Real-Time Visibility into Dealer Inventory
Offering data represents bonds that dealers are actively making available for sale, along with the prices at which they are willing to transact. In a market as fragmented as municipal bonds—with over a million outstanding CUSIPs spread across thousands of issuers—this data is essential for understanding where the market is actually quoting at any given point in the day.
Unlike reported trade data, which shows where transactions have already occurred, offering data is forward-looking. It reflects current dealer pricing intentions, making it one of the most timely inputs available for valuation, pricing validation, and fair pricing analysis. For compliance teams, contemporaneous offering data provides critical context when evaluating whether a trade was executed at a level consistent with prevailing market conditions—a key component of best execution and markup reviews under MSRB Rules G-18 and G-30.
MBIS aggregates offering data from hundreds of municipal bond dealers, delivering updates via SFTP every 15 minutes throughout the trading day. That breadth of coverage—over 400,000 daily market quotes across both bids and offers—provides a far more complete picture of market levels than reported trades alone.
Search for a CUSIP above to view current offerings, or contact us to access the full intraday feed.
