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New Realities in the Bond Market

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New Realities in the Bond Market
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By Jeremy Bass, June Matte and Michael K. Townsley


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This Perspectives piece describes how the 2008-2009 credit crunch dramatically changed the structure of debt financing for higher education. Bond investors and credit enhancers, who were previously willing to accept fairly loose covenants and security, have imposed tougher covenants on colleges with low or moderate credit ratings. In addition, the credit crunch of 2008 and 2009 severely limited access to short-term credit markets; this forced many colleges to convert long-term investments into cash. Download your copy today!

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April 2010

Most institutions of higher education rely upon debt to generate strategic and current financial resources. Net income and cash flows from operations or from restricted gifts usually don’t provide enough funds to build, expand, and renovate the plant, equipment, or property needed to support an institution’s mission. This Perspectives paper, written by Jeremy Bass, June Matte and Michael K. Townsley, describes how the recent credit crunch dramatically changed the structure of debt financing for higher education.

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NACUBO Perspectives is a series of occasional, independent papers authored by thought leaders, offering points of view on critical and emerging issues in higher education. The series is designed to explore new and emergent concepts or revisit foundational works in ways that help readers reframe or retool their thinking about higher education policy and practice. Published online by NACUBO and available free of charge to its members, this occasional series offers an opportunity for robust dialogue about significant issues.

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