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bma index
Formerly the PSA Municipal Swap Index; is the principal benchmark for the floating rate interest payments for tax-exempt Issuers. The BMA Index is a national rate based on a market basket of approximately 250 high-grade, seven-day tax-exempt variable rate demand obligation issues of $10 million or more. In November 2006, the Bond Market Association (BMA) merged with the Securities Industry Association to form the Securities Industry and Financial Markets Association (SIFMA). Officially, the BMA Index is now called the SIFMA Swap Index, but it is still widely referred to by market participants as the BMA Index.
See also
SIFMA Swap Index.
MUNICIPAL SWAP
A swap in which the floating payments are based on an index of tax-exempt US municipal bonds, such as SIFMA.
See also
tax-exempt swap
Psa municipal swap index
PSA stood for the Public Securities Association, a trade organization of dealers and brokers who underwrote municipal bonds. In 1997, PSA was renamed the Bond Market Association to better illustrate the expanded mission of the organization. The PSA Municipal Swap Index was thus renamed the BMA Index. In November 2006, the BMA merged with the Securities Industry Association to form the Securities Industry and Financial Markets Association (SIFMA). The BMA Index was thus renamed the SIFMA swap index, but is still commonly known and referred to as the BMA Index.
sifma swap index
Formerly the BMA Swap Index; produced by Municipal Market Data, is the principal benchmark for the floating rate interest payments for tax-exempt Issuers. The SIFMA Index is a national rate based on a composite of approximately 250 Issuers of high-grade, seven-day tax-exempt variable rate demand obligation issues of $10 million or more.
TAX-EXEMPT SWAP
An interest rate swap in which the floating-rate index is based upon a tax-exempt rate such as the SIFMA swap index, formerly BMA swap index.