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Greenwich, Connecticut

Webinar

Smith's High Yield Municipal Bond Conference

October
18
20
,
2022
Tuesday
October
18
20
Time
9:00 am
Time
9:00 am
 – 
12:00 pm
Venue
Hyatt Regency - Greenwich, CT

Registration is now closed.

Smith's  High Yield Municipal Bond Conference

Financing the infrastructure of tomorrow through today's high yield municipal bond market.


Jamie Dimon says there is an economic hurricane on the horizon.

Smith's High Yield Municipal Bond Conference will take a look at the weather forcast for specific sectors like charter schools, Colorado district deals, senior living and fallen angels.

Tax-free municipal bonds may be one of the safest credit sectors to ride out the storm. Traditionally, yields will spike (and prices plunge) before the economy goes into a recession.

Learn how smart investors avoid selling when prices are low and keep their powder dry to take advantage of market disruptions.

Conference Sponsors:

Platinum Sponsor

Luncheon

Cocktail

Welcome Reception

Break Sponsor

Silver

Bronze

Sponsor

Dinner Sponsors

To find out how your firm can maximize its presence at Smith's High Yield Municipal Bond Conference with a Sponsorship Package,

please contact Pamela Kilbourn at (571) 299-4954

Registration is now closed.

Smith's  High Yield Municipal Bond Conference

Financing the infrastructure of tomorrow through today's high yield municipal bond market.


Jamie Dimon says there is an economic hurricane on the horizon.

Smith's High Yield Municipal Bond Conference will take a look at the weather forcast for specific sectors like charter schools, Colorado district deals, senior living and fallen angels.

Tax-free municipal bonds may be one of the safest credit sectors to ride out the storm. Traditionally, yields will spike (and prices plunge) before the economy goes into a recession.

Learn how smart investors avoid selling when prices are low and keep their powder dry to take advantage of market disruptions.

Conference Sponsors:

Platinum Sponsor

Luncheon

Cocktail

Welcome Reception

Break Sponsor

Silver

Bronze

Sponsor

Dinner Sponsors

To find out how your firm can maximize its presence at Smith's High Yield Municipal Bond Conference with a Sponsorship Package,

please contact Pamela Kilbourn at (571) 299-4954

Agenda

Tuesday, October 18, 2022

6:00 - 9:00 pm

WELCOME RECEPTION

Speakers, sponsors and attendees will gather together prior to the conference sessions begin on October 19.

 

Sponsored by: Locke Lord LLP

        

Wednesday, October 19, 2022

8:00 am

CONFERENCE REGISTRATION

Breakfast

      

8:30 am

WELCOME REMARKS

8:45 am

HARNESSING THE POWER OF DYNAMIC CHARTER SCHOOL LEADERS

The Charter School tax-exempt bond sector continues to grow, demonstrated by the 2020 record high year of almost $4.3 billion in bond issuances involving nearly 200 distinct transactions.  As bondholders active in the charter school industry often reflect, a key factor in a charter school’s success (regardless if a stand-alone, CMO or EMO) is the presence of dynamic school leaders.  This panel brings together proven school leaders that are both passionate educators and highly effective school operators that have, as a group, developed, launched, managed, achieved successful turnarounds, and have been positive collaborators with all their stakeholders, including bondholders.  We will engage in a candid discussion with a diverse panel of school leaders on the skills required to effectively manage both thriving and challenged schools.

Jonathan Chirunga - Moderator

Director of High Yield - Municipals

Amundi U.S.

Adrienne Walker

Partner

Locke Lord LLP

Lisa Hendricks

Director of Finance/Founding Director

Partnership Academy

Janie Seivers

Director of Business Affairs

United Schools of Indianapolis

Mark Jiles

President

Desert Heights Charter School District

Tozar Gandhi, CFA, CA

Senior Credit Analyst

Amundi U.S.

9:45 am

LIQUIDITY, DEMAND AND BUILDING BETTER PERFORMANCE FOR YOUR PORTFOLIO

What's really driving the demand for tax-exempt high-yield municipal bonds?  Is inflation here to stay? Will rates go lower for longer?  Panel members will discuss if a liquidity bubble exists in the high-yield municipal bond market and if so, how can we measure it? It's not just about higher yields, but also how to build better performance for your portfolio — one high-yield bond at a time.

Blake Anderson

Senior Managing Director, Head of Strategy & Research

Mesirow

Daniel Toboja

Managing Director, Institutional Sales and Trading

Mesirow

James Colby

Senior Municipal Strategist/Portfolio Manager

VanEck

10:30 am

COFFEE NETWORKING BREAK

Sponsored by: Fitch Ratings

 

10:45 am

LAND SECURED FINANCINGS AND COLORADO DIRT DEALS UPDATE

The land secured financing boom continues. New master-plan residential developments require access to low-cost financing for housing units, roads, water, and other infrastructure. Panelists will discuss the ins and outs of this tricky sector and how investors can make the most of these deals.

Shelby Noble

Managing Director, Special District Group

Piper Sandler & Co.

Amy Murphy

Executive Director

JP Morgan Asset Management

Jeff Wilson

Co-Portfolio Manager, Co-Managing Partner

Saybrook Fund Advisors

11:30 am

HIGHER EDUCATION UNDER STRESS

Universities and higher education institutions are in distress. While pandemic relief funds have helped shore up the sector, demographic and social pressures are causing unprecedented challenges. Panelists will discuss warning signs of distress as well as distinguishing features of schools successfully navigating the challenges. 

Miyoko Sato — Moderator

Member

Chair, Public Finance Real Estate, Bankruptcy, and Environmental Division

Mintz

Akiko Mitsui, CFA

Director

Fitch Ratings

Chad Shandler

Senior Managing Director

FTI Consulting

Mark Gannon

Executive Director

JPMorgan Asset Management

12:15 pm

LUNCHEON

The Phoenix Award Presentation

— Recognizing Contributions and Achievements in the High Yield Sector

2022 Recipient: Jeff Wilson, Saybrook Fund Advisors

Sponsored by: Mintz

1:30 pm

LOCAL TRENDS IN THE NATIONAL HIGH YIELD MARKET CREATE OPPORTUNITIES TO BUILD BETTER BOND DEALS

During 2022, the National High Yield Market saw significant changes to the technical factors driving the creation and origination of non-rated/non-investment grade bonds offerings. Starting in January, fund flows into municipal high-yield did a 180 degree turn, which whipsawed the volume of deals in entire sectors — like California’s red-hot workforce housing sector which saw the bottom drop out. The panel will discuss how Hilltop Securities worked with River Islands, a California Facilities District (CFD), to access the high yield market for $300mln. (par) and structured the transaction so $200 mln. qualified for Assured Guaranty’s gilt-edged bond insurance. What’s more, project finance deals have a tendency of performing differently than underwriting expectations; the sponsor can be critical to success. Given Hilltop’s footprint in the sector, let’s talk about what we have learned.

Yaffa Rattner — Moderator

Senior Managing Director

Head of Municipal Credit

HilltopSecurities

Kimberly Magrini

Partner

Ballard Spahr LLP

Tamara Lowin

Senior Credit Analyst

VanEck

Rich Simon

Vice President

Assured Guaranty

 

2:15 pm

STRUCTURED CREDITS IN HIGH YIELD — MULTIFAMILY HOUSING, TOBACCO AND POOL DEALS

Workforce Housing bonds rocked the muni investment world and are being issued to provide income and rent-restricted units to serve the "missing middle." Panelists will discuss the evolving structures for these non-traditional housing deals, the impact of pending legislation, and how the current market environment may change the sector.  

Ian Parker

Managing Director

RBC Capital Markets

Timothy Milway, CFA

Director, Senior Analyst

BlackRock

John Stoecker

Financial Advisor

California Municipal Finance Authority

Kristin Going

Partner

McDermott Will & Emery

Karl Hummel

Managing Director, Co-Head of Structured Credit/High Yield Municipal Finance

RBC Capital Markets

3:15 pm

COFFEE NETWORKING BREAK

Sponsored by: Fitch Ratings

 

3:30 pm

SENIOR LIVING'S ROAD TO RECOVERY...THE NEED FOR SPEED OR A CHANGE IN DIRECTION?

This panel will take an in depth look at Life Plan Communities. Things have changed drastically since the mini recovery last fall and there may be a change in approach to effectuate a recovery.  Panelists will discuss the new approach to selling a CCRC; demographic trends, affordability, real estate trends; and new regulations and their effect on SNFs.

Mary Jane Minier, CPA,

Senior Analyst

Head of Opportunistic Credit Strategy

Invesco Ltd.

Charlie Trefzger

Founder, President & Chief Executive Officer

ALG Senior

Mike Brindley

Senior Vice President of Consulting Services

Solutions Advisors Group

4:15 pm

HOW TO EXERCISE RIGHTS AND REMEDIES TO BUILD BETTER RETURNS

Panelists take a look at today’s high yield municipal bond documents and reads between the lines to see what is missing.  The session focuses on how to exercise rights and remedies and sue for fraud. We will also look at energy's impact on supply chains and funding shortfalls.

John Hallacy

President

John Hallacy Consulting LLC

Valeri Pappas

Managing Partner

Davis & Ceriani PC

Jay Kapp

Partner

McDermott Will & Emery

Dan Aschenbach

President

AGVP LLC

 

5:00 pm

MUNICIPAL BONDS ON THE ROCKS COCKTAIL HOUR

Featuring: Race to the Bottom

 

Kristin Going

Partner

McDermott Will & Emery

Jon Schotz

Co-Managing Partner

Co-Portfolio Manager

Saybrook Fund Advisors, LLC

James Schwartz, CFA

Managing Director

Head of Municipal Credit Research

BlackRock

Mikhail Foux

Managing Director

Barclays Investment Bank

Sponsored by: McDermott Will & Emery

       

6:30 pm

SMITH'S HIGH YIELD CONFERENCE DINNER

Sponsored By:

Mintz

McDermott Will & Emery

Locke Lord LLP

Day 2

Thursday, October 20, 2022

7:30 am

CONFERENCE REGISTRATION

Breakfast

8:15 am

WELCOME REMARKS

 

8:30 am

A HIGH YIELD MUNI ANALYST'S AMERICAN DREAM

All aboard a train (that runs on bio fuel) to a mall to buy clothes made of hemp, packed in boxes made from wheat or rice fiber. Panelists will discuss high yield muni deal structures and workouts including:

  • Purchaser's Counsel — Who is the Client?
  • Deal Structure Process
  • Workout Dynamics
  • Professionals and Alignment of Incentives

Prakash Vadlamani

Associate Portfolio Manager and Senior Research Analyst

Amundi US

Andrew Cooper

Senior High Yield Municipal Credit Analyst

Vanguard

Keith Rochelli, CFA

Managing Director

ORIX

9:15 am

MUNICIPAL BANKRUPTCY: LESSONS LEARNED FROM PUERTO RICO

Panelists will focus on potential new challenges post-Covid. What happens when the federal money runs out?

Ian Rogow - Moderator

Director

Co-Head Municipal Bond Research

BofA Securities

The Honorable Rafael "Tatito" Hernández Montañez

Speaker

Puerto Rico House of Representatives

Bill Kannel

Member

Mintz

Hector Negroni

Founder and CEO

Foundation Credit

Scott MacDonald, Ph.D.

Chief Economist

Smith's Research & Gradings

10:15 am

COFFEE NETWORKING BREAK

Sponsored by: Fitch Ratings

 

10:30 am

Hospital Stress – Transitory or the New Normal?

The U.S. hospital sector is facing its most severe financial crisis since the beginning of the pandemic.  Analysts project billions of dollars in losses for 2022, and more than half of U.S. hospitals are projected to have negative margins this year.  At a time when revenues and reimbursement rates are challenged, hospitals face ever-increasing labor and material costs, and are continuing to manage supply chain disruptions and other challenges.  In addition to these financial and operational difficulties, health care providers also face a growing risk of cybersecurity attacks which have become more prevalent, sophisticated and pernicious.  We will address the current state of the sector and how it has affected both credit analysis and investment decisions.

Nathan Coco

Member

Mintz

Sandy Pae Goldstein

Managing Director, Head of Credit and Structuring

Foundation Credit

Anne Cosgrove

Director

S&P Global Ratings

Omid Rahmani

Associate Director

Fitch Ratings

Andrew Turnbull

Managing Director

Houlihan Lokey

11:15 am

INVESTORS ROUNDTABLE DISCUSSION

The $540 bln. Infrastructure Investment and Jobs Act (IIJA) is a once in a generation investment by the Federal Government in America’s critical infrastructure assets.  Based on the report card by the American Society of Civil Engineers (ASCA), the IIJA is much needed and long overdue.  Smith’s Infrastructure Panel has a team of experts that work on financing the rebuilding of America’s infrastructure – everyday.  They will look at the infrastructure sector and discuss how the airports, surface transportation, water & sewer systems, are all connected  through today’s municipal bond market.  What’s more, the panel will highlight how ratings play a pivotal role in the investment process.

Rising interest rates and outflows mean credit matters most in the investment process. Investors know they cannot be wrong long or get credit wrong. Panelists will discuss how their work adds value to the investment process, sectors they like, and what sectors they avoid.

Jon Barasch - Moderator

Director, Municipal Evaluations

ICE Data Services

Mark Paris

Chief Investment Officer

Head of Municipals

Invesco

Bill Black, CFA

Managing Director

Senior Portfolio Manager

City National Rochdale

12:00 pm

CONFERENCE ADJOURNS



Registration is closed. We are not able to accept any more attendees.

$1,450 per person Standard Rate: (Broker/Dealer & Underwriting Firms, Sell-Side Firms, Commercial Banks, Financial Advisors, Attorneys,

Credit Enhancers, Corporate Trust, Rating Agencies)

$750 per person Investor Rate: (Mutual Funds, ETFs, Hedge Funds, Asset Managers, Portfolio Managers)

$450 per person Issuer/Governmental Rate

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 event.

Group Discounts

Groups of 3 or more Standard Rate — $1,305 per person. (Broker/Dealer & Underwriting Firms, Sell-Side Firms, Commercial Banks, Financial Advisors, Attorneys,

Credit Enhancers, Corporate Trust, Rating Agencies)

Groups of 3 or more Investors — $675 per person. (Mutual Funds, ETFs, Hedge Funds, Asset Managers, Portfolio Managers)

Groups of 3 or more Issuer/Governmental Rate — $405 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 paid 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.

Program Cancellation

In the event that Smith's Research & Gradings cancels a scheduled program, all registrants will be notified in writing via email.

Registration fees will be refunded. In the event that the scheduled program is canceled, 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 scheduled program takes place, the registration fee is not refundable.

Complaint Resolution

Address any complaints to Pamela Kilbourn, Smith's Research & Gradings, P.O. Box 1195, Great Falls, VA 22066; email to pamkilbourn@smithsresearch.net or phone (571) 299-4954. Complaints will be handled in as timely a manner as possible.

Privacy Policy & Records Retention

Smith's Research & Gradings values your privacy. Smith's retains information submitted during the registration process with regard to your name, company and contact information. 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.

Registration

Business Casual

Register by Phone: (571) 299-4954;

Email: smiths@smithsresearch.net ;

Online: High Yield Conference Registration

Mail: TMS Holdings, Inc., P.O. Box 1195, Great Falls, VA 22066

Payment

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

Hyatt Regency Greenwich

1800 E Putnam Avenue

Old Greenwich, CT 06870

(203) 637-1234

Hotel Website

A block of rooms is being held for our group until September 26, 2022 at a rate of $189 per night. Please follow this link to make hotel reservations: Hotel Reservations

Alternatively, call the hotel directly at (203) 637-1234.

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Don't miss our Latest publication insights!

Smith's Research & Gradings focuses on the people, sectors and news that matter the most to you. Smith's analysis is an indispensable part of Wall Street and the world's capital markets. Our approach was inspired by the need for a consistent analytical approach across all asset classes. Smith's Gradings are a time-tested, performance proven, and principles-based approach to risk. We go beyond the numbers to connect the dots for the world's decision makers. We can enhance the performance of investments in assets around the globe, while helping to ensure the safety of portfolios here at home.

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