yielding 1.18%..."

New York blocks banks from dismissing VRDO lawsuit

The Bond Buyer  |  February 14, 2020

"The state of New York has blocked dismissal of a lawsuit accusing several major banks of wrongdoing in the variable-rate market, effectively preventing those banks from using the argument that has offered success to them in several similar lawsuits filed around the country..."