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Industrial Development Bond (IDB) issues are inherently more complex transactions than traditional municipal bond issues. This is due to the presence of a corporate borrower, which brings with it an entirely different set of challenges. The analysis of a corporation’s credit strength is obviously quite different from that of a municipality. In the case of IDBs, the corporate borrower is usually a small, private company with little or no public information available. For this reason, third-party credit enhancement in the form of a bank letter of credit or guaranty from another corporate entity, such as a property and casualty insurance company, is almost always required. Raymond James has longstanding relationships with numerous domestic and foreign banks, and we have been able to effect successful introductions of borrowers and LOC banks. There are many legal and regulatory hurdles an IDB must overcome. Raymond James’ IDB specialists stay abreast of the changing federal and state laws that can affect IDBs.