New issue (primary market) municipal bonds are a major source of supply for institutional investors. Historically, individual investors account for less than 2% of the primary market par amount purchased from 2018-2022.[1]

Bernardi Securities (BSI) enables direct primary market access for individual and institutional investors, alike.

Access to BSI underwritten primary market issues is available on the firm’s non-fee platform model. In these instances, transaction costs are borne by issuer rather than the investor. And there are no transactions costs paid by the investor. This is unique in that the cost of issuance is paid for by the issuer authority. FINRA describes the various forms of transaction costs here.

Transaction costs include commissions, markups, sales loads, or surrender charges. These are not applicable to investors when investing in the primary market at the original issue cost on the BSI platform.