AUSTIN, Tex. -- Issuers that voluntarily agree to do secondary market disclosure could help slow the movement to mandate such reporting and at the same time earn themselves lower borrowing costs, a top municipal analyst said yesterday.

Mary Jo Ochson, chairwoman of the National Federation of Municipal Analysts, told a first-ever gathering of the State Debt Management Network here yesterday that better on-going disclosure could trim as much as five basis points off long-term borrowing costs if issuers take the time to educate the market. The network is an outgrowth of the National Association of State Treasurers.

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