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Lansing Board of Water & Lights Uses Bloomberg’s BVAL to Price its Utility System Revenue Bonds


Lansing Board of Water & Lights (BWL), the largest municipally owned public utility in Michigan is using Bloomberg’s BVAL AAA Municipal curve, to price its Series 2019A & 2019B Utility System Revenue Bonds. The organization is the first issuer to use the BVAL AAA Municipal curve, as first reported by The Bond Buyer this week.

BVAL’s AAA Municipal curve uses real-time trades and contributed sources to reflect movement in the Municipal market as it is happening. The curve is the standard market scale, with non-call yields up to the tenth year and callable yields thereafter.

The demand for increased transparency around vendor pricing has fueled BVAL’s growth and evolution since inception. Today, it also serves as the pricing source for the Bloomberg Barclays bond indices which are widely recognized benchmarks for fixed income investors.

“Our AAA municipal curve demonstrates our focus on providing solutions for the municipal market to increase transparency and workflow efficiencies,” said Varun Pawar, global head of Bloomberg’s evaluated pricing service. “For managers, it provides the benefit of consistent spreading from deal inception to performance tracking. The full integration with the Bloomberg Terminal also reduces negotiation and deal making workflow inconsistencies for market makers enabling better discovery.”

To learn more about Bloomberg’s evaluated pricing service for fixed income please visit

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