Past Events 

Date Topic (Click the title for a complete description of the event with handouts where available)
February 9, 2018 Federal Healthcare Reform Initiatives and Their Impact on the States
January 12, 2018 Illinois & Chicago: Have the 2017 State Budget Deal and Chicago Sales Tax Securitization Changed the Credit Landscape?
November 10, 2017 What Next for Puerto Rican Debt? Legal Implications of Court Rulings and Hurricane Maria
October 13, 2017 Connecticut's New Economic Reality: The Long-Term Budgeting Implications
September 8, 2017 The Trend Toward Dedicated Revenue and Securitization Structures: More or Less Than Meets the Eye?
June 2, 2017 2nd Annual Municipal Analyst Scrum: A no-holds-barred, full contact municipal analyst cage match debate
May 5, 2017 Accelerating Technological Change: Economic, Credit and Policy Implications for State and Local Governments
April 7, 2017 Mid-Terms are Just Around the Corner...Can Charter Schools Make the Grade?
March 3, 2017 Where are they now? Defaulted Municipal Credits after the Crisis
February 3, 2017 Statewide Property Tax Caps: Straightjacket or Panacea?
January 6, 2017 Ever wonder what really happened during the Detroit Bankruptcy?  What was the backstory?  How is the epilogue taking shape?
November 4, 2016 How will aging impact the Muni market?
October 14, 2016 The ongoing pension wars: will the smoke ever clear?
September 9, 2016 New England in New York!
June 13, 2016 The MAGNY Analyst “Scrum”:  A no-holds barred, full-contact, municipal analyst cage match debate
May 13, 2016 New York City 2016-2017 Executive Budget Presentation
 April 8, 2016 How 2016 Elections May Shape the Municipal Bond Policy Agenda
March 4, 2016 Credit Clusters: Is there a spill-over effect with distressed municipalities?
February 4, 2016 Drinking from a Fire Hose: how to effectively follow a vast number of municipal credits in real time with limited resources and evolving regulation
 January 8, 2016 What Would a Speculative-Grade US State Look Like?
November 19, 2015 A Fiscal Bite of the Big Apple: An overview of New York City’s budget and economy
October 9, 2015 The Fiscal High-Wire Act
September 15, 2015 Higher Education: Around the Muni World in 80 Minutes!
June 12, 2015 Higher Education: State Finances at FY End 2015: Unusual Variations among States
May 8, 2015 Higher Education: Pressures on the Sector and Strategies for Dealing with Distress
April 7, 2015 Point/Counterpoint Debate: The Pros and Cons of Pension Obligation Bonds
March 13, 2015 Identifying and quantifying new approaches to finding relative value in the Municipal market
February 6, 2015 OUTLOOK? LOOK OUT.
January 9, 2015 Motown's Flipside: Plan Confirmed, Now What?
November 14, 2014 Why is U.S. Municipal Issuance Falling Despite Historically Low Interest Rates?
October 14, 2014  A Discussion on the State of New Jersey
September 23, 2014 A Discussion on the State of California
 June 6, 2014 The New Fiscal Year: What's the Outlook for States?
 May 2, 2014 The Affordable Care Act and the Challenges/Opportunities for Hospitals
 April 4, 2014 Airports: Staying Aloft during the Storm?
 March 7, 2014 Local Governments Managing Distress
 February 7, 2014 How States Deal with Local Government Distress
 January 10, 2014 Monitoring Local Municipal Fiscal Distress
 November 22, 2013 Higher Education - Stresses and Strategies
 October 7, 2013 Puerto Rico Debt
 September 9, 2013 Detroit and Emergency Management in Michigan
 June 7, 2013 Water Supply Issues
 May 10, 2013 Puerto Rico: Economic Competitiveness
 March 13, 2013 State Budget Update
 February 15, 2013 Inside the New GASB Pension Standards
January 18, 2013 Impact of Hurricane Sandy on the New York/New Jersey Region

 

 

  

Topic:Federal Healthcare Reform Initiatives and Their Impact on the States
Date: Friday, February 9, 2018
Speakers:

Jason Helgerson- Medicaid Director, Office of Health Ins. Programs, State of New York - Bio

Kate McEvoy – Director, Division of Health Services, State of Connecticut - Bio

George Huang - Senior Analyst - U.S. Hospitals, Wells Fargo Securities - Bio

Summary:

While wholesale U.S. healthcare reform was not realized at the federal level in 2017, the Trump administration and the U.S. Congress have voiced the desire to enact major changes to the healthcare system including, but not limited to, the eventual repeal of the Affordable Care Act (ACA) and changing Medicaid into a block grant program. Our panelists will assess the potential impact of these reform initiatives and the policy tools that state governments and regional hospitals have at their disposal adapt to major policy changes. The panelists will review the likely effects of the repeal of the individual mandate, and what effect this will have on the Medicaid populations in their states. Our panel includes the Medicaid Directors for the States of New York and Connecticut, as well as George Huang of Wells Fargo Securities, so expect a very lively and well-informed discussion. 

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Illinois & Chicago: Have the 2017 State Budget Deal and Chicago Sales Tax Securitization Changed the Credit Landscape?
Date: Friday, January 12, 2018
Speakers:

Robert Christmas - Partner, Nixon Peabody LLP - Bio - Presentation

Rachel Cortez - Vice President, Senior Credit Officer, Manager, Moody's Investors Service - Bio - Presentation

William Cox - Managing Director, Public Finance, Kroll Bond Rating Agency - Bio - Presentation

Chris Mier - Chief Strategist and Managing Director of the Analytical Services Division (ASD), Loop Capital - Bio - Presentation

Summary:

The panel will discuss the impact of the 2017 state budget and its impact on local credit quality within Illinois. The panel will also discuss the creation of the Sales Tax Securitization Corporation and examine the legal framework designed to separate the corporation from the ongoing operational and financial risks of the city of Chicago. Finally, the panelists will discuss the evolving credit landscape for the city and the state in light of these developments.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

  

Topic:What Next for Puerto Rican Debt? Legal Implications of Court Rulings and Hurricane Maria
Date: Friday, November 10, 2017
Speakers:

Speakers: Kent Hiteshew, Senior Fellow at New York University’s Marron Institute and a Strategic Advisor to Ernst & Young’s municipal restructuring and infrastructure advisory services, and a rare stateside appearance by John Mudd, a Puerto Rico-based Attorney at Law specializing in local bankruptcy and constitutional law.

Speaker Bios

Moderator: Joe Mysak, Editor, Bloomberg Briefs
Summary:

Joe Mysak will be moderating a discussion between Kent Hiteshew and John Mudd about recent PROMESA actions and legislation that is scheduled to be made public at the end of October and going into early November. They will also be discussing the updated financial plan, the collapse of the PREPA agreement, and the impact of the hurricane on the credit. 

Since Kent led the Treasury team that was instrumental in putting together the PROMESA legislation and John is one of PROMESA’s most vocal critics, we do 

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:Connecticut's New Economic Reality: 
The Long-Term Budgeting Implications
Date: Friday, October 13, 2017
Speaker:

Benjamin Barnes, Secretary of Connecticut's Office of Policy and Management

Benjamin BarnesBenjamin Barnes was appointed by Governor Dannel Malloy to serve as the Secretary of the State of Connecticut Office of Policy and Management (OPM) effective January 5, 2011.  OPM is the Governor's staff agency in Connecticut and is responsible for all aspects of policy, planning, budgeting and management of state government.

Before joining OPM, Mr. Barnes was the Operating Officer for the Bridgeport Public Schools, overseeing the school system’s facilities, transportation, technology and $215 million budget.  Previously, Mr. Barnes was the Director of Operations for the City of Stamford, a department with 250 employees, an annual operating budget of $43 million and a capital budget of $40 million.  In this capacity, he was responsible for public works, solid waste and recycling, land use and zoning, sewage, parks and recreation, and engineering services.  Mr. Barnes also served as the Director of Administration and as the Director of Public Safety, Health and Welfare for the City of Stamford.

Mr. Barnes has worked as the Government Finance Director for the Connecticut Conference of Municipalities and as a planner for the Cities of Hartford, Connecticut and St. Petersburg, Florida. 

Mr. Barnes holds a Masters degree in Urban Planning from New York University and a Bachelor’s degree in History from Swarthmore College.  He has served on the Boards of Directors of the Housing Development Fund and the Childcare Learning Centers.  He has lived in Connecticut for 20 years.

Moderator: Michael E. Imber, Alvarez & Marsal
Summary:

Since the Great Recession, state revenues have not rebounded to the extent that they did following prior recessions. Connecticut, in particular, has not fared well, and its weak revenue growth has contributed to significant budgetary pressures due to the state’s high cost structure and elevated long term liabilities. Secretary Barnes will explore this new economic reality and the budgeting implications for Connecticut, as well as the impact this will have on its local units of government.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


The Trend Toward Dedicated Revenue and Securitization Structures: More or Less Than Meets the Eye?

Date: Friday, September 8, 2017
Details:

In the post-Detroit environment, investors have grown more wary of the full faith & credit GO pledge and have increasingly turned toward dedicated revenue and securitization structures. Is their newfound faith in these structures justified? If so, what questions should they be asking to safeguard their security interest?

Our panel will discuss the following issues and more:

  • Perceived benefits of migrating to more dedicated revenue and securitization structures;
  • Legal aspects of dedicated revenue issues designed to remedy perceived shortcomings of the GO pledge
  • Determining what constitutes a true sale for a municipal securitization; and
  • Factors assessed when rating only a portion of a municipality’s tax revenue stream and potential implications for the residual GO pledge

James Lyman, Managing Director at Neuberger Berman, will review what investors should be looking for in a sound dedicated revenue structure. William W. Kannel, Partner at Mintz Levin has represented various municipalities, bondholders, and other creditors, in insolvency proceedings in courts throughout the United States. Amy Laskey, Managing Director at Fitch Ratings will present Fitch’s approach to rating these structures. Sarah Sullivant, Director at S&P Global Ratings will present S&P's approach to ratings these structures. Chris Fenske from IHS Markit and Triet Nguyen from NewOak Fundamental Credit will serve as moderators for the panel.

About the Speakers:

James A. Lyman, Managing Director at Neuberger Berman, joined the firm in 2010. Jim is the Director of Research for the Municipal Fixed Income team. He has more than 20 years of experience in both the tax-exempt and taxable sectors of the bond market. Prior to joining the firm, Jim held credit research-related positions with Oppenheimer & Co. and Morgan Stanley’s Global Wealth Management Division. Before that, Jim was an analyst/portfolio manager with Fischer Francis Trees & Watts. Previously, he spent more than ten years at Robeco Weiss, Peck & Greer as the director of municipal and investment grade research. In addition to his work as an analyst, Jim is a published author, having been a contributor to a book entitled Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income, as well as having been a content editor for The Complete Guide to Investing in Bond and Bond Funds: How to Earn High Rates of Return – Safely. Jim began his career at Moody’s Investor Services as a credit analyst and earned a BA in Economics from New York University.

Bill Kannel is the Section Head of the Bankruptcy and Restructuring Section at Mintz Levin. His practice focuses primarily on workouts, restructurings and bankruptcies. He has represented various institutional lenders, indenture trustees, bondholders, and other creditors, debtors, and trustees in all manner of insolvency proceedings in courts throughout the United States. His industry experience encompasses municipalities, airlines, hospitals and other health care facilities, retail, telecom, energy and clean tech, waste disposal, military housing, hotels, and educational institutions. He has substantial experience in all phases of bankruptcy litigation, practice, and case management from both the debtor’s and creditor’s perspective, including relief from stay, adequate protection, valuation, preference, fraudulent transfer, subordination, competing plan, and appellate litigation. His practice also includes addressing bankruptcy and documentation issues in securitizations, receivable sales, bond transactions, and structured financings generally. Bill's recent Chapter 9 and municipal debt representations include representation of an ad-hoc group of water and sewer bondholders in Detroit Chapter 9, representation of the bond trustee in Stockton Chapter 9, representation of liquidity banks in Jefferson County Chapter 9, representation of bond trustee for the Scranton Parking Authority, and representation of numerous holders of Puerto Rico debt securities. Bill is a fellow in the American College of Bankruptcy, active in the American Bankruptcy Institute and the Turnaround Management Association and frequently lectures and writes on insolvency issues in front of these groups and numerous other bar, trade, and industry groups, including the National Federation of Municipal Analysts. He is perennially ranked as one of the nation’s leading bankruptcy lawyers in publications such as Chambers USA, Best Lawyers in America, the Legal 500 United States and The International Who’s Who of Insolvency and Restructuring Lawyers. Download PDF of Bill's Presentation .

Amy R. Laskey is a managing director in Fitch Ratings’ U.S. public finance group, focusing on the analysis and ratings of local government tax-supported bonds. Prior to joining Fitch in 1995, Amy was a deputy assistant director for capital financial planning in New York City’s Office of Management and Budget, where her responsibilities included overseeing the development of the 10-year capital strategy, as well as the annual capital budget. Earlier, Amy was a program coordinator with the Metropolitan Transportation Authority, where she monitored and approved spending for the New York City Transit Authority’s capital program. Amy earned a BA in music from Barnard College before receiving an MBA in finance from Columbia University. In addition, she is a member of the National Federation of Municipal Analysts and the Government Finance Officers of America, and is Past Chair of the Municipal Analysts Group of New York. Download PDF of Amy's Presentation .

Sarah Sullivant is a senior analyst in S&P Global Ratings’ US Public Finance Ratings Group, covering municipal GO and tax-secured credits throughout the Western United States with an analytic team based in San Francisco. She contributes to criteria development projects on behalf of the US Public Finance Ratings group, with special expertise in the tax-secured sector. She is a member of the National Federation of Municipal Analysts (NFMA) and the California Society of Municipal Analysts (CSMA). Sarah holds a B.A. from Rice University and a Master of Public Policy (MPP) from the University of California, Berkeley’s Goldman School of Public Policy. Download PDF of Sarah's Presentation .

Chris Fenske joined Markit in 2011 and currently co-heads Global Fixed Income Pricing Research where he is responsible for publishing innovative research that uses alternative data for the analysis of municipal bond, global CDS, corporate bond, leveraged loan, securitized product, and sovereign bond markets. His research if frequently published in Alt Credit Intelligence magazine and FactSet’s Insight blog, and has been cited in Barron’s and various other periodicals. Prior to joining Markit, Chris was a Senior Vice President at Halcyon Asset Management, where he was a senior trader/analyst focusing on distressed mortgage backed securities investments. Chris began his career at Credit Suisse in 1998, where he spent over five years on an Institutional Investor Magazine top ranked Fixed Income Research team and later traded credit and distressed asset-backed securities, as well as credit default swaps on asset-backed securities. He holds a BS in Biochemistry from Binghamton University.

Triet Nguyen is a 35 year veteran of the fixed-income markets and a high yield/distressed municipal bond expert. He is currently Head of Fundamental Credit for NewOak Capital LLC, a leading credit and risk advisory firm.Triet is the author of “Investing In The High Yield Municipal Market”, published in July 2012 by John Wiley/Bloomberg Press. He is also the editor of MuniCredit Insights, a weekly newsletter from NewOak. Before joining NewOak, Triet was the founder and managing partner of Axios Advisors LLC, an independent municipal research and investment advisory boutique. Prior to Axios, Mr. Nguyen was a Senior Vice President at B.C. Ziegler, where he traded tax-exempt high yield and taxable municipal bonds (including Build America Bonds). From January 2004 to January 2008, he was a Managing Director of Saybrook Capital, LLC, managing one of the first ever municipal hedge funds dedicated to a credit strategy.  Prior to 2000, he was a Vice President/Portfolio Manager of the John Hancock Funds and a Senior Portfolio Manager of the Putnam Funds. Triet received a B.A. in Economics and an M.B.A. in Finance and Accounting from the University of Chicago. 

After the panel’s discussion, we will leave ample time for questions and comments from the audience. We do expect a spirited discussion on this important topic!

Before the educational program, MAGNY will be presenting a tribute to our late colleague and friend, Dick Larkin, with guest speakers who will share their recollections of Dick’s personality, career, and contributions to the public finance industry.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


2nd Annual Municipal Analyst Scrum: A no-holds-barred, full contact municipal analyst cage match debate

Date: Friday, June 2, 2017
Details:

Speakers: YOU – the MAGNY attendees – will be the featured speakers in a referee-controlled, round-table discussion about almost any muni topic you want. Several subject matter experts will help guide the conversation on municipal distress situations, pensions, infrastructure, higher education, healthcare, or municipal market conditions or other topics. No municipal subject is off-limits. …and if any of you are looking for a grudge match from the NFMA Muni Scrum in Washington, D.C. – or from last year’s inaugural scrum…here’s your chance!

Subject matter experts will include: Laura Appleby (Chapman & Cutler), Tim Little (S&P Global), Poonam Patidar (Mintz Levin), Ryan McDonald (Blackrock), Eric Kim (Fitch), and Ernest Gyasi (Neuberger Berman). This will be a complete audience participation styled event unlike any every done before at MAGNY – except for last year which is why this is the second annual!

FOOD FIGHTS WILL NOT BE PERMITTED

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


Accelerating Technological Change: Economic, Credit and Policy Implications for State and Local Governments.

Date: Friday, May 5, 2017
Details:

It is becoming increasingly clear that as technological change continues to accelerate, it will continue to bring profound changes to our economy, state and local governments, and governmental policy. 

Key issues include:

  • Profound changes to patterns of economic growth, inflation, productivity, income and wealth disparities and other key economic factors in the US economy;
  • Increasing pressures on jobs in general and middle-income jobs in particular;
  • Adaptive patterns by state and local governments, including profound changes in urban design and planning, “smart cities” and “smart industry cities,”  and an increasing  role for private partners; and
  • Significant implications for state and local financial strength, credit quality and credit differentiation. 

In this luncheon, we look at these patterns from the viewpoint of state and local and national policy. George Friedlander, Managing Partner at Court Street Group, has been tracking these patterns for roughly 4 years and has written extensively on the topic. Sarah Kline of The Bipartisan Policy Center brings to the topic a fresh eye from the viewpoint of a non-partisan think tank. After their two presentations, we will leave ample time for questions and comments from the audience.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


Mid-Terms are Just Around the Corner...
Can Charter Schools Make the Grade?

Date: Friday, April 7, 2017
Speakers:

Moderator: 

David Hitchcock, Senior Director, S&P Global

Presenters:

James Lyman, Director of Research, Neuberger Berman
Jessica Matsumori, Senior Director, S&P Global, sector lead for charter schools

Summary:

Can charter schools achieve investment grade status? Despite failures and successes, charter school debt has grown rapidly as facilities' needs increase— over 5% of national K-12 students attended a charter school in 2014, with much higher percentages in certain inner cities. Investor reception remains mixed, however, in that charter schools can be closed by their authorizers or fail on their own. MAGNY presents a discussion between two experts presenting opposing views. James Lyman, Director of Research at Neuberger Berman, views all charter school debt as having below investment grade characteristics regardless of size and financial performance. Jessica Matsumori oversees about 265 charter school debt ratings as S&P Global sector lead for charter schools, with about half falling into low investment grade categories. Jessica will explain the S&P rating distribution based on S&P criteria and median ratios. After short presentations and a moderated discussion, the floor will be thrown open for questions and further discussion.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


Where are they now? Defaulted Municipal Credits after the Crisis

Date: Friday, March 3, 2017
Speakers:

Moderator:  Michael Imber, Alvarez & Marsal Public Sector Services;  served as financial advisor to COPs Holders in Detroit Chapter 9 case

Panelists:

  • Jennifer Johnston, Vice President, Franklin Templeton Investments

  • Jane Ridley, Senior Director, S&P Global Ratings

  • James Spiotto, Managing Director, Chapman Strategic Advisors
Summary:

As fiscal pressures on state and local governments created by the recession dissipate, it is worth considering how issuers who defaulted have responded, and in turn, how the market has responded to these issuers’ shifting financial positions. The panel will discuss Detroit, Stockton, San Bernadino, Harrisburg, and Jefferson County, among others. Additionally, the panel will discuss how these defaults affect the market’s view of credit quality of other municipal issuers facing significant fiscal stress.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


Statewide Property Tax Caps: Straightjacket or Panacea?

Date: Friday, February 3, 2017
Summary:

Since the late 1970s, and particularly since the Great Recession of 2008-09, voters and elected leaders in state capitols across the US have developed an unabashed enthusiasm for restricting the ability of their local governments to raise property taxes. As of 2015, more than 40 US states imposed some type of broad-based property tax “cap”, and all signs suggest that the desire of voters to slow the growth in their property tax bills will remain a salient feature of our political life.  

Property tax caps remain highly controversial, however. Some critics contend that they contribute to the “de-funding” of municipal services and weaken local government credit quality. Other critics have pointed out a host of unintended consequences, including wealthier property owners paying lower taxes than poorer residents of the same jurisdiction. Many questions remain unanswered: Do property tax caps weaken the independence of local governments? Are they really a panacea for tax payers?

To help us answer these questions are Joan Youngman, a foremost scholar and historian of the property tax with The Lincoln Institute of Land Policy, a Cambridge, Massachusetts-based economic think tank and author of 2016’s “A Good Tax: Legal and Policy Issues for the Property Tax in the US," and Jared Walczak, a Senior Policy Analyst with The Tax Foundation and an author of frequent commentaries on state and local tax policy in the US. Expect a lively discussion!

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


Ever wonder what really happened during the Detroit Bankruptcy?  What was the backstory?  How is the epilogue taking shape?

Date: Friday, January 6, 2017
Summary:

Stephen Eide of the Manhattan Institute wrote in a New York Times book review, “Nathan Bomey’s ‘Detroit Resurrected’ is the most thoroughly reported account of the largest municipal bankruptcy in American History.” Come hear Mr Bomey recount highlights from the hundreds of interviews he conducted with the main actors in this saga. Listen to stories heretofore untold, which add brilliant color to the facts of the case. 

And if that isn’t enough, listen to a give-and-take discussion between Nathan Bomey and Bill Kannel of Mintz Levin. Bill is the section head of Mintz Levin’s Bankruptcy and Restructuring Group. Bill represented numerous institutional investors and other bondholders in the Detroit bankruptcy, as well as being involved in representing trustees and holders in many other Chapter 9 cases and out of court municipal restructurings.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


How will aging impact the Muni market?

Date: Friday, November 4, 2016
Speakers:

Moderator:  Eden Perry, Senior Director-Analytic Manager, U.S. States Group, S&P Global Ratings

Panelists:

  • Mike Hodin, CEO of the Global Coalition on Aging and Managing Director of the High Lantern Group

  • Aaron Renn, Senior Fellow Manhattan Institute; Contributing Editor of the City Journal; Economic Development Columnist for Governing Magazine

  • Robert Muller, Managing Director at JP Morgan Chase
Summary: A panel discussion on the impact of aging on the muni-market. How aging will impact society and ultimately the demand for the limited resources of state budgets, local budgets, health care, public infrastructure, etc. http://www.wsj.com/articles/for-economy-aging-population-poses-double-whammy-1470249965

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


The ongoing pension wars: will the smoke ever clear?

Date: Friday, October 14, 2016
Speakers:

Moderator:  Anne G. Ross, Senior Credit Analyst, Lumesis, Inc.

Panelists:

· George Friedlander, Municipal Strategist

· Mark F. Meyer, PhD, Vice President, Charles River Associates

· Marcia Van Wagner, Senior Credit Officer, Moody’s Investors Service

Summary: The implications of unfunded pension liabilities have become an ever-increasing concern for muni issuers and investors. Among the most important issues are the extremely weak pension fund returns for the past fiscal year, but perhaps more importantly, growing pressure to drastically reduce assumed investment returns, which would cause unfunded liabilities and required annual contributions to skyrocket. We examine the growing budget, credit and policy implications of these factors from the viewpoint of an actuary, a rating agency analyst and a muni strategist.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


New England in New York!

Date: Friday, September 9, 2016
Speaker:

Connecticut State Comptroller Kevin Lembo – Kevin Lembo serves as the chief fiscal guardian -- reporting on the state’s financial status every month to ensure that Connecticut proceeds on a secure financial track, coordinating health care and payroll for hundreds of thousands of public employees and retirees, and administering the statewide electronic accounting system.  He has been hailed by advocacy groups and the media as a "champion of transparency" for his efforts to promote public access to vital state financial information.

Summary: Kevin will be speaking about fiscal sustainability and policy initiatives specific to Connecticut’s efforts to grapple with its budget challenges.  A spirited question & answer session will follow.  

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


The MAGNY Analyst “Scrum”:  A no-holds barred, full-contact, municipal analyst cage match debate

Date: Monday, June 13, 2016
Speakers:

YOU – the MAGNY luncheon attendees - will be the featured speakers in a referee-controlled, round-table discussion about almost any topic you want.  

Summary: Several subject matter experts will help guide the conversation on municipal distress situations, pensions, infrastructure, higher education, healthcare or municipal market conditions or other topics.  No municipal subject is off-limits.  

This will be a complete audience participation styled event unlike any ever done before at a MAGNY luncheon.

FOOD FIGHTS WILL NOT BE PERMITTED. 

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


New York City 2016-2017 Executive Budget Presentation

Date: Friday, May 13, 2016
Speaker:

Dean Fuleihan, NYC Budget Director
Widely recognized as one of the most accomplished, budget negotiators in the state, Mr. Fuleihan served more than three decades in top posts for the New York State Assembly, including as the chief fiscal and policy advisor to the Assembly leadership. NYC Mayor Bill DeBlasio appointed Mr. Fuleihan to his current role from the outset of his administration in January 2014.

Summary: NYC will release its Executive Budget for 2016-2017 on April 26.  Director Fuleihan will make a short presentation about the budget and take questions during an extended Q&A period afterwards.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


How 2016 Elections May Shape the Municipal Bond Policy Agenda

Date: Friday, April 8, 2016
Speakers:

Hon. Thomas M. Reynolds - Former Member of Congress Tom Reynolds served in the U.S. House of Representatives for five terms, and is currently Senior Strategic Policy Advisor at Nixon Peabody.

Mitch Rapaport - Mitch Rapaport is a former Treasury and IRS official, and a law partner at Nixon Peabody with 30 years of practice in tax and policy issues related to public finance and infrastructure finance transactions. 

Moderator: Susan Collet - Susan Collet of H Street Capitol Strategies, LLC has over 20 years of experience advocating on Capitol Hill and has represented both issuers and broker-dealers with a focus on tax policy.  

Presentation - 2016 Elections
Presentation - 2016 Tax Plans

Summary:
  • What does the rise of “game changing” politicians mean for the future of public finance?
  • The policy choices and political factors that can disrupt the status quo on municipal securities.
  • How do Democrats, Republicans and Game Changers view state and local government finance issues through their respective lenses? 
  • What the 1986 Tax Act, American Recovery and Reinvestment Act of 2009 and fiscal cliff reveal about how Congress may approach municipal securities in the future.
  • On the numbers: why the tax exemption for municipal securities will continue to be jeopardized in fiscal and budgetary debates

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


Credit Clusters: Is there a spill-over effect with distressed municipalities?

Date: Friday, March 4, 2016
Speakers:

Richard Ciccarone (Panelist) – President & Chief Executive Officer, Merritt Research Services, LLC  Presentation

Alfred Medioli (Panelist) – Senior Vice President and Group Credit Officer, Credit Strategy and Standards at Moody's Investors Service Presentation

Barbara Flickinger (Moderator/Panelist) – Managing Director & Head of Portrfolio Surveillance, National Public Finance Guarantee Corporation

Summary:

As specific obligors become stressed, there seems to be a propensity for that pressure to affect related obligors. In light of the Detroit episode and its linkage to Wayne County, and the Water & Sewer bonds; the multiple downgrades of several issuers in Chicago; and the contagion effect on the various issuers in Puerto Rico, our panel will discuss the idea of assessing risk and opportunity in light of non-linear relationships among obligors, ratings categories, and other credit clusters or constellations.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Drinking from a Fire Hose: how to effectively follow a vast number of municipal credits in real time with limited resources and evolving regulation

Date: Thursday, February 4, 2016
Panelists:

James Schwartz - BlackRock, Inc.
Jim Doyle 
- Assured Guaranty
Robin Prunty 
- S&P Ratings

Moderator: Stephen Winterstein – Wilmington Trust Investment Advisors, Inc.
Summary:

Constructing an effective workflow and risk management process is a formidable job.  The challenges that a municipal credit team faces will vary depending upon the nature of the firm.  Large mutual fund complexes have different needs than do NRSROs.  Moreover, the requirements of a monoline insurer may involve yet another unique set of practices.  Our panel will discuss the issues and trials that municipal credit teams face, and suggest a variety of structures, tools and protocols that may be effective in managing workflow and risk.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

What Would a Speculative-Grade US State Look Like?

Date: Friday, January 8, 2016
Panelists:

Ted Hampton, VP/Senior Credit Officer, Moody’s Investors Service
Lead analyst for State of Illinois and Commonwealth of Puerto Rico

Guy Davidson III, Partner, AllianceBernstein, L.P.
Director, Municipal Investments

Moderator: Thomas McLoughlinManaging Director, UBS Financial Services
Head of Fixed Income Research
Summary:

Can a state be rated less than investment-grade?  Based on the market values of Illinois GOs and New Jersey appropriation debt today, the answer is yes.  Are investors correct, or are they over-reacting? What would the rating agencies need to see in financial and debt metrics to lower a state to spec-grade credit quality? A panel discussion.

Powerpoint Presentation

Survey Results from Jan. 8 luncheon

NOTE: These survey results were not taken in a controlled environment and MAGNY makes no representations as to the validity or significance of these results to investment  analysis and decisions.  The results merely reflect the responses of the survey participants.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

A Fiscal Bite of the Big Apple: 
An overview of New York City’s budget and economy 

Date: Thursday, November 19, 2015
Panelists:

Tim Mulligan - Deputy Comptroller, New York City

Ronnie Lowenstein – Deputy Director, Independent Budget Office, City of New York

Moderator: Michael Dardia – Co Research Director, Citizens Budget Commission
Summary:

Our panel will provide an overview of the NYC region economic drivers, recent NYC budget issues, and commentary on the recent labor contract negotiations and economic development initiatives.  Finally, the panel will comment on the City’s future outlook for financial condition and credit trends. View all 3 powerpoint presentations.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

The Fiscal High-Wire Act

Date: Friday, October 9, 2015
Panelists: Mary Beth Labate – Budget Director, Division of the Budget, New York State

Dominick Ianno - Chief of Staff and Communications Director, Executive Office for Administration and Finance, Commonwealth of Massachusetts
Moderator: Kil Huh - Senior Director, State and Local Fiscal Health, Pew Charitable Trust - Pew PowerPoint Presentation
Summary:

Our seasoned panelists will discuss their state’s approaches to enacting structurally balanced budgets, the challenges in balancing budget priorities amidst revenue volatility, and their strategies for developing and maintaining budget reserves.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Higher Education:
Around the Muni World in 80 Minutes!

Date: Tuesday, September 15, 2015
Speaker: Richard Ravitch - attorney, businessman, and public official, Dick has served as New York’s Lieutenant Governor, Chairman of the MTA, and a key player in the New York City fiscal rescue in 1975-76 and advisor to the court in the Detroit Chapter 9 bankruptcy.  He served as Co-Chair of the State Budget Crisis Task Force and makes a great batch of gazpacho. 
Summary:

Dick will provide a broad overview of topics that MAGNY will cover at future luncheons during 2015-2016.  Topics will include:  New York City’s fiscal condition, state budgeting and fiscal sustainability, pension and OPEB liabilities, distressed credits like Puerto Rico, City of Chicago, and the State of Illinois.  A spirited question & answer session will follow.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Higher Education:
State Finances at FY End 2015: Unusual Variations among States

Date: Friday, June 12, 2015
Speaker: Scott Pattison - Executive Director, National Association of State Budget Officers - Bio - Presentation
Summary:

Please join us for the last MAGNY lunch of the 2014-2015 year as we welcome back Scott Pattison of the National Association of State Budget Officers (NASBO). Mr. Pattison will discuss the condition of state budgets and compare and contrast some of the differences between well performing states and those dealing with greater budget stress.

For nearly 70 years, NASBO has been the professional membership organization for state budget and finance officers, providing training, research, and a forum for member discussions on critical issues. Mr. Pattison has served as executive director since 2001, having previously served as Virginia's budget director. On June 12, he will share his knowledge and insights with us.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Higher Education:
Pressures on the Sector and Strategies for Dealing with Distress

Date: Friday, May 8, 2015
Speaker: Richard Moche - Member, Mintz Levin - Bio
Speaker: Ken Rodgers - Director, Standard & Poor's - Bio - Presentation
Speaker: P. Miyoko Sato - Member, Mintz Levin - Bio
Downloads: Mintz Levin Presentation
DOE Ratio Model (for Non-Profit Institutions)
Title IV Eligibility Flowchart
Title IV Companion Narrative
Summary: Mr. Rodgers will set the stage with an overview of the higher education sector and a discussion of the particular pressures facing individual colleges.  Following that, Mr. Moche and Ms. Sato will analyze some of the particular pressures that are leading certain schools into stressed and distressed situations.  We look forward to you joining us for this lively discussion on the higher education sector.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:Point/Counterpoint Debate:
The Pros and Cons of Pension Obligation Bonds
Date: Friday, April 17, 2015
Moderator: Jean-Pierre Aubry - Assistant Director for Research, Center for Retirement Research, Boston College - Presentation
Speaker: Kemp Lewis - Senior Managing Director, Raymond James Public Finance - Presentation
Speaker: Thomas M. Mayer - Partner, Kramer Levin Naftalis & Frankel LLP
Download: Panel Biographies
Summary: Mr. Aubry will set the stage with an overview of the utility and performance of pension obligation bonds. Mr. Lewis, who recently authored “A Defense of Pension Obligation Bonds” as an op-ed piece in the Bond Buyer (03-10-15), will offer his views on the positive aspects of POBs. Mr. Mayer will offer a counterpoint view given his experience representing COP Holders in the Detroit Chapter 9 and deep creditor experience with other municipal bankruptcies.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:Identifying and quantifying new approaches to finding relative value in the Municipal market
Date: Friday, March 13, 2015
Speaker: Andrew Kalotay, Kalotay Associates
Speaker: Peter Orr, Intuitive Analytics
Speaker: Stephen Winterstein, Wilmington Trust Investment Advisors
Summary: How will technology and new advances impact how muni investment professionals do business over the next few years? Are there new ways to identify and quantify relative value in the muni market? Can municipal professionals utilize new and different means to do a better job of analyzing interest rate risks, credit risks, and tax risks? Do we have all the metrics we need or do new approaches provide valuable insights?
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:OUTLOOK? LOOK OUT.
Date: Friday, February 6, 2015
Speaker: George Friedlander - Citigroup Investment Research and Analysis, Managing Director and Chief Municipal Strategist
Speaker: Matt Fabian - Municipal Market Analytics (MMA), Managing Director & Partner
Speaker: Phil Fischer – Bank of America Merrill Lynch, - Managing Director & Head of Municipal Research
Summary: Our panel will discuss the state of the municipal markets including the economy, interest rates, Federal legislation, regulations and the effect of lower oil prices on municipalities and the markets.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Motown's Flipside: Plan Confirmed, Now What?
Date: Friday, Jan 9, 2015
Speaker: Marti Kopacz - Phoenix Management Services, court-appointed feasibility expert in Detroit Chapter 9 case - Bio
Speaker: John Popehn - Houlihan Lokey, served as financial advisor to FGIC in Detroit Chapter 9 case - Bio - Presentation
Moderator: Michael Imber - Alvarez & Marsal Public Sector Services, - served as financial advisor to COPs Holders in Detroit Chapter 9 case - Bio - Presentation
Summary: Our panel will discuss the lessons – both unique and universal – from the Detroit bankruptcy and the implications for other distressed municipalities and states; we will also discuss the key threats to plan feasibility and what does the City really need to be successful.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Why is U.S. Municipal Issuance Falling Despite Historically Low Interest Rates?
Date: Friday - November 14, 2014
Speaker: Tom Kozlik - Director and Municipal Credit Analyst, Janney Montgomery Scott - Presentation
Speaker: William Glasgall - Program & Editorial Director for State and Local Accountability & Improvement, The Volcker Alliance
Speaker: Richard T. Anderson - President, The New York Building Congress - Presentation
Summary: A discussion focusing on the factors – economic, political and capital markets related – that are suppressing issuance of municipal debt, and the consequences for US infrastructure investment.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:A Discussion on the State of New Jersey
Date: Tuesday, October 14, 2014
Speaker: John Sugden - Senior Director, State and Local Governement Group, Standard and Poors - Presentation
Speaker: Jim Diffley - Senior Director, IHS Economics - Presentation
Summary: A discussion on the recent events and outlook for the State of New Jersey as well as the effects on the localities within the State.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:A Discussion on the State of California
Date: Tuesday, September 23, 2014
Speaker: John Chiang - California State Controller
Summary: California State Controller John Chiang will present a new open data website listing financial data for cities and counties as part of his ongoing efforts to promote transparency in government. The site, ByTheNumbers.sco.ca.gov, is a significant step in enhancing transparency in government at all levels. The Controller will also address recent events in California and be available for questions on a variety of topics.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:The New Fiscal Year: What's the Outlook for States?
Date: Friday, June 6, 2014
Speaker: Scott Pattison - Executive Director, National Association of State Budget Officers - Bio - Presentation
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:The Affordable Care Act and the Challenges/Opportunities for Hospitals
Date: Friday, May 2, 2014
Speaker: Thomas Weyl - Director, Barclays Capital - Bio - Presentation
Speaker: Martin Arrick - Managing Director, Standard and Poors - Bio - Presentation
Moderator: Robert Shapiro - CFO, North Shore LIJ Health System, NY - Bio - Presentation
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Airports: Staying Aloft during the Storm?
Date: Friday, April 4, 2014
Speaker: Joseph Pezzimenti - Director, Standard and Poors - Bio - Presentation
Speaker: Betsy Taylor - Director of Finannce and Treasury, Massachusetts Port Authority - Bio - Presentation
Summary:

Municipal Airports continue to face numerous challenges, from airline bankruptcy and consolidation to federal regulatory and budget issues, all while struggling to reach the industry’s 2007 peak passenger volumes. An airport executive and a credit analyst will discuss their thoughts on this topic.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Local Governments Managing Distress
Date: Friday, March 7, 2014
Speaker: Mark Schroeder - City Comptroller, City of Buffalo - BioPresentation
Speaker: Stephen deGroat - Commissioner of Finance and Budget, County of Rockland - Bio
Speaker: Jon Kaiman - Chairman, Nassau County Interim Finance Authority (NIFA) - Bio
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:How States Deal with Local Government Distress
Date: Friday, February 7, 2014
Speaker: Joseph Boyle - Senior Research Associate, Pennsylvania Economy League - Bio - Presentation
Speaker: Karen Grande - Partner, Edwards Wildman Palmer LLP - Bio - Presentation
Speaker: William Rhodes - Chair, Public Finance Department & Practice Leader, Municipal Recovery Initiative, Ballard Spahr - Bio - Presentation
Summary: As a follow up to last month's presentation on monitoring fiscal distress.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Monitoring Local Municipal Fiscal Distress
Date: Friday, January 10, 2014
Speaker: Thomas Neff - Director of Division of Local Government Services, NJ Department of Community Affairs - Bio - Presentation
Speaker: Gregory Lipitz - Moody's - Bio
Speaker: Nancy Zielke - Senior Director, Alvarez & Marsal Public Sector Services - Bio - Presentation
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Higher Education - Stresses and Strategies
Date: Friday, November 22, 2013
Speaker: Scott Jaschik- Editor, Inside Higher Education - BIo
Speaker: Martin S. Dorph - Executive VP of Finance and Information Technology, New York University - Bio
Speaker: Matthew Sapienza - Associate Vice Chancellor for Budget and Finance, The City University of New York (CUNY) - Bio
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Puerto Rico Debt
Date: Friday, October 7, 2013
Speakers: Eduardo Bhatia - President of the Senate of Puerto Rico - Bio

David Hitchcock - Standard and Poor's - Bio

Joe Rosenblum - AllianceBernstein - Bio

Alan Schankel - Janney Capital Markets - Bio - Report
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Detroit and Emergency Management in Michigan
Date: Friday, September 13, 2013
Speaker: Louis "Bud" Schimmel - Past Emergency Manager of Pontiac, MI - Bio - Presentation - City of Pontiac, Major Accomplishments
Speaker: Richard Larkin - Senior Vice President, Directory Of Credit Analysys, HJ Sims & Co., Inc. - Bio - Presentation - HJ Sims Special Report
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Water Supply Issues
Date: Friday, June 7, 2013
Speaker: Upmanu Lall - Alan & Carol Silberstein Professor of Engineering, Columbia University and Director, Columbia Water Center - Presentation
Speaker: Sharlene Leurig - Senior Manager, Insurance and Water Programs Ceres - Presentation
Speaker: Angela Licata - Deputy Commissioner, New York City Department of Environmental Protection - Presentation
Summary: Dr. Lall will tell us about The Columbia Water Center's comprehensive initiative geared at understanding and predicting the state of water in America. As part of this initiative, in collaboration with Growing Blue they have done an analysis of water stress at the county level, including drought and how it manifests as water risk, and the dependence of a county on external water sources.

Ms. Licata will talk about delivering and planning essential water services for NYC.

Ms. Leurig will present Ceres' recent disclosure framework for water and sewer service providers and the results of a pricing and revenue study with the University of North Carolina, including proposed credit metrics for analysts to account for revenue volatility and affordability.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Puerto Rico: Economic Competitiveness
Date: Friday, May 10, 2013
Speaker: James Orr - Vice President, Research and Statistics Group, Federal Reserve Bank of New York - Presentation
Summary:

In June, 2012, the New York Fed released a report on the competitiveness of Puerto Rico's economy. The report highlighted challenges to raising living standards and restoring growth, and presented recommendations to help improve Puerto Rico's economic performance over time. Join Mr. Orr and other co-authors of the report for a discussion of its findings as well as an update on recent developments regarding the island's economy.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:State Budget Update
Date: Friday, March 13, 2013
Speaker: Scott Pattison - Executive Director, National Association of State Budget Officers - Presentation
Summary:

Given the challenges and uncertainties facing state budgets from a number of directions, not the least of which is the federal government, this is an opportune time to hear the latest from an authoritative source. For over 60 years, NASBO has been the professional membership organization for state budget and finance officers, providing training, research, and a forum for member discussions on critical issues. Mr. Pattison has served as executive director since 2001, having previously served as Virginia's budget director. On March 15 he will share his knowledge and insights with us.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Inside the New GASB Pension Standards
Date: Friday, February 15, 2013
Speaker: Dean Michael Mead - Research Manager, Governmental Accounting Standards Board - Bio - Presentation
Speaker: Thad Calabrese - Assistant Professor of Public and Nonprofit Financial Management, Robert F. Wagner Graduate School of Public Service, New York University
Summary:

Last June, the GASB approved Statement No. 67, Financial Reporting for Pension Plans. and Statement No. 68, Accounting and Financial Reporting for Pensions. State and local governments will begin reporting under the new standards by fiscal 2015.

At this session we will hear Mr. Mead's insights into the process of developing the standards and what they are meant to accomplish.

Prof. Calabrese will then present his views about the pros and cons of the new standards and what he expects their implementation will tell investors and other users.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Impact of Hurricane Sandy on the New York/New Jersey Region
Date: Friday, January 18, 2013
Speaker: Dr. Charles Steindel - Chief Economist, New Jersey Department of the Treasury - Presentation
Speaker: Tim Sullivan - Deputy County Executive for Finance, Nassau County, NY - Presentation
Summary:

Superstorm Sandy has had a profound impact on the lives and infrastructure of coastal areas in New York and New Jersey. As the assessment of damage continues, the view turns towards the future -- how best to repair and restore what was lost, steps that need to be taken to prevent a recurrence of the devastation, what it will all cost and how it will be paid for. Dr. Steindel and Mr. Sullivan will speak about these issues from the perspectives of the state of New Jersey and one of the hardest-hit counties in New York.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC