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Luncheon -
Friday
Sep
12,
2008
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| Ronnie Lowenstein - Director New York City Independent Budget Office |
| Ed McKelvey - Vice President and Senior Economist Goldman Sachs and Company |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| Analyzing the impact of uncertain and changing economic conditions on the public sector |
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Luncheon -
Friday
Jun
13,
2008
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| Richard Moche - Partner at Mintz Levin |
| William Kannel - Partner at Mintz Levin |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
Vallejo, California’s City Council voted unanimously in early May to file for bankruptcy. This city, which has a population of 117,000 people, is the first of its size to seek protection due to unaffordable labor contracts. Vallejo has been slammed by increasing costs of its public safety contracts, the housing crisis, lower property values and state raids on local coffers.
On Friday June 13, we will hear Richard Moche and William Kannel, partners at Mintz Levin; discuss distressed municipalities and Chapter 9 (municipal bankruptcy) in the tax-exempt market.
Luncheon Presentation Slide
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Luncheon -
Monday
May
19,
2008
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| Jeff Ziglar - Goldman Sachs |
| Drew Loughlin - JP Morgan Securities |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
Credit Default Swaps
With the downgrades of some of the financial guarantors there are some innovations that significant markets participants on Wall Street are trying to use to maintain credit quality. Municipal Credit Default Swaps (CDSs) has become one of the leading new products that have increased in popularity during the past year.
Luncheon Presentation Slide |
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Luncheon -
Friday
Apr
11,
2008
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| Jim Cain - Managing Director and Co-Founder Cain Brothers |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| Analyzing the impact of credit volatility upon the market access of healthcare issuers in the municipal bond market. |
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Luncheon -
Friday
Mar
14,
2008
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| David Brown - Executive Director, Dormitory Authority of the State of New York (DASNY) |
| Vinay Dayal - Acting Director of Finance, New York Metropolitan Transportation Authority |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| Analyzing the subprime impact on auction rate securities sold by some of the largest municipal issuers. |
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Luncheon -
Friday
Feb
08,
2008
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| Lisa Washburn - Moody’s Investors Service -Luncheon Presentation Slide |
| Eric Vandercar - Morgan Stanley -Luncheon Presentation Slide |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| On this event we will analyze the impact that the volatility of the bond insurers has had upon this corner of the municipal bond market. |
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Luncheon -
Friday
Jan
11,
2008
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| Lasana K. Mack - Washington DC's Treasurer and Deputy CFO |
| Carol Kostik - NYC Comptroller |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| The sub-prime debacle has caused tremendous volatility in the capital markets. On this event we will analyze the impact this debacle has had upon large issuers in the municipal bond market. |
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Holiday Party -
Thursday
Dec
20,
2007
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| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
Ring in the Holidays with Good Friends, Good Music and Good Food
The MAGNY Annual Holiday Party (For members only) |
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Special Event -
Wednesday
Nov
07,
2007
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| On the floor of the NYSE - NYC |
The Municipal Bond Club of NY is celebrating its 75th Year in 2007, and to commemorate the occasion there is a party.
This event will celebrate not just the MBCNY but the municipal bond industry as a whole. Members of MAGNY, the Municipal Forum, Municipal Woman's Bond Club, local government authorities, and more are encouraged to join in this historic occasion. |
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Luncheon -
Friday
Oct
26,
2007
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| Leonard Weiser-Varon - Mintz Levin |
| Jeffrey Brooks - Morgan, Lewis & Bockius |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
On September 18, the U.S. Court of Appeals for the 11th Circuit ruled
that a bond insurer lacks standing to bring securities fraud claims in
connection with the information on which it bases its decision to insure
a municipal bond issue. The general question of standing of bond
insurers to bring securities fraud claims is unlikely to be resolved by
this latest opinion.
The litigation, FSA v. Stephens, Inc., arises from a 1998 solid waste
bond issue that was insured by FSA. Shortly after the bonds were issued,
the issuer revised its budget and cash flow analysis and amended its
contract with a key waste hauler. This lead to reduced tipping fees and
relieved the waste hauler of its tonnage guarantee. The issuer
subsequently was unable make debt service payments on the insured bonds,
leaving FSA to pay on its bond insurance policy.
This luncheon will analyze Municipal Disclosure: Legal
Responsibility vs. Analysts' Expectations by examining Rule 10b-5 of the
Securities Exchange Act of 1934 and alleged misrepresentations in
official statements and other documents used in connection with
municipal bond financings. |
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Luncheon -
Friday
Sep
28,
2007
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| George Friedlander - Citigroup Global Markets |
| Joe Deane - Western Asset Management |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
This summer has witnessed tremendous chaos in the capital markets. The sub-prime debacle, lack of support from hedge funds and a record forward calendar of tax-exempt bonds has created conditions for a "perfect storm" of high volatility in the municipal bond market.
Our first panel of the year will analyze the behavior of the recent market and look ahead for the balance of this year and the beginning of next year. |
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Luncheon -
Friday
Jun
22,
2007
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| Nat Singer - Bear Stearns |
| Peter Hill - ACA |
| David Burke - DEPFA Bank |
| The DownTown Association - 60 Pine Street, NYC |
| All season, MAGNY’s luncheon series has discussed the municipal market’s increasingly rapid evolution. Change has followed renewed global demand, the proliferation of derivatives and structured products, Moody’s corporate-scale ratings, and many other factors. What will the next 18 months bring? Our final panel of the year will look much farther ahead. We’ve asked some of our market’s leading innovators to share their ideas of what the muni market might look like in a decade. In other words, what does the future hold for muni issuers, enhancers, investors, and the analysts that support them all? |
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Luncheon -
Wednesday
Jun
06,
2007
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| Conor Kelly - Managing Director and Head of Infrastructure Finance, Americas DEPFA BANK |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
P3 and Municipal Investment
Public-private partner-ships may become an important tool for state and local issuers to finance their massive infrastructure needs over the next decade. To finance these projects, private operators have turned to equity raised from third-party, long-term investors. In effect, this equity is a new, taxable means for investing in municipally-oriented projects. The MAGNY panel will provide a brief background on P3 and then discuss the latest trends in muni-equity. Questions we hope will be answered include: How fast is this growing and who exactly is investing? How insulated are equity and traditional bondholders from one another? How will muni-equity holders fare versus traditional muni bond performance? Could rapid growth in muni-equity investment diminish the long-term supply of bond financings, eroding yield and spreads further? And what’s the next step? |
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Luncheon -
Friday
Mar
23,
2007
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| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| The Municipal Analysts Group of New York (MAGNY) is pleased to announce that our March 23 luncheon will feature Moody’s Investors Service presenting their newly-released plan to map all taxable municipal ratings to the corporate equivalent scale—now called the “global equivalent scale” and to formally adopt a map of municipal to global equivalent ratings. |
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Luncheon -
Friday
Feb
16,
2007
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| Walter Hellerstein - Professor of Taxation Law University of Georgia |
| Greg Germain - Assistant Professor, Department of Law Syracuse University |
| John Mousseau - Vice President and Portfolio Manager Cumberland Advisors |
| The DownTown Association - 60 Pine Street, NYC |
| Davis v. Kentucky |
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Luncheon -
Friday
Jan
19,
2007
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| John Hallacy - Managing Director Merrill Lynch Public Finance Group |
| Michael Whang - Senior Vice President Lehman Brothers Structured Products Group |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| Structured Munis - “At the November luncheon, we discussed the future of municipal ratings and how our market is quickly evolving to resemble the corporate and structured markets. Municipal analysts may soon be required to help review products that are new to us, like collateralized debt obligations (CDOs) and credit default swaps (CDS). Our speakers will discuss these products, how they’ve been introduced into the municipal space in the last 12 months, and what the future may hold for structured munis in general.” |
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Holiday Party -
Friday
Dec
08,
2006
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| The DownTown Association - 60 Pine Street, NYC |
Come Celebrate the Holiday's and join us at the
"MAGNY Holiday Luncheon Event" |
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Luncheon -
Friday
Nov
10,
2006
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| Brad Gewehr - Managing Director UBS Municipal Securities |
| Jonathon Fiebach - Portfolio Manager Duration Capital |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
"The Future of Municipal Ratings", How are todays investors using municipal ratings, has it changed from the past?
Speakers will include representatives from a major investment bank, hedge fund and portfolio manager. |
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Luncheon -
Friday
Sep
22,
2006
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| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
Puerto Rico - Update on the Commonwealth
Our first panel of the year will be a full morning’s worth of straight talk from the issuer on the new budget, fiscal reform, and economics. Bring your best questions.
Panels will include representatives from:
· The Commonwealth, discussing the current status of the 100 day plan and an update on sales tax implementation;
· The Puerto Rico Aqueduct & Sewer Authority, discussing their near term financing plans;
· Government Development Bank (GDB), reviewing its current status and future plans; plus
· Several economists on the near- and long-term outlooks for the Island. |
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Luncheon -
Friday
Jun
16,
2006
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| Dean Mead - GASB |
| Randal Finden - GASB |
| The DownTown Association - 60 Pine Street, NYC |
| Everything You Always Wanted To Know About Derivative Exposure, Asked For, But Didn’t Get |
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Luncheon -
Friday
May
19,
2006
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| Don Correll - Chief Executive Officer American Water Works Company, Inc. |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| Program: Water Infrastructure - The IOU Perspective |
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Luncheon -
Wednesday
Apr
12,
2006
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| Dana S. Fusaris - Vice President, Portfolio Director Madison Capital Management, LLC |
| Franklin Bramwell - Senior Vice President & Manager UMB Bank, N.A. |
| Mark Doyle - Sterling Grace |
| The DownTown Association - 60 Pine Street, NYC |
National Benevolent Association was one of the largest non-profit bankruptcies, with about $250 million in bonds outstanding at the time of the bankruptcy filing. On the conclusion of the bankruptcy several months later, the bondholders were paid out at par plus accrued interest. It is rare that bondholders, particularly unsecured bondholders, are > "> paid in full> "> in these matters. A panel of some of the key players will discuss the case and how lessons learned from this highly successful bankruptcy can be applied in maximizing results in other distressed bond situations and even in evaluating new investments.
Panelists:
Matthew Niemann, Managing Director, Houlihan Lokey Howard & Zukin
Paul Ricotta, Esq., Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC
Ann-Ellen Hornidge, Esq., Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC |
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Luncheon -
Friday
Mar
17,
2006
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| Howard Pfeffer - President Financial Guaranty Insurance Company |
| Matt Fabian - Senior Municipal Research Analyst UBS |
| Howard Mischel - Managing Director, Bond Insurance Group Standard & Poor’s |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
The Bond Insurance Landscape
With a smaller municipal market forecasted for 2006 and new entrant participants, the bond insurers are operating in an ever-greater competitive environment. FGIC’s president will discuss how it manages in this environment. We will hear a municipal analyst’s perspective on market implications and a rating agency representative on the impact for claims paying ability. |
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Luncheon -
Friday
Feb
10,
2006
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| Frances Walton - Chief Financial Officer Empire State Development Corp |
| Caren Franzini - Chief Executive Officer New Jersey Economic Development Authority |
| The DownTown Association - 60 Pine Street, NYC |
| Building the Empire State/Growing the Garden State: Economic Development Finance in the Metropolitan Area |
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Luncheon -
Friday
Jan
20,
2006
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| Robert Poole - Director of Transportation (and founder and former President) The Reason Foundation |
| Philip Villaluz - Vice President - Global Securities Research and Economics Merrill Lynch & Co. |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| For local governments looking to close funding gaps, the payment the City of Chicago received for the Calumet Skyway is tough to ignore. Bob Poole of The Reason Foundation, which has issued a report that advocates such sales, will discuss the foundation's position, and Phil Villaluz of Merrill Lynch will comment on his recent report that details the value of such financing schemes. A third perspective, from the position of a governmental agency evaluating such alternatives, may be added to program. |
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Holiday Party -
Friday
Dec
09,
2005
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| The DownTown Association - 60 Pine Street, New York City |
| Our annual holiday luncheon is here at last! Join us at the Down Town Association for good food, plenty of cheer, and special entertainment!! |
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Breakfast -
Wednesday
Nov
30,
2005
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| Chancellor Joel Klein - New York City Department of Education |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| Chancellor Klein will focus on the recent contract settlement and its implications for the finances and operations of this enormous school system. |
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Luncheon -
Friday
Oct
21,
2005
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| John Lonski - Chief Economist Moody's Investors Service |
| The DownTown Association - 60 Pine Street, NYC |
An Economic Outlook
Is your house worth a million dollars (today), but you can't afford to heat it? What do rising oil prices and warnings about inflated housing values mean for the economy, and ultimately, governmental revenues? John Lonski, Moody's Chief Economist, will offer his insights. |
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Luncheon -
Friday
Sep
09,
2005
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| Sarah Gillman - Director of Budget and Financial Planning Wildlife Conservation Society |
| Craig Becker - Assistant Vice President for Finance Seton Hall University |
| Howard Cure - Discussion Leader - Financial Guaranty Insurance Company |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| Private Non-Profits and Educational Institutions - Fiscal Challenges in a Dynamic Environment |
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Luncheon -
Friday
Jun
10,
2005
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| Gary Krellenstein - JP Morgan |
| Gerry Lian - Morgan Stanley |
| The DownTown Association - 60 Pine Street, NYC |
| Energy, the Environment and Public Power Bonds |
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Luncheon -
Friday
May
13,
2005
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| The Honorable Anibal Acevedo-Vila - Governor Commonwealth of Puerto Rico |
| Mr. William Lockwood - President Government Development Bank for Puerto Rico |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| The Commonwealth of Puerto Rico-The Proposed Budget and Policy Direction of the New Administration |
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Luncheon -
Friday
Apr
15,
2005
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| Brad Gewehr - Manager of Municipal Credit Analysis and Strategy UBS Financial Services Inc. |
George Friedlander - Managing Director, Municipal Market Strategist CITIGROUP
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| The DownTown Association - 60 Pine Street, NYC |
| Tax Reform, Deriviatives and the Municipal Market |
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Luncheon -
Friday
Mar
18,
2005
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| Arthur Gianelli - Deputy County Executive for Budget and Finance Nassau County, NY |
| Kate Carrano - Budget Director Westchester County, NY |
| The Yale Club of New York - 50 Vanderbilt Avenue, NYC |
| The Outlook for County Finances in New York |
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Luncheon -
Friday
Feb
11,
2005
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| Pamela Clayton - Fitch Ratings Higher Education |
| Jeff Orum - Bear Stearns Military Housing |
| The DownTown Association - 60 Pine Street, NYC |
| Trends in Higher Education and Military Housing Finance |
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Luncheon -
Friday
Jan
14,
2005
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| Martin Arrick - Managing Director- Health Care Standard and Poor's |
| Edward Malmstrom - Managing Director and Co-Head Public Finance Merrill Lynch |
| The Yale Club of NYC - 50 Vanderbilt Avenue |
| Current Issues and Outlook for the Health Care Sector |
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Holiday Party -
Friday
Dec
03,
2004
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| The DownTown Association - 60 Pine Street, NYC |
| Magny's Holiday Party |
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Luncheon -
Friday
Nov
12,
2004
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| Jeffrey S. Stearns - Deputy Treasurer Commonwealth of Massachusetts |
| The Yale Club of NYC - 50 Vanderbilt Ave |
| The Commonwealth's school bonding program and other bonding initiatives, and a budget update. |
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Luncheon -
Friday
Oct
15,
2004
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| Patrick J. McCoy - Director of Finance Metropolitan Transit Authority |
| Maria Matesanz - Senior Vice President, Infrastructure Moody's Investors Services |
| The DownTown Association - 60 Pine Street, NYC |
| MTA's Proposed Capital Program and Trends in Transit System Funding |
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Luncheon -
Wednesday
Sep
22,
2004
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| J. Ben Watkins III - Director, Division of Bond Finance - Recent Past Member of the MSRB State of Florida |
| The Yale Club of NYC - 50 Vanderbilt Avenue |
| State of Florida's Fiscal and Debt Issuance Outlook, Hurricane Recovery Efforts, and the Current Regulatory Environment for Municipals |
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