New Lexicon Helps Improve Bond Market Transparency

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Hospital Executives Stumped by Wall Street Jargon Can Now Find Answers

In an effort to make life easier for hospital executives, HFA Partners just added a new “Municipal Market Lexicon" section to its website. The reference section is available to all and aims to improve hospitals’ understanding of and access to, the capital markets.

"We were surprised by the level of frustration expressed by hospital CFOs, CEOs, and board members when it comes to making sense of the financial terms used by municipal investment bankers," said Pierre Bogacz, a managing director at HFA Partners. "This is yet another area where the markets could use more transparency, and we tried to do something about it."

Currently numbering close to one hundred items relevant to tax-exempt hospitals, the lexicon includes terms such as "All-In TIC", "GIC" and "ISDA". Each term is clearly defined and many feature expert commentary based on current market conditions. "These are the things we’re asked about all the time, so we decided to put them all in one place and cross-reference them to help anyone interested in getting past the gibberish," added Mr. Bogacz. "Many hospitals are currently faced with diminishing prospects for accessing capital, so knowledge is more important than ever."

To see the new Municipal Market Lexicon, visit

About HFA Partners, LLC

Founded by former investment bankers, HFA Partners is an independent financial advisory firm who advises nonprofit hospitals in managing debt and accessing today’s tax-exempt capital markets on the most favorable terms. The firm works with hospital management to optimize the balance sheet, improve credit ratings, mitigate financial risk, and lower the cost of capital. The firm’s website is

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Connie Lino
HFA Partners, LLC
888-699-4830 ext. 203
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