CHICAGO - A quietly gathering tidal wave of bond issuance from health care borrowers will hit the market in the coming months as issuers seek to convert their auction-rate paper - but it's still too early to predict how the restructured debt will look, public finance professionals at Ziegler Capital Markets said Friday in a conference call.

Whether borrowers will look to convert their auction-rate debt to fixed-rate bonds, swap to another floating-rate mode with a bank letter of credit or liquidity, or seek out another option entirely is still too difficult to predict, said officials from Ziegler, a Chicago-based investment bank that specializes in health care, long-term care, and education.

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