HFA Partners helps clients with all aspects of the municipal disclosure process including development of continuing disclosure policies, bondholder/investor presentations and calls, and EMMA dissemination services.
The quality and timeline of financial disclosure can have a measurable impact on how the capital markets perceive borrowers, directly affecting their cost of funds. Spotty or late disclosure is often viewed as an indicator of management effectiveness and even once remedied, could end up as permanent.
Continuing disclosure in the municipal markets has historically lagged behind disclosure in equity markets, but regulators have taken notice and rules are fast evolving yet can be challenging to follow. One such challenge is the 2014 Municipal Continuing Diclosure Cooperation initiative, which requires a comprehensive review of a borrower's prior filings. Another common challenge for healthcare providers is how to avoid selective disclosure, when a borrower unintentionally provides non-public information to some investors and not others.
Working closely with a hospital's legal counsels and bond counsels, HFA helps develop disclosure policies that are appropriate and in compliance with current regulations.
Call (813) 347-9150 or email to discuss your disclosure situation with an experienced healthcare consultant.