Smith's Municipal Bond Conference
Join Smith's on July 21-22 as industry leaders meet at Smith's 2022 Muni Bond Conference in Newport, Rhode Island.
An economic hurricane may be on the horizon, but Smith's Cadre of Regulars will be preparing to ride out the storm in Newport, Rhode Island on July 21-22 for the 2nd annual Municipal Bond Conference.
Market strategists will tackle today's top issues such as economic indicators — rates, spreads, supply and demand. Do you wonder what sectors are buy, sell, or hold — Smith's conference has the answers. Municipal analysts will discuss the growing trend of incorporating ESG in municipal bond portfolios. The Federal stimulus money has produced a surplus revenues in state and local government coffers, but could the coffers be emptied by a massive hack in muniland? With the push towards clean energy, grid reliability is under stress. New York Power Authority will explain their challenges and what they are doing to reduce CO2 and meet customer needs.
With a focus on leading indicators in a post-pandemic world, market participants will discuss their outlook for the municipal bond market in 2022 and beyond.
Sponsors
Bronze
Cocktail Sponsor
Breakfast
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Breaks
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To find out how your firm can maximize its presence at Smith's Muni Bond Conference with a Sponsorship Package,
please contact Pamela Kilbourn at (571) 299-4954
Smith's Municipal Bond Conference
Join Smith's on July 21-22 as industry leaders meet at Smith's 2022 Muni Bond Conference in Newport, Rhode Island.
An economic hurricane may be on the horizon, but Smith's Cadre of Regulars will be preparing to ride out the storm in Newport, Rhode Island on July 21-22 for the 2nd annual Municipal Bond Conference.
Market strategists will tackle today's top issues such as economic indicators — rates, spreads, supply and demand. Do you wonder what sectors are buy, sell, or hold — Smith's conference has the answers. Municipal analysts will discuss the growing trend of incorporating ESG in municipal bond portfolios. The Federal stimulus money has produced a surplus revenues in state and local government coffers, but could the coffers be emptied by a massive hack in muniland? With the push towards clean energy, grid reliability is under stress. New York Power Authority will explain their challenges and what they are doing to reduce CO2 and meet customer needs.
With a focus on leading indicators in a post-pandemic world, market participants will discuss their outlook for the municipal bond market in 2022 and beyond.
Sponsors
Bronze
Cocktail Sponsor
Breakfast
Breaks
To find out how your firm can maximize its presence at Smith's Muni Bond Conference with a Sponsorship Package,
please contact Pamela Kilbourn at (571) 299-4954
Agenda
Thursday, July 21, 2022
8:30 am
CONFERENCE REGISTRATION
Continental Breakfast
Sponsored By:
Fitch Ratings
9:00 am
WELCOME
The Honorable Jeanne-Marie Napolitano
Mayor
City of Newport, Rhode Island
9:15 am
RISING RATE ENVIRONMENT UNDERSCORES THE IMPORTANCE OF RATINGS
It's a good news/ bad news situation. Revenues are up for state and local governments and there has been a massive number of upgrades in 2022. But will the lingering effects of the Covid "Endemic" be problematic? The near-term economic outlook has been described as a hurricane. Back to the office has been sluggish in many areas of the country. Are these credit factors that are considered in rating assessments? Panelists will also talk about the various approaches to ESG and whether it has become politicized.
Ian Rogow — Moderator
Director, Co-Head Municipal Bond Research
BofA Securities
Michael Rowan
Managing Director, Global Public, Project and Infrastructure Finance Group
Moody's Investors Service
Eden Perry
Head of U.S. Public Finance
S&P Global Ratings
Arlene Bohner
Head of U.S. Public Finance
Fitch Ratings
10:15 am
COFFEE NETWORKING BREAK
Sponsored By:
Womble Bond Dickinson LLP
10:30 am
ESG INVESTING
Funding projects for the public good is the underlying purpose the municipal bond issuance. ESG investing continues to be a major topic of discussion in the municipal bond market as more ESG bonds are issued and Investors, Issuers and Regulators work to formalize the framework. Panelists will discuss how ESG factors can be incorporated into portfolios; funding efforts to address ESG principles; as well as potential credit risks associated with this growing phenomenon.
Leonard Jones
Managing Director
Moody's Investors Service
Nora Wittstruck
Senior Director – ESG Sector Leader
S&P Global Ratings
Samantha Favis
Vice President
Morgan Stanley
11:15 am
MUNI MARKET STRATEGIES
Our panel of experts will weigh in on municipal market trends for rates, spreads, supply and demand, and what sectors are buy, sell, or hold. How much of the market is driven by Fundamentals vs.Technicals? How is the current economic environment impacting credit quality?
Scott MacDonald, Ph.D. — Moderator
Chief Economist
Smith's Research & Gradings
Mikhail Foux
Managing Director
Barclays Investment Bank
Tom Kozlik
Head of Municipal Strategy and Credit
HilltopSecurities Inc.
Michael Zezas, CFA
Managing Director
Morgan Stanley
Ian Rogow
Director, Co-Head Municipal Bond Research
BofA Securities
12:15 pm
LUNCHEON
Keynote Address:
SMITH'S MARKET OUTLOOK
Terence Smith
Chairman & CEO
Smith's Research & Gradings
1:30 pm
STATE AND LOCAL GOVERNMENTS — READY FOR RECESSION?
State and local governments head into fiscal 2023 in relatively good shape, but continue to face challenges from inflation, employment pressures, pensions, and more. Our panel, representing a rating agency, the sell-side, and issuers, will discuss how state and local governments are managing these pressures, as well as the inflow of stimulus funds — are we seeing one-shot financings or game-changer investments? ESG remains a controversial topic and the discussion will hit on potential SEC and MSRB requirements on disclosure challenges. Regarding disclosure, the big question is where is the sweet spot? Investors want more and issuers do not want to over-promise. On a brighter note, we’ll learn how Columbus, OH has tackled and succeeded on the issue of timely financial disclosure.
Geoffrey Buswick
Managing Director & Sector Lead
S&P Global Ratings
Ernie Almonte
Executive Director
Rhode Island League of Cities and Towns
Megan Kilgore
City Auditor
City of Columbus, Ohio
Susannah Page
Senior Vice President, Manager of Research
Roosevelt & Cross, Inc.
2:30 pm
DECARBONIZATION OF ELECTRICITY IN NORTHEAST FROM A PUBLIC POWER UTILITY PERSPECTIVE
As the Nation decarbonizes its electricity sector, each region features unique challenges. New England for example faces the stress of having natural gas as dominant fuel while cold winters are costly. The potential for Hydro Quebec to be a major partner for cleaner energy in both New York and New England have real possibilities including hydro being used as storage balancing for renewable energy and its intermittency. As the transportation sector becomes the responsibility of the electric utility sector, reliability makes for a major challenge.
Dan Aschenbach (Moderator)
President
AGVP LLC
Adam Barsky
Executive Vice President and Chief Financial Officer
New York Power Authority
John Murphy
Director
PFM - Munite LLC
Dennis Pidherny
Managing Director
Fitch Ratings
3:30 pm
COFFEE NETWORKING BREAK
Sponsored By:
Womble Bond Dickinson LLP
3:45 pm
MUNI BOND MARKET SUMMIT AND ROUNDTABLE DISCUSSION
Leaders from the municipal bond market will take a deeper dive about their work on Wall Street to build back the investment process. Specific topics will include:
- How the current economic environment is impacting the new issue market.
- Leaning into the recession, how can market professionals help munis make in-roads.
- And, how we should be looking at pension and OPEB funding ratios and OPEB
These experts will lead a discussion with audience participation.
John Puig
Managing Director
RBC Capital Markets
Randy Gerardes
Managing Director, Public Finance Marketing
Assured Guaranty
Tom Aaron
Vice President, Senior Credit Officer
Moody's Investors Service
4:30 pm
DAY ONE CONCLUDES
5:00 pm
MUNI BONDS ON THE HALF SHELL - COCKTAIL RECEPTION
Sponsored By:
HilltopSecurities
Friday, July 22, 2022
7:30 am
CONFERENCE REGISTRATION
Continental Breakfast Sponsored By:
Fitch Ratings
8:30 am
WELCOME REMARKS
Scott MacDonald, Ph.D.
Chief Economist
Smith's Research & Gradings
9:00 am
CYBER RISKS IN MUNILAND
Cyber attacks continue to wreak havoc in muniland by hackers who are growing in sophistication while the defenders remain at status quo. The problems are going to get worse and without proper preparation, US municipalities, hospitals, school systems and infrastructure assets are at risk. The challenge for state and local governments is how to prioritize their approach to upgrading and maintaining infrastructure —whether it is physical or digital. This panel of cyber experts will discuss the risks municipalities are facing and what can be done to mitigate them.
Hans Holmer
CISO
Smith Information Services LLC
Former CIA Case Officer
Omid Rahmani
Associate Director
Fitch Ratings
9:45 am
BUYERS ROUNDTABLE
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.
Bill Black, CFA
Managing Director, Senior Portfolio Manager
City National Rochdale
Baltazar Juarez
Senior Analyst, Municipal Investment Group
Vanguard
10:30 am
COFFEE NETWORKING BREAK
Sponsored By:
Womble Bond Dickinson LLP
10:45 am
INFRASTRUCTURE INVESTMENT: MAKING THE MOST OF A ONCE IN A GENERATION INVESTMENT OPPORTUNITY
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.
Kurt Forsgren
Managing Director - Sector Lead
S&P Global Ratings
Damian Georgino
Partner
Womble Bond Dickinson LLP
John Pranckevicius
Chief Financial Officer
Secretary-Treasurer
Massachusetts Port Authority
Scott Zuchorski
Managing Director, Global Head of Infrastructure and Project Finance
Fitch Ratings
Michael Ross
Senior Correspondent
Smith's Research & Gradings
12:00 pm
CONFERENCE ADJOURNS
Registration Fees
$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.
Groups of 3 or more Investors — $630 per person.
Groups of 3 or more Issuer/Governmental Rate — $360 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: Smith's Store
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.
Hotel Viking, One Bellevue Avenue, Newport, RI 02840
Phone: 401-847-3300
A block of rooms is being held until June 20, 2022 for Smith's Research & Gradings at a rate of $329 per night. Please follow this link for reservations: Room Reservations
Or call the reservations team at 401-847-3300.
