Smith’s High Yield Municipal Bond Conference

Agenda

Monday, October 19, 2026

6:00 - 9:00 pm WELCOME RECEPTION

Speakers, sponsors and attendees will gather together prior to the conference session start on Tuesday. Sponsored by:    

Tuesday, October 20, 2026

8:00 am CONFERENCE REGISTRATION

BREAKFAST Sponsored by:  

8:25 am WELCOME

 

8:30 am MORE NOTES TO NOTICES

Terence Smith, CEO — Smith's Research & Gradings Scott MacDonald, Ph.D., Chief Economist — Smith’s Research & Gradings Pamela Kilbourn, Managing Director — Smith's Research & Gradings  

9:15 am CHARTER SCHOOLS: THE REAL COSTS OF TUITION-FREE SCHOOLS

Panelists will explore the future landscape of charter schools, focusing on the evolving rights and remedies for bondholders and the correlations between risk factors and charter distress. What happens at pivotal moments when charters face revocation or renewal failure and what are the implications for stakeholders and communities? The discussion will include innovative strategies and regulatory frameworks to strengthen charter school stability and investor confidence. Join experts as they navigate the complex intersection of financial governance and educational outcomes in the charter school sector. Yaffa Rattner, Senior Managing Director, Head of Municipal Credit — HilltopSecurities  

10:00 am COFFEE BREAK‍

Sponsored by:    

10:15 am SENIOR LIVING

The sector has emerged from the dark days of pandemic to a building gap. Favorable demographic trends, improved sector occupancy and recent transaction activity may point to a "Golden Age" of primordial peace, harmony, stability, and most importantly prosperity. Investment opportunities will abound, but investors must be smart and not blinded by shiny new toys, keeping up with the Joneses and the proverbial, "build it and they will come." How will today's new senior consumer view the sector and congregate living as we approach the next 10 years of burgeoning demand? We see smart investment opportunities and a bright future ahead. Senior living development and marketing experts will discuss what to expect as the development gap intersects with the Silver Tsunami peak. Mary Jane Minier, CPA, Senior Analyst, Head of Opportunistic Credit Strategy — Invesco Ltd.  

11:00 am HOW TO FORM A BONDHOLDER GROUP AND WHEN TO JOIN

When a borrower shows signs of distress, it is natural that bondholders will want to act.  Before negotiating with distressed borrowers, however, bondholders are increasingly using cooperation agreements to organize.  This panel will unpack both the benefits and the risks of these agreements. Recent corporate cases have challenged their enforceability and highlighted potential pitfalls. Join us for insights on what works—and what to watch out for—when bondholders band together. Laura Appleby, Partner — Faegre Drinker Ryan McDonald, CFA, Managing Director, Co-Head Municipal Funds team and Head of the High Yield Municipal team — BlackRock (Invited)  

11:30 am HEALTHCARE: HOSPITALS ON LIFE SUPPORT

Panelists will explore the healthcare sector’s evolving credit landscape and the impact of recent legislation. The discussion will examine state-by-state variability in how painful these changes are based on Medicaid exposure, with some states having delayed implementations until 2028, and the secondary market's reactions.  The session take a look at healthcare providers from states heavily impacted by regulatory changes—especially those below investment grade—to discuss how access is being reshaped, financing, and credit outlooks.  

12:15 pm LUNCHEON

Sponsored by:  

The Phoenix Award Presentation — Recognizing Contributions and Achievements in the High Yield Sector

2026 Recipient: Miyoko Sato, Mintz

       

1:30 pm - 2:15 pm BREAKOUT SESSIONS

Session A TOBACCO BONDS BEFORE AND AFTER THE DEFAULT

The tobacco bond sector has entered a new and uncertain era. Following the recent default, investors are asking the critical question: What comes next? This panel will explore the outlook for tobacco bonds,  recovery prospects, legal and market developments, and whether the sector still offers attractive opportunities for high-yield municipal investors. This session offers a candid discussion of one of the municipal market's most closely watched credit stories.  

Session B BRIGHTLINE: LANDMARK FINANCING, DEFINING MOMENT

When Brightline came to market, it was one of the most ambitious and closely watched transportation financings in municipal bond history—a pioneering private passenger rail project that attracted billions of dollars in investment-grade and insured debt. Today, that landmark financing stands at a crossroads. With liquidity pressures mounting, debt payment deadlines approaching, and bankruptcy increasingly part of the conversation, panelists will examine the company's financial outlook, competing creditor interests, potential restructuring scenarios, and the implications for bondholders across the capital structure. Is Brightline facing a temporary setback—or the municipal market's next major restructuring? Jeff Wilson, Co-Portfolio Manager, Co-Managing Partner — Saybrook Fund Advisors, LLC  

Session C DEMOGRAPHICS DRIVING CREDIT CONSIDERATIONS

Demographics are increasingly an important force shaping municipal credit. As the population ages and birth rates decline, investors are seeing growing divergence among issuers, sectors, and regions. While some credits may benefit from increasing demand driven by older Americans, others face shrinking customer bases, enrollment declines, and mounting fiscal pressure. This panel will explore how demographic shifts are influencing credit quality and investment opportunities across the municipal market. Are traditional public schools and charter schools facing a prolonged period of enrollment-driven stress? Which communities are best positioned to adapt? And does the aging of America create a more compelling investment case for senior living and healthcare-related credits?  

2:25 pm - 3:10 pm BREAKOUT SESSIONS

Session A DATACENTERS

 

Session B CONVENTION CENTERS AND HOTELS

Since the COVID-19 pandemic, it's taken years for hotels and convention centers to return to "normal" levels. Panelists will discuss the variety of factors impacting projects and how financial risks can be mitigated.  

Session C NATIVE AMERICAN FINANCE

3:15 pm COFFEE BREAK‍

Sponsored by:  

3:30 pm HIGHER EDUCATION

The Higher Education sector is seeing growing distress and default risks, with market activity accelerating and credit workouts becoming increasingly complex. Panelists will explore macroeconomic and policy trends impacting both high-grade and high-yield institutions, drawing on recent transactions to illustrate shifts in investor sentiment and analyst engagement. Panelists will also assess updated covenant structures, emerging yield strategies, and credit quality metrics. This session offers timely insights for analysts, portfolio managers, and policymakers navigating the shifting terrain of higher education finance. Miyoko Sato, Member, Chair, Bankruptcy, Health Law, Public Finance, Real Estate, & TechComm Div. — Mintz (Moderator)  

4:15 pm ROUNDTABLE DISCUSSION

Join our high-yield municipal bond roundtable for an in-depth look at current market dynamics. This group of seasoned municipal bond professionals will discuss the impact of shifting interest rates and identify sectors facing significant challenges. Explore how recent trends and economic factors are shaping the high-yield municipal bond landscape. Panelists will share insights on distressed sectors and their implications for investors. This discussion promises insightful knowledge, strategic foresight and an entertaining discussion as we navigate the evolving landscape of high-yield municipal bonds. Jon Schotz, Co-Managing Partner, Co-Portfolio Manager — Saybrook Fund Advisors, LLC  

5:00 pm MUNICIPAL BONDS ON THE ROCKS COCKTAIL HOUR

Sponsored by:

6:30 pm SMITH'S HIGH YIELD CONFERENCE DINNER

Co-Sponsored by:

Wednesday, October 21, 2026

7:00 am CONFERENCE REGISTRATION

Breakfast Sponsored by:

8:00 am OPENING REMARKS

Terence Smith, CEO — Smith's Research & Gradings

8:15 am REFLECTIONS OF A HIGH YIELD MUNI ANALYST

It’s not the stuff you don’t know that gets municipal bonds into trouble, but it’s the stuff you know that just isn’t so. It’s not “did I miss a covenant”, but “did I believe in the story too much/wrongfully”. It would not make a difference if we had the best covenants and protections in place if the credit story does not play out. The question that we need to ask ourselves is “Did we put too much faith in the projections and feasibility studies?” In failed deals, it may help to conduct a post-mortem to understand how we could have done a better job at identifying the real risks in a transaction. The panelists will share some of their recent experiences to highlight the theme and the point that while credit fundamentals and structure both matter, fundamentals rule! Prakash Vadlamani, Executive Director, Senior Analyst - Muni High Yield — Morgan Stanley Investment Management Andrew Cooper, Senior High Yield Municipal Credit Analyst — Vanguard Keith Rochelli, CFA, Managing Director — ORIX  

9:00 am KICKING THE DIRT: DUE DILIGENCE FOR METRO DEALS

TBD — D.A. Davidson & Co.

9:45 am COFFEE BREAK‍

Sponsored by:

10:00 am PROJECT FINANCE

 

10:45 AM SPACEPORTS

 

11:15 am IS PUERTO RICO INVESTABLE?

 

12:00 pm CONFERENCE ADJOURNS