What kinds of debt does Emory have?

Emory's debt is composed of bonds and derivative debt.

Municipal Bonds

Municipal bonds are interest-bearing securities issued by state and local governments on behalf of qualified not-for-profit entities to finance capital projects.

Tax-Exempt Bonds

Tax-Exempt bonds are securities that produce interest that is exempt from taxation at the federal and/or state and local levels and are issued by qualified entities.

Taxable Bonds

Taxable bonds are securities that produce taxable interest.  Taxable bonds are issued by Emory when the maximum cap is exceeded or when the use of the financed project is for taxable operations.

Fixed-Rate Bonds

Fixed-rate bonds are securities that produce interest at a fixed rate and which mature, generally, between one and 30 years.

Variable-Rate Bonds

Variable-rate bonds are securities with an interest rate set on a weekly or short-term basis.

Derivative Debt (Synthetic Debt)

Derivative or synthetic debt is a contract between two parties that relates to an underlying asset or liability and is intended to affect the nature of that underlying asset or liability.