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.