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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?
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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.
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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
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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.
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Bronze Sponsors |

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Media Partners |
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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.
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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.
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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
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Conference Agenda
Smith's
2011 high yield municipal bond conference |
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Tuesday, September 13, 2011
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8:30am |
CONFERENCE REGISTRATION
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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
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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.
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10:30am |
COFFEE
BREAK |
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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
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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.
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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.
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1:30pm |
Using Equity or Deleveraging
Deals
Michael Ross, CFA Managing
Director Morgan Keegan & Co., Inc.
Bill Black, CFA
Senior Portfolio Manager Invesco
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2:15pm
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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
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3:15pm |
Site Visit Harbor Point
Project Stamford, Ct |
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Wednesday,
September 14, 2011
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8:00am |
REGISTRATION
Continental Breakfast
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8:30am |
DAY TWO WELCOME
Terence Smith
Editor & Publisher
SMITH's Research & Gradings
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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
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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
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10:30am |
MORNING BREAK |
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10:45am
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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
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11:30am |
Roundtable Discussion
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12:00pm
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CONFERENCE
ADJOURNS |

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