In an effort to encourage issuers to use technology to attract new bond investors, BondLink will recognize the best advancements aimed at investors.
BondLink, which builds technology products and investor relations pages aimed at helping modernize the muni market, named five winners of its inaugural "Investor Relations Awards."
The winners, five municipalities in three categories, were awarded for their efforts especially during the recent "turbulent" years, specifically the COVID-19 pandemic, according to BondLink.
California and the New Mexico Finance Authority were the winners for the Best Investor Relations Website category, while the Texas Water Development Board and the Minnesota Higher Education Facilities Authority were chosen as winners in the Digital Transformation category.
The investor relations website is the first point of contact between a municipal bond issuer and the market, according to BondLink. The winning issuers leveraged this communication tool most effectively to provide frequent, timely financial updates to investors, the firm said.
Bond investors live online to complete their credit evaluation work, so it's critical for issuers to meet investors, using digital channels, the firm noted.
BondLink's main goal and purpose for honoring these issuers was spotlighting the best of the best, according to Colin MacNaught, the firm's chief executive officer and co-founder.
"Government finance directors and debt managers do some of the most important work in the country," MacNaught said in an interview. "I think it's important to highlight the best practices in order to show other issuers what is valued the most by the bond market."
In the digital transformation category, BondLink found issuers that recognized the importance and transformed their organization's digital presence to one that is valuable to credit analysts.
The Advancement in Investor Relations category honored Darryl Street, associate treasurer, debt and grants management for the District of Columbia, deeming him a leader in the municipal bond market.
He embraced technology to raise awareness among investors for an upcoming bond sale and actively used the district's investor relations website and social media, BondLink said. In addition, he advocated for stronger engagement between issuers and investors, more transparency across the market, and the adoption of more technology.
"The district has always prioritized transparency and access to useful financial information," Street said in a statement. "We strive to be completely transparent with investors, rating agencies, and the public at large."
Barry Fick, executive director of the Minnesota Higher Education Facilities Authority, said assistance to borrowers extends to providing financial information on the authority's website and providing a full range of information for investors.
"Better communication helps build trust and enhances the ability of the borrower to receive the best possible rates and terms on their financings through the authority," Fink said in a release.
The honorees all think critically about how things can be done better, according to MacNaught.
"It's no secret that municipal finance is a radically under-resourced space," he said. "All of these individuals found opportunities for modern technology to both enhance the way they complete their current work and implement new ideas to further support their organizations."
Five judges established their own criteria based on their decades of experience in the municipal bond industry, MacNaught noted.
John Hallacy, president of John Hallacy Consulting LLC, Paul Mansour, former head of municipal research at Conning, Susan Gaffney, president of SG & Associates, Guy Davidson, former partner and senior vice president of municipals at AllianceBernstein, and Mary Colby, formerly head of municipal research at Charles Schwab, were the judges.
Timeliness, format, and the frequency of sharing updates with the market were some of the criteria they used in selecting the winners, according to MacNaught.
"It is not always easy to unearth valuable information about issuers," Hallacy, former municipal program director and contributor at The Bond Buyer, said in a release.
"It is great when, with a few keystrokes, you can obtain such granular information," he added. "We applaud these issuers for a job well done and sincerely hope that others will follow suit."
BondLink plans an awards ceremony in Boston later in 2023, and hopes to make the awards an annual event.
