WHAT WE OFFER
Smith's Conference series provide unique forums for investors and issuers to discuss matters of mutual interest. They include, Smith's Affordable Housing Finance Conference, High Yield Municipal Bond Conference, State and Local Government Finance Conference, and Community-Based Healthcare Conference.
Smith's has become a bellwether research company, often predicting significant trends and spotlighting controversial subjects sometimes months before they come to light elsewhere. SMITH’s provides independent research and third-party analysis for institutional investors.
SMITH’s Grading scale provides a comprehensive and unified credit comparison that is consistently applied for all securities — from supranational organizations and sovereign risk gradings to sub-sovereign municipal entities and corporate credit analytics. It’s a principled and proven approach to credit analysis expressed on Smith’s universal scale.
Smith's Research & Gradings has the news and information you need to know as you continue your search for value in the municipal markets. Smith's is the premier source of independent credit evaluation within the municipal credit market.
Smith's is published every other week
Puerto Rico Oversight Board Seeks To Invalidate $6 bln. of G.O. Bonds
Puerto Rico's federally appointed fiscal oversight board, PROMESA, announced that it will seek to invalidate more than $6 billion of general obligation (GO) bonds, leading to a swift reaction from markets.
Reuters reported, "The action is aimed at three GO debt issues sold by the U.S. territory in 2012 and 2014 that were already in default. The board said in a statement that the debt had been issued "in clear violation of the Puerto Rico Constitution and should be declared null and void."
"The oversight board and Puerto Rico's unsecured creditors committee jointly asked U.S. Judge Laura Taylor Swain, who oversees the island's bankruptcy cases, to wipe out more than $6 billion of GO debt by disallowing any claims filed to date by owners of these bonds."
Demographics and Migration
Major U.S. demographic changes driven by continued high levels of immigration, changes in state tax law, the aging of the Baby Boomers, and a slower rate of family formation by Millennials have been generating a great deal of interest in the national media and the public finance community. Commentators have presented a variety of views, ranging from demographic change having a muted effect on municipal finance to full-bore "doom and gloom" scenarios. The objective of the MAGNY event was to sift through the noise and provide members with informed commentary and opinion.
MAGNY had four expert panelists who discussed the relationship between forecasted U.S. demographic change and state and local creditworthiness including the existence or non-existence of interstate tax migration and what is driving it.
California High Speed Train May Jump the Tracks
Oracle co-founder Larry Ellison and Tesla founder Elon Musk both agree when it comes to California's $77 billion high-speed rail project—the project is going to jump the tracks.
"Trains leave when you don't want to leave, from a place you don't want to leave from, and take you to a place you don't want to go to, at a time you don't want to get there, and then you have to get into a car and go wherever you're going. It is a crazy system," said Mr. Ellison during an exclusive interview with Maria Bartiromo on "Mornings with Maria" on last Thursday. Mr. Ellison, who said he hasn't spoken to Mr. Musk about the train, noted that their views are on the same track.
According to a recent tweet, Mr. Musk is expected to open his "high-speed tunnel" in LA on December 10. Mr. Musk's The Boring Company is not sleeping on the job.
Deal of the Year: New York Transportation Development Corp:
Delta Air Lines, Inc — LaGuardia Airport Terminals C&D Redevelopment Project
In voting conducted by institutional investors, The 2018 All-Star Deal of the Year was awarded to the New York Transportation Development Corporation for the Delta Airlines, Inc - LaGuardia Airport Terminals C&D Redevelopment Project.
The New York Transportation Development Corporation issued $1.38 billion special facilities revenue bonds for Delta Airlines to fund a portion of the renovation of its LaGuardia Airport Terminals C and D and other facilities supporting its operations at LaGuardia. Citigroup Global Markets is the lead underwriter on the deal. The bond indenture allows subsequent issuances of additional bonds, capped at a maximum outstanding at any time of $4 billion.
Last July, the Port Authority of New York & New Jersey board renewed Delta's ground lease at LaGuardia Airport through 2050. The Port Authority also announced that the airline's financing partner, West Street Infrastructure Partners III, a Goldman Sachs-managed fund, had pulled its financing for the development of the airline's new terminal at LGA. Goldman's exit forced Delta to take over.
New operations will be phased in to Delta's new terminal building by 2020.
A LITTLE ABOUT US
SMITH’s Research & Gradings is a financial credit grading company that conducts research and creates unique credit reports using its own proprietary grading system.
SMITH’s Research & Gradings provides research and disseminates credit gradings on securities sold both on a new issue basis as well as in the secondary markets.
SMITH’s Research & Gradings mission is to provide real-time intelligence that provides greater accuracy and predictability to decision-makers.
SMITH’s Research & Gradings written manifesto stated its raison d’être was to provide independent, principles-based credit analytics.
Over the past 24 years, SMITH’s Research & Gradings has constantly improved and enhanced its credit analytics to better serve investors.
CONNECT AND CONTACT
Smith's Research & Gradings, has become a bellwether research company, often predicting significant trends and spotlighting controversial subjects sometimes months before they come to light elsewhere. Smith’s provides independent research and third-party analysis for institutional investors. Smith's analysis is an indispensable part of Wall Street and the world's capital markets.
"Smith's ability to analyze and comment on market conditions is highly regarded. "
“Smith's is at the central nerve center of the municipal bond community. Terry Smith is the most visible proponent of municipal research in the industry. Terry has done so much for so many in the business and has had a great impact on the profession.”
“Keep doing what you are doing. You have excellent programs”
“Smith's Conference series provide unique forums for investors and issuers to discuss matters of mutual interest”
The size of this event made networking so appropriate. This was one of my most beneficial events that I've attended since I started in my role 2 years ago.
Smith's Research & Gradings
P.O. Box 1195
Great Falls, VA 22066