COVID-19 Outbreak Creates Disclosure and Due Diligence Challenges

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Disclosure to municipal bond investors of material risks stemming from the coronavirus outbreak presents a serious concern in the municipal securities industry. This is particularly true in certain sectors, including bonds for:

  • senior living: independent, assisted, continuing care, and skilled nursing facilities;
  • hospitals and health systems;
  • education facilities: student housing, academic buildings, and others;
  • Other “campus-style” facilities, including multifamily and military housing;
  • airports and related facilities, including concessions and parking;
  • intercity rail and public transit facilities;
  • tourism-dependent facilities: convention centers, resorts, theme parks, cruise terminals, and museums;
  • tax-backed government bonds for states and municipalities that rely on tourism and conventions: Hawaii, Las Vegas, Orlando, etc.; and
  • manufacturing facilities dependent on international supply chains.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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