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BMA Rate is a Quotable that represents the US SIFMA Municipal Swap Index, previously called the BMA (Bond Market Association) Index.
This index is published weekly on Wednesdays, reflecting the average rate of issues of tax-exempt variable-rate debt, and provides a benchmark floating rate in municipal swap transactions.
When used on BMS swaps, it is applied (i.e. starts accruing) with one day delay, thus on Thursdays (or later if the applicable Thursday is a holiday).
The BMA index is usually 65%-70% of its taxable equivalent 1-month LIBOR.
This percentage is subject to the risk that marginal tax rates will change or that there will be revisions to the US Tax Code.