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The Hospital Finance Update offers hospital financial executives a comprehensive market update on interest rates, hospital bond issues, credit spreads, and rating actions.


Prior Issues


Overview

Each issue of the Hospital Finance Update includes the following data:


Understanding the Data


Chart: Credit Spreads and Issuance Volumes

Premium paid by acute-care borrowers over the "AAA" G.O. rate in the public bond markets, and total issuance volumes.

Credit spreads are reported for the AA, A and BBB rating categories based on the 30-day moving average TruSpread® formula (total issue credit spread), which is proprietary to HFA Partners and calculates the present value of credit spreads for the entire bond issue after adjusting for maturity dates and amounts. TruSpread® is the difference between the issue's all-in yield and the blended "AAA" G.O. rate, taking into account all maturities. TruSpread® is calculated to final maturity regardless of whether the bonds were issued at a premium, a discount, or par. For a discussion of our formula, read A Better Way to Track the Hospital's Cost of Debt.

Issuance volumes by rating category are shown at the bottom of the chart.

The data is compiled by HFA Partners from bond issues priced in the last 30 days from date of publication and excludes the following: variable rate debt, taxable debt, bank direct placements, other types of limited offerings, general obligation and tax-supported debt, remarketings, and small issues ($15 million and less). We occasionally include deals that do not meet the above criteria if we consider them meaningful.

Charts: Interest Rates

The first chart features the 30-year "AAA" General Obligation tax-exempt benchmark yield (BVMB30Y 30-day moving average), the 30-year taxable Treasury yield (30-day moving average), and the short-term SIFMA index used to price 7-day floating rate bonds. 

The second chart shows long-term municipal bond fund flows with inflows in green and outflows in red.

Table: Hospital Tax-Exempt Revenue Bond Issues

The data behind the Hospital Credit Spreads and Issuance Volumes chart. Each acute-care hospital bond issue sold in the last 30 days is included with its final maturity, and TruSpread® calculated to first optional redemption date (TSTC) and to final maturity (TSTM).

Table: Hospital Bond Rating Actions

Hospital bond rating and outlook changes from the three major rating agencies in the last 30 days. Affirmations are excluded. Tax-supported issuers are included starting with the April 2017 issue. To view current bond ratings for all rated hospitals, click here.

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