Smith's Municipal Bond Conference
Join Smith's on June 27-28 as industry leaders meet at Smith's 2023 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 June 27-28 for the 3rd 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. What are the challenges and how to reduce CO2 and still 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 2023 and beyond.
Sponsors
Silver
Cocktail Sponsor
Breakfast Sponsor
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Break Sponsor
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Bronze Sponsor
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 June 27-28 as industry leaders meet at Smith's 2023 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 June 27-28 for the 3rd 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. What are the challenges and how to reduce CO2 and still 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 2023 and beyond.
Sponsors
Silver
Cocktail Sponsor
Breakfast Sponsor
Break Sponsor
Bronze Sponsor
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
Tuesday, June 27, 2023
8:00 am
CONFERENCE REGISTRATION
Continental Breakfast
Sponsored By: Fitch Ratings
8:45 am
WELCOME
As host issuer, Mayor Khamsyvoranavong will provide welcoming remarks. After a unanimous vote last fall, the Mayor jumped into action focusing on key issues facing the City of Newport, including the importance of affordable housing options for its citizens, bridge construction and school regionalization.
The Honorable Xaykham "Xay" Rexford Khamsyvoravong
Mayor
City of Newport, Rhode Island
9:00 am
RISING RATE ENVIRONMENT UNDERSCORES THE IMPORTANCE OF RATINGS
Public finance ratings directly impact borrowing costs, access to capital, and investor confidence. Panelists will discuss why ratings matter even more after rampant inflation and a looming recession.
Ian Rogow — Moderator
Director, Co-Head Municipal Bond Research
BofA Securities
Janice Hofferber, CFA
Managing Director, Head of US Public Finance
Moody's Investors Service
Eden Perry
Managing Director
Head of Public Finance, the Americas
S&P Global Ratings
Arlene Bohner
Head of U.S. Public Finance
Fitch Ratings
10:00 am
COFFEE NETWORKING BREAK
Sponsored By: Womble Bond Dickinson
10:30 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?
Terence Smith — Moderator
Chairman & CEO
Smith's Research & Gradings
Mikhail Foux
Managing Director
Barclays Investment Bank
Tom Kozlik
Head of Public Policy and Municipal Strategy
Hilltop Securities Inc.
Mark Schmidt, CFA
Managing Director
Morgan Stanley
Ian Rogow
Director, Co-Head Municipal Bond Research
BofA Securities
11:30 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
John Mousseau, CFA
President, Chief Executive Officer & Director of Fixed Income
Cumberland Advisors
David Pina, CFA
Municipal Credit Analyst
Vanguard
12:15 pm
LUNCHEON
Keynote Presentation:
The Rolling U.S. Recovery and the Future of Municipal Infrastructure Finance
The American Rescue Plan Act featured State and Local Fiscal Recovery Funds during theCovid-19 Pandemic, which are still being spent today. Now, the recovery of the U.S. economy after the Covid-19 Pandemic is fully underway with the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA). This once in a lifetime Federal funding of U.S. infrastructure projects is being distributed unevenly and it has created new challenges, including higher inflation and record low unemployment, which has produced a rolling recovery.
Smith’s Research & Gradings will ask a Blue Ribbon team of infrastructure and finance experts about the status of projects and how more of the Federal funds can use municipal bond/bank loans.
Terence Smith
Chairman & CEO
Smith's Research & Gradings
Bob Spangler
Managing Director & Head of Municipal Finance
RBC Capital Markets
Randy Gerardes
Managing Director
Assured Guaranty
1:30 pm
STATE OF THE STATES
An important question for states heading into fiscal 2024, facing higher interest rates and continued threats of recession, is what should be the key focus areas for state debt managers. Panelists will discuss trends across the states and revenue outlooks from both a credit quality and fiscal viewpoint.
Opening Remarks:
The Honorable James A. Diossa — Rhode Island General Treasurer
Eric Kim (Moderator)
Senior Director, Head of US State Ratings
Fitch Ratings
Francis Quinn
Director of Debt Management
Office of Rhode Island General Treasurer James A. Diossa
Shelby Kerns
Executive Director
National Association of Budget Officers
Christopher Brigati
Senior Vice President, Managing Director Municipal Investments
Valley National Bank
Scott B. MacDonald, Ph.D.
Chief Economist
Smith's Research & Gradings
2:30 pm
LOCAL GOVERNMENTS
Local governments continue to face challenges from inflation, employment pressures, pensions, and more. Panelists will discuss how they are approaching theses challenges.
Geoffrey Buswick
Managing Director & Sector Lead
S&P Global Ratings
Megan Kilgore
City Auditor
City of Columbus, Ohio
William Fazioli
Managing Director
Rhode Island Infrastructure Bank
Susannah Page
Senior Vice President, Manager of Research
Roosevelt & Cross, Inc.
3:30 pm
COFFEE NETWORKING BREAK
Sponsored By: Womble Bond Dickinson
3:45 pm
WATER INFRASTRUCTURE VALUATIONS: WHISKY IS FOR DRINKING, WATER IS FOR FIGHTING
By leveraging the Inflation Reduction Act and issuing municipal bonds, local governments can secure the necessary funding to invest in and maintain vital water infrastructure projects, ultimately benefiting their communities. Other funding options include public-private partnerships (PPPs) to finance and operate water infrastructure projects, helping to reduce the financial burden on local governments and additional expertise in managing projects.
Damian Georgino
Partner
Womble Bond Dickinson LLP
Valentina Gomez
Analyst, Southeastern Local Governments Ratings Team
Moody's Investors Service
Mark Morehouse
Managing Director, P3 Investment Banking
Oppenheimer & Co.
4:30 pm
CONFERENCE ADJOURNS
5:00 - 6:00 pm
MUNI BONDS ON THE HALF SHELL - COCKTAIL RECEPTION
Skiff Bar — Newport Marriott
Sponsored By:
Hilltop Securities Inc.
Wednesday, June 28, 2023
7:45 am
CONFERENCE REGISTRATION
Continental Breakfast
Sponsored By: Fitch Ratings
8:30 am
WELCOME REMARKS
Scott MacDonald, Ph.D.
Chief Economist
Smith's Research & Gradings
8:40 am
LEVERAGING THE PUBLIC'S CAPITAL TO RAISE THE QUALITY OF INFRASTRUCTURE
The average municipal rating is single-A. Every four years, the American Society of Civil Engineers’ (ASCE) Report Card for America’s Infrastructure assigns a grade for the condition and performance of American infrastructure based on the physical condition and needed investments for improvement. In 2021 America's Infrastructure had an overall GPA of "C-". The urgent question is — how to close the gap?
Terence Smith
Chairman & CEO
Smith's Research & Gradings
9:00 am
CREDIT AND FINANCIAL OUTLOOK FOR PUBLIC POWER DECARBONIZATION
The decarbonization of the US electric industry is a national policy which has potential credit and financial risks for public power electric utilities. This panel includes several key participants who will discuss from their perspective the outlook for their utility and or sector. From acceleration of EPA regulations; to transmission issues and the new Inflation Reduction Act new challenges exist.
Dan Aschenbach (Moderator)
President
AGVP LLC
Cory Kuchinsky, CPA
Chief Financial Officer and Treasurer
CPS Energy
Scott Solomon
Vice President, Senior Credit Officer
Moody's Investors Service
9:45 am
COFFEE NETWORKING BREAK
Sponsored By: Womble Bond Dickinson
10:15 am
TRANSPORTATION
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. Panelists will discuss the Transportation sector and discuss how the airports and surface transportation 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.
John Hallacy (Moderator)
President
John Hallacy Consulting LLC
Sussan Corson
Senior Director
Analytical Manager - States and Transportation Group
S&P Global Ratings
Lori Caron Silveira
Executive Director
Rhode Island Turnpike and Bridge Authority
Phil Villaluz
Senior Vice President, Municipal Credit Research
Hilltop Securities Inc.
11:15 am
AFFORDABLE HOUSING IN FOCUS
The capstone to Smith's Muni Bond Conference is a talk with some of the nation's leading affordable housing bond market specialists. Affordable housing remains a bright spot on the new issue calendar, which is driven by tremendous demand from first time homebuyers seeking shelter from the raging inflation. We will be taking the temperature of the Affordable Housing Sector in times of rising rates, high prices and a shortage of housing stock. We’ll look at some of the key housing metrics and what market participants are doing to meet their mission in the sector.
Chuck Karimbakas
Managing Director
cfX Incorporated
Bernadette MacArthur
Director of Finance
Rhode Island Housing
Peter Clerc
Managing Director
Evercrest Advisors
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.
Newport Marriott, 25 America's Cup Ave., Newport, RI 02840
Phone: 401-849-1000
Website: Newport Marriott
A block of rooms is being held for Smith's Research & Gradings until May 29, 2023 at a rate of $399 per night.
Please make reservations as soon as possible by following this link for online reservations: Hotel Reservations
Or by calling Marriott reservations directly at 1 (800) 228-9290 or (401) 849-1000.
