Smith’s High Yield Municipal Bond Conference

Agenda

Monday, October 19, 2026

6:00 – 9:00 pm
WELCOME RECEPTION

Speakers, sponsors and attendees will gather together prior to the conference session start on Tuesday.

Sponsored by:

Tuesday, October 20, 2026

8:00 am
CONFERENCE REGISTRATION

BREAKFAST
Sponsored by:

8:30 am
WELCOME

Pamela Kilbourn, Managing Director — Smith’s Research & Gradings

8:30 am
OPENING REMARKS

Terence Smith, CEO — Smith’s Research & Gradings

9:00 am
CHARTER SCHOOLS: STRONGER METRICS, BUT MORE DEFAULTS—WHAT ARE WE MISSING?

Charter schools were among the standout performers in the high yield municipal market during and after the pandemic, benefiting from strong enrollment and unprecedented federal funding. However, 2025 and 2026 have brought a growing number of defaults across both rated and unrated issuers, raising important questions about the sector’s underlying credit fundamentals. Is stress emerging from excessive real estate leverage, an oversupply of schools competing for students, or the expiration of pandemic-era support amid rising operating costs? More broadly, the recent defaults expose a need for new or additional credit factors to be used to evaluate these schools, particularly given the sector’s improving median credit rating metrics. What about the change in structure we are seeing for some charters? Do bullets present risk or opportunity? This panel will examine the drivers behind the sector’s changing risk profile and ask if we need to reevaluate charter school credit quality.

Yaffa Rattner, Senior Managing Director, Head of Municipal Credit — HilltopSecurities (Moderator)
Melissa Holdaway, Founder & CEO — FUSE School Advisory Network
J. Kou Vang, Minnesota Real Estate Developer and CEO of JB Vang
Jessica Wood, Managing Director and Sector Leader — S&P Global Ratings
Akshai Patel, Managing Director, Hilltop Securities

10:00 am
COFFEE BREAK‍

Sponsored by:

10:15 am

REFLECTIONS OF A HIGH YIELD MUNI ANALYST

High-yield municipal finance increasingly exposes investors to equity-like risks without corresponding returns. This panel examines two emerging financing structures: luxury independent living rental communities and bond anticipation notes (BANs). Panelists will explore excessive leverage, occupancy challenges, working capital requirements, refinancing uncertainty, and creditor protections. With high yields confronting substantial operating and financial risks, the discussion will assess evolving market conditions, investor expectations, sponsor commitments, and strategies for protecting bondholders against potential losses in distressed transactions.

Prakash Vadlamani, Executive Director, Senior Analyst – Muni High Yield — Morgan Stanley Investment Management
Andrew Cooper, Senior High Yield Municipal Credit Analyst — Vanguard
Keith Rochelli, CFA, Managing Director — ORIX

11:00 am
SENIOR LIVING: WHERE HAS ALL THE HEALTH CARE GONE? DISCONTINUING THE CONTINUUM

With independent living occupancy returning to pre-pandemic levels, why are Life Plan Communities downsizing or eliminating skilled nursing facilities? Rising healthcare costs and shrinking margins are reshaping the senior housing continuum, accelerating demand for flexible assisted living, memory care, aging-in-place services, and affordable supportive living models. This transformation presents significant opportunities for private equity, developers, and institutional investors targeting needs-based facilities. Explore emerging investment strategies, shifting care models, and how this structural realignment has broken the senior living continuum chain.

Mary Jane Minier, CPA, Senior Analyst, Head of Opportunistic Credit Strategy — Invesco Ltd.
Charlie Trefzger, Founder, President & Chief Executive Officer — ALG Senior
Charles Hachten, Managing Director/Senior Research Analyst — Nuveen Asset Management

11:45 am
HOW TO FORM A BONDHOLDER GROUP AND WHEN TO JOIN

When a borrower shows signs of distress, it is natural that bondholders will want to act.  Before negotiating with distressed borrowers, however, bondholders are increasingly using cooperation agreements to organize.  This panel will unpack both the benefits and the risks of these agreements. Recent corporate cases have challenged their enforceability and highlighted potential pitfalls. Join us for insights on what works—and what to watch out for—when bondholders band together.

Laura Appleby, Partner — Faegre Drinker
Tyler Wynn, Founder and Chief Investment Officer — Birch Creek Capital
Peter Courtney, Portfolio Manager — Calydon Capital
Corbin Connell, Vice President, Special Accounts Consultant, DRG — Computershare Corporate Trust

12:15 pm
LUNCHEON

Sponsored by:

The Phoenix Award Presentation
— Recognizing Contributions and Achievements in the High Yield Sector

2026 Recipient: Miyoko Sato, Mintz

1:30 pm – 2:15 pm
BREAKOUT SESSIONS

Session A
TOBACCO BONDS BEFORE AND AFTER THE DEFAULT

The tobacco bond sector has entered a new and uncertain era. Following the recent default, investors are asking the critical question: What comes next? This panel will explore the outlook for tobacco bonds,  recovery prospects, legal and market developments, and whether the sector still offers attractive opportunities for high-yield municipal investors. This session offers a candid discussion of one of the municipal market’s most closely watched credit stories.

Brian Connery, Fund Advisor, Distressed & Bankrupt Municipal Bonds — LMB Family Office
Dan White, CFA, Municipal Strategist and Desk Analyst — Jefferies LLC

Session B
BRIGHTLINE: LANDMARK FINANCING, DEFINING MOMENT

When Brightline came to market, it was one of the most ambitious and closely watched transportation financings in municipal bond history—a pioneering private passenger rail project that attracted billions of dollars in investment-grade and insured debt. Today, that landmark financing stands at a crossroads. With liquidity pressures mounting, debt payment deadlines approaching, and bankruptcy increasingly part of the conversation, panelists will examine the company’s financial outlook, competing creditor interests, potential restructuring scenarios, and the implications for bondholders across the capital structure. Is Brightline facing a temporary setback—or the municipal market’s next major restructuring?

Jeff Wilson, Co-Portfolio Manager, Co-Managing Partner — Saybrook Fund Advisors, LLC
Matt O’Grady, Managing Director, Underwriting — KeyBanc Capital Markets
Jon Barasch, Municipal Evaluations — S&P Global

Session C
DEMOGRAPHICS DRIVING CREDIT CONSIDERATIONS

Demographic change can be gradual, but its effects can be very different from one issuer to another. Population aging and lower birth rates may reshape demand for schools, colleges, senior living, and healthcare. They can also affect local revenues, workforces, and the choices facing state and local policymakers. For investors, the question is not simply what is changing? It is which issuers can adapt—and how can we recognize that in time?

Susan Fitzgerald, Managing Director, Higher Education and Not-for-Profit Ratings — Moody’s Ratings (Moderator)
Bill Black, CFA, Co-Portfolio Manager, High Yield Municipals — Saybrook Fund Advisors
Scott MacDonald, Ph.D., Chief Economist — Smith’s Research & Gradings
Madhavi Bokil, Executive Director, Head of Macro and Financial Markets — Moody’s Ratings

2:25 pm – 3:10 pm
BREAKOUT SESSIONS

Session A
AI FOR HIGH YIELD MUNICIPAL CREDIT ANALYSIS

AI is rapidly moving from an emerging technology story to a practical tool in credit research and investment management. This fireside chat will explore how AI is changing the way municipal credit is researched, analyzed, and monitored—from structuring unstructured information and financial modeling to surveillance, signals, and relative value. The discussion will also examine where AI can create an investment edge, its potential applications in high yield and less liquid credits, and the limitations, risks, and governance challenges that come with relying on AI. Ultimately, where does AI give credit investors more horsepower—and where does human judgment remain essential?

Mohammed Murad, Head of Municipal Credit Research — PT Asset Management
Mark Schmidt, CFA, Head of Municipal Strategy — Morgan Stanley
Robert Amodeo, Head of Municipals — Western Asset Management
Evan Sussman, Executive Director, AI Strategy and Technology — Morgan Stanley

Session B
HOUSING IN THE HIGH-YIELD MUNICIPAL BOND MARKET: OPPORTUNITIES AND RISKS

Growing demand for affordable, workforce, and specialized housing is creating new opportunities and challenges for high-yield municipal bond investors. This panel will examine emerging financing structures, market trends, and credit risks across the affordable housing sector. Panelists will discuss construction and lease-up risks, operating performance, refinancing pressures, troubled credits, and restructurings. Where are investors finding attractive risk-adjusted returns, and are current yields sufficient to compensate for the risks?

Brandon Wolanski, Director — RBC Capital Markets
John Stoecker, Program Administrator — National Finance Authority
Rich Schwamm, CFA, Senior Vice President – Tax-Exempt Credit Research — AllianceBernstein

Session C
HOW TO FINANCE AMERICA’S INFRASTRUCTURE IN A POST-IIJA WORLD

The IIJA fueled a once-in-a-generation infrastructure boom. Now the federal funding surge is winding down, but America’s infrastructure needs are not. So, who fills the gap? This panel explores what comes next: municipal bonds, private capital, P3s, user fees and new financing structures. With fewer federal dollars available, the municipal market—and high-yield investors—may be called upon to finance more of America’s roads, bridges, water systems, energy, transportation and other critical infrastructure.

Terence Smith, CEO — Smith’s Research & Gradings
Maria Lehman, P.E, F.ASCE, ENV SP — GHD Executive Advisor U.S. Infrastructure and Samuel P. Capen Professor of Engineering Management, State University of New York at Buffalo

3:15 pm
COFFEE BREAK‍

Sponsored by:

3:30 pm
HIGHER EDUCATION: IDENTIFYING DISTRESS BEFORE IT’S TOO LATE

Higher education faces mounting financial pressures, shifting federal policies, and rising default risks. Examining the rated universe and selected institutional credits, panelists will examine early warning signs of failure, refinancing challenges, and declining restructuring options. What characteristics predict institutional failure three to four years ahead? How are mergers and acquisitions reshaping the sector? Panelists will discuss practical surveillance and due diligence tools to distinguish vulnerable institutions from stronger credits and assess emerging opportunities and risks.

Miyoko Sato, Member, Chair, Bankruptcy, Health Law, Public Finance, Real Estate, & TechComm Div. — Mintz (Moderator)
Mark Podgainy, Managing Director — DSI Consulting
Emily Wadhwani, Senior Director and Sector Lead, Education and Nonprofit Institutions — Fitch Ratings
Dan Froehlich, Managing Director, Public Finance — D.A. Davidson & Co.
Christopher Good, Managing Director and the Head of Higher Education & Nonprofit Finance — RBC Capital Markets

4:15 pm
ROUNDTABLE DISCUSSION

Join our high-yield municipal bond roundtable for an in-depth look at current market dynamics. This group of seasoned municipal bond professionals will discuss the impact of shifting interest rates and identify sectors facing significant challenges. Explore how recent trends and economic factors are shaping the high-yield municipal bond landscape. Panelists will share insights on distressed sectors and their implications for investors. This discussion promises insightful knowledge, strategic foresight and an entertaining discussion as we navigate the evolving landscape of high-yield municipal bonds.

Mark Whitaker, CFA, Senior Managing Director, Head of Municipal Sales and Research, Institutional Sales & Trading — Mesirow (Moderator)
Mark Paris, Chief Investment Officer and Head of Municipals — Invesco
Hector Negroni, Founder & CEO — Foundation Credit
Marshall Kitain, Senior Credit Analyst and High Yield Municipal Bond Portfolio Manager — Susquehanna International Group, LLP

5:00 pm
MUNICIPAL BONDS ON THE ROCKS COCKTAIL HOUR

Sponsored by:

6:30 pm
SMITH’S HIGH YIELD CONFERENCE DINNER

Co-Sponsored by:

Wednesday, October 21, 2026

7:00 am
CONFERENCE REGISTRATION

Breakfast Sponsored by:

8:00 am
OPENING REMARKS

Terence Smith, CEO — Smith’s Research & Gradings

8:15 am

SPACEPORTS: THE NEXT FRONTIER IN MUNICIPAL FINANCE

Spaceports are emerging as the next frontier for municipal finance. This panel examines how newly authorized tax-exempt private activity bonds under the One Big Beautiful Bill Act (OBBBA) create a proven, low-cost financing model for launch facilities, mission control centers, manufacturing campuses, testing sites, and related infrastructure. Panelists will discuss how the legislation extends the successful airport bond framework to commercial spaceports, enabling public-private partnerships while attracting institutional investors seeking stable, long-duration tax-exempt investments. Topics include credit structures, risk allocation, Project Jaguar and other early transactions, investor demand, and the outlook for a new “space infrastructure” sector within the municipal bond market. Learn how municipal finance can accelerate the development of America’s commercial space economy while providing scalable, investment-grade financing solutions.

Armand Pastine, Senior Managing Director & Head of Capital Markets — Celadon (Moderator)
Peter Wright, Chief Executive Officer — Belay Global, McKinley Acquisition Corp.
Johnny Hutchinson, Partner — Nixon Peabody
Tom Weyl, Managing Director, Head of Municipal Solutions — Celadon

9:00 am
KICKING THE DIRT: DUE DILIGENCE FOR METRO DEALS

Development financings require market participants to evaluate projects long before they are fully built and stabilized. Investors, developers, underwriters, and legal professionals must assess numerous risks, including entitlement, absorption, execution, capital structure, and legal remedies. This panel will examine the due diligence process from multiple perspectives and explore how market participants distinguish compelling investment opportunities from transactions that warrant additional scrutiny.

Kyle Thomas, Managing Director, Development Finance Group— D.A. Davidson & Co. (Moderator)
Matthew Porcelli, Fixed Income Analyst — MFS Investment Management
Jon Shumaker, Partner — Crosslake Partners
Kim Casey, Partner — Casey Parrot LLC

9:45 am
COFFEE BREAK‍

Sponsored by:

10:00 am

HEALTHCARE: HOSPITALS ON LIFE SUPPORT

Panelists will explore the healthcare sector’s evolving credit landscape and the impact of recent legislation. The discussion will examine state-by-state variability in how painful these changes are based on Medicaid exposure, with some states having delayed implementations until 2028, and the secondary market’s reactions.  The session take a look at healthcare providers from states heavily impacted by regulatory changes—especially those below investment grade—to discuss how access is being reshaped, financing, and credit outlooks.

Sean Cannon, Managing Director — GLC Advisors & Co. (Moderator)
Alex Geier, Managing Director — GLC Advisors & Co.
Kristin Going, Partner — McDermott Will & Schulte
Ryan Pami, CFA, Senior Director and Credit Analyst — PGIM
Trish Hennelly, Managing Director — FTI Consulting
Anne Cosgrove, Director U.S. Public Finance Healthcare Group — S&P Global Ratings

11:00 am
IS PUERTO RICO INVESTABLE?

A decade after Puerto Rico’s fiscal crisis, how prepared is the Commonwealth to regain market access? Featuring Senate Majority Leader Carmelo Ríos, the discussion will explore legislative priorities, San Juan’s recent bond transaction, investor reception, rating agency expectations and opportunities for other Puerto Rico municipalities to reenter the municipal bond market. Panelists will discuss Puerto Rico’s fiscal discipline, financial disclosure and economic development, alongside challenges surrounding PREPA and the eventual departure of the Fiscal Oversight Board.

Elliott Mutch, CFA, Director — BofA Securities (Moderator)
Hon. Carmelo Ríos Santiago, Senate Majority Leader — Senate of Puerto Rico
Hector Negroni, Founder and CEO — Foundation Credit
Carlos Pineiro, Managing Director — RBC Capital Markets
Karen Ribble, Senior Director, State and Local Governments — Fitch Ratings

12:00 pm
CONFERENCE ADJOURNS