In a Competitive Sale, it is the term used for when the bids on the Bonds are received by the Issuer.  In a Negotiated Sale, it is the term used for the process and result of the determination by the Underwriter(s) and the Issuer of the Interest Rates and Public Offering prices at which the Bonds will be offered to investors.

See Also


The date of delivery of a new issue of bonds, at which time the issuer delivers the bonds and the requisite legal documents to the underwriter or other bond purchaser in exchange for the purchase price.

Preliminary Official Statement (“POS”)

The type of offering document circulated prior to the determination of the interest rates and certain other terms of the bonds when it is anticipated or known the bonds will be purchased by an underwriter and resold to the public.

Hudson Yards Rail Yards

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Par Value

The stated or face amount of a bond.