Feasibility studies are reports, prepared by consulting firms, that are appended to certain bond issues. They describe the market for a project or product and offer revenue estimates based on a number of scenarios. Most tobacco bond issues, for example, carried an updated, 40-page “Forecast of U.S. Cigarette Consumption” by Global Insight USA.
Feasibility studies are stuffed with useful information and data, especially about comparable enterprises located elsewhere, and generally unavailable anywhere else. For example, bond issues for convention centers and convention center hotels often contain information on the convention business nationally, and carry data on how other similarly situated hotels are faring. Still, investors ...