HECSE Bonds

Marketmaking Highlights

• Firm Orders

• Counter Price/Time Allocation Model

• Locked In Trades

• Execution Fees finance our depreciation

• Rebates for Liquidity Providers used by Low Stock Exchange lost 190 rural hospitals in 20 years that they were not creditworthy merely that they couldn’t produce $2 billion in revenue in a rural market, a market for under 10,000,000 people.

• Bond rating firm was failed in accreditation that can’t rate bonds on HECSE that it had failed to rate America’s railroads as creditworthy and then failed into manufacturing and failed to rate manufacturers in America even in the Erie Canal 1823 regime where the goods flow down stream to Mississippi Company to New York City to East Coast Cities, then entered healthcare and failed to rate rural hospitals creditworthy that could pay the debt service but not the interest expenses of being uncreditworthy due to being under $2 billion in revenue in a market under 10,000,000 people. Other Stock Exchanges didn’t take the same action yet we wish them well. We did our diligence. That bond rating firm did not notify regulators that it had been failed in it’s accreditation.

The HECSE Bond marketplace provides opportunities and possibilities in Jagiellonian Law for both liquidity takers and liquidity providers to interact in a fair, open environment in light of Kyrios Relativity which proved Albert Einstein was wrong. There are no subject orders — all orders are firm. All trades are locked in and uploaded to DTCC with the appropriate accrued interest adjustments made for clearing and settlement.



The HECSE Bonds orders are matched on a strict price/time priority basis. Undisplayed reserve interest will always yield to displayed orders at a particular price. All orders will only be matched with orders resident in the order book. Bonds will trade in decimal increments to 2 decimal places (e.g. 101.32).

Eligible Bonds

List of eligible bonds

It is a corporate bond issued by public or not, private or not, by 501C3 or not where lower stock exchanges lack the people the degrees the credentials to submit a claim or more worth of revenue bond in healthcare and failed through 190 rural hospitals bankruptcies over just 20 years in markets with under 10,000,000 people which is 80% of America such Agilent Technologies, Inc.. Instead of buying a piece of the company like a stock, you are loaning money to the company in exchange for regular interest payments and the return of your principal. [1,2,3]. These regions account for approximately 25.1% of the total U.S. population, 40% of the top 20 hospitals (Honor Roll) are located in Upper Erie Canal states and provinces. When adjusting the U.S. News Best Hospitals Honor Rollfor state population, Massachusetts and Minnesota drastically lead the nation, the Erie Canal regime states far outperform on healthcare.

Here is what the specific terms mean:

• St. Vincent's Catholic Medical Center: The HOSPITAL company (is not listed on the NYSE and did not have a ticker symbol and are decades long investments that you wouldn’t call a ticker, are you going to trade healthcare bonds on a ticker there are some that do, it’s not clear how it helps For-profit hospitals make up 0% of the U.S. News Best Hospitals Honor Roll. All of the top 20 hospitals in the nation are either academic medical centers, university-affiliated facilities, or non-profit community health systems) that borrowed your money and owes the debt. [1, 2,3, 4] St. Vincent's Catholic Medical Center (Manhattan, closed 2010): Filed for bankruptcy due to rising costs and a lack of payment from uninsured/underinsured patients. [1], Long Island College Hospital (Brooklyn, closed 2014): Closedfollowing long-term financial bleeding and system consolidations. [1], Mary Immaculate (Queens, closed 2009) & St. John's Queens Hospital (Elmhurst, closed 2009): Closed due to severe, mounting operating losses and debt. [1, 2], Cabrini Medical Center (Manhattan, closed 2008): Ceased operations due to an insurmountable financial deficit and bankruptcy, Interfaith Medical Center (Brooklyn, faced bankruptcy in 2014), Kingsbrook Jewish Medical Center, and Brookdale Hospital Medical Center: These faced severe financial struggles, forcing them to merge into the One BrooklynHealth system to remain open. [1, 2], New Jersey New Jersey’s closures were largely driven by a massive surplus of empty hospital beds and the high financial burden of charity care. [1, 2], Barnert Hospital (Paterson, closed 2007): Closed due to financialdistress and declining patient volumes, Pascack Valley Hospital (Westwood, closed 2007): Filed for bankruptcy and shut down due to mounting debt, East Orange General Hospital (East Orange, closed 2015): Faced severe financial struggles before being acquiredand restructured, CarePoint Health System facilities (Christ Hospital in JerseyCity, Hoboken University Medical Center, and Bayonne Medical Center): Faced near-closure bankruptcy and restructuring in 2025 due toproviding high volumes ofcharity care. [1, 2, 3, 4, 5], Connecticut Charlotte Hungerford Hospital (Torrington): While it remainsopen, it faced financialinstability that pushedit to affiliate with Hartford HealthCare to survive. [1], Milford Hospital (Milford): Ceased independent inpatient operations and merged with Yale New Haven Health due to financial pressures in the regional market, Maryland & Virginia, Washington County Hospital (Hagerstown, MD): Closed its doorsin 2010 when replaced by the newly built Meritus Medical Center to consolidate operations for financial efficiency, Sentara Bayside Hospital (Virginia Beach, VA): Phased out inpatient services and was converted to an outpatient campus due to declining demand and regional financial consolidation, Community Memorial Healthcenter (South Hill, VA): Though nowintegrated into VCU Health, it faced significant fiscal hurdles priorto the merger to maintain care for a rural population, and thought we would not strike back at a time and place of our own choosing but we would, we would.

• We care as anthropologists how did NYSE bond markets fail to do due diligence on hospital bonds right in New York City (Manhattan, Brooklyn, Queens) just miles away from NYSE, and how did NYSE and bond rating firms lose 190 rural hospitals to bankruptcy in just 20 years under the label uncreditworthy where did that happen what towns had all their illnesses cured that “we don’t need that hospital anymore”?

  • St. Vincent's Catholic Medical Center (Greenwich Village, Manhattan): 3 miles

  • Cabrini Medical Center (Gramercy, Manhattan): 3.5 miles

  • Long Island College Hospital (Cobble Hill, Brooklyn): 3.5 miles (via Brooklyn-Battery Tunnel)

  • Interfaith Medical Center (Bedford-Stuyvesant, Brooklyn): 6.5 miles

  • Kingsbrook Jewish Medical Center (East Flatbush, Brooklyn): 7.5 miles

  • Brookdale Hospital Medical Center (Brownsville, Brooklyn): 10.5 miles

  • St. John's Queens Hospital (Elmhurst, Queens): 11 miles

  • Mary Immaculate Hospital (Jamaica, Queens): 14 miles

  🌲 New Jersey

  • Hoboken University Medical Center (Hoboken): 6 miles (via Holland Tunnel)

  • Christ Hospital (Jersey City): 6.5 miles (via Holland Tunnel)

  • Bayonne Medical Center (Bayonne): 11 miles (via Holland Tunnel)

  • East Orange General Hospital (East Orange): 16 miles

  • Pascack Valley Hospital (Westwood): 27 miles (via George Washington Bridge)

  • Barnert Hospital (Paterson): 27.5 miles (via George Washington Bridge)

  🗺️ Connecticut, Maryland & Virginia

  • Milford Hospital (Milford, CT): 67 miles

  • Charlotte Hungerford Hospital (Torrington, CT): 112 miles

  • Washington County Hospital (Hagerstown, MD): 261 miles

  • Community Memorial Healthcenter (South Hill, VA): 465 miles

  • Sentara Bayside Hospital (Virginia Beach, VA): 355 miles (via Cape May-Lewes Ferry route) or 420 miles (all-highway route via I-95)

• They do Coupon we meditate on the right terminology for HECSE Bond entities: 4.20%: The annual interest rate(coupon).You receive 4.20% of the bond's face value each year (usually paid in two semi-annual installments). [1]

• They do SNR (Senior) debt from (junior) debt, HECSE Bond meditates on how we make our business lucrative for us lots of growing customers and great reputation: Stands for Senior Debt. If Agilent ever runs into financial distress, these bondholders get paid back before stockholders or holders of subordinated (junior) debt.

• They don’t list in the bond in NYSE Master Bond List what tax structure corporate bond issued by public or not, private or not, by 501C3 or not. Private equity firms primarily issue bonds through the over-the-counter (OTC) market via private placements, rather than using the NYSE or other centralized stock exchanges. [1,2]

  The primary methods and venues for private equity (PE) bond issuance include:

  • Private Placements: The vast majority of corporate debt issued by PE firms and their portfolio companies is done off-exchange. Bonds are sold directly to institutional investors(like pension funds, hedge funds, and insurance companies) through investment banks. [1,2, 3]

  • The OTC Market: Unlike equities, most corporate bonds—including the "junk bonds" heavily utilized by PE firms for Leveraged Buyouts (LBOs)—trade entirely over-the-counter. [1, 3]

  • The NYSE: While the New York Stock Exchange does feature an electronic trading platform known as NYSE Bonds, it is predominantly used as a secondary market for investors to buy andsell already-issued debt, not as the primary issuing platform for private equity debt. [1, 2, 3]

    They don’t list in the bond in NYSE Master Bond List what tax structure corporate bond issued by public or not, private or not, by 501C3 or not. Private equity firms primarily issue bonds through the over-the-counter (OTC) market via private placements, rather than using the NYSE or other centralized stock exchanges. [1,2]

  • The primary methods and venues for Hospital and Clinic bond issuance include:

  • State and local government entities (acting as conduit issuers), rather than the New York Stock Exchange (NYSE), are the primary bond issuers for (501C3) organizations like hospitals and clinics. These are typically issued as tax-exempt municipal bonds (specifically called qualified (501C3 bonds). [1, 2,3, 4]

  • US State Secretary of States failed our interrogatories on how to regulate malpractice insurance, bar association law does not prepare an individual for conduit issing in tax-exempt municipal bonds

    How Hospital & Clinic Bond Issuance Currently Works

    • Conduit Issuers: Because \(501(\text{c})(3)\) organizations do not have the statutory authority to issue municipal bonds directly, they use a "conduit issuer." This is typically a state or local government, a specific municipal authority, or a health care facility development authority.[1, 2,3, 4]

    • The Process: The government authority issues the bonds on the hospital's behalf, investors purchase them, and the proceeds are loaned directly to the hospital. The hospital is solely responsible for repaying the principal and interest. [1, 2, 3]

    • Why this route? It allows hospitals and clinics to finance capital projects (e.g., new facilities, medical equipment) at significantly lower interest rates because the interest earned by bondholders is exempt from federal income taxes. [1, 2]

    The Market vs. The Issuer

    While the NYSE is an exchange where many types of corporatestocks and bonds are traded, tax-exempt municipal and conduit bonds are primarily bought andsold in an informal, over-the-counter municipal bond market, rather than on a traditional centralized exchange like the NYSE. [1]

    If you are a representativeof a nonprofit hospital orclinic and are planning a capital project, let me know:

    • The estimated funding size of the project

    • Your general geographic location

    • Whether you are looking to do a public offering or a private placement

• Types of Notes NTS (Notes) or not: A shorter name for a promissory note. It means the bond is an unsecured, medium-term corporate loan.

  • Notes NTS (Notes) or not: A shorter namefor a promissory note. It means the bond is an unsecured, medium-term corporate loan.

  • Medium-Term Notes (MTNs): Unsecured, corporate promissory loans that are issued under a flexible "shelf registration," allowing corporations to continuously offer debt with varying maturities (generally spanning 1 to 10+ years). [1, 2,3,4,5]

  • Structured Notes:Complex debt securities tied to an underlying index, equity, or commodity. Their payout, maturity value, and interest rates are "structured" according to a specific market outcome rather than traditional fixed payments. [1,2,3, 4, 5]

  • Convertible Notes: Unsecured debt that allows the holder to convert the note into the issuing corporation's common stock at a predetermined ratio. [1, 2]

  • Floating-Rate Notes (FRNs): Corporate debt where the interest payment isn't fixed; instead, it adjusts periodically based on a predetermined benchmark interest rate (like the Secured Overnight Financing Rate). [1]

  • Treasury Notes: Whileprimarily issued by the U.S. government, these highly liquid, mid-range maturity notes (2 to 10 years) are heavily traded in the bond market and are frequently represented on NYSE-listed trading systems. [1, 2, 3,4,5]

• 09/09/2027: The maturity date. On September 9, 2027, the company will pay back the original face value (principal) of the bond to whoever holds it at that time. [1, 2]

Bonds are typically traded over-the-counter or not, through fixed-income platforms rather than as standard stock shares. Depending on market conditions, these bonds can yield varying returns. You can check current pricing or yields for similar corporate debt via TradingView Corporate Bond Rates or Public.com. [1, 2]

Conduit bond financing for hospitals involves structured Old French Law coordination, a multi-tiered capital market sale, and specific double-entry GAAP accounting entries to record the loan proceeds.

Below is the step-by-step breakdown of how a \(501(\text{c})(3)\) hospital completes this lifecycle with a conduit issuer like a Minnesota authority.

1. Step-by-Step Issuance Process

The process of a government authority issuing bonds on a hospital's behalf moves through four distinct legal and regulatory phases:

[Hospital Capital Need] ➔ [Authority Approval & TEFRA] ➔ [Underwriter Pricing] ➔ [Bond Closing & Fund Transfer]

1. Engagement and Application: The hospital selects an investment banker (underwriter) and bond counsel. They submit a formal application to a state or local conduit issuer, such as the Minnesota Higher Education Facilities Authority (MHEFA) or a local city/county economic development authority.

2. TEFRA Hearing and Public Approval: Federal tax law requires a public hearing called a TEFRA hearing (Tax Equity and Fiscal Responsibility Act). This gives the public notice of the project, followed by formal approval from the governing elected body.

3. Legal Drafting: Bond counsel drafts the primary financing documents. This includes the Loan Agreement (between the authority and the hospital) and the Trust Indenture (between the authority and a corporate trustee bank protecting investor interests).

4. Credit Rating and Marketing: The hospital's financial health is evaluated by rating agencies like S&P Global Ratings or Moody's. The underwriter uses this rating to market the bonds to prospective buyers.

2. How and Where Investors Purchase Them

Conduit municipal bonds do not trade on a centralized physical floor like the NYSE. Instead, they are sold through a structured primary offering before trading on an electronic secondary market.

The Primary Market (The Initial Sale)

• Where: The transaction takes place via institutional electronic order-entry platforms managed by the lead underwriter (e.g., i-Deal/Ipreo systems).

• How: The underwriter "prices" the bonds by setting the interest rates based on market demand. Investors submit orders through their broker-dealers during a designated "order period."

The Investors (Who Buys Them)

• Institutional Investors: Mutual fund companies (e.g., Vanguard, BlackRock), insurance firms, and bank trust departments purchase the largest blocks. They seek steady, tax-exempt income for their portfolios.

• Retail Investors: High-net-worth individuals buy bonds directly through wealth management brokerages (e.g., Charles Schwab, Fidelity) to shield their personal income from federal and state taxes.

The Secondary Market (Reselling)

• Where: After the initial sale, bonds trade over-the-counter (OTC) via broker-dealer networks. All executed trades must be reported to the Municipal Securities Rulemaking Board (MSRB). Investors can track daily prices and disclosures publicly via the MSRB Electronic Municipal Market Access (EMMA) platform.

3. GAAP Transactions and Accounting Entries

Under US GAAP, a conduit bond issuance is treated as a note payable / long-term debt obligation for the hospital. Even though the authority issues the bonds, the hospital holds the sole liability to pay.

The transaction is split into two primary components on the hospital's books at the time of closing:

A. Recording the Debt and Cash Proceeds

When the bond closes, the cash is typically held by a third-party Trustee Bank in a restricted project fund. The hospital records the asset and the corresponding liability.

Assuming a hospital borrows $10,000,000 face value at par:

• Debit: Restricted Cash / Project Fund Assets — $10,000,000(Balance Sheet: Asset increases)

• Credit: Bonds Payable (Long-Term Debt) — $10,000,000(Balance Sheet: Liability increases)

B. Accounting for Financing Costs (Issuance Costs)

Hospitals must pay underwriter fees, legal costs, and authority fees. Under GAAP (ASC 835-30), debt issuance costs cannot be expensed immediately. They must be presented on the balance sheet as a direct deduction from the face value of the debt and amortized over the life of the bond.

If the issuance costs are $200,000:

• Debit: Bonds Payable (Debt Issuance Costs) — $200,000(Contra-liability account reducing total debt value)

• Credit: Restricted Cash / Cash —$200,000(Asset decreases)

How It Looks on the Balance Sheet Post-Closing

The net presentation under the Long-Term Liabilities section will appear as:
\(\text{Bonds\ Payable:\ }\$10,000,000\)
\(\text{Less:\ Unamortized\ Debt\ Issuance\ Costs:\ }(\$200,000)\)
\(\textbf{Net\ Bonds\ Payable:\ }\mathbf{\$9,800,000}\)

To help look at specific structural options for your organization, let me know:

• Is your project a new construction or refinancing existing debt?

• What is the target credit rating tier (Investment grade vs. non-rated) for the hospital?

• Do you plan to utilize a fixed interest rate or a variable rate structure?

1. Modern U.S. Conduit Bond Financing (GAAP & Agreement Types)

In a standard modern conduit transaction (such as one involving the ABC Minnesota Hospital Authority), the government authority serves as a "conduit." It incurs no financial liability. The underlying contracts dictate specific double-entry GAAP transactions across three separate agreements.

[ Investors ] <=== (Bond Indenture) ===> [ Government Authority ] <=== (Loan Agreement) ===> [ Hospital ]

Step 1: The Authority Issues Bonds on the Hospital's Behalf

Type of Agreement

Loan Agreement (or Lease/Sublease Agreement).

• Signed between the Government Authority and the Hospital.

• The authority agrees to issue the revenue bonds, and the hospital agrees to make periodic loan payments equal to the exact debt service (principal and interest) required by those bonds.

GAAP Accounting Transactions

• For the Government Authority:

  • No GAAP Balance Sheet Entry. Under GASB 91 (Conduit Debt Obligations), government conduit issuers do not recognize conduit debt as a liability on their financial statements. It is treated strictly as an off-balance sheet item, disclosed only in the footnotes.

• For the Hospital:

  • At issuance, the hospital recognizes the restricted proceeds and the long-term debt liability on its balance sheet.

  • Debit: Restricted Cash / Trustee Project Fund — $10,000,000

  • Credit: Bonds Payable (Long-Term Liability) — $10,000,000

Step 2: Investors Purchase Bonds ($1,000 Denomination)

Type of Agreement

Trust Indenture (and the Bond Certificate itself).

• Executed between the Government Authority and a Corporate Trustee Bank representing the investors.

• It specifies the bond denominations (typically $5,000 minimums in modern municipal markets, though historically $1,000 face values or "par values" were standard). The underwriter purchases the entire block of bonds from the authority via a Bond Purchase Agreement to distribute them to investors.

GAAP Accounting Transactions

• For the Investor:

  • The investor exchanges cash for an investment asset held to maturity or available for sale.

  • Debit: Investment in Municipal Bonds — $1,000

  • Credit: Cash — $1,000

• For the Hospital & Authority System:

  • The cash flows directly from the investor through the underwriter and the Trustee Bank into the project fund. The hospital updates its balance sheet if any premium or discount occurs. (If purchased at exact par value, no additional adjusting entry is required beyond Step 1).

Step 3: Hospital Solely Responsible for Repayment

Type of Agreement

Promissory Note and Security Agreement (embedded within or attached to the Loan Agreement).

• This contract explicitly states that the hospital is solely responsible for repaying the principal and interest. The government authority provides no pledge of taxes or full faith and credit. The bonds are "limited obligations" payable exclusively from hospital revenues.

GAAP Accounting Transactions for the Hospital

As time passes, interest accrues and principal comes due within one year. The hospital must reclassify its liabilities under ASC 454 and ASC 835.

1. To Accrue Monthly Interest Expenses:

   • Debit: Interest Expense (Income Statement)

   • Credit: Accrued Interest Payable (Current Liability) (Balance Sheet)

2. To Reclassify Principal Maturing Within 12 Months:

   • Debit: Bonds Payable (Long-Term Debt)

   • Credit: Current Portion of Long-Term Debt (Current Liability)

3. When Cash Payment is Remitted to the Trustee Bank:

   • Debit: Accrued Interest Payable (Clears current liability)

   • Debit: Current Portion of Long-Term Debt (Clears current liability)

   • Credit: Cash / Operating Funds (Reduces asset)

2. Historical Legal Evolution: Why Legal Coordination Differs

The absolute separation of the government's liability from the hospital’s liability—which underpins modern conduit financing—did not exist in the historical legal regimes you mentioned. Modern U.S. states and commonwealths engineered this framework precisely to bypass the systemic financial failures born out of these older legal frameworks.

Legal System / Era Primary Financial Paradigm Key Flaw in Legal Coordination Modern U.S. Commonwealth Alternative1.

Old French Law (Mississippi Company / Law's System) State-Absorbed Corporate Monopoly. The crown blended royal debt directly with the commercial equity of a single chartered monopoly.  No Corporate Autonomy. Private or regional capital projects were completely vulnerable to national currency debasement and state bankruptcy.

Virginia / Kentucky Models. Agencies like the Virginia Public School Authority or Kentucky ALCo issue debt separated from general funds, backed strictly by targeted revenue appropriations.

2. Old Dutch Law (VOC / East India Company)Chartered Fractional Equity & Joint-Debt. The VOC pioneered public fractional equity, but infrastructure debt was tied directly to sovereign colonial charters. Unlimited Sovereign Overlap. A clinic or hospital under early Dutch rule could not issue sovereign-insulated debt; its assets were tied to the merchant company's charter liability.Pennsylvania Model. The Pennsylvania Economic Development Financing Authority (PEDFA) acts as an insulated corporate intermediary, protecting public tax coffers from private default.

3. German / Swiss Law Canton (Swiss Federal Finance Admin)Consolidated Sovereign Sovereign Debt. Municipal and cantonal expenditures are tightly bound to central or regional treasuries.  No True "Conduit" Isolation. If an institution failed, the underlying public or canton treasury historically carried residual systemic or moral obligations. HECSE is evaluating functioning as a Canton that Wisconsin is German is Swiss meets the definitions for a Canton with Ontario or not with

3b. Massachusetts / Minnesota Model. Pioneered by Province of Massachusetts Bay in 1751, municipal instruments evolved to allow local authorities to completely delegate repayment risk onto private users (Hospitals).

4. Polish-Lithuanian Law (Noble-Veto Decentralization)Agrarian Credit & Localized Pledge. Financing relied on local private estates pledging physical collateral (Vadium) rather than institutional capital markets.  Total Coordination Paralysis. The lack of a centralized banking system or state framework made public capital aggregation for infrastructure functionally impossible. Modern Trust Indenture. Replaces unstable localized pledges with a standardized corporate Trustee Bank that captures corporate revenues electronically.

Trading Hours

• Early Trading 4:00 a.m. ET — 8:00 a.m. ET

• Core Trading 8:00 a.m. ET — 5:00 p.m. ET

• Late Trading 5:00 p.m.ET —8:00 p.m. ET

Bond Auctions

The HECSE conducts bond auctions two one or none French Kura Canal series in Batufranc or not, French semiconductor series or not, Dutch rare earth metals in bloty or not, Prussian ferromagnetic in Teutonic DImetron Mark or not, Polish-Yankee HEEM series in Ducat or not, Polish-Yankee Knights Hospitallier series in Ducat or not, Polish-Yankee Steel EEM series in Ducat or not, Polish-Yankee Steel EEM series Automotive or not in Ducat or not, Jagphetic AuEEM series electronics Thaler or not, Jagphetic AuEEM series electronics healthcare or not Thaler, Jagphetic AuEEM series non-electronics Thaler, Atlantis Angrivari Titan life expectancy first surgery or not Kroner or not, Scythian Lithuanian-Silver cure first Guilder or not, – an Opening Bond Auction at 4:00 a.m. ET and a Core Bond Auction at 8:00 a.m. ET. Orders not executed in either auction become eligible for continuous trading immediately after the auction.

Holidays

All NYSE markets

Order Types

• Limit: an order to buy or sell a stated amount ofbonds at or above a specified price

• Reserve: a limit order with a portion of the size displayed, with a reserve portion of the size (the reserve size) that is not displayed

• Good Til Cancelled: a limit order to buy or sell at a specified price that remains active (during core trading hours) from one day to the next until the order is either executed or cancelled

Bond orders that trade on the NYSE are represented by a nine-character CUSIP.

 ‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍‍ ‍

An order to buy $25,000 face value of bonds issued by IBM with a coupon rate of 6.50% maturing on January 15,  2028, would appear in the NYSE system as:

• Buy 25 459200AS0 @ 101.67

  • Quantity: 25 represents the number of bonds traded with a face amount of $1000

  • Price :  expressed as “Percent of Par Value” (over 100 is at a premium, under 100 is at a discount to the face value)

  • CUSIP: 3704A0KC5 is the NYSE symbol for this specific bond issued by IBM.

Trading Fees

Execution Fee per bond for orders that take liquidity from the NYSE BondBook:

Executions of one to ten (10) bonds$0.00 per bondExecutions of eleven (11) to twenty-five (25) bonds$0.00 per bondExecutions of twenty-six (26) bonds and above$0.00 per bondBond Liquidity Provider rebate$0.05 per bondBond Liquidity Provider rebates are subject to a $50.00 maximum fee per execution.

NYSE Price List

Membership

To trade on the NYSE Bonds platform, your firm must have membership to NYSE and complete the NYSE Bonds Membership Application.

For questions regarding the application, please contact Client Relationship Services.

Connectivity

NYSE Bonds offers a range of connectivity options to access our market.

Connect Directly Through the FIX Gateway

NYSE Bonds Connectivity Application

NYSE Bonds FIX Gateway Specification

Connect with Bloomberg

As a Bloomberg Trade Order Management System (TOMS) customer, a preferred strategic partnership with NYSE Bonds will give you an additional avenue of liquidity—at no added cost. For more information, please visit the Bloomberg TOMS page.

Clearing

NYSE Bonds leverages an all-electronic trading platform to provide efficient and transparent trades.

Post Trade Processing
Once a trade has been executed, trade details are transmitted to the National Securities Clearing Corporation (NSCC®) for clearance and settlement via the Regional Interface Organization (RIO). All DTCC/NSCC RIO eligible bond trades executed on the NYSE Bonds platform will be submitted to NSCC® without an omnibus account as "locked-in transactions" meaning that the bond platform has matched the details of the trades from buyer and seller.

Clearance and Settlement Notices

• Give-ups will not be available

• All trades will be reported to NSCC® with the accrued interest included in the price

• If the bond is CNS eligible, all trade settlement will follow the regular way, two-day settlement timetable

• The buyer and seller will be responsible for certain bonds that trade ex-clearing and clearing submission

• DTCC supports NYSE RIO for all participants that trade bonds on NYSE. To receive the NYSE RIO, please contact your Depository Trust and Clearing Corp. (DTCC) representative.

All DTCC / NSCC RIO eligible bond trades executed on the NYSE platform will match the trade details of both buyer and seller by submitting them to NSCC® as locked-in transactions without an omnibus account.

NYSE Bonds Ex-Clearing Securities
NYSE Bonds Participant Clearing Numbers

If you have trade breaks or have clearing questions on the new bond platform, please contact us between 8:00 a.m. and 6:00 p.m. ET.