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Luncheon -
Friday
Jun
12,
2009
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| We will be hosting the penultimate program of the MAGNY season with the topic of The Status of the Bond Insurance Industry. |
| David Veno - Director of Global Bond Insurer Ratings Standard & Poor's |
| Cathy Spain - Director of Member National League of Cities |
| Michael Schozer - President Assured Guaranty Corporation |
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Luncheon -
Friday
May
29,
2009
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This MAGNY lunch will feature three perspectives on health care bonds: sell-side from Ed Merrigan of Zeigler Capital, credit enhancement from Mike Quinn of Assured Guaranty, and buy-side from Dana Fusaris of Fundamental Advisors. Discussion topics will include care for the uninsured, covenant packages and mortgages.
PowerPoint Presentation
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| Ed Merrigan - Zeigler Capital |
| Mike Quinn - Assured Guaranty |
| Dana Fusaris - Fundamental Advisors |
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Luncheon -
Friday
Apr
24,
2009
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| On April 24, MAGNY will host a lunch that will feature the topic of Surface Transportation. We have three very experienced panelists for this session including: Michael McDermott, Senior Director of Fitch Ratings; Janet Lee, Senior Managing Director of Public Resources Advisory Group; and Robert Rich, Managing Director of Public Financial Management, Inc. |
| Michael McDermott - Senior Director Fitch Ratings |
| Janet Lee - Senior Managing Director Public Resources Advisory Group |
| Robert Rich - Managing Director Public Financial Management, Inc. |
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Luncheon -
Friday
Mar
13,
2009
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| We will be hosting a comprehensive program on the American Recovery and Reinvestment Act of 2009 that is also known by its less formal name of the Stimulus Package. |
| Ms. Shahira Knight - Managing Director of Government Affairs SIFMA |
| Ms. T. Kam Wong - Counsel Hawkins, Delafield & Wood, LLP |
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Luncheon -
Friday
Feb
27,
2009
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MAGNY will hold its monthly luncheon on February 27 at the Yale Club with the focus on Tobacco Bonds.
PowerPoint Presentation by Richard Larkin |
| Richard Larkin - Managing Director Herbert J. Sims & Co. |
| Steven J. Kantor - Managing Director First Southwest Company |
| Kym Arnone - Managing Director Barclays Capital |
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Luncheon -
Friday
Jan
30,
2009
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| We are pleased to announce that for our lunch on January 30 at the Yale Club we will have a presentation from David Blitzer of S&P. Dr. Blitzer's primary focus will be to explain and to illustrate the various aspects of the well known Case-Shiller Index.
Luncheon Presentation Slide
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| David Blitzer - Managing Director and Chairperson S&P |
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Holiday Party -
Friday
Dec
19,
2008
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| On Friday December 19, MAGNY will host a Holiday Party for all Members in its longstanding tradition. The Holiday Party will be free to members this year, but we do urge you to register in advance. |
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Luncheon -
Friday
Nov
14,
2008
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| In his comments, Mr. Williams will address three areas that are a focus for DASNY including: Higher Education, Health Care and General Market Issues. |
| Paul T. Williams - Executive Director Dormitory Authority of the State of New York |
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Luncheon -
Friday
Oct
24,
2008
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Muni Market in Flux
Broad financial turmoil is thinning dealer participation in our market, undermining investor confidence, and limiting issuer’s access to new capital. This luncheon will cover the muni specific effects of the crisis, their taxable market context, regulatory risks, and, importantly, some solutions for issuers, including direct to retail bond sales, public/private partnerships, direct lending, and Federal intervention. |
| Rick Kolman - former Co-Head Goldman Sachs Municipal Bond Department |
| Rich Ryffel - Managing Director Edward Jones |
| Tom Doe - President and CEO Municipal Market Advisors |
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Luncheon -
Friday
Sep
12,
2008
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| Analyzing the impact of uncertain and changing economic conditions on the public sector |
| Ronnie Lowenstein - Director New York City Independent Budget Office |
| Ed McKelvey - Vice President and Senior Economist Goldman Sachs and Company |
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Luncheon -
Friday
Jun
13,
2008
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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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| Richard Moche - Partner at Mintz Levin |
| William Kannel - Partner at Mintz Levin |
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Luncheon -
Monday
May
19,
2008
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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 |
| Jeff Ziglar - Goldman Sachs |
| Drew Loughlin - JP Morgan Securities |
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Luncheon -
Friday
Apr
11,
2008
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| Analyzing the impact of credit volatility upon the market access of healthcare issuers in the municipal bond market. |
| Jim Cain - Managing Director and Co-Founder Cain Brothers |
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Luncheon -
Friday
Mar
14,
2008
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| Analyzing the subprime impact on auction rate securities sold by some of the largest municipal issuers. |
| David Brown - Executive Director, Dormitory Authority of the State of New York (DASNY) |
| Vinay Dayal - Acting Director of Finance, New York Metropolitan Transportation Authority |
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Luncheon -
Friday
Feb
08,
2008
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| 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. |
| Lisa Washburn - Moody’s Investors Service -Luncheon Presentation Slide |
| Eric Vandercar - Morgan Stanley -Luncheon Presentation Slide |
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Luncheon -
Friday
Jan
11,
2008
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| 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. |
| Lasana K. Mack - Washington DC's Treasurer and Deputy CFO |
| Carol Kostik - NYC Comptroller |
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Holiday Party -
Thursday
Dec
20,
2007
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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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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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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. |
| Leonard Weiser-Varon - Mintz Levin |
| Jeffrey Brooks - Morgan, Lewis & Bockius |
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Luncheon -
Friday
Sep
28,
2007
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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. |
| George Friedlander - Citigroup Global Markets |
| Joe Deane - Western Asset Management |
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Luncheon -
Friday
Jun
22,
2007
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| 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? |
| Nat Singer - Bear Stearns |
| Peter Hill - ACA |
| David Burke - DEPFA Bank |
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Luncheon -
Wednesday
Jun
06,
2007
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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? |
| Conor Kelly - Managing Director and Head of Infrastructure Finance, Americas DEPFA BANK |
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Luncheon -
Friday
Mar
23,
2007
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| 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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| Davis v. Kentucky |
| 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 |
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Luncheon -
Friday
Jan
19,
2007
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| 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.” |
| John Hallacy - Managing Director Merrill Lynch Public Finance Group |
| Michael Whang - Senior Vice President Lehman Brothers Structured Products Group |
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Holiday Party -
Friday
Dec
08,
2006
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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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"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. |
| Brad Gewehr - Managing Director UBS Municipal Securities |
| Jonathon Fiebach - Portfolio Manager Duration Capital |
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Luncheon -
Friday
Sep
22,
2006
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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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| Everything You Always Wanted To Know About Derivative Exposure, Asked For, But Didn’t Get |
| Dean Mead - GASB |
| Randal Finden - GASB |
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Luncheon -
Friday
May
19,
2006
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| Program: Water Infrastructure - The IOU Perspective |
| Don Correll - Chief Executive Officer American Water Works Company, Inc. |
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Luncheon -
Wednesday
Apr
12,
2006
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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 |
| 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 |
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Luncheon -
Friday
Mar
17,
2006
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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. |
| Howard Pfeffer - President Financial Guaranty Insurance Company |
| Matt Fabian - Senior Municipal Research Analyst UBS |
| Howard Mischel - Managing Director, Bond Insurance Group Standard & Poor’s |
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Luncheon -
Friday
Feb
10,
2006
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| Building the Empire State/Growing the Garden State: Economic Development Finance in the Metropolitan Area |
| Frances Walton - Chief Financial Officer Empire State Development Corp |
| Caren Franzini - Chief Executive Officer New Jersey Economic Development Authority |
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Luncheon -
Friday
Jan
20,
2006
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| 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. |
| 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. |
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Holiday Party -
Friday
Dec
09,
2005
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| 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 Klein will focus on the recent contract settlement and its implications for the finances and operations of this enormous school system. |
| Chancellor Joel Klein - New York City Department of Education |
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Luncheon -
Friday
Oct
21,
2005
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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. |
| John Lonski - Chief Economist Moody's Investors Service |
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Luncheon -
Friday
Sep
09,
2005
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| Private Non-Profits and Educational Institutions - Fiscal Challenges in a Dynamic Environment |
| 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 |
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Luncheon -
Friday
Jun
10,
2005
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| Energy, the Environment and Public Power Bonds |
| Gary Krellenstein - JP Morgan |
| Gerry Lian - Morgan Stanley |
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Luncheon -
Friday
May
13,
2005
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| The Commonwealth of Puerto Rico-The Proposed Budget and Policy Direction of the New Administration |
| The Honorable Anibal Acevedo-Vila - Governor Commonwealth of Puerto Rico |
| Mr. William Lockwood - President Government Development Bank for Puerto Rico |
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Luncheon -
Friday
Apr
15,
2005
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| Tax Reform, Deriviatives and the Municipal Market |
| 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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Luncheon -
Friday
Mar
18,
2005
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| The Outlook for County Finances in New York |
| Arthur Gianelli - Deputy County Executive for Budget and Finance Nassau County, NY |
| Kate Carrano - Budget Director Westchester County, NY |
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Luncheon -
Friday
Feb
11,
2005
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| Trends in Higher Education and Military Housing Finance |
| Pamela Clayton - Fitch Ratings Higher Education |
| Jeff Orum - Bear Stearns Military Housing |
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Luncheon -
Friday
Jan
14,
2005
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| Current Issues and Outlook for the Health Care Sector |
| Martin Arrick - Managing Director- Health Care Standard and Poor's |
| Edward Malmstrom - Managing Director and Co-Head Public Finance Merrill Lynch |
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Holiday Party -
Friday
Dec
03,
2004
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| Magny's Holiday Party |
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Luncheon -
Friday
Nov
12,
2004
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| The Commonwealth's school bonding program and other bonding initiatives, and a budget update. |
| Jeffrey S. Stearns - Deputy Treasurer Commonwealth of Massachusetts |
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Luncheon -
Friday
Oct
15,
2004
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| MTA's Proposed Capital Program and Trends in Transit System Funding |
| Patrick J. McCoy - Director of Finance Metropolitan Transit Authority |
| Maria Matesanz - Senior Vice President, Infrastructure Moody's Investors Services |
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Luncheon -
Wednesday
Sep
22,
2004
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| State of Florida's Fiscal and Debt Issuance Outlook, Hurricane Recovery Efforts, and the Current Regulatory Environment for Municipals |
| J. Ben Watkins III - Director, Division of Bond Finance - Recent Past Member of the MSRB State of Florida |
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2000-2004
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