Smith's High Yield Municipal Bond Conference 2023

Agenda

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Tuesday, October 24, 2023

6:00 - 9:00 pm

WELCOME RECEPTION

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

Sponsored by:

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Wednesday, October 25, 2023

8:00 am

CONFERENCE REGISTRATION

BREAKFAST

Sponsored by:

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8:30 am

CONFERENCE WELCOME & INTRODUCTIONS

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Scott MacDonald, Ph.D

Chief Economist

Smith's Research & Gradings

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8:45 am

OPENING COMMENTS

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Laura Appleby

Partner

Faegre Drinker

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9:00 am

CHARTER SCHOOLS: COMPARING START-UPS TO ESTABLISHED SCHOOLS, AND THE CHARTER SCHOOL ENVIRONMENT WITHOUT COVID FUNDING

The High Yield Municipal Bond market is proud to finance charter school bonds that are closing the opportunity gap, delivering an excellent education and providing opportunities to diversify leadership and teaching.  The Charter Schools Program (CSP) is the nation’s only source of dedicated federal funding to support the creation, expansion, and replication of public charter schools. Since FY2019, the CSP has been flat funded at $440 million. The CSP amounts to less than 1% of federal spending on K-12 education, however, it has a substantial impact on the communities where charter schools operate. This year’s program jump starts with a discussion comparing start-ups to established Charter Schools.  The panel will also discuss the Charter School environment without COVID funds.
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Jonathan Chirunga - Moderator

Director of High Yield - Municipals

Managing Director

Amundi Asset Management

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Kelly Davenport, Ed.D.

Founder and CEO

Freire Schools Collaborative

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Tozar Gandhi, CFA, CA,

Senior Credit Analyst

Amundi Asset Management

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Adrienne Walker

Partner

Locke Lord LLP

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John "Jack" L. Pund, Jr.

Managing Director

JLP & Associates

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10:00 am

BRIGHTLINE IS READY TO ROLL

With the upcoming commencement of rail service to its brand new 37,000 square foot train station at Orlando International Airport, Brightline has successfully delivered a 235-mile high-speed rail system in under 10 years at a very attractive cost of approximately $6 billion or $25 million per mile.  A modern, eco-friendly intercity rail system that Brightline believes can be a blueprint for the rest of the country on how world-class infrastructure can be built with private dollars.  The panel will examine the wonderful brand identity Brightline has created in its short operating history centered around convenience, comfort, and luxury.  We’ll also look into the continued ridership momentum currently being shown between Miami and West Palm Beach and how it has revolutionized Florida’s intercity connectivity.  Moving forward, Brightline will now begin serving a corridor between SE Florida and Central Florida that today has a combined population of almost 10million.  It’s also one of the most active travel markets in the world with the number of visitors coming to Florida forecasted to reach 200 million annually by the end of this decade.  We will examine the demand drivers of this global launch and what Brightline has envisioned for the future.

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Ryan Rosberg, CFA (Moderator)

Managing Director

Nuveen Investments

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P. Michael Reininger

CEO

Brightline

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John Miller

CIO of Municipals

First Eagle Investments *as of January, 2024

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Wesley R. Edens (Invited)

Co-Founder and Principal

Fortress Investment Group LLC

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11:00 am

COFFEE NETWORKING BREAK

Sponsored by:

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11:30 am

HIGHER EDUCATION WORKOUTS ARE A TEAM SPORT

The “demographic cliff” facing America’s Higher Education Institutions anticipates a 15% drop in freshman prospects beginning in 2025. The drop off is due to the decline in the birth rate in the 2008 recession and lasting for years afterwards. Those missing babies in 2008 would have entered college 17 years later, in 2025.  Now, another “baby bust” during the 2020 pandemic sent births down 4% over the year, but accelerated to 8% by December 2020 as the impact of Covid reduced births nine months later. No one knows how long or how significant those declines will continue through this year.  The new birth drop echo will hit in 2037.  But, the birth rate is not the only trend threatening higher education. There are mounting factors that dissuade prospective students from making a large investment in higher education degrees, including decisions to go with online alternatives. The panel will discuss these trends and how bond investors can work together to improve returns. 

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Miyoko Sato - Moderator

Member

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

Mintz

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Jessica Wood

Senior Director and Sector Lead, Education

S&P Global Ratings

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Chad Shandler

Senior Managing Director

FTI Consulting

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Mark Gannon

Executive Director

JPMorgan Asset Management

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12:15 pm

LUNCHEON

Sponsored by:

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The Phoenix Award Presentation

— Recognizing Contributions and Achievements in the High Yield Sector

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2023 Recipient: Tom Weyl, Morgan Stanley

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1:30 pm

CCRC SECTOR: IF IT AIN'T BROKE DON'T FIX IT...BUT WHAT IF IT IS?

The CCRC Sector continues to struggle with labor shortages and supply chain issues that are driving up costs (even faster than inflation). So far, Senior Living facilities are reporting a strong rebound in occupancy following the pandemic, with some approaching pre-pandemic levels.  However, questions remain: Is the CCRC entrance fee model no longer workable? Is the "continuum of care" concept obsolete? Why are existing campuses downsizing units? And, is the demographic pillar a temporary crutch?

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Mary Jane Minier, CPA

Senior Analyst

Head of Opportunistic Credit Strategy

Invesco Ltd.

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John C. Spooner

Co-CEO

Greystone Communities

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Steven Ailey

Chief Financial Officer

Forefront Living

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Margaret Johnson, CFA

Senior Director

Sector Lead, Life Plan Communities

Fitch Ratings

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2:15 pm

WHAT WORKS IN WORKFORCE HOUSING

This panel will discuss what works in WorkForce Housing. The High-Yield Housing sector has remained resilient during the unprecedented rising in interest rates over the past year. From a technical perspective, demand for affordable housing has sky rocketed even higher due to the lack of new affordable multifamily housing construction during the past five years. From a credit perspective, meaningful distinctions can be made among workforce housing bonds in California based on vintage (age). In addition, NR tax credit structures, documents and standards will be topics of conversation. 

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Helen Hough Feinberg

Managing Director

Co-Head Housing Finance Group

RBC Capital Markets

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Ian Parker

Managing Director

RBC Capital Markets

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Timothy Milway, CFA

Director

BlackRock

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Mark Wiesenthal

Managing Director

Manatt Housing Solutions

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TBA

Greystone Affordable Development

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3:15 pm

COFFEE NETWORKING BREAK

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3:30 pm

WHAT'S NEXT FOR HIGH YIELD BOND ISSUANCE

Thankfully, the high yield market continues to awaken from the 2022 doldrums. However, closing a project finance deal in 2023 requires liquidity, a great management team, a solid investment thesis, and projections that allow for significant margin. Structures, pricing, and investment themes continue to evolve. What can we discern by looking at successful high yield deals that can help us all build more attractive investment structures that meet investor expectations.

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Yaffa Rattner - Moderator

Senior Managing Director

Head of Municipal Credit

HilltopSecurities

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Mark Jensen

CEO

American Resources Corporation

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Jeff Schumaker

President

American Tire Works

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Clifford Kim, CFA

Vice President-Senior Credit Officer

Global Project and Infrastructure Finance

Moody’s Investors Service

4:15 pm

DAY ONE ROUNDTABLE

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Mark Whitaker, CFA (Invited) - Moderator

Managing Director

Institutional Sales and Trading

Mesirow

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Jon Schotz,

Co-Managing Partner

Co-Portfolio Manager

Saybrook Fund Advisors, LLC

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James Schwartz, CFA

Managing Director

Head of Municipal Credit Research

— BlackRock

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Mark Paris  

Chief Investment Officer

Head of Municipals

Invesco

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Bill Black, CFA

Managing Director

Senior Portfolio Manager

City National Rochdale

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5:00 pm

MUNICIPAL BONDS ON THE ROCKS COCKTAIL HOUR

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Sponsored by:

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6:30 pm

Smith's High Yield Conference Dinner

at Prime Stamford

Sponsored By:

Mintz ~ McDermott Will & Emery ~ Locke Lord ~ Faegre Drinker

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Thursday, October 26, 2023

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7:30 am

CONFERENCE REGISTRATION

BREAKFAST

Sponsored by:

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8:15 am

OPENING COMMENTS

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Laura Appleby

Partner

Faegre Drinker

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8:30 am

WORKOUTS AND RESTRUCTURING DURING RISING RATES

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Terence Smith

CEO

Smith's Research & Gradings

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Kristin Going

Partner

McDermott Will & Emery

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Jeff Wilson

Co-Portfolio Manager, Co-Managing Partner

Saybrook Fund Advisors

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‍To Be Announced

Computershare Corporate Trust

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9:30 am

BUYSIDE CONCERNS: REBUILDING RIGHTS & REMEDIES

What can investors hope to expect from bond indentures if there are no standards or best practices?  This year’s panel of buyside analysts take the market members to task for failing to make the most of the recent run-up in rates to restore bondholder protections. Specific recommendations for required rights and remedies will be debated.

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‍Prakash Vadlamani

Associate Portfolio Manager and Senior Research AnalysT

Amundi Asset Management

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Andrew Cooper

Senior High Yield Municipal Credit Analyst

Vanguard

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Keith Rochelli, CFA

Managing Director

ORIX

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10:15 am

COFFEE NETWORKING BREAK

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10:30 am

CHECKING THE TEMPERATURE OF THE NOT-FOR-PROFIT HEALTHCARE SECTOR

Panelists will discuss the current political pressure, public scrutiny and tax exemption challenges that are being directed at not-for-profit hospitals based upon the level of charity care being provided.

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Nathan Coco - Moderator

Member

Mintz

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Richard Szalkowski

Senior Vice President

Municipal Credit Analyst

Raymond James

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Suzie Desai

Senior Director, Health Care Sector Leader

S&P Global Ratings

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Erin Ellis

Municipal Credit Analyst

Vanguard

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11:00 am

LESSONS LEARNED FROM PUERTO RICO

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Ian Rogow - Moderator

Director

Co-Head Municipal Bond Research

BofA Securities

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Bill Kannel

Member

Mintz

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The Honorable Jesús Santa Rodríguez (Invited)

Chair, Ways and Means Committee

Puerto Rico House of Representatives

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Hector Negroni

Founder and CEO

Foundation Credit

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Manuel Mirabal

Principal

Urban Connective Solutions, Inc.

Washington, DC

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12:00 pm

CONFERENCE ADJOURNS

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