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Cusip Global introduces Municipal Pre-Refunded Linkage Service
By Jennifer Chiou
New York, May 13 - Cusip Global Services announced the launch of its Municipal Pre-Refunded Linkage Service, which was created to identify and link partially pre-refunded municipal bonds into one record.
According to a news release, the service will reduce clerical errors that could arise from the manual process typically followed in the market. The service will also aid in the risk management of partially pre-refunded bonds, which are frequently backed by U.S. Treasuries.
The company said that the new service assigns Cusip numbers when a municipal bond is partially pre-refunded, a situation that occurs when a portion of the outstanding principal amount of an issue is pre-paid before the scheduled maturity date.
The release noted that the service contains over 59,000 linked issues, which include reference data for the partially pre-funded parent, the newly issued pre-refunded bond and the newly issued bond for the un-refunded balance.
Cusip Global Services is managed on behalf of the American Bankers Association by S&P Capital IQ.
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