FAQs

Yes, Partner Capital Advisors is registered as a municipal advisor with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

Our municipal advisors are Series 50 qualified municipal advisor representatives.

Municipal Market Data (“MMD”) refers to a suite of data services and information providers, primarily focused on the municipal bond market.  MMD provides a wide range of data and analytics related to municipal bonds, including yield curves, indices, and benchmark data.  The term, MMD, is also used to refer specifically to the AAA curve that MMD publishes daily.   The MMD AAA Curve is a proprietary yield curve based on the offer-side of AAA-rated state general obligation bonds, as determined by the MMD analyst team.  The AAA MMD curve is a widely used benchmark in the municipal bond market where bonds are priced at an additional spread above MMD rates. 

TEFRA stands for the Tax Equity and Fiscal Responsibility Act of 1982.    While there are exceptions, most charter school bonds require the TEFRA public approval.  TEFRA mandates a public hearing and approval for the issuance of private activity bonds, like those issued by certain charter schools.

A CUSIP (Committee on Uniform Securities Identification Procedures) number is a nine-character identifier that uniquely identifies a company or issuer and the specific financial instrument.  

SEC Rule 15c2-12 mandates that underwriters in primary offerings of municipal securities must reasonably determine that the issuer has agreed to provide continuing disclosure information to the Municipal Securities Rulemaking Board (“MSRB”) EMMA system.  This rule aims to enhance transparency and reduce fraud in the municipal securities market by ensuring that investors receive timely and accurate information about the issuer and its securities. 

MSRB EMMA, or the Electronic Municipal Market Access website, is a free online platform operated by the Municipal Securities Rulemaking Board (“MSRB”).  It serves as the official source for municipal securities data and documents in the U.S.  EMMA provides centralized access to information like official statements, continuing disclosure, trade data, and other financial documents related to municipal bonds.

Bonds issued to make loans to entities other than state or local governments are known as conduit bonds or conduit issues and state or local governments that issue these bonds are known as conduit issuers.  Charter schools often need to issue debt through a conduit issuer for tax-exempt financing because they typically do not have the legal authority to issue tax-exempt debt themselves.  This conduit borrowing arrangement allows charter schools to access the tax-exempt bond market and secure lowering borrowing costs, but it requires using a government agency as an intermediary.