Series 53: 4.3.2. VRDO Reporting Requirements

4.3.2. VRDO Reporting Requirements

Recall that variable-rate demand obligations are floating-rate securities that have a nominal long-term maturity, but whose interest rates are periodically reset. Bondholders have the option to put the issue back to the issuer’s trustee or tender agent at any time, typically with a specified notification period.

Bonds that reset interest rates on a daily basis require same-day notification. Weekly resets require seven days’ notification. VRDOs with monthly or quarterly tender dates also require seven days’ notice, but may only be tendered on the s