Pierre Bogacz  |   August 30, 2018

In connection with my decision to join PFM Financial Advisors, HFA Partners will ceased to operate as a municipal advisor. The last issue of the Hospital Finance Update newsletter was published in August 2018. Past articles and blogs will remain available on this page. For inquiries, please email at .

Thank you for visiting.

Pierre Bogacz
HFA Partners


Pierre Bogacz  |   August 21, 2018
The Securities and Exchange Commission announced yesterday that bank loans and direct placements will be added to the list of events that municipal borrowers must report under Rule 15c2-12 if they...
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Hospitals Are Cutting Back on Ratings  06/22/2018
Hospitals and Selective Disclosure  06/04/2018
Can EMMA Give Obligors a Homepage?  05/02/2018
LIBOR: Meet Your Replacement  04/18/2018
MSRB Paper on Swaps Raises Concerns  04/10/2018
HFMA: The Impact of Tax Reform on Hospital Capital Financing  04/06/2018
New S&P Criteria Bad News for Hospital Districts  03/19/2018
Bank Placements and Tax Reform Update  03/12/2018
Muni Markets Claim Another Bond Underwriter  02/09/2018
2018 Hospital Bond Volume Predictions  01/04/2018
HFMA Interview: Future of Tax Exempt Yields  12/20/2017
Tax Reform to Pressure Tax Exempt Yields  12/19/2017
Advance Refundings Not The Only Option  12/13/2017
Hospitals Can Survive Without Tax-Exempt Debt  11/21/2017
No CUSIP's for Bank Placements  11/08/2017
Tax Reform: Hospitals Shouldn't Panic  11/06/2017
Were Your Bonds Priced Below Market?  10/10/2017
Modern Healthcare: HFA Discusses ACA Repeal  09/20/2017
Fitch Places 33 Hospital Ratings on Watch  09/10/2017
Fitch Announces Revised Hospital Rating Criteria  09/06/2017
SEC Cracks Down on Muni Failures to Disclose  08/24/2017
The Death of Libor and Its Impact on Hospitals  08/07/2017
2017 Hospital Bond Issuance Update  08/02/2017
HFMA: Refunding Bonds to Optimize Savings  06/17/2017
MSRB: No CUSIPs for Bank Placements  06/05/2017
HFA Interviewed by Modern Healthcare  05/18/2017
Making the IRMA Exemption Work For You  05/17/2017
Credit Spreads and Cost of Debt  05/12/2017
MSRB Gets Pushback on Bank Placements  04/04/2017
SEC Proposes Bank Placement Disclosure  03/02/2017
2016 Sets Hospital Bond Issuance Record  02/23/2017
Hospital Ratings Mostly Stable in 2016  02/02/2017
Prepaying Bank Direct Placements  01/04/2017
SEC Ends MCDC Settlements  12/14/2016
Tax-Exempt Rates Are On The Rise  12/01/2016
Hospital Bond Issuance Soars in 2016  10/24/2016
MSRB Wants Bank Loans Disclosed  10/13/2016
Reading the Fed Tea Leaves  09/26/2016
Hospitals Settle for Failure to Disclose  09/08/2016
Selling 100-Year Hospital Bonds  08/14/2016
Can Hospitals Lock In Low Rates?  07/07/2016
Hospital Bond Trading Markups  07/06/2016
Hospital Cash: How Much is Enough?  06/24/2016
Advisory Board: Stronger Ratings  06/20/2016
MMD Hits Fourth Straight Record Low  06/13/2016
Tax Exempt Yields Hit All Time Lows  05/13/2016
MCDC: Monumental Waste of Resources?  05/12/2016
Hospital All-In Cost of Debt Lowest Ever  04/29/2016
HFMA: Hospitals Improved in FY2015  04/26/2016
MSRB Wants More Bank Placement Disclosure  04/14/2016
Nationwide Issuer Another Option for Hospitals  03/28/2016
S&P: Bank Loans Not a Negative for Borrowers  03/10/2016
HFMA: 7 Steps to Manage Hospital Bond Ratings  03/01/2016
The Bond Buyer: HFA on 2015 Midwest Borrowing  02/24/2016
SEC MCDC Underwriter Fines: Final Round?  02/05/2016
Debtwire: New Money Issuance Plunged in 2015  01/18/2016
Modern Healthcare: HFA Looks Back on 2015  12/28/2015
Hospital Bond Issuance Up 50% in 2015  12/27/2015
Swap Fair Value Under ASC 820  12/05/2015
Hospitals Lead Muni Sector in Audit Disclosure  10/28/2015
Rating Agencies Raise the Bar on Hospital Key Ratios  10/26/2015
Modern Healthcare: HFA Partners on Fed Rate Hike  09/03/2015
HFMA: Minimizing Costs When Selling Bonds  08/20/2015
Hospital Bond Issuance Soars in 2015  07/24/2015
SEC MCDC Bond Underwriter Fines: Round 1  06/19/2015
Do Fund Flows Impact Hospital Borrowing Costs?  06/15/2015
Refundings Boost Hospital Bond Issuance in Q1  04/29/2015
New S&P Rating Criteria Mostly Positive for Hospitals  04/21/2015
Hospital Bond Underwriting Is Getting Cheaper  04/01/2015
Moody's Steps Up to the EMMA Plate  03/02/2015
Bond Buyer: Midwest Borrowing Up in 2014  02/24/2015
Modern Healthcare: Hospital Funding Costs  02/03/2015
MSRB: Borrowers Should Disclose Bank Loans  01/29/2015
Understanding Hospital Coupons, Yields and Spreads  01/28/2015
Modern Healthcare: Hospitals Shunned Bonds in 2014  01/12/2015
2014 Hospital Bond Issuance Slowest Since 2001  01/06/2015
S&P Releases New Criteria for Not-For-Profit Hospitals  12/16/2014
Time's Up: Did Your Hospital Self-Report to the SEC?  12/02/2014
Muni Yields Plunge on Investor Flight to Safety  10/16/2014
Bond Ratings Still Hit-or-Miss on EMMA  10/08/2014
California Scrutinizes NFP Hospital Disclosure  10/02/2014
Alternatives When Advance Refundings Don’t Work  09/12/2014
Hospital Bond Issuance Slowest Since 1986  08/07/2014
HFMA: Advice for Healthcare CFOs on New SEC Rule  07/18/2014
SEC Asks Hospitals to Confess  05/15/2014
Healthcare Bond Issuance Dwindles in First Quarter  04/16/2014
S&P Clamps Down on Bank Placement Disclosure  04/04/2014
New SEC MA Rule FAQs  03/13/2014
Hospitals and the New SEC Municipal Advisor Rule  02/11/2014
HFMA: Minimizing Credit Spreads  01/22/2014
Hospitals Stayed Away From Debt in 2013  01/16/2014
S&P Readying to Overhaul Hospital Ratings  12/10/2013
Bank Placements Still Hot With Hospitals  12/05/2013
Hospital Bond Offerings Come to Grinding Halt  10/14/2013
A Better Way to Track the Hospital's Cost of Debt  09/16/2013
Bond Markets Cocktail Party Trivia  08/02/2013
MSRB: Emma Starts Disclosure Reminder Tool  07/22/2013
Hospital Debt: Are Higher Rates Here to Stay?  06/25/2013
Bond Underwriting: Are You Paying Too Much?  06/06/2013
HFMA: Premium Bonds Not Always What Is Advertised  05/23/2013
MSRB: Bond Underwriter Can Be BFF, But Not FA  04/22/2013
The Hidden Cost of Premium Bonds  03/28/2013
HFA Interviewed by Becker's Hospital Review  03/01/2013
Revisiting Hospital Bond Insurance  02/08/2013
Hospitals Avoided New Money Debt in 2012  01/14/2013
Modern Healthcare: Borrowing Options Abound  12/15/2012
And You Thought Rates Couldn't Go Any Lower?  11/20/2012
HFMA: Hospitals Acquire Upper Hand in Bond Covenants  10/22/2012
Hospitals Take a New Look at Taxable Bonds  10/12/2012
Will Bernanke Mess Up Your Refunding?  09/17/2012
Hospitals Slow to Take Advantage of Low Rates  08/06/2012
5 Observations on the State of Hospital Credit Markets  07/26/2012
New Bond Insurer Says No to Hospitals  07/26/2012
Hospital and the Great Libor Conspiracy  07/17/2012
The Impact of New Bad Debt Accounting on Covenants  06/27/2012
What Moody's Bank Downgrades Mean for Hospitals  06/21/2012
Eight Steps for Improving Hospital Access to Capital  06/11/2012
Five Tips for Managing Swap Counterparty Risk  05/29/2012
Does Variable Rate Debt Still Make Sense?  05/07/2012
Hospitals With Bank LOCs Should Plan Ahead  04/16/2012
Should Hospitals Disclose Bank Loans on EMMA?  04/03/2012
Hospitals Are Borrowing Less in 2012  04/02/2012
When Less Is More: a Look at Partial Refundings  03/27/2012
Bond Buyer: Healthcare Private Placements Up in 2011  02/12/2012
Dieting Tax Exempt Borrowers Trim Interest Rates  01/13/2012
2011 Hospital Bond Issuance Lowest in Decade  01/03/2012
Bond Ratings Now On EMMA... Or Some, At Least  11/16/2011
Modern Healthcare: Getting Their Appetite Back  10/31/2011
HFMA: The Pros and Cons of Bank Direct Placements  10/17/2011
Time to Refund Hospital Bonds?  09/27/2011
The Pros and Cons of Bank Direct Placements  09/07/2011
Bond Buyer: Midwest Has Tepid Take on Debt  08/17/2011
Bond Buyer: Health Care Issuers Sweat New Cuts  08/15/2011
S&P Downgrade, Ratings and... Michael Moore?  08/09/2011
HFMA: Using Ratings to Evaluate Funding Options  07/12/2011
Is Taxable Debt A Viable Option For Hospitals?  07/05/2011
S&P Report: The Appeal Of Alternative Financing  05/19/2011
When To Keep Bond Ratings Private  05/05/2011
New Continuing Disclosure Requirements  03/21/2011
Tips For Renewing Hospital Letters Of Credit  03/11/2011
Top Ten Things A Hospital Can Do To Improve Bond Ratings  03/10/2011
Your LOC Renewal May Come Sooner Than You Think  02/24/2011
Is Your Hospital Bond Disclosure Up To Snuff?  02/04/2011
Hospitals Must Plan For LOC Renewals Now  12/10/2010
Divining The Future Of Tax Exempt Interest Rates  11/30/2010
Time For Hospitals To Start Managing Financial Risk  11/01/2010
Shortcut Method For Forecasting SwapTermination Value  09/20/2010
HFMA Experts Speak: Credit Ratings & Debt Structure  08/11/2010
What's In Your Rating?  07/26/2010
New SEC Muni Disclosure: Are You Ready?  05/26/2010
Can Bank Qualified Debt Rescue Expiring LOC's?  05/19/2010
Swap Termination: Pay Now, Or Pay Later  05/03/2010
Using EMMA To Snoop On The Competition  03/10/2010
Swaps: Is The Wall Street Gold Mine On Its Way Out?  02/03/2010
Let Me Advise You On How Much to Pay Me  01/05/2010
Is There a New Bond Insurer In Town?  10/26/2009
Tenet Buys Back Its Own Debt  08/21/2009
Are Bonds Priced To Sell?  08/13/2009

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