Commercial banks underwriting credit-enhanced bonds do not provide certification benefits to the issuer, except when the same bank acts as both guarantor and underwriter. Bonds underwritten by commercial banks with standby letters of credit have higher yield spreads compared to those underwritten by investment banks. The credit quality of participating banks also affects the limited certification effect. This suggests that there is no overall advantage for issuers in seeking joint certification benefits from commercial banks in the industrial revenue bond market.