LeoGlossary: Bond Purchase Agreement (BPA)

When an issuer sells a new issue of municipal bonds to an underwriter, the Bond Purchase Agreement (BPA) outlines the final terms of the sale. Among other legal information, the contract outlines information about the bonds, such as maturity dates, interest rates, and call provisions; the purchase price and underwriter’s fees; and any conditions that would allow the underwriter to withdraw from the agreement. The BPA is usually signed and executed on the day of sale.

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