BNY Mellon Corporate Trust has launched a new direct pay compliance reporting service to help issuers of direct pay bonds track their project activities and meet Internal Revenue Service (IRS) recordkeeping and reporting requirements.

BNY Mellon said that the new service would help issuers of direct pay bonds, such as build America bonds and recovery zone economic development bonds, which are a new category of bonds permitted under The American Recovery and Reinvestment Act of 2009.

BNY Mellon Corporate Trust has claimed that in its combined role as trustee, 8038-CP calculation agent, and rebate analyst on a direct pay bond issuance, it will have the data to perform the required calculations.

The new service can deliver a package of reports, statements, schedules and project-related documents, both shortly after issuance and throughout the life of the issue, to help the issuer meet those requirements.

Alex Tsarnas, managing director and head of the corporate and public finance group within BNY Mellon Corporate Trust, said: “Our compliance reporting service helps issuers of direct pay bonds by providing them with all of the reporting capabilities they need in one place, eliminating the hassle and frustration of going to several entities for the required reports and calculations.”