All of the following are true regarding a bond transaction working group, except?

The statement that only legal counsel represents the issuer, borrower, and underwriter at the end of the process is not accurate because a bond transaction working group typically comprises various parties beyond just legal counsel. While legal counsel plays a critical role in the transaction, especially concerning compliance, documentation, and mitigating legal risks, other members of the working group, such as financial advisors, credit analysts, or the investment banking team, also actively participate throughout the process to ensure the interests of all parties are represented.

In bond transactions, collaboration is essential, particularly as the deal progresses. The financial advisors assist in structuring the debt, often working closely with the borrower's management to assess financial implications and optimization of terms. Bond counsel engages in discussions early in the process to address potential tax implications and compliance issues associated with the bonds being issued. Therefore, the representation in a bond transaction working group is collective, involving multiple stakeholders, rather than being limited to legal counsel alone.