High Yield Municipal Bond Conference
Registration Info
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SMITH's High Yield Municipal Bond Conference

September 13-14, 2011

The Hyatt Regency

Greenwich, Connecticut

The quest for higher yielding after tax returns is booming — so, if you know how to buy these risky credits, you can maximize yields and optimize returns for your portfolio.

SMITH's High-Yield Municipal Bond Conference explores the challenges – and opportunities – facing municipal issuers and their debt buyers. The program will challenge market participants with a discussion on the numerous sectors in the municipal market that present opportunities for investors with an appetite for risk.

What makes these bonds so alluring and what implications do they present for the credit markets?

SMITH's High-Yield Municipal Bond Conference helps participants find and develop actionable solutions to these challenges. Program faculty and attendees include some of the nation's top analysts, leading bond buyers and major public issuers.

Subjects to be discussed include:
The history of municipal bond defaults.
The current state of municipal government finance.
Will Washington come to the rescue?
Investment opportunities in high-yield municipal bonds.


SMITH's High-Yield Municipal Bond Conference helps participants find and develop actionable solutions to these challenges. Program faculty and attendees include some of the nation's top analysts, leading bond buyers and major public issuers.


Who Should Attend?

  • Chief Investment Officers
  • Directors of Taxable & Tax-Exempt
  • Fixed-Income
  • Portfolio Managers
  • Credit Analysts at Investment Firms
  • Wall Street Analysts
  • Rating Agency Analysts
  • Financial Advisors
  • Bond Counsel
  • Accounting Firms
  • Bond Insurance Underwriting Execs

SMITH’s Research & Gradings

SMITH’s Research and Gradings was founded by Terence Smith in 1992 to provide independent research and third-party analysis for institutional investors. SMITH’s reports have become bellwether publications, often predicting significant trends and spotlighting controversial subjects sometimes months before they come to light elsewhere. Increasingly acknowledged as an effective, objective industry watchdog, SMITH’s analysis provide a critical look at the creditworthiness of bond issues and the actions of rating agencies.

 

Bronze Sponsors
Interactive Data

Media Partners
Debtwire Municipals


Registration Information

Registration Fees

$745 per person General.
$415 Investors.
$330 State/Local Issuers.
Registration fee includes course materials, breakfast, lunch, and breaks during the conference.

Payment by credit card, company check or personal check is required prior to the conference.

Discounts
Groups of 3 Standard or more receive a reduced rate of $670 per person. Groups of 3 or more State/Local issuers - $297 per person.
Groups of 3 or more Investors $375 per person.

Cancellations
Cancellations are subject to a $100 service fee. Cancellations will be accepted up to 30 days prior to the Conference in order to receive a refund.
Cancellations after the 30 day cut-off will receive a registration credit toward a future SMITH’s conference program. Credits will be issued at the original registration rate and will be valid for 12 months. Registration credit requests must be received by the last day of the conference.
 
Substitutions
Substitutions from your company will be accepted any time prior to the conference.

As a SMITH's Conference attendee, you will receive a complimentary edition of SMITH's Research & Gradings — the leading independent source for credit opinions.

 

Program Cancellation
In the event that SMITH's Research & Gradings cancels a scheduled program, all registrants will be notified in writing. Registration fees will be refunded. In the event that a conference is cancelled, SMITH's Research & Gradings cannot be held liable for non-refundable transportation costs. In the case of inclement weather, or acts of God, if the seminar takes place, the registration is not refundable.

 

Complaint Resolution
Address any complaints to Pamela Kilbourn, SMITH's, 20 Poe Court, Fairfield, CT 06825
Fax to 203-659-4773; email to pamkilbourn@smithsresearch.net or phone 203-362-2154. Complaints will be handled in as timely a manner as possible.
 

Privacy Policy & Records Retention
SMITH's values your privacy. SMITH's retains information submitted during the registration process with regard to your name, company and contact information. Credit card information is destroyed once the transaction has been processed. We will never willfully sell, lease, or rent any of your personally identifiable information to any third party

As a SMITH's Conference attendee, you will receive a complimentary edition of SMITH's Research & Gradings — the leading independent source for credit opinions.

Dress Code
Business Attire

Register by Phone: (203) 362-2154,

                    Fax: (203) 659-4773,

                    Email: smiths@smithsresearch.net or

                    Mail: SMITH's Research & Gradings, 20 Poe Court, Fairfield, CT 06825.

Payment: Payment is required prior to the conference.  We accept company or personal checks; MC, Visa and Discover credit cards or, via PayPal using all major credit or debit cards.

Smith's High Yield Muni Bond Conference Registration
Registration
 



The Hyatt Regency

1800 E. Putnam Avenue

Old Greenwich, CT 06870

203-637-1234

http://greenwich.hyatt.com

 

A block or rooms is being held for SMITH's Research & Gradings at a rate of $185 per night until August 22,2011. Please call the hotel directly for reservations.

 

 

 



Contact Information

Phone: (203) 362-2154
Fax: (203) 659-4773
Email: smiths@smithsresearch.net

Web: www.smithsresearch.net

Mail: TMS Holdings, Inc.,
20 Poe Court, Fairfield, CT 06825

 



Conference Agenda

Smith's 2011 high yield municipal bond conference

 

 

Tuesday, September 13, 2011

 

8:30am

CONFERENCE REGISTRATION

 

9:00am

WELCOME REMARKS

SMITH'S OUTLOOK FOR HIGH YIELD MUNIS

SMITH’S has been in front of high-yield municipal bond issues since 1992. State and municipal budgets remain under greater pressure than they have been since the Great Depression. But how much pressure can they stand before they reach the breaking point? SMITH’S Research & Gradings provides an overview of the subject and introduces the program.

Terence Smith

Editor & Publisher

SMITH's Research & Gradings

 

9:30am Public Private Partnerships
With more governments looking to make money on P3 deals, investors are asking whether they are getting paid for the risk of investing in P3. Panelists will discuss the risk and reward allocation against each "actor" in transactions. Where is the risk and what is the payout? How are traffic projections derived and what are the different methodologies used. The session will look at the size and scope of the market and focus on some specific deals.

Jonathan Chirunga - Moderator
Associate Portfolio Manager
Pioneer Investments

Sandra Brinkert, CFA

Director of Municipal Products
Bank of America Merrill Lynch

Chee Mee Hu

Team Managing Director

Project Finance and Infrastructure Ratings Group

Moody’s Investors Service


William Ihlo, PE
Principal
Stantec

Michael Craft
Research Analyst, Fixed Income
Fidelity Research & Management Co.

 

10:30am COFFEE BREAK

 

10:45am

Tobacco Bonds
Tobacco settlement bonds continue to hold the attention of investors with an appetite for risk. We'll take a look at MSA payments, tobacco consumption trends and the 2003 disputed payments. We will also discuss some of the ways states are using these bonds.

 

 

Richard Larkin
Senior Vice President, Director of Credit Analysis
Herbert J. Sims & Co.


Kym Arnone
Managing Director
Barclay's Capital

 

Peter Block

Executive Director

Morgan Stanley

 

 

11:30am Mending Broken Bond Deals
This panel will take a look at legals and regulatory risk, what happens when bonds get into trouble, and what it means for bondholders.

Charles Bennett
President
Capital Markets Management Consulting, LLC

William W. Kannel
Member
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.


12:15pm

LUNCHEON

DEAL OF THE YEAR

SMITH’S Research & Gradings presents its Deal of the Year award to the most significant financing in the muni high yield financing sector in the past year. The issuer, investment banker, financial adviser, and credit rating agency involved in the deal discuss the mechanics of the issue.

 

1:30pm Using Equity or Deleveraging Deals

Michael Ross, CFA
Managing Director
Morgan Keegan & Co., Inc.

Bill Black, CFA
Senior Portfolio Manager
Invesco

 

 

2:15pm

Lessons Learned in Dirt Deals
This panel will focus on community development districts. Has bondholder’s understanding of the market turned out how they thought it would? Where did things go wrong? How will the various situations work out?

Jon Schotz
Partner, Chief Investment Officer
Saybrook Capital LLC

 

Dan Carter
Principal
ITG Holdings

 

Brett Sealy
Managing Partner
MBS Capital Markets, LLC

 

Harry Lerner

President

Maxcy Development Group

 

3:15pm Site Visit
Harbor Point Project
Stamford, Ct

 

   
 

Wednesday, September 14, 2011

 

8:00am

REGISTRATION

Continental Breakfast

 
8:30am

DAY TWO WELCOME

Terence Smith

Editor & Publisher

SMITH's Research & Gradings

 

 
8:45am Developing Strategies and Tactics to Improve High Yield Bond Fund INVESTING
What Has to Happen to Make High Yield Muni Bond More Liquid? Using indices to look at the HY Muni sector
How ETFs can help.

James Colby
Senior Municipal Strategist and Portfolio Manager
Van Eck Global

Brian Pepe
Director
Standard & Poor's Fixed Income Indices


 

 
9:30am CCRC Bonds: Getting out the wRinkles

Jon Barasch (Moderator)
Senior Manager– Municipal Evaluation Quality Assurance
Interactive Data

Edward Merrigan
Managing Director
Director of Research
B.C. Ziegler & Company

Matthew O'Grady
Managing Director
Red Capital Group

Dana Fusaris, CFA
Managing Director
Fundamental Advisors

Robert Persico, CFA
Credit Analyst
Interactive Data

John Ruiz
Executive Director
Morgan Stanley

10:30am MORNING BREAK

 

10:45am Buying Fallen Angels
High Yield All-Star Analysts talk about buying the tough credits.

Tom Weyl
Vice President & Director of Municipal Research
Eaton Vance Management

Jeff Wilson

Managing Director
Saybrook Capital LLC


 
11:30am Roundtable Discussion

12:00pm CONFERENCE ADJOURNS


 Register

 
   


 

 

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