Past Events 

Date Topic (Click the title for a complete description of the event with handouts where available)
June 13, 2024 You're the Bankruptcy Lawyer - Interactive Panel
May 16, 2024 Deciphering Population Shifts, Housing Needs, and Fiscal Realities
April 18, 2024 Navigating Evolving Business Opportunities in the Municipal Bond Market
March 14, 2024 Understanding How Federal Decisions and Economic Conditions Impact Municipal Bond Markets
February 15, 2024 Technology: Another Tool in an Analyst's Toolbox
January 18, 2024 Changing the Garden State: A Fireside Chat with New Jersey Governor Phil Murphy
December 12, 2023 Holiday Party 
November 13, 2023 Back on Track - What's Ahead for the MTA in 2024 and Beyond
October 31, 2023 Rural Hospitals and Life Plan Communities: Predicaments and Opportunities Confronting the Muni Market's Two Most Pressured Sectors
September 7, 2023 2024 Municipal Bond Outlook – Rising Rates Making Issuers Irate, While Investors Elate
June 8, 2023 Fourth Annual Analyst Scrum and Cocktail Party - The Career Remix Edition
May 25, 2023 Water Security in a Changing Environment
April 20, 2023 Investing in Social Impact: A New Frontier of Muni Analysis
March 23, 2023 Higher Education: Moving Forward after the Pandemic
February 16, 2023 Trends and Challenges in Charter School Bond Financings
January 25, 2023 The Future of Cities
December 15, 2022 In-Person Holiday Party
November 30, 2022 What will the Midterm Election Results Mean for Federal Policy?
October 13, 2022 Healthcare Strategy During Uncertain Times – Paving the Way for Success
September 15, 2022 Navigating U.S. Economic Stresses: Can Munis Maintain Stability in a High-Inflation Environment?
June 23, 2022 NYC Mega Projects Update
May 11, 2022 Solving the Affordable Housing Crisis: Evaluating Challenges and Opportunities
April 20, 2022 Decarbonization of Transportation and Power Utilities
March 23, 2022 Mass Transportation after the Pandemic
February 16, 2022 Will the structural shifts in the commercial real estate market catalyzed by COVID-19 permanently impact municipal tax revenues?
January 21, 2022 Efficient or Overwhelming: How is Enhanced Data and Analytics Driving Municipal Analysis?
December 15, 2021 In Person Holiday Party
November 12, 2021 Webinar: Meeting the Climate Challenge: Credit Risks to Munis
October 8, 2021 Webinar: New York City: Will a New Mayor Mean a New Future?
June 11, 2021 Webinar: Municipal Cybersecurity Risks: Cybersecurity Insights from Issuers - perspectives and challenges with viewpoints from healthcare, utilities and local government sectors
May 21, 2021 Webinar: Preparing for the Next Rainy Day: How will States Plan for the Next Economic Downturn?
April 23, 2021 Webinar: New York City: Moving Past the Pandemic
March 26, 2021 Webinar: Tri-State Transportation: A Conversation with the Port Authority of New York and New Jersey and Regional Plan Association
February 26, 2021  Webinar: Water: Navigating the Waves of Policy, Regulation and Coronavirus
January 22, 2021 Webinar: Portfolio Managers' Perspectives on Identifying Value and Navigating Municipal Credit in 2021
December 11, 2020 Webinar: Year-End Discussion with Ben Watkins
November 20, 2020 Webinar: Higher Education: The Future is Not the Past
October 16, 2020 Webinar: Healthcare Industry Disruption
September 11, 2020 Webinar: Muni Market Update: The Big Picture
June 12, 2020 Webinar: ESG Risks: An Investor's Perspective
May 6, 2020 Webinar: Cybersecurity Professionals on Municipal Cybersecurity Risks
May 1, 2020 Webinar: COVID-19 Impact on the Municipal Marketplace
February 7, 2020 Changing Demographics and the Effect on Different Sectors
January 10, 2020 High Yield Beyond Puerto Rico
December 13, 2019 Holiday Party/70th Anniversary Celebration
November 8, 2019 Modern Tools and Techniques for Credit Analysis
October 4, 2019 Planning for the Unexpected in Budgets and Pensions
September 13, 2019 Economic Outlook with Paul Gruenwald
June 13, 2019 Annual Scrum + Cocktail Party
May 17, 2019 Puerto Rico's Debt Restructuring and Its Implications for the Muni Market
April 12, 2019 Everything You Always Wanted to Know about Muni Workouts, But Were Afraid to Ask
March 8, 2019 Climate Change & the Muni Sectors: How Are Actors in Each Sector Planning Ahead?
February 8, 2019 Big Tech and the U.S. Healthcare Industry: How Technological Change is Reshaping the Sector
January 11, 2019 U.S. Demographic Change, Ratings, and Interstate Tax Migration
November 16, 2018 New York City's 'Mega Projects': A Detailed Update
October 19, 2018 The Future (or lack thereof?) of Muni Credit Enhancement
September 7, 2018 US State Budget Outlook: Fiscal 2019
June 8, 2018 The Next Recession: What to Expect?
May 11, 2018 ESG and Green Bonds
April 13, 2018 Federal Tax Reform and the Muni Market
March 16, 2018 What's New with GASB and what does it mean for municipal credit?
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:


You're the Bankruptcy Lawyer - Interactive Panel

Date: Thursday, June 13, 2024
Details: Join us for an interactive panel where audience members roleplay a part in the bankruptcy process. We’ll learn about the roles and goals of the different parties in a bankruptcy case while working through issues that arose in an actual case, involving a hospital credit.

Please join us in this participatory learning opportunity and stay for our social gathering that caps the end of MAGNY’s spring season before picking back up this September. 

Moderators:

Colleen A. Murphy
Carl McCarthy
Kevin J. Walsh
Charles W. Azano
Christopher Marks
Greenberg Traurig, LLP
Speaker Bios

Location:

New York City Bar Association, 42 West 44th Street, NYC

 

 

 




Topic:


Deciphering Population Shifts, Housing Needs, and Fiscal Realities

Date: Thursday, May 16, 2024
Details:

Over the next fifty years the Congressional Budget Office (CBO) estimates the U.S. population will grow by less than half the pace experienced since 1973. An aging populace, changes in household formation, and new workforce dynamics are among the trends impacting all sectors of the municipal market. Against this backdrop, New York City faces a perplexing problem of rising unaffordability and a declining population (according to Census figures).

The panel will explore how demographic trends impact credit quality, the housing affordability crisis, and implications for the New York City area. Audience members will come away from the discussion with a better understanding of key demographic shifts to watch, how they may impact the City’s finances, and potential policy options to address the region’s housing shortage.

Please join us and our panel of experts who will share their thoughts on these issues impacting municipal credit.

Panelists:

Alex Armlovich
Senior Housing Policy Analyst
Niskanen Center

Francesco Brindisi
Executive Deputy Comptroller for Budget and Finance
Office of the New York City Comptroller

Olu Sonola
Head of U.S. Economic Research
Fitch Ratings

Moderator:

Timothy Little
Municipal Markets and Public Finance
Federal Reserve Bank of New York

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:


Navigating Evolving Business Opportunities in the Municipal Bond Market

Date: Thursday, April 18, 2024
Details:

The panel discussion will focus on the evolving dynamics of the municipal bond market. As the industry witnesses significant changes, with larger firms stepping back from municipal underwriting and the rise of SMA & hedge fund investor participation, the panel will explore the ramifications of these shifts and identify emerging opportunities.

Join our panelists to discuss:

  • How the evolving landscape is influencing various stakeholders, including issuers, investors, and underwriters;
  • Impact of headline disruptions on liquidity and trading flows in the market;
  • Municipal asset managers’ approaches to take advantage of changing economic conditions and industry transformations, identifying new avenues for growth and adapting investment strategies in response to market changes;
  • Expectations on the long-term consequences for the municipal bond business as a result of these shifts.
Panelists: Mikhail Foux
Managing Director, Head Municipal Research and Strategy
Barclays

James Pruskowski
Chief Investment Officer
16Rock Asset Management

Ed Tishelman
Senior Managing Director, Head of Municipal Sales & Trading
Siebert Williams Shank & Co
Moderator:

Bhanu Patil
Head of Municipal Credit
Flagstar Bank

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event was available to those who registered for one week only.

 




Topic:


Understanding How Federal Decisions and Economic Conditions Impact Municipal Bond Markets

Date: Thursday, March 14, 2024
Details:

"History doesn't repeat itself, but it often rhymes."

This panel will explore key federal and macroeconomic influences on municipal bond markets in 2024. Municipal bonds were the best performing fixed income asset class in 2023, with solid total returns powered by a remarkable bond rally in late 2023.

However, near-term uncertainties persist which lends caution to issuer and investor sentiment. Market expectations for rate cuts in 2024 deviate from the official Federal Reserve narrative and mixed economic data complicates the near-term rate outlook. Federal legislative actions in a highly charged political landscape and impending elections present both risks and opportunities. Sequestration-driven extraordinary redemptions for BABs are back in focus for issuers. Credit fundamentals, resilient in recent years, will be tested in a slowing economic environment, with waning federal aid.

Join our panelists to discuss and highlight their expertise on:
• Near-term rate expectations underpinned by macroeconomic forces, both domestic and global;
• Supply side municipal market dynamics and assessing the trajectory of fund flows;
• Identifying pockets of relative value at a time of stretched valuations; and
• Prognosis for default/distress, highlighting the more vulnerable segments of the market.

This event is open to the press.

Panelists:

Amanda Del Bene
Public Finance Investment Banking
Raymond James & Associates, Inc
New York

Thomas G. Doe
President
Municipal Market Analytics, Inc. (MMA)
New York

Atsi Sheth
Managing Director Credit Strategy
Moody's Investors Service
New York

Moderator:

Vikram Rai
Head of Municipal Market Strategy
Wells Fargo
New York

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:


Technology: Another Tool in an Analyst's Toolbox

Date: Thursday, February 15, 2024
Details:

The panel will explore service enhancements that new technologies including AI can offer and the expected impacts on the municipal bond market. Technology is being utilized to enhance communication, improve portfolios management thorough timely and effective credit monitoring. This will allow investors to make more informed decisions that meet their investment strategies. However, as firms begin to incorporate new approaches including AI into their services, it is critical to understand the Strengths, Weaknesses, Opportunities and Threats (SWOT) in order to optimize the potential of this technology in meaningful and productive ways.

This event is open to the press.

Panelists:

Chris Fenske
Head of Capital Markets Research
S&P Global Market Intelligence

Susan Joyce
Head of Municipals Trading & FI Market Structure
Alliance Bernstein

William Kim
Chief Executive Officer
MuniPro

Moderator:

Casey Ryan
Credit Analyst
Invesco

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

Changing the Garden State:
A Fireside Chat with New Jersey Governor Phil Murphy

Date: Thursday, January 18, 2024
Details:

In early 2020, New Jersey's budget forecasters envisioned catastrophic revenue shortfalls as the US economy contracted sharply due to the strains of a once-in-a-century pandemic. The state had seemingly been on a slow road to fiscal recovery in 2018-19 until the pandemic derailed those plans, resulting in a short-term cash crunch and credit rating downgrades. Three years later, the picture is very different. The Garden State has accumulated its highest fiscal reserve balances since the mid-1990s, begun covering full actuarial payments on its pensions, and received seven credit rating upgrades. The state appears to be on a new fiscal trajectory. How did this happen, and where is NJ headed?

Please join us for a fireside chat with the Honorable Phil Murphy, New Jersey's governor and a veteran of the finance industry. Governor Murphy spent 23 years working in the financial markets, nearly all of it at Goldman Sachs. During his tenure at Goldman Sachs, Murphy headed the firm's Frankfurt office from 1993 to 1997 and Goldman Sachs Asia from 1997 to 1999, and was a member of the firm's senior management committee from 1999 to 2003. Murphy later served as the U.S. ambassador to Germany from 2009 to 2013 in the Obama Administration. He was elected governor of New Jersey in 2017 and won a second term in 2021, the first Democrat to do so since 1977.

In our conversation with Governor Murphy, we will wade deeply into the strategies pursued by his administration to stabilize New Jersey's long-term liability position, pay down debt, strengthen its finances, and promote budgetary sustainability, including by ramping up payments for the actuarially-determined contributions (ADCs) for New Jersey's public sector pension plans.

This event is open to the press.

Moderator:

Neene Jenkins
Executive Director
JP Morgan Chase Asset Management

Neene Jenkins is a member of the Global Fixed Income, Currency & Commodities (GFICC) group at JP Morgan Chase Asset Management. Based in New York, Neene leads municipal research efforts supporting Tax Aware strategies. Neene is also responsible for identifying investment opportunities in the High Yield and Investment Grade sectors. Prior to joining the firm in 2019, she was a senior vice president at Alliance Bernstein for 9 years, covering Municipal High Yield and Investment Grade sectors. Neene holds a B.A. in applied mathematics from the University of Buffalo and an MPA in public finance from the New York University's Robert F. Wagner School of Public Service, where she was also an adjunct professor. She is a member of the Society of Municipal Analysts, Former Chair of the Education Committee and of DEI Committee for the National Federation of Municipal Analysts (NFMA), currently Vice Chair of NFMA and a board member of the Northeast Women in Public Finance.

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

Back on Track - What's Ahead for the MTA in 2024 and Beyond

Date: Monday, November 13, 2023
Details:

Less than a year ago, the Metropolitan Transportation Authority (MTA) warned of recurring $3 billion operating deficits after federal pandemic relief ran out and ridership patterns failed to return to pre-pandemic levels. Recent New York State legislative action averted the looming crisis, completely eliminating projected deficits in the MTA’s most recent financial plan, an unprecedented turn of events. With the operating budget settled, the MTA can pivot to its $55 billion capital plan for 2020-2024, including one of the centerpieces of its capital funding plan, congestion pricing.

Please join us for a fireside chat with Kevin Willens, the MTA's Chief Financial Officer and public finance veteran. Kevin has more than 35 years in public finance, including most recently as Managing Director and Co-head of US Public Finance at Goldman Sachs and 10 years as the MTA's financial advisor.

We will take a deep dive into the assumptions and risks underlying the MTA's operating budget and discuss the authority's capital plans including its upcoming implementation of congestion pricing in 2024.

This event is open to the press.

Moderators:

Chandra Ghosal, Vice President - Senior Analyst
Moody's Investors Service, US Public Finance Group

Tammy Gamerman, Director
Fitch Ratings, US Public Finance - States Team

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

Rural Hospitals and Life Plan Communities: Predicaments and Opportunities Confronting the Muni Market's Two Most Pressured Sectors

Date: Tuesday, October 31, 2023
Details: Recent reports contain dire predictions of the potential closure of nearly a third of U.S rural hospitals in 2023 and 2024 due to their pressured finances as federal stimulus dollars recede.  Meanwhile, the related and almost-equally-pressured sector of life plan communities (aka CCRCs) continues to grapple with inflationary cost pressures, acute labor shortages, and the ramifications of a softer housing market.

There has been a growing trend of acquisitions of rural hospitals by private equity firms that have, in some cases, acted quickly to shutter the hospitals they have purchased, as well as an uptick in CCRC acquisitions and affiliations. Default rates for both sectors far exceed broader municipal market averages.

Join our panelists to highlight their diverse and unique perspectives on:
  • The key forces underpinning these sectors' operational challenges and how the pandemic greatly amplified staffing and cost pressures
  • Can these sectors recover in the near term?  And, what would be the 'new normal' for these providers in a stabilizing economy?
  • What strategies can industry executives and (state and local?) policymakers adopt to aid their operations and ensure access to critical healthcare needs for communities served?
  • Key dynamics for the institutional investor base in evaluating, pricing, and trading bonds issued by these entities, many of which are speculative grade and/or non-rated.
Panelists: Kevin Neuman, Principal
Novo Advisors
Biography

Gary Sokolow, Director
Fitch Ratings Healthcare and Life Plan Communities Team
Biography

Jeff Sommer, Managing Director
Stroudwater Associates Rural Healthcare Practice Group
Biography
Moderator:

George Huang
Biography

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

2024 Municipal Bond Outlook – Rising Rates Making Issuers Irate, While Investors Elate

Date: Thursday, September 7, 2023
Details: As the new year rapidly approaches, municipal bond investors are working around the clock to determine which credits and where on the yield curve to invest capital in 2024 based on their data driven assessments of fundamental and technical factors. Higher bond yields will create a disproportional stress across issuers but bode well for demand across the fixed income sector. The combination of the slower than expected return to the office, the presidential election, and a sharp decline in post-COVID consumer spending will create significant uncertainty for both issuers and investors alike. Please join us and our panel of experts, moderated by Stephen Winterstein, who will share their thoughts from an investment banker, investor, and strategist perspective.
Panelists: Kristin Stephens, Managing Director, Head of Credit Strategies
UBS Financial Services, Inc.
Biography 

Vikram Rai, Municipal Strategist
Biography 

Mark Schmidt, Head of Municipal Strategy
Morgan Stanley
Biography
Moderator:

Stephen Winterstein, Managing Partner
SP Winterstein & Associates, LLC

Location:

NYC Bar Association and Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

Fourth Annual Analyst Scrum and Cocktail Party - The Career Remix Edition

Date: Thursday, June 8, 2023
Details: A conversation around muni market careers. You can ask about any career topic you wish to introduce to a team of “career subject matter experts” - the Scrum Leaders. The end-of-season cocktail party will give attendees the chance to catch up with friends, discuss issues of common interest and engage in a spirited debate, all in a single event.
Subject Matter Experts: Anne Cosgrove
Director, Lead Analyst, S&P

Matt Fabian
Partner, Municipal Markets Analytics, Inc.

Neene Jenkins
Head of Municipal Research, JP Morgan Asset Management

Amy Laskey
Retired credit analyst with multiple years of public/private sector experience.
Scrum Master:

Mary Francoeur
Managing Director, PFM Financial Advisors LLC

Location:

NYC Bar Association

This event was not recorded.

 




Topic:

Water Security in a Changing Environment

Date: Thursday, May 25, 2023
Details: Increased hydrological volatility has altered the landscape for western region water suppliers. Despite favorable 2023 conditions thus far, the Colorado River remains stressed, prompting potential unprecedented federal actions. This panel will explore potential water right resolutions and what the outcome could mean for water supply in California, Arizona, and Nevada. How will potentially shifting water allocations affect public finance credits in the region and how are highly rated managers responding?
Panelists: Bill Hasencamp (BIO)
Manager, Colorado River Resources
Metropolitan Water District of Southern California

Christopher H. Hall (BIO)
Assistant General Manager, Finance and Administration
Central Arizona Project

Colby N. Pellegrino (BIO)
Deputy General Manager of Resources
Southern Nevada Water Authority
Moderator:

Jenny Poree (BIO)
Senior Director, Sector Leader Utility Revenue
S&P Global Ratings

Location:

Zoom only.

The recording of this event is available to those who registered for one week only.

 

 




Topic:

Investing in Social Impact: A New Frontier of Muni Analysis

Date: Thursday, April 20, 2023
Details: As investors increasingly seek to align their portfolios with their values, social impact analysis is becoming a fundamental component of investment decision making tailored to individual client needs. Munis are not only a source of stability in any portfolio, but an opportunity to drive positive social change in communities across the country. Our panel of experts will discuss the changing landscape of credit analysis to accommodate this growing trend among investors, what matters to investors and analysts, and its effect on the market. We will also consider challenges in addressing social impact investment directives and what this means for the future of munis.
Panelists:

Lourdes Germán
Executive Director
The Public Finance Initiative

Clyde Lane, Jr.
Municipal Credit Analyst
Ramirez Asset Management

Emily Thomas, CFA
Head of Investing with Impact
Morgan Stanley Wealth Management

Moderator:

Timothy Little
Municipal Markets Specialist
Federal Reserve Bank of New York

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 

 




Topic:

Higher Education: Moving Forward after the Pandemic

Date: Thursday, March 23, 2023
Details: COVID completely disrupted the higher education model for most 4-year institutions, between campus closures, remote learning, technology implementation, and operational adjustments. For schools that were already experiencing enrollment declines and tight operating margins, COVID compounded the pressure in many cases. During this panel we will discuss what the operating horizon looks like, how schools are adapting (or not), and what bondholders should be on the lookout for in distressed situations.
Panelists:

 George M. Edwards-Stimola, Director, Fitch Higher Ed/Non-Profits

Pam Salmon,
Vice President for Financial Affairs and Treasurer, Utica University

Chad Shandler,
Senior Managing Director, FTI Consulting

Moderator:

Lindsay Wilhelm, Senior Municipal Credit Analyst, Raymond James Capital Markets

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

Trends and Challenges in Charter School Bond Financings

Date: Thursday, February 16, 2023
Details: A panel discussion on tax-exempt bond financing for charter schools, with a particular focus on distressed and workout situations. Panel participants are capital markets experts, including charter school bond purchasers, attorneys, and rating agency analysts. We will discuss typical terms of charter school bond financings, recent issuance volumes and characteristics, and bond security structures & covenants. We will also consider challenges faced by charter school investors, especially in the non-rated and high-yield end of the rating spectrum.
Panelists:

Seth Klempner, Director, Rosemawr

Thomas Longino, Founder, Longino Public Finance LLC

Shivani Singh, Director and Lead Analyst, NY, S&P Global Ratings

Moderator:

Carl McCarthy, Of Counsel, Greenberg Traurig, LLP

Location:

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

The Future of Cities

Date: Wednesday, January 25, 2023
Details: Increased digitalization and a movement toward hybrid work are changing the way we live, work and play in cities. As cities become smarter and urbanization increases, how are cities adapting to these changes? How is technology allowing for the delivery of better and more efficient services? How does infrastructure need to change? Join us to discuss these topics and more.
Panelists:

David Brace, Deputy to the Mayor & COO, City of Knoxville, TN

Margaret Danuser,
Chief Financial Officer, City and County of Denver, CO

Zoe Roth,
Research Associate, Internet of Things, S&P Global Market Intelligence

Moderator:

Douglas Goldmacher, Vice President-Senior Analyst, Public Finance Group, Moody’s Investors Service

Location:

Zoom

The recording of this event is available to those who registered for one week only.

 The Future of Cities panel

 

 




Topic:

What will the Midterm Election Results Mean for Federal Policy?

Date: Wednesday, November 30, 2022
Details: The party in the White House tends to lose seats in mid-term elections. By the time November 30th rolls around we will know which party controls the House and the Senate. Should a divided government ensue as many expect, what does that mean for Federal Policy such as the Inflation Reduction Act? What about the outcome of the races for governor and state legislatures? What might the election results mean for key sectors in the municipal finance market? Our panelists will provide insights into what to expect as policy decisions play out in 2023 and 2024.
Panelists:

Emily S. Brock - Director, Federal Liaison Center - GFOA

Dillon Gibbons - Policy Director - NAST  

William Glasgall - Senior Director, Public Finance - The Volcker Alliance

Moderator:

Anne Ross - Principal Consultant - Muni Credit & Compliance Advisors LLC

Location: New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

Healthcare Strategy During Uncertain Times – Paving the Way for Success

Date: Thursday, October 13, 2022
Details: Please join MAGNY's discussion regarding the U.S. not-for-profit healthcare industry and its ability to maintain profitability and growth in a challenging, uncertain environment with high inflationary and labor costs as well as growing recession risks. The panelists will explore the present and potential future of the industry and how important it is for management teams to remain focused on executing strategies and growth during this time. The panel will address the potential impacts of new competitors, the evolving healthcare model and key ingredients to success.
Panelists:

Palmira M. Cataliotti
SVP of Finance Operations & Accounting
NYU Langone Health

Richard Miller
Executive Vice President and Chief Business Strategy Officer
Northwell Health

David Stephan
Executive Director
J.P. Morgan NFP Healthcare Group

Moderator:

Anne Cosgrove
Director
S&P Global’s not-for-profit healthcare

Location: New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 




Topic:

Navigating U.S. Economic Stresses: Can Munis Maintain Stability in a High-Inflation Environment?

Date: Thursday, September 15, 2022
Details: MAGNY held a discussion regarding the U.S. Municipal Bond Market and its ability to maintain stability in an environment characterized by high inflation and growing recession risks. The panelists explored the past, present and potential future of the muni market during eras marked by severe macroeconomic challenges and discuss their near-term expectations for issuance, demand and performance vis-à-vis other market sectors. The panel addressed the potential impacts on the market of sustained high inflation and restrictive Fed policies coupled with persistent supply chain and labor cost pressures.
Panelists:

Vikram Rai
Managing Director, Fixed Income Strategy Group
Citigroup

Olu Sonola
Head of U.S. Regional Economics
Fitch Ratings

Moderator:

Shannon McCue
Senior Director, Public Finance
Fitch Ratings

Location: New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 

 




Topic:

NYC Mega Projects Update

Date: Thursday, June 23, 2022
Details: MAGNY's New York City "Mega Projects" event will provide updates on some of the city’s largest infrastructure projects, including redevelopment of Newark and LaGuardia airports, project financing, and implications for the region.
Panelists:

Elizabeth “Libby” McCarthy
Chief Financial Officer
The Port Authority of New York and New Jersey

Mary Francoeur
Managing Director
PFM Financial Advisors, LLC.

Patrick McCoy
Deputy Chief, Financial Services
Metropolitan Transportation Authority

Moderator:

Timothy Little
Municipal Markets Specialist
Federal Reserve Bank of New York
The views expressed by the speaker are their own and do not necessarily represent those of the Federal Reserve Bank of New York or the Federal Reserve System.

Location: New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

This event was not recorded.

 

 




Topic:

Solving the Affordable Housing Crisis:
Evaluating Challenges and Opportunities

Date: Wednesday, May 11, 2022
Details: Politicians and market participants want to solve the affordable housing crisis but it’s complicated. Join experts from the various players in affordable housing for a robust conversation about what’s happening, and hear insights on their evaluations of new programs and Incentives. We’ll cover:

* How scalable are various local housing projects/incentives
* ESG impacts of building affordable housing
* Funding sources for design, development and building of affordable housing
* And more!
Panelists:

Julie Egan bio
Director of Research & Portfolio Management
Community Capital Management

Geoff Proulx bio
Managing Director and Co-Head of the Affordable Housing and Community Development Group
Morgan Stanley

Gary Rodney bio
Managing Director, Head of Affordable Housing
Tishman Speyer

Moderator:

Marian Zucker bio
Housing Sector Leader
S&P Global

Location: New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

This event was not recorded.

 

 




Topic:

Decarbonization of Transportation and Power Utilities

Date: Wednesday, April 20, 2022
Details:

During the COP26 Climate Summit in 2021, the United States made an ambitious commitment to reach 100% renewable electricity generation by 2035 and to work with other leading carbon-emitting countries to reduce methane emissions, develop carbon capture, utilization, storage, and direct air capture technologies. As U.S. climate representatives and federal agencies work on developing domestic pathways to achieve these targets, they will likely find it necessary to pivot from historically carbon-intensive industries and aim to achieve economic output without reliance on an abundant and reliable supply of fossil fuels.

Transportation Entities and Power Utilities are two of the most affected industries from energy transition. We talk to experts in these industries about how these policy initiatives are affecting operations, what type of solutions exist to help manage the risk and specifically how the Long Island Power Authority is working to achieve not only federal, but state level requirements toward decarbonization.

Panelists: Dan Aschenbach
President, AGVP Advisory

Rick Shansky
Senior Vice President of Power Supply and Wholesale Markets, Long Island Power Authority

Derek Utter
Chief Development Officer, Port Authority of New York and New Jersey
Moderator:

Nora Wittstruck
Senior Director – ESG Sector Leader, U.S. Public Finance, S&P Global

Location: New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

This event was not recorded.

 




Topic:

Mass Transportation after the Pandemic

Date: Wednesday, March 23, 2022
Details:

Mass transportation was immediately and severely affected by the COVID-19 pandemic. Public transits systems were significantly impacted by drastic drops in ridership due to business closures, event cancellations, and social distancing regulations, that reduced the ability to generate revenue. Federal Stimulus provided a necessary lifeline by offsetting the immediate revenue losses but challenges remain. Please join us to discuss the post-pandemic challenges and potential solutions that ensure public transit systems remain financially viable after the stimulus funds are exhausted.

Panelists:

Martha R. Behan
Assistant Treasurer, Southeastern Pennsylvania Transportation Authority

William Viqueira
CFO & Treasurer, New Jersey Transit Corporation

Moderator:

Baye Larsen
Vice President/Senior Credit Officer, Moody's Investors Service

Location: New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

This event was not recorded.

 

 




Topic:

Webinar: Will the structural shifts in the commercial real estate market catalyzed by COVID-19 permanently impact municipal tax revenues?

Date: Wednesday, February 16, 2022
Details:

Commercial real estate (CRE) provides an essential foundation for tax revenue generation. Moreover, as an economic base of commerce, industry, and entertainment, it serves to concentrate consumers, colleagues, and intellectuals to optimize growth and innovation. However, that same utility is an Achilles heel during times of plague, as limiting access to infrastructure that draws large numbers of people together is necessary to slow the spread of pathogens like COVID-19.

Predicting the long term financial impact on municipalities and industries has been particularly challenging with COVID-19, as it is the first global pandemic to occur during the age of the internet, where for the first time in history a large segment of workers were able to effectively perform their functions remotely from the safety of their home and almost every type of purchase could be made online without stepping into a store. This decentralization of workers and consumers has already had a profoundly negative impact on hospitality, small businesses, and brick and mortar retail that has been slow to recover regardless of geography. The new dynamic could drive significant changes in the essential revenue streams that commercial properties provide to state and local governments if just some of these tactical behaviors become permanent.

The pandemic will likely drive some permanent changes in the US commercial real estate landscape that will have positive financial implications for certain municipalities, while lowering revenue for others. How is the current state of the CRE market impacting real estate tax assessments and collections? Which COVID-19 related impacts to the CRE market are temporary and which are more likely to be permanent? Which geographies are the early beneficiaries of the changes in the CRE market post-COVID-19?
Panelists:

Gay (Scholastica) Cororaton, Senior Economist, National Association of Realtors

Ms. Cororaton is a Senior Economist and the Director of Housing & Commercial Research with the Research Group of the National Association of REALTORS®. She manages the production of NAR’s proprietary housing, commercial, and international statistics, surveys, and research. Her research focuses on the effect of economic, demographic, and industry conditions on the current trends and outlook in the residential and commercial property markets.

Manish Rajguru, Commercial Mortgage Backed Securities Portfolio Manager, OFS Capital Management

Mr. Rajguru is a Director of OFS Capital Management, LLC, and is responsible for Commercial Backed Securities (CMBS) and Commercial Real Estate (CRE) liquid credit investing of the Structured Credit Group. Mr. Rajguru has more than 20 years of experience in the credit industry. Prior to joining OFS Capital Management in 2020, Mr. Rajguru held positions at Lord Abbett as a Portfolio Manager for the firm’s taxable fixed-income strategies; a CMBS Portfolio Manager at Guggenheim Partners Investment Management; Head of Commercial Real Estate Valuations at Houlihan Lokey/Red Pine Advisors; a CMBS Portfolio Manager at UBS; a CMBS Research Analyst at Credit Suisse; and earlier in his career worked on CMBS Securitization/Surveillance groups at Lehman Brothers. Mr. Rajguru earned a Bachelor of Science in finance from Northeastern University and a Master of Business Administration in finance from New York University’s Leonard N. Stern School of Business. From October 2015 until May 2020 Mr. Rajguru was the Chair of the CMBS Council of the Association of Institutional Investors.

George Sweeting, Acting Director, NYC Independent Budget Office
Mr. Sweeting is NYC Independent Budget Office’s (IBO) acting director and supervises our research, analysis, and projections. He joined IBO in August 1996, its first year of operations, as a senior economist covering the real property tax. Prior to IBO, George worked for 10 years at the city’s Department of Finance in the Office of Tax Policy analyzing the city’s income taxes (business and personal), and later, the Property Division, where he was responsible for policy analysis and quality control of the real property tax. He also served on the staff of the 1987 New York City Tax Study Commission and the 1993 Real Property Tax Reform Commission. George is a one-time hockey player and life-long fan of the New York Rangers. He received both his Ph.D. in economic history and B.A. from Columbia University.
Moderator: Chris Fenske, Head of Capital Markets Research – Global Markets Group, IHS Markit
Location: Zoom Webinar - this event was closed to the press and was not recorded

 



Topic:

Webinar: Efficient or Overwhelming: How is Enhanced Data and Analytics Driving Municipal Analysis?

Date: Friday, January 21, 2022
Details: We hope that better data availability enhances our analysis, especially when evaluating ESG and other emerging risks, but are we getting lost in the trees? Join us for a panel featuring market participants to discuss how analysts use data to generate alpha and simplify analysis. Panelists will also discuss the troubles brought on by ingesting too much data, and how we can streamline processes so that risk doesn’t get lost in the numbers.
Panelists: Ksenia Koban, Co-Head of ESG/Responsible Investment Practices & Head of Municipal Credit Research & Strategy, Payden & Rygel

Abhishek Lodha, Vice President, Public Finance Product Management, Assured Guaranty

Nisha Prasad, Head of ESG Integration for Municipal Fixed Income, Nuveen
Moderators: Yang Li, Associate Director, Public Finance, Kroll Bond Rating Agency

Blake Lynch, Enterprise Sales Lead, IMTC
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Webinar: Meeting the Climate Challenge: Credit Risks to Munis

Date: Friday, November 12, 2021
Details: Climate change is challenging analysts by posing structural changes to credit risk. Moreover, climate provisions in Federal legislative efforts have been weakened, making the US’s Paris accord promises more challenging. With that backdrop, what climate leadership should we expect from the states to step up to achieve the needed 50% emission cuts by 2030? What credit implications would decarbonization mean for state and local governments and public power? What can be expected in the clean energy transition? Where are the economic opportunities? Given the materiality of climate change risks, what are the credit metrics and disclosures necessary to assess such risks? These and other issues will be addressed by this highly accomplished and esteemed panel.
Panelists: John Larsen
Director, Head of US Power and Energy Systems Research
Rhodium Group

Former Governor Bill Ritter
Director, Center for the New Energy Economy
Colorado State University

Emily Robare
Vice President/Muni ESG Lead
PIMCO
Moderators: Patricia McGuigan

Anne Ross
Principal Consultant
Muni Credit & Compliance Advisors LLC
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Webinar: New York City: Will a New Mayor Mean a New Future?

Date: Friday, October 8, 2021
Details: The Fall Season kicks off for MAGNY, and the mayoral election.  While few things are guaranteed in modern politics, a new administration, and a new approach to running the city, is perhaps the closest one can get to such a thing.  Will the coming administration be able to right the ship on the challenges of the past several years, or are we on an irrevocable reversion to being “That 70’s City”?  What about the City’s economic and financial prospects?  Will the influx of billions in federal funding provide the means to make the investments necessary to springboard New York into post-pandemic prosperity, or merely serve to delay making tough fiscal decisions?

Our panelists will provide a unique perspective on what a changing of the guard means for the City’s emergence from the pandemic and overall future.
Panelists: David Womack
Deputy Director, Financing Policy & Coordination
New York City Office of Management & Budget

Andrew Rein
President
Citizens Budget Commission

John Ceffalio
Senior Research Analyst, Municipals
CreditSights
Adjunct Professor
New York University
Graduate School of Public Service
Moderator: Clyde Lane, Jr.
Municipal Credit Analyst
Ramirez Asset Management
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Webinar: Municipal Cybersecurity Risks: Cybersecurity Insights from Issuers - perspectives and challenges with viewpoints from healthcare, utilities and local government sectors

Date: Friday, June 11, 2021
Details:

As recent high profile cyberattacks show, security breaches continue to disrupt operations across all sectors. How do issuers protect critical infrastructure from cyberattacks? What type of investments should be made as attacks become more sophisticated and the frequency of attacks increases? Does the increasing integration of technology and operations in a post-COVID world increase risk to issuers? How does an organization recover from an attack if compromised?

Our panelists will provide insights on how issuers are working to prevent cyber breaches, and what they’ve learned from recent attacks. Additionally, they will discuss unique security challenges and vulnerabilities as they look to the future, given increased reliance on technology as a result of the COVID-19 pandemic.

Panelists:

Adam Barsky
EVP and Chief Financial Officer
New York Power Authority

Sarah Cunningham
Director
Summit Consulting (former Chief Financial Officer of Mecklenburg County, NC)

Dr. Joel Klein
SVP and Chief Information Officer
University of Maryland Medical System

Moderator:

Matt Cahill
Analyst
Moody’s Investors Service

Location: Zoom Webinar - Recording Available to NFMA Members only

 

 



Topic:

Webinar: Preparing for the Next Rainy Day: How will States Plan for the Next Economic Downturn?

Date: Friday, May 21, 2021
Details:

US states have seen unprecedented financial shocks during the pandemic and have benefited from extraordinary federal aid and stimulus. Have rainy day funds played a significant part in helping US states navigate through the unprecedented financial shocks and extraordinary federal aid and stimulus of the last recession? Were they sized properly going into the recession? Does the recession hold lessons on sizing rainy day funds going forward?

Our panelists will provide insights on how states managed through the current crisis and what lessons they have learned to address future shocks. Shelby Kearns, executive director of NASBO, will discuss how states performed through the pandemic, while Phil Dean, Utah’s recent budget director, will discuss best practices for sizing state reserves for potential future budget shocks.

Panelists: Shelby Kerns
Executive Director
National Association of State Budget Officers

Phil Dean
Public Finance Senior Research Fellow
Kem C. Gardner Policy Institute - David Eccles School Of Business
Moderator: David Hitchcock
Senior Director
S&P Global Ratings
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Webinar: New York City: Moving Past the Pandemic

Date: Friday, April 23, 2021
Details:

New York City spent April 2020 as the national epicenter of the COVID-19 pandemic. Now, a year later, new variants and uneven vaccine progress present new challenges. Public health challenges remain, as companies navigate returning to in-office work. What does this mean for the financial well-being of the city and the MTA?

Our panelists will provide insights on how health challenges, trends in the commercial real estate market, and changes to the local economy will affect New York City as we move past the pandemic.

Panelists:

Victor Calanog
Head of Commercial Real Estate Economics, Moody’s Analytics

Rahul Jain
Deputy Comptroller, New York State

Matthew Siegler
Senior Vice President for Managed Care, NYC Health + Hospitals

Moderator: Tiffany Tribbitt
Director, S&P Global Ratings
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Webinar: Tri-State Transportation: A Conversation with the Port Authority of New York and New Jersey and Regional Plan Association

Date: Friday, March 26, 2021
Details:

The pandemic has dramatically affected the nation’s transportation network and nowhere is this more visible than the tri-state and greater New York City area. Business and leisure travel have been upended, people are working and learning from home, and mitigating health and safety risks has changed the way transportation agencies operate. As the region recovers from the pandemic that began over a year ago, it faces new challenges and opportunities. Home to 23 million residents across 13 thousand square miles, the transportation network is “the backbone of the region’s economy” and essential for everyone’s quality of life.
 
Our panelists will provide a local and regional perspective on how the pandemic has affected the region’s transportation network and their thoughts on the challenges and opportunities ahead.

Panelists: Elizabeth M. “Libby” McCarthy
Chief Financial Officer
Port Authority of New York and New Jersey
 
Christopher Jones
Senior Vice President & Chief Planner
Regional Plan Association
Moderator: Timothy Little
Director and Lead Analyst
S&P Global Ratings
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Webinar: Water: Navigating the Waves of Policy, Regulation and Coronavirus

Date: Friday, February 26, 2021
Details:

Water-related utilities are critical components of the nation's health and economic stability. However, utilities are wrestling with maintaining service quality while ensuring accessibility and affordability. What are the risks to the sector from coronavirus and how can the sector overcome them to achieve its mission? Is the regulatory process adequately addressing the concerns in protecting America's waters? What policies at the federal level are being discussed and how might these policies impact the industry? How is the federal government supporting the industry financially to ensure its success?

Our panelists will provide their perspectives on these questions facing the industry.

Panelists:

Kareem Adeem, Director, City of Newark, New Jersey Department of Water & Sewer Utilities.

Director Adeem is a Newark native who began working for the City of Newark in 1991 in the Department of Engineering and has moved up the ladder in his field. In 2013, Director Adeem was promoted to Superintendent of Public Works, where he oversaw daily maintenance operations of the Department of Water & Sewer Utilities. He was promoted Assist Director in 2016, and Acting Director position in 2018.

Director Adeem will receive his Bachelor’s Degree in Construction Management from Thomas Edison University in 2021. In 2018 he received his certification as a Public Works Manager and in 2015 he received his certification as a Public Manager from Rutgers University. Adeem is also a National Certified Storm Sewer Inspector, National Association of Sewer Service Companies (NASSCO), Certified Pipeline Assessment & Certification Program (PACP), and Manhole Assessment & Certification Program (MACP) Sewer Inspector, and holds a NJ DEP Water & Waste Water Operators license.

He was a key player in various municipal projects, including the Queen Ditch Restoration Project, which helped address chronic flooding along Frelinghuysen Avenue that has plagued the area for more than 30 years.

Currently, Director Adeem is credited with helping to rebrand the Department of Water & Sewer Utilities and upgrading the City’s infrastructure as the City works to replace every lead service line, upgrade to its water treatment plant. He is a dedicated public servant who has, and continues to, give back to his native community.

G. Tracy Mehan, III, Executive Director, Government Affairs, American Water Works Association.

G. Tracy Mehan, III was an independent consultant and served as Interim President of the U.S. Water Alliance and national Source Water Protection Coordinator for the U.S. Endowment for Forestry and Communities. He is also an Adjunct Professor at the Antonin Scalia Law School at George Mason University and Carnegie Mellon University's Heinz College. He was Principal with The Cadmus Group, Inc., an environmental consulting firm, from 2004 to 2014. Mehan served as Assistant Administrator for Water at the U.S. Environmental Protection Agency from 2001-2003. He served as Environmental Stewardship Counselor to the 2004 G-8 Summit Planning Organization (2004). Mehan also served as director of the Michigan Office of the Great Lakes (1993-2001) and as Associate Deputy Administrator of EPA in 1992. He was director of the Missouri Department of Natural Resources from 1989 to 1992. Mehan is a graduate of Saint Louis University and its School of Law. Mehan served on the Water Science and Technology Board and now the Committee on the Mississippi River and the Clean Water Act for the National Research Council of the National Academies. He was also an independent expert judge for the City Water Conservation Achievement Award program (2006 & 2011) sponsored by The U.S. Conference of Mayors and its Urban Water Council.

Mehan is a member of the Environmental Law Institute (ELI) and a regular book reviewer for ELI's flagship publication, The Environmental Forum.

Mehan served on EPA's Environmental Financial Advisory Board (2014-2018) as well as the boards of the U.S. Water Alliance and the Great Lakes Observing System. He is also a member of the Advisory Board of the Center for Environmental Policy, School of Public Affairs, American University and a past member of the board of the Potomac Conservancy (2006-2014).

Matthew Hobby, Senior Risk Manager, U.S. EPA WIFIA program

Matthew Hobby is a member of the U.S. Environmental Protection Agency’s WIFIA program, a multi-billion dollar federal loan program for water and wastewater infrastructure projects. Prior to joining EPA, Matt worked for Ernst & Young as financial advisor to public sector clients on major State infrastructure projects, the Georgia Department of Transportation’s office of Budget, and Standard & Poor’s as a senior bond rating analyst covering public finance, corporate and project finance and P3 infrastructure debt issuers in the transportation and power sectors.

Matt has an MBA from the Yale School of Management and a Bachelor’s Degree in Economics from Wesleyan University.

Moderator: Doug Scott, Managing Director, Fitch Ratings US Public Finance, Water & Sewer Group.
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Portfolio Managers' Perspectives on Identifying Value and Navigating Municipal Credit in 2021

Date: Friday, January 22, 2021
Details:

The coronavirus pandemic is one of many major global events that have significantly impacted the financial markets since the first US municipal bond was issued over 200 years ago. Unlike many past bouts of market volatility, the price dislocations driven by technical imbalances that occurred last March across every financial market took place purely on the expectations of deterioration in fundamentals, as it took weeks or even months for the initial credit impact of the pandemic to be quantified through municipal and corporate financial statements.

The best investment that asset managers had made prior to the pandemic was in the form of people and technology, as arming their experienced investment teams with data-driven credit modeling analytics enabled judicious sell decisions during the initial wave of redemptions and wise purchases as the markets were flooded with liquidity. The crisis provided the ultimate proving ground for the application of new technologies in the investment processes, as being able to rapidly assess the financial impact of state/city lockdowns became imperative in making enlightened investment decisions for their clients.

The outlook for municipal credit has changed disproportionally as a direct result of the pandemic, with the heightened level of uncertainty creating an ideal opportunity for asset managers who have the expertise and analytics to effectively identify price inefficiencies versus credit risk. What were the lessons learned by municipal bond investors during 2020? What enhancements were made to the investment process that enabled investors to better navigate the crisis? What do portfolio managers view as the longer term impact of the pandemic on the public finance?

Panelists: David Hammer, Executive Vice President, Pacific Investment Management Company
Mr. Hammer is an executive vice president in the Newport Beach office and head of municipal bond portfolio management, with oversight of the firm’s municipal investment grade, high yield, taxable, and separately managed accounts. Prior to rejoining PIMCO in 2015, he was a managing director at Morgan Stanley, where he was head of municipal trading, risk management, and research.

Hector Negroni, Founder & Chief Executive Officer, Foundation Credit
Mr. Negroni is the Founder and CEO of Foundation Credit, CIO of the Foundation Credit Opportunities strategy and Chairman of the Foundation Infrastructure Opportunities strategy. Mr. Negroni has been a pioneer in the municipal market over the last three decades, leading innovation in investing and proprietary trading, public/private financing, derivatives, securitized products and a broad range of structured solutions. Prior to forming Foundation, he was the head of municipal trading at Goldman Sachs and before joining Goldman, he worked at Société Générale, Lazard Fréres and Citigroup in a variety of leadership roles.

Mark Paris, Chief Investment Officer, Invesco
Mr. Paris is CIO and Head of Municipal Strategies for Invesco Fixed Income. In this capacity, he is responsible for the oversight and implementation of all municipal bond strategies. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the municipal fixed income team at Morgan Stanley/Van Kampen, which he joined in 2002.
Moderator: Chris Fenske, Head of Fixed Income Research for the Americas, IHS Markit
Location: Zoom Webinar - this webinar was not recorded

 



Topic:

Webinar: Year-End Discussion with Ben Watkins

Date: Friday, December 11, 2020
Panelist: Ben Watkins, Director of Bond Finance, State of Florida
 
J. Ben Watkins, III was appointed by the Governor and confirmed by the Cabinet as the Director of the Florida Division of Bond Finance in 1995. The Division administers bond programs for the Departments of Education, Transportation, Environmental Protection, Management Services as well as borrowings for the State University System, totaling 35 individual credits.
 
Director Watkins is well known and respected for his work in the municipal bond industry. He is a past vice chairman and board member of the Municipal Securities Rulemaking Board (MSRB), former chairman of the Committee on Government Debt for the Government Finance Officers Association and currently serves as a member on the National Association of State Treasurers and National Association of Bond Lawyers.
 
He has been nationally recognized for his contributions to the muni industry by receiving the Jim Lebenthal Infrastructure Champion Award (2017), the National Federation of Municipal Analyst Industry Contribution Award (2009), and the National Association of Treasurers Tanya Gritz Award for Excellence in Public Finance (2001).
 
Prior to his role as Director, he practiced public finance law with Sutherland Asbill & Brennan in Atlanta, Georgia. He received his Juris Doctor from the University of Florida and his Bachelor of Science in Accounting from Auburn University.
Moderator: Pat Luby, Chair of the MAGNY Program Committee and Senior Municipal Strategist at CreditSights.
Location: Zoom Webinar - Recording Available to NFMA Members only

 



Topic:

Webinar: Higher Education: The Future is Not the Past

Date: Friday, November 20, 2020
Details:

The coronavirus pandemic has increased near-term risks for higher education institutions. Over the next two years, colleges will confront declining revenues and expense pressures, which will force difficult decisions around personnel and programs. In addition to budget strains, colleges will focus on bolstering liquidity and managing debt. Prospects for additional federal relief remain uncertain.

Over the longer term, shifting demographics, technological innovation, consumer preferences, and governmental funding/policies will influence the pace of change for the sector.

What will the higher education landscape look like in the future? How will liberal arts colleges adapt? Will the role of public universities change? What are the opportunities and constraints for the sector, and how will these impact credit quality?

Our panelists will provide a broad perspective on all of these issues from several points of view.

ZOOM recording - available to NFMA members only

Panelists: Dr. Sean Decatur, President - Kenyon College
Dr. Decatur is an award-winning biophysical chemist and an emerging voice in the national conversation about higher education. He has a clear-eyed view of the challenges facing some traditional liberal arts colleges and is a compelling presenter on changes confronting the higher ed industry.

Dr. Aaron Thompson- Kentucky Council on Postsecondary Education
Dr. Thompson was named president of the Council On Postsecondary Education in 2018 after serving for four years as senior vice president for academic affairs and for five years as executive vice president. In total, his leadership spans 27 years across higher education, business and numerous nonprofit boards The public universities in Kentucky face a number of challenges around demographics, state funding, and pensions. Dr. Thompson will speak both about the national landscape for public universities and how this might play out in a state like Kentucky.

Jim Hundrieser, Vice President of Consulting - National Association of College and University Business Officers (NACUBO)
Mr. Hundrieser oversees NACUBO’s work in providing institutions new strategies to match ambition with aspiration. He focuses on revenue growth, new program development, financial restoration, building capacity, providing pragmatic solutions, and conducting operational assessments. He has served as an institutional vice president at two private and one public university.

Moderator: Susan Fitzgerald, Associate Managing Director and Manager of the Higher Education Group at Moody’s Investors Service
Location: Zoom Webinar

 



Topic:

Webinar: Healthcare Industry Disruption

Date: Friday, October 16, 2020
Details:

The healthcare industry was already facing disruption, with new business models competing for market share and upending traditional modes of patient care, all of which has been been exacerbated by the unprecedented global pandemic.

Where is the healthcare industry today and where is it going in the future? How does a large health system take risk across populations while managing the total cost of care? How are utilization trends affected as consumers seek more convenient care? Where does AI and telemedicine fit into the industry’s future, particularly in light of COVID-19?

Our panelists will provide different perspectives on the current trends from an academic research, business development and large insurer/provider views.

ZOOM recording - available to NFMA members only

Panelists: PwC – Sarah Haflett, Director and Research Leader, will focus on industry wide cost deflation trends as new disruptors fill every aspect of the healthcare landscape and patients seek more convenient care.

Northwell Health - Richard Miller, Executive Vice President and Chief Business Strategy Officer, will discuss how a large healthcare system continues to disrupt its traditional business model while maintaining quality and managing risk across populations.

UnitedHealth Group – Zack Sopcak, Vice President, Investor Relations, will provide insights on the shift to lower cost settings from an insurance and provider perspective. 
 
Moderator: Anne Cosgrove, Director and Lead Analyst at S&P Global Ratings
Location: Zoom Webinar

 



Topic:

Webinar: Muni Market Update: The Big Picture

Date: Friday, September 11, 2020
Details:

Join us September 11th at noon ET as we kick off MAGNY’s 71st season!

We will hear from three very well informed speakers who will share their perspectives on the legislative and regulatory landscape in Washington, overall economic conditions and how issuers are navigating through these challenging times.

View the ZOOM Webinar.

View the Powerpoints.

Panelists: Emily Brock, Director, Federal Liaison Center, Government Finance Officers Association (GFOA)

As Director of GFOA’s Federal Liaison Center, Ms. Brock leads the advocacy efforts of the Public Finance Network which includes education and correspondence regarding legislative and regulatory initiatives that may erode the autonomy of Local and State government financing and the efficient use of tax-exempt bonds.

The scope of GFOA’s advocacy in Washington DC also includes anticipating and responding to federal legislative and regulatory activities that impact the finance functions of state and local governments and public sector entities. In addition, she serves as staff to GFOA’s Debt Committee, working with committee members to develop best practices that promote sound financial practices for local, state and provincial governments.

Ms. Brock earned her B.A. from Virginia Tech and an MBA from William & Mary.

Ben Watkins, Director of Bond Finance, State of Florida

J. Ben Watkins, III was appointed by the Governor and confirmed by the Cabinet as the Director of the Florida Division of Bond Finance in 1995. The Division administers bond programs for the Departments of Education, Transportation, Environmental Protection, Management Services as well as borrowings for the State University System, totaling 35 individual credits.

Director Watkins is well known and respected for his work in the municipal bond industry. He is a past vice chairman and board member of the Municipal Securities Rulemaking Board (MSRB), former chairman of the Committee on Government Debt for the Government Finance Officers Association and currently serves as a member on the National Association of State Treasurers and National Association of Bond Lawyers.

He has been nationally recognized for his contributions to the muni industry by receiving the Jim Lebenthal Infrastructure Champion Award (2017), the National Federation of Municipal Analyst Industry Contribution Award (2009), and the National Association of Treasurers Tanya Gritz Award for Excellence in Public Finance (2001).

Prior to his role as Director, he practiced public finance law with Sutherland Asbill & Brennan in Atlanta, Georgia. He received his Juris Doctor from the University of Florida and his Bachelor of Science in Accounting from Auburn University.

Mark Zandi, Chief Economist of Moody’s Analytics

Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Dr. Zandi’s broad research interests encompass macroeconomics, financial markets and public policy. He has analyzed the economic impact of various tax and government spending policies and assessed the appropriate monetary policy response to bubbles in asset markets. Dr. Zandi frequently testifies before Congress on topics including the economic outlook, the nation’s daunting fiscal challenges, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation.

Dr. Zandi earned his B.S. from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania. He lives with his wife and three children in the suburbs of Philadelphia.
Moderator: Patrick Luby, Senior Municipal Strategist, CreditSights
Location: Zoom Webinar

 



Topic:

Webinar: ESG Risks: An Investor's Perspective

Date: Friday, June 12, 2020
Details:

The next three decades will see the largest transfer of inter-generational wealth in history. In the U.S alone, it is expected that between $30 and $40 trillion of wealth will be transferred from Baby Boomers to Generation X and onto Millennials. Wealth managers will be dealing with a new generation of investors who are far more values-driven than earlier ones. And research indicates that both women and millennials are more likely to invest consistently with their values. A survey by BlackRock found that 67% of millennials want investments that reflect their social and environmental values, while 76% of women said the same.

Hear the inside perspectives of institutional investors on what they focus on as it relates to environmental, social and governance activities of the entities in which they invest. They will provide a first-hand view of how ESG factors' importance has changed and what they expect going forward. They will discuss the contours of investors’ concerns as it relates to the municipal market.

View the Zoom replay.

Panelists: Ksenia Koban, Vice President, Payden & Rygel Investment Management
James Lyman, Managing Director, Neuberger Berman
Barbara VanScoy, Fellow, The Heron Foundation
Moderator: Leonard Jones, Managing Director, Moody's Investors Service
Location: Zoom Webinar

 



Topic:

Webinar: Cybersecurity Professionals on Municipal Cybersecurity Risks

Date: Wednesday, May 6, 2020
Details:

Hear the inside perspectives of cybersecurity professionals in the field who have actually worked in or consulted with governments. They will provide a first-hand view of municipal cybersecurity threats and mitigation and what questions analysts should be asking. They will identify and discuss the major threats and issues, including the unique security challenges presented by the COVID-19 disruptions, what type of entities are most vulnerable and what questions to pursue to ascertain if a borrower has the capabilities, resources and processes in place to protect itself from cyber-attacks or recover from one if compromised.

View the Zoom replay.

Download the handouts.

Panelists: Vik Bansal, Cyber Security Principal, Deloitte Advisory with municipal and higher education client base
Leroy Terrelonge, Assistant Vice President and Cyber Risk Analyst, Moody’s, Former Director of Intelligence and Operations at Flashpoint (Cyber security firm) and Analyst at the National Security Agency
David Weinstein, Former CTO, CISO and Cybersecurity Advisor, State of New Jersey
Moderator: Tiffany Tribbitt - S&P Global
Location: Zoom Webinar

 



Topic:

Webinar: COVID-19 Impact on the Municipal Marketplace

Date: Friday, May 1, 2020
Details:

Join a multi-disciplined panel to discuss the near- and medium-term impact of the COVID-induced recession on state and local budgets. Discussion topics will include tax revenue declines, budget flexibility, pension funding, rainy day fund reserves, Chapter 9 options, potential state defaults, and the need to stimulate demand to drive employment.

View the Zoom replay.

Download the handouts.

Panelists:

Tom Aaron – Moody’s
Emily Brock – Government Finance Officers Association
Vincent Marriott – Ballard Spahr
Hector Negroni – FCO Advisors

Moderator:

Michael Imber  - Conway Mackenzie

Location: Zoom Webinar

 


Topic:

Changing Demographics and the Effect on Different Sectors
Date: Friday, February 7, 2020
Details:

Demographic factors underpin a wide variety of sectors, from state and local governments, to schools, hospitals, and even federal reimbursements. We have three distinguished panelists who will explain how demographic changes affect credit quality in different sectors. 

Speakers:

Frank Mamo, Assistant Vice President at Moody’s Investor Service, will explain how demographic changes affect localities and school district bond ratings; Ken Rodgers, a Director at Standard and Poor’s, will discuss demographic influences on hospital and higher education ratings; while Jim Russell, a geographer mapping the links between geopolitical change and neighborhood health for Rust Belt Analytica, will discuss the impacts of global scale demographic decline on regional economic growth.

Moderator: David Hitchcock, S&P Global Ratings
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

     


Topic:

High Yield Beyond Puerto Rico
Date: Friday, January 10, 2020
Details:

Although the multi-year restructuring of a certain Caribbean commonwealth continued to dominate headlines, 2019 was characterized by record low interest rates, positive municipal supply/demand dynamics, and credit spread compression. High yield issuance has seen a significant pickup in activity and focus as investors seek yield and borrowers seek to capitalize on a favorable market.

How can analysts/investors find appropriately priced high yield investments that are structured and positioned to withstand future challenges? What are the latest high yield credit developments of note? What are the signals that seasoned analysts will be watching on the forward?

The MAGNY High Yield Beyond Puerto Rico luncheon will begin with a recap of 2019’s HY market trends, presented by Richard Schwam (AllianceBernstein). This will frame a discussion by credit specialists discussing a handful of sectors: Neene Jenkins (JPMorgan Asset Management, Charter Schools), Marshall Kitain (JPMorgan, Transportation), Ron Mintz (Vanguard, Senior Living), and Avanti Paranjpye (Citi,Tobacco), moderated by Sandy Pae Goldstein (Fundamental Credit Opportunities).

We ask that the audience be prepared with good questions and in turn be prepared for candor!*

* This event is closed to the press.

Speakers:

Introduction:
Richard Schwam, 
VP/High Yield Municipal Credit Analyst, AllianceBernstein

Panelists:      
Neene Jenkins,
 Executive Director, JPMorgan Asset Management, Charter Schools
Marshall Kitain, Director, JPMorgan, Transportation
Ron Mintz, Principal/Senior Credit Analyst, Vanguard, Senior Living
Avanti Paranjpye, Director, Citi, Tobacco 

Moderator: Sandy Pae Goldstein, Director, Head of Credit/Structuring, Fundamental Credit Opportunities
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

    

 


Topic:

Holiday Party/70th Anniversary Celebration
Date: Friday, December 13, 2019
Details:

Wonderful food and drink and good holiday cheer will be shared as we celebrate our 70th Anniversary with a multi-media presentation and a short ceremony from our newly-created Next Generation Committee recognizing MAGNY’s Past Chairpersons.

MAGNY MEMBERS AND PAST CHAIRS ATTEND FREE OF CHARGE

 Mayor Bill De Blasio and the City of New York proclaimed December 13, 2019 as
Municipal Analysts Group of New York Day” in recognition of our 70th anniversary.


December 6, 2019: The Bond Buyer has posted a 33-minute interview with MAGNY Board Members Michael D'Arcy and Michael Imber about the MAGNY's past and present achievements as well as a preview of the future of the organization. Click to listen to the podcast.

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

    

 


Topic:

Modern Tools and Techniques for Credit Analysis
Date: Friday, November 8, 2019
Details:

The basics of incorporating digitized fundamental data into municipal credit analysis has been around for at least three decades.  However, using data to systematically acquire and monitor bonds has only begun to be built into the municipal investment process in the last ten years. Where is the industry today and where is it going?

Alternative Data, Big Data, Artificial Intelligence and Machine Learning have been used in the equity markets for several years and have recently been applied to corporate bond investment strategies. Will the municipal bond market soon follow?  How advanced is quantitative analysis as a tool to support credit analysis, portfolio decisions and trading? How can municipal credit analysts and portfolio managers leverage these cutting-edge quantitative tools and techniques to increase their own impact and improve results?

Speakers:

Richard Ciccarone, President and CEO of Merritt Research Services LLC

Guy Davidson, Chief Investment Officer of Municipal Fixed Income, AllianceBernstein

Chris Fenske, Head of Americas Fixed Income Research, IHS Markit

John McLean, Founder and Managing Director of Toronto based ACRe Data Inc.

Mark Schmidt, Municipal Strategist, Morgan Stanley Fixed Income Research

Moderator: Patrick Luby, Senior Municipal Strategist at CreditSights
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

    


 Topic:

Planning for the Unexpected in Budgets and Pensions
Date: Friday, October 4, 2019
Details:

Credit surveillance is a part of every credit analyst’s job: how should analysts think about unlikely risks, and how do muni issuers plan for the unexpected?  To what extent do existing actuarial and budgeting techniques already address scenario planning and risk management? Join us for an enlightening discussion with experts from actuarial science and public budgeting.

Speakers:

Todd Kanaster is Director at S&P Global Ratings. In addition to analyzing issuers & training analysts, Todd serves as nationwide specialist in the Local Industry Focus Team for municipal pension and retiree healthcare plans.  He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries, and a Fellow of the Conference of Consulting Actuaries. 

Preston Niblack, Ph.D., is Deputy Comptroller for Budget, Office of the New York City Comptroller.  He oversees the work of the Budget Bureau, including monitoring New York City’s fiscal and cash position.  Prior to joining the Comptroller’s office, Mr. Niblack served as Director of the Finance Division, New York City Council, and as Deputy Director, New York City Independent Budget Office. 

Moderator: Mark Schmidt, CFA, Morgan Stanley & Co.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

  

 


 Topic:

Economic Outlook with Paul Gruenwald
Date: Friday, September 13, 2019
Speaker:

Paul GruenwaldGlobal Chief Economist, S&P Global Ratings, will offer an overview and commentary on the big macroeconomic picture as the U.S. drives forward to next year’s presidential election, including topics such as:

  • Negative yields on non-U.S. debt and the inversion in the U.S. Treasury curve
  • BREXIT and trade negotiations with China, Canada, Mexico, Great Britain and the European Union
  • …and what about the “R” word?  Is it a real threat or “fake news”?

Paul leads the economic research agenda at S&P Global and serves as the primary spokesperson on macro-economic matters for the company. Overseeing a team of economists spanning the Americas, EMEA and APAC, Paul has studied and written about macroeconomic policy, banking and trading, and credit. He has a Ph.D. in Economics from Columbia University and a bachelor’s degree in Economics/Mathematics from the University of Texas.

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

  


 Topic:

Annual Scrum + Cocktail Party
Date: Thursday, June 13, 2019
Moderator:

Our membership base has spoken, and MAGNY's Analyst Scrum is back by popular demand!  This year we are combining our Third Annual Analyst Scrum with the end-of-the-season cocktail party to give attendees the chance to catch up with friends, relive the highlights of the 2018-19 MAGNY season, hob-nob about issues of common interest and engage in spirited, but friendly debate at a single event.   

Speakers:

You - the members of MAGNY - will be the featured speakers in a referee-controlled, round table discussion about virtually any muni topic you wish to introduce.  

A team of subject matter experts will help guide the conversation on pensions, infrastructure, healthcare, distressed municipal debt, public housing, recent legal rulings and other topics of your choice.  No municipal subject is off-limits. 

Subject matter experts will include: Legal - Bill Kannel (Mintz Levin), Markets - Vikram Rai (Citigroup), Healthcare - Anne Cosgrove (S&P), High Yield - Jim Lyman (Neuberger Berman), ESG/Infrastructure - Hector Negroni (Fundamental), Pensions - Doug Offerman (Fitch).  

This will be a complete audience participation event modeled after MAGNY's first two Analyst Scrums held in 2016 and 2017.   OK -- so this will not actually be the third ANNUAL analyst scrum since we skipped a year, but you get the idea...

There will be a period for introductions between 4:30-5pm, and the Scrum will begin promptly at 5pm and last for exactly one hour, to be followed by a 90-minute cocktail reception where drinks and light refreshments will be served.


2019 scrum team

(l-r) Doug Offerman (Fitch), Bill Kannel (Mintz Levin), Anne Cosgrove (S&P), Michael Imber (moderator/Eisner Amper), Jim Lyman (Neuberger Berman), Hector Negroni (Fundamental), Vikram Rai (Citigroup)

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

  


 Topic:

Puerto Rico's Debt Restructuring and its
Implications for the Muni Markets
Date: Friday, May 17, 2019
Moderator:

Leonard Jones, Moody's Investors Service - Biography

Speakers:

James E. Spiotto, Managing Director, Chapman Strategic Advisors LLC - Biography - Full Powerpoint - Shorter Version

Arturo C. Porzecanski, Ph.D., Distinguished Economist in Residence, International Economic Relations Program, School of International Service, American University - Biography - Speech

Howard Sitzer, Senior Municipals Analyst, CreditSights - Biography

Summary:

Puerto Rico’s restructuring is by far the largest municipal default and debt restructuring in US history.  Many believe that the steps taken during the course of the island’s restructuring are setting consequential precedents for future municipal bankruptcies and restructurings.  

MAGNY's Puerto Rico luncheon will provide analysis and discussion of the latest developments in Puerto Rico’s workout including: the overall restructuring process, the status of the PROMESA Board after a recent ruling on the formation of PROMESA; and recent court rulings on special revenue designations that will help to dictate how the restructuring proceeds. Our panelists will also address the questions of how the economy of Puerto Rico can -- after decades of decline and clear vulnerability to ESG issues -- right size itself in a more resilient manner, what role the Federal government will likely take in helping Puerto Rico recover (or not), and if Puerto Rico will be able to re-gain access the traditional US municipal debt market in the future.      

Our panel of guest experts will include James E. Spiotto, Managing Director, Chapman Strategic Advisors LLCs, Arturo C. Porzecanski, Ph.D., Distinguished Economist in Residence at American University; and Howard Sitzer, Senior Municipals Analyst for CreditSights in New York.

 

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

  


 Topic:

Everything You Always Wanted to Know about
Muni Workouts, but were Afraid to Ask
Date: Friday, April 12, 2019
Moderators:

Jim Lyman, Managing Director, Neuberger Berman
Sandy Pae Goldstein, Director, Fundamental Credit Opportunities
Kimberly Lyons, Senior Vice President, Dexia Credit Local

Speakers:

Laura Appleby, Partner, Chapman and Cutler
Larry G. Halperin, Partner, Chapman and Cutler

Summary:

Municipal analysts and investors are challenged daily to make judgement calls on credit risk. Municipal bankruptcies, defaults, and restructurings flash through the news, but not all have had the opportunity (or unforeseen occasion) of working through a restructuring firsthand.
 
To address this, and to broaden the skillset of MAGNY members, please join us at our next luncheon on April 12th where Chapman and Cutler will lead a live, interactive case study on a corporate restructuring with many parallels to municipal enterprises (hospitals, health systems, project operating companies, e.g.) that have fallen into distress.
 
The case begins with a company showing the early warning signs of distress in a covenant violation. In turn, there are serious concerns about default, acceleration, bankruptcy, and potentially liquidation of assets. The result? A restructuring amongst creditors and equity.
 
Topics to be discussed:

  • How did the company get into this situation?
  • What were the warning signs?
  • How does a board behave during insolvency?
  • Should liquidity be raised by the addition debt or equity? 
  • How would a liquidation work?
  • What are the goals and steps in a court-adjudicated bankruptcy?
  • How would an out-of-court restructuring actually work? 

Each attendee will be assigned to participate as a member of one of three creditor classes.
 
We expect an engaging, candid and lively discussion. Most importantly, this session offers applicable takeaways and considerations for municipal investors and analysts who are navigating an increasingly credit focused market environment.  

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

 

 


 Topic:

Climate Change & the Muni Sectors:
How Are Actors in Each Sector Planning
 Ahead?
Date: Friday, March 8, 2019
Speakers:

Moderator: Rahul Jain, S&P Global Ratings

Damon Burns, Chief Executive Officer - The Financial Authority of New Orleans - Biography - Presentation

Jainey Bavishi, Director – Office of Recovery and Resiliency at New York City Office of the Mayor - Biography - Presentation

Jeremy Alain Siegel, Partner – BIG Architects - Biography

Summary:

According to the 2018 National Climate Assessment (NCA), global warming, rising sea levels, and increasingly frequent extreme weather events are expected to disrupt and damage critical infrastructure and property in major US population centers in the coming decades.  The epicenters of today’s major US communities emerged over the past three hundred years based on geographical and environmental advantages that enabled populations in those regions to flourish and grow. The climates of many of these regions are rapidly changing, resulting in more frequent flooding, droughts and wildfires. Adapting to these climatological changes will require significant investments to ensure the continued livability and economic dynamism of these regions.  

Mitigating the impact of climate change has moved from the planning to the adoption phase for several of the most exposed municipalities. Adoption of significant changes to infrastructure will require well thought-out strategies that include mechanisms for financing resilience initiatives and planning for state and federal responses to the human and economic costs posed by climate change.

Please join our distinguished panel of issuers and resilience experts in a discussion on how they, their financial advisors and their clients are confronting this complex challenge in ways that minimize the financial burden on their communities and the risk to municipal investors.

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

 


Topic:
Big Tech and the U.S. Healthcare Industry:
How Technological Change is Reshaping the Sector
Date: Friday, February 8, 2019
Speakers:

Moderator: Mark Schmidt, CFA, Morgan Stanley & Co.

Gerry Lewis is Senior Vice President and Chief Information Officer (CIO) for Ascension, and the President and CEO of the organization’s information technology (IT) subsidiary, Ascension Technologies. Biography

April Semilla is a Principal Consultant at IHS Markit, where she focuses on health care policy impacts, advanced medical technology, drug pricing and reimbursement strategy, among other areas.  She has conducted due diligence on proton therapy center municipal bond issues and has expertise in creating bespoke health impact assessments. Biography  Presentation

Dr. Paul Testa is Chief Medical Information Officer of NYU Langone Health. In this capacity, Dr. Testa works closely with physician and nursing informatics groups to transform and advance how NYULH delivers care via new technologies.  He holds a JD, an MD and a Masters' degree in Public Health. Biography

Summary:

Rising healthcare costs are a top concern for patients, governments, and municipal bond investors. Providers are struggling to adapt to a new market that is increasingly rewarding them for more cost efficient and high quality care, and a new cohort of consumers who are demanding easier access to health services and more transparent pricing. Technology had historically failed to keep up with medical advances that significantly improved life expectancies and quality-of-life across a broad array of conditions. Now, however, tougher competition and lower margins are requiring hospital systems to rapidly deploy advanced technologies to improve the patient experience, decrease errors, minimize hospitalization time, and reduce costs, all while providing more effective treatment.

Join us at our next luncheon on February 8 where three expert panelists will discuss how hospital systems are investing in improving the patient experience and using new technologies like telemedicine and wearables to lower the cost of care and shorten hospitalization times.

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

 



Topic:
U.S. Demographic Change, Ratings, and Interstate Tax Migration
Date: Friday, January 11, 2019
Speakers:

Richard Prisinzano, Senior Economist and Tax Division Head with the Penn-Wharton Budget Model, will present the view that high tax rates on millionaires have not led to significant interstate migration by high income individuals, as summarized in a paper Dr. Prisinzano co-authored for the U.S. Treasury. (https://web.stanford.edu/~cy10/public/Jun16ASRFeature.pdf ). 
Biography

Nicole Kaeding, Director of Federal Projects at the Tax Foundation, will present a contrasting viewpoint, discussing the impact of high tax rates on corporate location decisions and interstate migration by residents in locations with high tax brackets. Biography

Dr. Olu Sonola, Group Credit Officer for U.S. Public Finance and Global Infrastructure for Fitch Ratings, will discuss recent U.S. aging patterns and their long-term economic and credit implications, particularly for state governments. Biography Presentation

Timothy Little, Associate Director in the U.S. States Team at S&P Global Ratings, will explore the use of demographics in the rating process and the rating implications of recent and projected U.S. demographic and population trends. Biography Presentation


Summary:

Major U.S. demographic changes driven by continued high levels of immigration, changes in state tax law, the aging of the Baby Boomers, and a slower rate of family formation by Millennials have been generating a great deal of interest in the national media and the public finance community. Commentators have presented a variety of views, ranging from demographic change having a muted effect on municipal finance to full-bore "doom and gloom" scenarios.  Our upcoming event represents MAGNY's attempt to sift through the noise and provide our members with informed commentary and opinion.

Please join us at our next luncheon on January 11 where four expert panelists will discuss the relationship between forecasted U.S. demographic change and state and local creditworthiness including the existence or non-existence of interstate tax migration and what is driving it. 

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

   

Topic:
New York City's 'Mega Projects' - A Detailed Update
Date: Friday, November 16, 2018
Moderator:

Eva Rippeteau, Fitch Ratings

Speakers:

Elizabeth M. “Libby” McCarthy
Chief Financial Officer
The Port Authority of New York and New Jersey

Michael Evans
President
Moynihan Station Development Corporation

James Mueller, P.E.
Chief Engineer
New York City Department of Environmental Protection

Summary:

MAGNY's New York City "Mega Projects" event will provide updates on some of the city’s largest ongoing infrastructure projects, both high-profile and “behind the scenes.” Leaders from three major local agencies will update the audience about the ongoing work of their largest and most transformational NYC projects, including the innovative funding mechanisms utilized, construction choices made by the agencies to minimize disruptions in our highly congested city setting, and the political, governmental, or environmental hurdles they have faced.

NYC’s "mega projects" include both those highly visible to the public – e.g. the region’s largest bridge and airport renovations and the Moynihan Train Hall re-development, as well as major initiatives that happen without much fanfare or visibility, such as the replacement of water mains and the construction of one of the largest water tunnels in the country, completely below the surface of NYC's streets (and the awareness of most residents).    

Our panel of experts will include Elizabeth M. “Libby” McCarthy, Chief Financial Officer for The Port Authority of New York and New Jersey; Michael Evans, President, the Moynihan Station Development Corporation; and James Mueller, P.E., Chief Engineer of the New York City Department of Environmental Protection. Our guest speakers will describe in detail how billions of dollars, both public and private, are invested to support the economic development, transportation access and public health initiatives that keep New York City running smoothly.

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

   

Topic:
The Future (or lack thereof?) of Muni Credit Enhancement
Date: Friday, October 19, 2018
Moderator:

Joseph Campagna, BayernLB

Speakers:

Kevin Dunphy - Bio - Presentation
Managing Director & Head of Public Finance
MUFG Union Bank, N.A. 

Marjorie E. Henning - Bio - Presentation
Deputy Comptroller for Public Finance
New York City Comptroller’s Office

Nick Sourbis - Bio - Presentation
Managing Director
Municipal Market Analytics

Summary:

Since the Financial Crisis of 2008, the municipal market has experienced significant upheaval.  One of the most deeply impacted areas has been the availability of credit enhancement.  Before 2008, about half of all new municipal bond issuance (46% in 2006) was insured. By the end of 2017, however, insured penetration of new issues was only 5% and the proportion of insured bonds in the Bloomberg Barclay’s Index was 0.24%.  Prior to 2008, the principal amount of outstanding variable rate demand bonds (VRDOs) topped $500 billion, but by 2017 VRDO outstandings had shrunk to $150 billion.  Bank-issued letters of credit (LOCs) and standby bond purchase agreements (SBPAs) were widely used to back VRDOs before 2008, but the number of LOCs issued in the market has fallen dramatically as VRDO outstandings have declined and the cost of obtaining LOCs has risen.   

Are we witnessing the slow, but steady death of credit enhancement in the municipal market?  Or, with rates finally moving up, will the bond insurance and VRDO propositions make a comeback?  After tax reform, will we see a gradual, wholesale conversion of direct bank loans back into LOC/SBPA-backed VRDOs, or is this a market sector whose time has passed?  Are innovative new forms of credit enhancement already evolving to replace older forms, requiring only broader market awareness and acceptance to take root? 

Our panel of experts including Marjorie E. Henning, Deputy Comptroller, New York City; Kevin Dunphy, Head of Public Finance, MUFG; and Nick Sourbis, Managing Director at Municipal Markets Analytics (MMA) will examine the current environment and give us their insights and prognosis concerning the future of credit enhancement.

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

   

Topic:
US State Budget Outlook: Fiscal 2019
Date: Friday, September 7, 2018
Speaker:

Scott Pattison, Executive Director and Chief Executive Officer, National Governor's Association - Bio - Presentation

Summary:

In 2018, all 50 states passed their fiscal 2019 budgets with more ease than during the prior year, when 11 states failed to pass on-time budgets. Even if an easier budget season reflects improved state tax revenues and a slowdown in new signups for Medicaid, what can we expect when recent demographic trends begin to catch up with the states? Will what some have described as "the twin squeeze on state finances" -- Medicaid and pensions -- continue to stress state budgets by crowding out spending on other priorities such as infrastructure and higher education? The National Governors Association's Executive Director and Chief Executive Officer, Scott Pattinson, will explore these long-term pressures on state budgeting and the overall state political landscape. 

 

Speaker Scott Pattison with Patricia Healy of Cumberland Advisors.

 

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

 

Topic:
The Next Recession: What to Expect
Date: Friday, June 8, 2018
Moderator: Eden PerrySenior Director-Analytic Manager States Group, S&P Global Ratings - Bio
Speakers:

Donald Boyd, Boyd Research, LLC & Senior Research Fellow, Center for Policy Research, Rockefeller College, University at Albany, SUNY - Bio - Presentation

Satyam Panday, Senior Economist, Global Economics and Research S&P Global Ratings - Bio - Presentation

Chris Varvares, Vice President and Co-head US Economics | Economics and Country Risk
Macroeconomic Advisers, IHS Markit - Presentation

Summary:

Please join us for a robust discussion on what to expect when the next economic retraction occurs. First, our distinguished economists will discuss their thoughts on factors that might lead us into recession, the likelihood of recession and its impact on the US economy. The economists will also discuss how economic retractions impact elements of our society differently due to changing demographics and how this translates into heightened credit risk for certain segments of the municipal market. Finally, Professor Boyd will discuss the policy impacts at the state and local level of the next recession given how governments have responded in terms of their policy decisions since the Great Recession during this atypical economic expansion.

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

 

Topic:
ESG and Green Bonds
Date: Friday, May 11, 2018
Moderator: Patrick Luby, Senior Municipal Strategist, CreditSights - Bio 
Speakers:

Chris Fowle, Director Global Networks and Outreach, Principles for Responsible Investment (PRI) - Bio - Presentation

Joyce Coffee, LEED AP, founder and President, Climate Resilience Consulting - Bio - Presentation

Paul Brandley, CFO and Treasurer, Massachusetts Bay Transportation Authority (MBTA) - Bio - Presentation 

Summary:

Please join us for a robust discussion on Environmental, Social and Governance (ESG) investing and Green Bonds. Our panelists will discuss the concept of sustainable investing, the market outlook, understanding green bond pricing and investor demand, standards, reporting and risk. What does “green” really mean? What is the difference between ESG investing and green bonds? How is the market evolving? As well, a discussion on investment strategies that include divestment in non-green industries- what are the implications?

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

 

 

Topic:
Federal Tax Reform and the Muni Market
Date: Friday, April 13, 2018
Moderator: Michael Imber, Managing Director, Eisner Amper LLP
Speakers:

Emily Swenson Brock, Federal Liaison, GFOA

Michael Decker, Managing Director, SIFMA

George Friedlander, Court Street Research Group - 
Bio

Kurt Rankin, Economist, The PNC Financial Services Group 
Bio

Summary:

The panelists will discuss a wide-range of issues that have emerged as a result of the recently adopted federal tax reform. Topics to be discussed will include the expected economic impact, potential state and local revenue paradigm shift, market reaction, and the congressional environment surrounding the federal tax law change. Analytic, economic, and government perspectives on the impact of the recent legislation will provide a robust discussion of what it means for market participants and the muni-market.

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

 

 

Topic:
What's New with GASB and what does it mean for municipal credit?
Date: Friday, March 16, 2018
Moderator: Sussan Corson, Pension/OPEB Leader, S&P Global - Bio
Speakers:

David R. Bean, Director of Research and Technical Activities, GASB - Bio - Presentation

Michael Zezas, Managing Director, Head of US Public Policy & Municipal Credit Strategy, Morgan Stanley - Bio

Todd Kanaster, Director, Municipal Pensions, S&P Global - Bio

James Lyman, Director of Research, Municipals, Neuberger Berman - Bio

Summary:

Pension, OPEBs, Leases, Tax Abatements – the Governmental Accounting Standards Board has been busy improving clarity of guidance for preparers and disclosure for financial statement users. GASB also continues to solicit feedback on draft standards for capitalized interest and revenue and expense recognition, among other items. In this presentation-and-panel style forum, David Bean, GASB Director, will provide a summary of recent and ongoing pronouncements at GASB, followed by a panel discussion on improved disclosures and their utility in analyzing state and local government financial statements. 

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

 

  

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