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Remarketing Agent

Категорія — Учасники ринку

Remarketing Agent - US Treasury Dealer selected by issuers to set the interest rate on Variable Rate Demand Obligations (VRDOs). Also, the resale to investors of the issuer’s securities, which pays for their services, is included into the responsibility of the remarketing agent.

In some cases, the remarketing agent, at its sole discretion, may purchase VRDOs offered for sale in order to achieve successful remarketing (due to not having enough buyers to purchase VRDOs or for other reasons), avoiding unsuccessful remarketing and subsequent bid increase. Also, the remarketing agent can carry out market transactions with VRDO, buying and selling such bonds outside of the official tender.

In certain cases, stipulated in the issuing documents, the issuer may remove the remarketing agent, while a remarketing agent may resign or terminate its remarketing activities anticipatorily. In such a case, the documents for the VRDO will specify the required notification from the issuer or agent, and will require the appointment of a replacement remarketing agent. In the event of a replacement or removal of a remarketing agent, the remarketing agent must pay, assign or transfer any money or bonds it holds to another agent or trustee.

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