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Unpacking the New Model Bond Opinion Report
After more than 20 years, we will release an updated version of our signature resource, the Model Bond Opinion Report, this September.
Since our founding, various editions of the Model Bond Opinion Report have served as invaluable resources and key instruction tools for generations of bond lawyers. NABL released its fourth and latest version of the Model Bond Opinion Report in 2003. Over the last two decades many bond lawyers have entered and matured in their careers using the fourth edition, but much has changed in the world and market around us.
We are excited to share a new updated version of our signature resource at The Workshop this September 18-20, where the project co-chairs will walk through the changes in greater detail during our General Session. For now―here is a preview of some of the updates.
- The “Unqualified” Bond Opinion: The new edition will reaffirm the high degree of confidence bond counsel should have before giving an “unqualified” bond opinion. It will explore what assumptions, limitations, and qualifications may be included in an “unqualified” bond opinion.
- Commentary on Issues Related to Tax Exemption of Interest on the Bonds: Our new Model Bond Opinion Report will offer new commentary on tax issues, including stated interest versus amounts properly treaded as interest and “No Adverse Tax Effect” opinions.
- Comparison to Closing Opinion Practice in Business Transactions Generally: Third-party legal opinion letters delivered at the closing of a business transaction (“closing opinions”) and the opinions included in them are prepared and understood in accordance with the customary practice of lawyers who regularly give those opinions and lawyers who regularly review them for opinion recipients. Many bondholders are unrepresented and may not be familiar with customary practice. How might this influence the language we choose to include in bond opinions?
Similar to prior editions, this updated fifth edition will serve as the essential resource for opinion practice in our industry. We hope to see all of you in Chicago this September for the release and our conference. Be sure to register for The Workshop and secure your hotel room before early bird rates end on August 9, 2024.
Sincerely,
Carol J. McCoog
President, National Association of Bond Lawyers (NABL)
Partner, Hawkins Delafield & Wood LLP
Member-Exclusive Conference
The Institute will be held at the Marriott Marquis San Diego Marina from Thursday, March 20 to Friday, March 21 this year. Each discussion forum is capped at 50 attendees. However, forums will repeat throughout the two-day conference at different times, allowing attendees multiple opportunities to participate.
