Frank Hoadley

Frank Hoadley left an indelible mark on the public finance industry as a standard bearer for state debt management, champion for issuer advocacy, and promoter of best marketplace practices, a legacy that earned the long-serving Wisconsin capital finance director a selection by The Bond Buyer to its inaugural Hall of Fame class.

Hoadley is one of two being honored posthumously. He died unexpectedly Aug. 4 at the age of 77.

"Frank Hoadley was a giant among the giants of the industry," said Susan Gaffney, president of SG & Associates and executive director of the National Association of Municipal Advisors. "His passion for our special segment of the market is the high-water mark. That passion not only benefited Wisconsin, but the issuer community as a whole, as he led so many important efforts over the years."

Hoadley's name and influence carried weight established in a quarter century leading Wisconsin's capital finance efforts, from bankers who courted him for work on the state's bond sales to regulators and raters whose policies he would chide if he believed they ran afoul of issuer or market interests. He served as mentor not only for his own staff, but for professionals throughout the field.

"I was the new kid on the block when I met Frank in 1994" at a national conference, said Ben Watkins, Florida's director of bond finance for the last 28 years. "He was my best friend in the business for many years. It was a luxury to have someone you liked and respected and who would provide an unbiased point of view. Frank provided an ethical compass due north and was a role model."

Hoadley's work as a city manager led to his public finance career. He later took an investment banking position at Boettcher & Associates in Denver. The Wisconsin capital finance position opened up in 1987 and he served there until retiring in 2013.

Hoadley's municipal legacy centered on managing Wisconsin's debt, launching new products and fostering banking relationships in the state's favor, colleagues said.

His influence extended to the halls of Congress, and through leadership roles at the Government Finance Officers Association, where he championed strong issuer disclosure and plain language in financial documents.

Hoadley introduced extendible municipal commercial paper to the market in 1997. The borrower retains the right in the event of a failed remarketing to extend the maturity, which eliminates the need for a liquidity facility. Hoadley was among the first to use electronic bidding and to conduct an international roadshow.

The state's $1.8 billion pension sale that won The Bond Buyer's Midwest Deal of the Year in 2004 brought the state's pension system up to full funding and introduced a municipal credit structure to the international market.

His tenure as a member and head of the GFOA's influential debt committee left a stamp on a wide range of best practice positions, including debt management, primary market disclosure, and continuing disclosure.

"He started a long-standing tradition of GFOA taking the lead on bringing the market together, taking the time to help, welcome and engage with all types of finance professionals," the GFOA said in a statement.

Hoadley's legacy continues in Wisconsin.

"My best memories of working with Frank were the collaboration he promoted not only within our office but across the market. Frank would call us into his office — we couldn't see Frank due to the stacks of paper on his desk — but he would mention an idea and ask staff to fill in the details, identify ways to make his idea better, and work to address any rough edges," said David Erdman, Hoadley's longtime deputy who was elevated to director in 2015 and held the position until this year.