Lender’s Counsel
An attorney or firm of attorneys engaged to represent the lender in a private placement.
bond-basics
Lender
The entity or entities, typically commercial banks, which purchases the Bonds pursuant to a Private Placement (also known as a direct purchase or a bank placement) for its own portfolio.
At the Closing, the Lender delivers an Investor Letter to the Issuer, sometimes called a “big boy letter,” certifying that the Lender understands the terms of the transaction, has the expertise to perform its own credit analysis and will not rely on disclosures of the Issuer or others in deciding to purchase the Bonds.
Life’s a Party
Learn more about the various parties involved in a municipal securities transaction and their roles.
See Also
Private Placement or Direct Purchase
The negotiated offering of a new issue of bonds directly to one or a limited number of purchasers without using an underwriter.
Start with the Bond Basics
Hundreds of Terms and Concepts
Arbitrage
Profit from differences in markets. All tax-advantaged bonds are subject in one way or another to the arbitrage requirements, which are contained in Section 148 of the Code and the Treasury Regulations that go along with it.