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An Official Notice of Sale is the notice of sale published in the Daily Bond Buyer by a municipal issuer. This is the notice that is used to obtain an underwriter for municipal bonds. Underwriters who are interested in bidding on municipal offerings will review the official notice of sale to determine if they would like to submit a bid to the issuer.
When a municipal government wants to raise capital though the sale of bonds in a competitive underwriting, the issuer will publish an official notice of sale. In the official notice of sale the issuer will describe the amount of capital to be raised and the maturity dates for the issue. The official notice of sale will inform potential underwriters on how and where to submit bids. The official notice of sale does not include yield information or the name of the underwriter. The purpose of the Official Notice of Sale is to attract an underwriter. The yield on the bonds will also not be included as it is the duty of the underwriter to write the scale for the bonds and to determine the yield, and as a result, the interest cost to the issuer. The exams often test what is and what is not included in the Official Notice of Sale.