Borrowers publish a notice of sale in industry newsletters, such as the Daily Bond Buyer, and via other outlets such as EMMA, and their own websites. A notice of sale informs potential buyers that a competitive transaction is coming to market.
This allows the potential investor to conduct research on the security prior to making a purchase decision. The Notice of Sale includes, but is not limited to:
In order to inform the public that a competitive bond issue is going to be sold, the borrower publishes the relevant information needed to analyze the bond issuance in a nationally recognized newspaper or other sources.