DIVER Secondary Market Pricing Resources2021-09-13T13:57:51-04:00

Secondary Market Pricing Resources

Frequently Asked Questions

Can I see what Treasury the Target Maturity/Bond is being spread against?2021-10-27T10:16:23-04:00

Yes.  Click on Display Treasury Details in the Pricing Analysis Summary to show the Coupon, Date and Yield. 

How can I access DIVER Advisor?2021-09-29T15:47:09-04:00

The Advisor service can be accessed via a custom URL, ATS or integration into a client’s internal system.

Is the DIVER MBR configurable?2021-09-29T15:46:52-04:00

Yes, the DIVER MBR is configurable. Each firm can upload their own company logo, Risk Factors and Disclosure Language. In addition, the MBR report content can be adjusted as needed.

Can I use the DIVER Advisor service to show Time-of-Trade G-47 compliance?2021-10-20T16:23:38-04:00

Yes. DIVER Advisor provides Compliance reporting and audit trail of all actions.

How quickly is a MBR available for new issues?2021-09-29T15:46:05-04:00

The MBR is available within 2 hours of the CUSIP generation.

Is the DIVER MBR data real-time or static?2021-09-29T15:45:47-04:00

The MBR updates in real-time so that you and your clients have the latest information available.

Can I generate a DIVER muni bond report (MBR) on all outstanding CUSIPs?2021-09-29T15:45:27-04:00

Yes. The reports are comprehensive overviews for all 1.1 million outstanding municipal bonds.

What does it mean when an analysis is “Consolidated” on the Dashboard?2021-09-29T15:44:15-04:00

A consolidated analysis is an aggregation of all subjects under a single Continuing Disclosure Obligated Party (CDOP).

  • The consolidated view excludes the Summary Audit and Summary FinOp reports.
  • To see each report in a single view, click on the “v” to expand the subject rows.
Are archived filings used in the analysis?2021-09-29T15:43:30-04:00

If a filing is archived, it cannot be included in the analysis as it is not an active filing.  Typically archived filings are replaced with new filings.

What does the Blue triangle indicate?2021-09-29T14:00:00-04:00

The icon indicates there is an EMMA submission error. This is not a comment on materiality. It instead indicates that when working on the analysis, the filing used to satisfy the obligation was found in a different category or for a different year than would be expected.

What is the Red Flag used for?2021-09-29T13:59:13-04:00

The red flag indicates that a filing was reviewed and considered invalid based on Lumesis’ conservative analysis of policies and procedures.

What is the Extended Analysis in the Audit?2021-09-29T13:58:32-04:00

By checking the box for extended analysis, it will display additional information including Unaudited requirements and timing and additional Audit due dates, if applicable.

How is the receipt date determined for “Upon Receipt” language?2021-09-29T13:57:49-04:00

The receipt date is the date when the audit is available to be made public. This date is determined, in order of priority, by the Release Date by the State Auditor, Date on the cover of the Audit (stamped indicating received date) and Auditor’s Letter.

Typically, the Auditor’s Letter date is used as it is widely available.

What deals are included in the analysis?2021-09-29T13:55:20-04:00

All deals that are subject to 15c2-12 and are outstanding within the last 5 years are reviewed for timing and obligations and included in the analysis.

Why would AI/ML not be available?2021-10-27T10:15:40-04:00

A/I would not be available for the following reasons:

  • All maturities have at least 1 comparable bond/trade.
  • No comparable bonds/trades are available for any maturity.
  • No coupons are entered for Tax Exempt deals.
  • The Target Issue does not contain a Sector and State.
How does Lumesis utilize AI/ML in the Platform?2021-10-27T10:14:39-04:00

Lumesis uses AI/ML to more accurately fill in the gaps in the yield curve when there are no market comparable bonds and trades. Lumsesis’ AI/ML deployment is as accurate or more accurate than traditional interpolation or extrapolation 96% of the time.  Lumesis has published a White Paper, available here.

Can I export the Comparison Analysis results?2021-09-29T13:24:40-04:00

Yes.  In Comparison Analysis, the Scale Comparison can be exported to a Basic or Expanded report in Excel.  The Curve Analysis can be exported via PDF.

Can I export the Pricing Analysis scale results?2021-09-29T13:24:06-04:00

Yes.  You can export the Primary Market Pricing Analysis Summary results via excel or PDF.  Additional Primary Market results can be exported via PDF. 

Can I compare my current Pricing Analysis to the Obligor’s last deal, different structures or other deals?2021-09-29T13:23:35-04:00