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Greenwich, Connecticut

Webinar

Smith's High Yield Municipal Bond Conference

October
21
22
,
2021
Thursday
October
21
22
Time
8:30 am
Time
8:30 am
 – 
12:00 pm
Venue
Hyatt Regency Greenwich

THIS EVENT IS SOLD OUT AND WE CANNOT ACCEPT ADDITIONAL REGISTRATIONS

Smith's  High Yield Municipal Bond Conference

Join us LIVE.

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

We're looking forward to meeting together in person for the first time in 24 months. So much has changed during COVID, but our commitment to the municipal high yield bond market remains steadfast.

Now, investors are emerging from their foxholes to learn more about specific credits and entire credit sectors at Smith's High Yield Municipal Bond Conference. "No-Look Lending" never ends well, so smart investors know that playing it safe in a low rate environment requires reaching for higher yielding investments. Smith’s High Yield Municipal Bond Conference examines the nexus of technical demand along with the nature and durability of revenues that support the repayment of high-yield bonds over the next 30 years.

Market experts will explain how to read between the lines to see what is missing from today's high yield municipal bond documents. High Yield investors will talk about the various pitfalls and opportunities in Higher Education, Charter Schools, Assisted Living, Transportation, Public Power and Project Finance.

Come join us in Greenwich to share the lessons learned from coping with COVID and to discuss how we are going to build a better high yield bond market.

Beyond COVID, one of the main themes is whither go interest rates. Inflation may be transitory and rates may go lower for longer, but opportunities abound to select bonds that will outperform indices.

Conference Sponsors:

Platinum Sponsor

Gold Sponsor

Luncheon Sponsor

Cocktail Sponsor

Breakfast Sponsor

Silver

Bronze

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

THIS EVENT IS SOLD OUT AND WE CANNOT ACCEPT ADDITIONAL REGISTRATIONS

Smith's  High Yield Municipal Bond Conference

Join us LIVE.

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

We're looking forward to meeting together in person for the first time in 24 months. So much has changed during COVID, but our commitment to the municipal high yield bond market remains steadfast.

Now, investors are emerging from their foxholes to learn more about specific credits and entire credit sectors at Smith's High Yield Municipal Bond Conference. "No-Look Lending" never ends well, so smart investors know that playing it safe in a low rate environment requires reaching for higher yielding investments. Smith’s High Yield Municipal Bond Conference examines the nexus of technical demand along with the nature and durability of revenues that support the repayment of high-yield bonds over the next 30 years.

Market experts will explain how to read between the lines to see what is missing from today's high yield municipal bond documents. High Yield investors will talk about the various pitfalls and opportunities in Higher Education, Charter Schools, Assisted Living, Transportation, Public Power and Project Finance.

Come join us in Greenwich to share the lessons learned from coping with COVID and to discuss how we are going to build a better high yield bond market.

Beyond COVID, one of the main themes is whither go interest rates. Inflation may be transitory and rates may go lower for longer, but opportunities abound to select bonds that will outperform indices.

Conference Sponsors:

Platinum Sponsor

Gold Sponsor

Luncheon Sponsor

Cocktail Sponsor

Breakfast Sponsor

Silver

Bronze

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

Program at a Glance

Thursday, October 21, 2021

8:00 am

CONFERENCE REGISTRATION

Continental Breakfast

Sponsored by: McDermott Will & Emery

8:45 am

WELCOME REMARKS

9:00 am  

CHARTER SCHOOLS: IS IT SAFE TO JUMP IN THE POOL?

No matter how well you do your homework on a specific charter school, you still may end up owning a fly-by night credit if you buy a pool deal. Smith’s charter school panel will look at the various ways structured financing measures the average quality of the pool.  In a distressed situation or workout, what is the role of the borrower representative, the servicer and the bondholder? Who benefits the most in charter school pooled deals? Do you know what's lurking beneath the surface? Dive into the Charter School sector to learn the latest.

Prakash Vadlamani — Moderator

Associate Portfolio Manager

Senior Research Analyst

Amundi Asset Management

Scott Rolfs

Managing Director

Ziegler

Adrienne Walker

Partner

Locke Lord LLP

Avani Parikh

Senior Director & Analytical Manager

S&P Global Ratings

Shai Markowicz

Director

Citi

9:45 am

REAL LIQUIDITY, REAL SPREADS, AND AN UNREAL ECONOMIC CYCLE

What's really driving the demand for tax-exempt high-yield municipal bonds?  Is inflation here to stay or is it transitory and rates are really going 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

Bill Black, CFA

Managing Director

Senior Portfolio Manager

City National Rochdale

Mark Paris

Chief Investment Officer

Head of Municipals

Invesco

10:30 am

COFFEE NETWORKING BREAK

10:45 am

SOLVING THE CAPITAL STACK FOR COMPLEX TRANSACTIONS...WHERE EXECUTION MATTERS

This panel will discuss several complicated, recently cleared transactions and feature a member of the issuer’s management team to underscore the importance of solid management to deal success. In addition, the panel will discuss some broken financings that are heading to “innovative” refinancing, often requiring collaboration between lawyers, investors and the banking team.

Yaffa Rattner — Moderator

Senior Managing Director

Head of Municipal Credit

HilltopSecurities

Michael Bartolotta

Executive Managing Director

Co-Head Debt Capital Markets

HilltopSeurities

John Paul Taylor

CEO

StoneGate Senior Living

Julie Morrone

Director of Research

Rosemawr Management

11:30 am

HIGHER EDUCATION UNDER STRESS

Universities and higher education institutions are in distress. With demographic and social pressures causing changes to entrance requirements, pandemic-related shutdowns and lockdowns colleges are facing 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

Elyse Levesque

Director

Rosemawr Management

Jessica Wood

Sector Leader & Senior Director

USPF Education

S&P Global Ratings

Kristin Stephens

Managing Director, Head of Credit Strategies

UBS Financial Services

Chad Shandler

Senior Managing Director

FTI Consulting

12:15 pm

THE PHOENIX AWARD PRESENTATION

Smith's High Yield Award for Contributions and Achievements Throughout the Year

2021 Recipient: Bill Black, City National Rochdale

LUNCHEON

Sponsored by: MINTZ

 

1:15 pm

LAND DEVELOPMENT FINANCING

The huge influx of people into Colorado’s Front Range has created a land rush that sent home values soaring while property tax rates are declining.  Contemplated growth-limits prompted a single subject challenge that went before the Colorado Supreme Court. The measure imposed a growth cap via the number of building permits that can be issued annually and cover a large portion of counties and municipalities along the eastern side of the Rocky Mountains. It proposed a change in state law and established some troubling preemption of home rule authority, as well as appearing to grant counties some explicit authority over municipal land use policy. If you believe in home rule, affordable housing, and good land use planning at the municipal level, then this one is not your cup of tea. This session will focus on some of the ins and outs of investing in this booming sector.

Shelby Noble

Senior Vice President, Special District Group

Piper Sandler

Otis Moore

Principal

Westside Investment Partners, Inc.

Jeff Wilson

Co-Portfolio Manager

Co-Managing Partner

Saybrook Fund Advisors

2:00 pm

TRANSPORTATION INFRASTRUCTURE

Kristen Going

Partner

McDermott Will & Emery

Randall Gerardes

Managing Director and Head of Business Origination

Public Finance

Assured Guaranty

Mark Schmidt, CFA

Executive Director

Morgan Stanley

Marshall Kitain

Executive Director

Head of Municipal Bond Credit Analysis and Investor Marketing

J.P. Morgan

2:45 pm

READING BETWEEN THE LINES: WHAT IS MISSING FROM TODAY'S HIGH YIELD MUNICIPAL BOND DOCUMENTS

Panelists take a look at today’s high yield municipal bond documents and reads between the lines to see what is missing.  The session builds on previous discussions about the erosion of bond covenants and weakening of credit factors to examine the very foundations of bondholder protection.  The evidence is damning.  Some high-yield bond documents have entire rights and remedies removed.

Colleen Murphy

Partner

Greenberg Traurig LLP - Moderator

Irina Palchuk

Senior Vice President and Workout Specialist

UMB Bank

Neene Jenkins

Executive Director

J.P. Morgan Asset Management

Margot Kleinman

Managing Director, Senior Research Analyst

Nuveen

3:30 pm

SENIOR LIVING — ONLY THE STRONG SURVIVE

Not all Life Plan Communities survived the COVID Pandemic.  Why did most survive,  yet several succumb to the stresses imposed on the sector?   This panel will take an in depth look at 3 fallen LPCs to determine why they buckled under the pressure of the pandemic as well as insights on the “new normal” for the survivors. 

Mary Jane Minier, CPA

Senior Analyst, Head of Opportunistic Credit Strategy  

Invesco Ltd. 

Ron Mintz, CFA

Principal and Senior Investment Analyst  

The Vanguard Group

Dan Bleck

Member

Mintz

Naomi O'Dell

Director

RBC Capital Markets

Virginia Housum

Senior Vice President/Workout Specialist

UMB Bank

4:15 pm

TOBACCO BONDS: INTO THE WEEDS

The concerns about Vaping and E-Cigs accelerating the decline in cigarette sales are proving to be nothing but a smoke screen. Tobacco bonds remain a significant portion of the municipal bond high-yield index. What's going to drive demand to truly high levels, may be the growth in cannabis — beyond vape and into the weeds? Panelists will discuss the sector relative to trends in Master Settlement Agreement (MSA) payments and where investors may find pockets of investment opportunity for tobacco bonds offering strong estimated performance potential and adequate breakeven rates.

Dyer Greer

Senior Fixed Income Analyst

Victory Capital Management

Mikhail Foux

Managing Director

Barclays Investment Bank

4:45 pm

LIFETIME ACHIEVEMENT PRESENTATION

2021 Recipient: Virginia Housum, UMB Bank

5:00 pm

"MUNICIPAL BONDS ON THE ROCKS" COCKTAIL RECEPTION

Sponsored by: Greenberg Traurig, LLP

Featuring: Race to the Bottom

Jon Schotz

Co-Managing Partner, Co-Portfolio Manager  

Saybrook Fund Advisors, LLC

Warren S. Bloom

Shareholder  

Greenberg Traurig, LLP

James Schwartz, CFA

Managing Director, Head of Municipal Credit Research

BlackRock

Friday, October 22, 2021

7:30 am

CONFERENCE REGISTRATION

Continental Breakfast

Sponsored by: McDermott Will & Emery

8:00 am

WELCOME

8:15 am

STRATEGIES AND MEANINGFUL DISTINCTIONS IN HIGH YIELD MUNICIPAL BONDS

Warren S. Bloom

Shareholder, Co-Chair of the National Public Finance Practice  

Greenberg Traurig, LLP

Michael Zezas, CFA

Managing Director  

Morgan Stanley

Sandy Pae Goldstein

Managing Director, Head of Credit and Structuring  

Foundation Credit

Dan Seymour, CFA

Vice President  

Moody's Investors Service

9:00 am

PUERTO RICO PANEL

Bill Kannel — Moderator

Member

Mintz

The Honorable Rafael "Tatito" Hernández Montañez

Speaker

Puerto Rico House of Representatives

Ian Rogow

Director, Co-Head Municipal Bond Research

BofA Securities

Manuel Mirabal

Principal

Urban Connective Solutions, Inc.

Washington, DC

10:15 am

COFFEE NETWORKING BREAK

10:30 am

LOCAL GOVERNMENTS: WHEN THEY STUMBLE

Although most local governments don't fall into the high yield bucket, the ones that do fall hard. The pandemic added another level of stress to these credits. Oyster Bay, Long Island despite its wealth; upstate cities like Amsterdam or Newburgh; state capitals such as Harrisburg and Hartford -- have all been hit with financial stresses. Panelists will discuss how these local governments got into trouble, how they might recover and what the future might hold.

Susannah Page - Moderator

Senior Vice President

Director of Research

Roosevelt & Cross, Inc.

Steven DeGroat

Commissioner of Finance and Budget

Rockland County, New York

Doug Goldmacher

Vice President

Senior Analyst

Moody's Investors Service

John Hallacy

President

John Hallacy Consulting, LLC

11:15 am

HEALTHCARE CREDITS DURING COVID AND BEYOND

Ian Hammel

Member

Mintz

Cyril Swatko

Senior Fixed Income Research Analyst

Victory Capital Management

Peter Chadwick

Managing Director

Berkeley Research Group (BRG)

Andrew Turnbull

Managing Director

Houlihan Lokey

12:00 pm

CONFERENCE ADJOURNS



THIS EVENT IS SOLD OUT AND WE ARE UNABLE TO ACCOMODATE ANY ADDITIONAL REGISTRATIONS

$1,250 per person Standard Rate:

(Broker/Dealer & Underwriting Firms, Sell-Side Firms, Commercial Banks, Financial Advisors, Attorneys,

Credit Enhancers, Corporate Trust, Rating Agencies)

$700 per person Investor Rate:

(Mutual Funds, ETFs, Hedge Funds, Asset Managers, Portfolio Managers)

$400 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 — $1,125 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 — $630 per person.

(Mutual Funds, ETFs, Hedge Funds, Asset Managers, Portfolio Managers)

Groups of 3 or more Issuer/Governmental Rate — $360 per person.

*To participate in Smith's Research & Gradings live conferences and events, all attendees, speakers, and other participants must provide documentation of full vaccination against COVID-19. (See COVID-19 Protocols below)

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: Registration is Closed

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.

COVID-19 Protocols

Smith's Research & Gradings is pleased to welcome the municipal bond community back to our in-person events. The safety of those attending Smith’s High Yield Municipal Bond Conference is our top priority. In response to COVID-19, attendees must agree to the following requirements prior to attending the conference.

We are strong in our commitment to keeping the municipal bond community informed, engaged, and connected. Therefore, we are relying on everyone to do their part to keep themselves and everyone else safe during the conference. Your conduct impacts others.

Smith’s Research & Gradings will exercise reasonable efforts to utilize protocols that will comply with or exceed any local public health requirements and be consistent with then-prevailing public health standards.

 

Participation and Compliance

•To participate in Smith's Research & Gradings live conferences and events, all attendees, speakers, and other participants must provide documentation of full vaccination against COVID-19. Fully vaccinated is defined as having received, at least 14 days prior the second dose of a two-dose COVID-19 vaccine (Pfizer or Moderna) or a single dose of a one-dose vaccine (J&J). Proof will be required upon registration. Smith's Research & Gradings reserves the right to cancel any registration and deny event entry if vaccination proof is not provided. Accommodations will be made for attendees in accordance with the law and we will send you further details as they become available.

•Attendees must adhere to government-issued travel guidance and all applicable restrictions issued by the region to which they will be traveling, and the region from which they are traveling.

•Attendees shall evaluate their own health and that of people with whom they are in close contact within 14 days prior to the conference dates and should contact Smith’s Research & Gradings if they have any concerns.

•Attendees must STAY HOME if they feel ill, actively experience COVID-19 symptoms, or have been exposed to someone who has tested positive or presumed to be positive with COVID-19 within 14 days prior to the conference dates. In that case, they should contact Smith’s Research & Gradings to cancel their registration and receive a full refund.

 

On-Site During the Conference

•Smith's Research & Gradings is working with its venue partners to ensure compliance with local public health requirements. Our venue partners take pride in maintaining the highest standards of cleanliness and hygiene. Protocols include increased frequency with which public areas, guest rooms, and facilities are deep-cleaned and disinfected, using hospital-grade disinfectants.  

•Hand sanitizer products will be available for attendee use throughout the conference space. Attendees are expected to use these available resources regularly and to practice everyday preventive actions to help prevent the spread of respiratory viruses.

The Hyatt Regency Greenwich
1800 E. Putnam Avenue
Old Greenwich, CT 06870

A block of rooms is being held for Smith's Research & Gradings at a rate of $189 per night until September 27, 2021.

Please follow the link below for reservations:

Reservations

Or, 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.

Subscribe To Download