From whom does an underwriter obtain an IRMA letter?

An underwriter obtains an IRMA (Investor Rating and Market Assessment) letter from the issuer. The IRMA letter is essential as it provides the underwriter with critical information about the issuer's creditworthiness and the specifics of the proposed bond issue. This documentation helps the underwriter assess the risk of the investment and structure the terms of the bond accordingly.

The issuer, being the party responsible for issuing the bonds, has direct insight into their financial status, project details, and repayment capabilities. Such information is crucial for the underwriter as they prepare to market the bonds to potential investors and ensure compliance with regulatory standards.

The other options involve roles that play supportive or intermediary functions in the bond issuance process but do not provide the IRMA letter directly. The bond trustee oversees the interests of bondholders and ensures that the issuer complies with the bond covenants. A municipal advisor provides advice to the issuer but typically does not issue the IRMA letter themselves. Lastly, while investment bankers may be involved in various aspects of facilitating the bond sale, they often serve different functions unrelated to the issuance of the IRMA letter itself.