Municipal Bond Price Check

PUERTO RICO PUB BLDGS AUTH REV UNREFUNDED BAL-GOVT FACS-I, 5.25%, 7/1/2033

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Fair Value Method: Type 1

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Municipal Bond Independent 3rd Party Valuations

Determining the right price for a municipal bond can be complicated for investors. Generally, only about 1% of all municipal bonds trade on any given day so it is unlikely that a bond requiring pricing has a recent trade to use to determine its price. Accordingly Bondview relies on industry best practices to evaluate a bond's fair market value by using the Financial Accounting Standards Board guidelines (Topic 820 formerly known as FASB 157). Our valuation methodology classifies bonds into Type 1, Type 2, and Type 3 according to the FASB 157 accounting standards as follows:

Type 1: Estimated fair value bond price is based on reviewing observable market prices during recent timeframes.

Type 2: For those bonds that do not have recent observable market transactions, prices are derived based upon the value of the income stream of the bond at maturity relative to bonds of a similar class.

Type 3: For those bonds that do not have observable inputs, prices are developed from the assessment of market participant assumptions based on the best information available under the circumstances.

Bondview's methodology has been back-tested across an extensive repository of municipal bond market pricing data. We estimate municipal bond prices using real time market data input into our own proprietary pricing algorithm. By utilizing an accepted alternative ratings practice known as market ratings, bonds are grouped according to certain factors, including state, sector, maturity, coupon and tax status. The group's trading and yield range serve as a proxy for the bond requiring pricing. As a result, BondView estimated prices are updated in real time and for real reasons.

This approach is in contrast to a common industry practice of pricing bonds primarily based on groups of similar Rating Agency credit ratings. These legacy pricing practices sometimes result in inaccuracies because they do not consider the unique features of a bond or its issuer-- for example, the state or sector in which the bond was issued. In reality, each issuer has their own credit risks and financial concerns, which translate to pricing differences in the marketplace. BondView's approach mitigates the potential inaccuracies of the Rating Agency approach.

BondView's Estimated Prices are powered by the company's access to extensive trading activity generated by the nearly 1.8 million bonds from 50,000 active state and local bond issuers. BondView provides information on all individual municipal bonds, including a complete trading history, estimated current and historical prices, proprietary market ratings, yield curves and dealer trading ranges.

Disclaimer

We rely on financial data provided by 3rd parties. The data is believed to be accurate, however, Bondview makes no representation or warranty that any data or information (including but not limited to estimated pricing) supplied to or by it are complete or free from errors, omissions, or defects. You agree not to copy, modify, reformat, download, store, reproduce, reprocess, transmit or redistribute any data or information found herein or use any such data or information in a commercial enterprise without obtaining a Professional Use license. All data and information is provided "as is" for personal informational purposes only, and is not intended for trading purposes or advice. Please consult your broker or financial representative to verify pricing before executing any trade. Bondview does not provide legal, tax, accounting, or any other professional advice. This Site is intended only as an informational tool for your convenience, and should not in any way be construed as investment advice by Bondview. If you make investment decisions based on information you receive in connection with the Site, you do so at your own risk and Bondview and its employees will not be liable for any losses that you may sustain. Site users should conduct their own independent research and due diligence and obtain professional advice, if necessary, before making any investment decisions or recommendations. BondView.com gives no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. In no event shall BondView.com be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the information provided by BondView.com.

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