Sims Insights

HJ Sims’ Eye on Private College and University Bonds
August 16, 2012

In the last 4 years, HJ Sims has identified college and university bonds with yields that are attractive compared to high-grade municipal bond offerings. Some traits that we have seen are balance sheets with excellent liquidity, and total cash, investment and endowment funds that exceed outstanding debt, sometimes by multiples of 2 times.

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How the Rigging of LIBOR Affects Senior Living Borrowers
August 07, 2012

Barclays Bank has recently paid $450 million to settle claims that it reported its cost of funds to be artificially low in 2008. The Bank’s inaccurate reporting gave the impression that its borrowing costs were not being affected by the financial crisis.

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States’ Roles in Municipal Bankruptcies and Alternatives to Filing Chapter 9
August 02, 2012

The likelihood of municipal bankruptcy depends not only on whether state law allows it, but also on the fiscal relationships between states and their localities. It can be argued that some states not only did little to assist local units in distress, but may have also exacerbated the financial stress by their actions or inaction.

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FASB Issues Update Regarding Accounting Treatment of Refundable Entrance Fees
August 01, 2012

Last week, the Financial Accounting Standards Board (FASB) issued guidance addressing the recent accounting changes for refundable entrance fees received by CCRCs.

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How Real is Municipal Bond Bankruptcy?
July 26, 2012

Stories about cities filing bankruptcy are sweeping the news. This is the first article in a two-part series endeavoring to help the reader to understand municipal bankruptcy.

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