Smith's High Yield Municipal Bond Conference

Agenda

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Monday, October 27, 2025

6:00 - 9:00 pm

WELCOME RECEPTION

Speakers, sponsors and attendees will gather together prior to the conference sessions begin on Tuesday.

Sponsored by:

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Tuesday, October 28, 2025

8:00 am

CONFERENCE REGISTRATION

CONTINENTAL BREAKFAST

Sponsored by:

8:30 am

WELCOME

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

8:35 am

ECONOMIC BRIEFING

Scott MacDonald, Ph.D., Chief Economist — Smith's Research & Gradings

8:50 am

FINANCING THE FUTURE WITH TAX-FREE MUNICIPAL BONDS

Infrastructure demands in the U.S. are great. The nation needs a new approach to finance America's infrastructure and communities. The discussion will focus on opportunities using financial innovation, the municipal bond market and improving asset resilience as a way to improve credit and lower the cost of capital.

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Terence Smith, CEO — Smith's Research & Gradings

Maria Lehman, P.E., ENV SP, F.ASCE, Interim Executive Director — American Society of Civil Engineers

9:20 am - 9:50 am

BREAKOUT SESSIONS

Session B — UNDERSTANDING THE MECHANICS OF A WORKOUT

Discover the nitty gritty of the workout process: What do you do when you notice a borrower might be heading toward distress? What are some things to look out for regarding language in the bond documents? Who should your first calls be? How do you form a bondholder group?

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Bobbi Gajwani, Managing Director, Senior Research Analyst — Nuveen
Mark Angelov, Partner — ArentFox Schiff LLP
Andrew Clark, CFA, Managing Director, Senior Research Analyst — Nuveen
Corbin Connell, Vice President, Special Accounts Consultant, DRG — Computershare Corporate Trust

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Session C — LOCAL GOVERNMENTS IN DEFAULT AND DISTRESS

This discussion explores the growing challenges faced by distressed municipalities. Topics include Moody’s default study and the rising threat of cybersecurity breaches, highlighted by recent hacks in White Lake Township (MI) and St. Paul (MN). Panelists will examine Pennsylvania’s Act 47 program—long criticized as a “roach motel”—through the contrasting experiences of New Castle’s exit and Chester’s ongoing struggles. The conversation will also cover how staffing shortages in finance departments, exacerbated by COVID and a lack of qualified accountants, are delaying audited financials, leading to rating suspensions and a downward spiral as seen in Atlantic City.

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Susannah Page,  Senior Vice President, Manager of Research— Roosevelt & Cross, Inc. (Moderator)
Doug Goldmacher, Vice President, Senior Analyst — Moody's Ratings
Kristin Going, Partner — McDermott Will & Schulte
Charlene Butterfield, Managing Director & Head of Local Governments, East Region — S&P Global Ratings

10:00 am - 10:30 am

BREAKOUT SESSIONS

Session B — UNDERSTANDING THE MECHANICS OF A WORKOUT

Session C — LOCAL GOVERNMENTS IN DEFAULT AND DISTRESS

10:30 am

COFFEE BREAK‍

Sponsored by:

10:45 am

GOLDEN YEARS IN A GOLDEN AGE

The sector has emerged from the dark days of pandemic to a building gap. Favorable demographic trends, improved sector occupancy and recent transaction activity may point to a "Golden Age" of primordial peace, harmony, stability, and most importantly prosperity. Investment opportunities will abound, but investors must be smart and not blinded by shiny new toys, keeping up with the Joneses and the proverbial, "build it and they will come." How will today's new senior consumer view the sector and congregate living as we approach the next 10 years of burgeoning demand? We see smart investment opportunities and a bright future ahead. Senior living development and marketing experts will discuss what to expect as the development gap intersects with the Silver Tsunami peak.  

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Mary Jane Minier, CPA, Senior Analyst, Head of Opportunistic Credit Strategy — Invesco Ltd.
Kjerstin Hatch, Founder and Managing Principal — Lapis Advisers
John Spooner, Co-Chief Executive Officer — Greystone
Aaron Rulnick, Managing Principal, Head of Investment Banking — HJ Sims

11:30 am

HIGHER EDUCATION AT A CROSSROADS: CREDIT STRESS, STRATEGIC SHIFTS, AND INVESTOR RESPONSE

This year’s panel turns its focus back to growing distress and default risks in the higher education sector, as market activity accelerates and credit workouts become increasingly complex. Panelists will explore macroeconomic and policy trends impacting both high-grade and high-yield institutions, drawing on recent transactions to illustrate shifts in investor sentiment and analyst engagement. Panelists will also assess updated covenant structures, emerging yield strategies, and credit quality metrics. With issuance up 44% year-over-year and investor scrutiny rising, this session offers timely insights for analysts, portfolio managers, and policymakers navigating the shifting terrain of higher education finance.

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Miyoko Sato, Member, Chair, Bankruptcy, Health Law, Public Finance, Real Estate, and TechComm Division — Mintz (Moderator)
Christopher Good, Co-Head Higher Education & Non-Profit Finance — RBC Capital Markets
Mark Podgainy, Managing Director — Getzler Henrich & Assoc.
Jessica Wood, Managing Director and Sector Leader, Education — S&P Global Ratings
Neene Jenkins, Executive Director, Head of Municipal Research — JP Morgan Asset Management

12:15 pm

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LUNCHEON

Sponsored by:

‍The Phoenix Award Presentation

— Recognizing Contributions and Achievements in the High Yield Sector

2025 Recipient: James Colby, VanEck

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1:30 pm

THE IMPORTANCE OF PRICING MARKS IN CRAFTING HIGH YIELD PORTFOLIOS

In the wake of the Easterly Fund meltdown, the role of evaluations and secondary markets rose in prominence. Was the Easterly debacle a one-time event? Can any lessons be learned?

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Jon Schotz, Co-Managing Partner, Co-Portfolio Manager — Saybrook Fund Advisors, LLC
‍Tom Weyl, Head of Municipal Solutions — Celadon Capital Partners
Justin Horowitz, CFA, Senior Portfolio Manager — Birch Creek Capital
Brian Connery, High Yield Trader — Hilltop Securities
Jeff Wilson, Co-Portfolio Manager, Co-Managing Partner — Saybrook Fund Advisors, LLC

2:15 pm - 2:45 pm

BREAKOUT SESSIONS

Session A —LESSONS LEARNED IN INVESTING IN STUDENT HOUSING

Student housing remains a dynamic and evolving sector, shaped by enrollment trends, construction costs, and shifting investor sentiment. This panel brings together borrowers, developers, underwriters, and investors to examine current market conditions, how each party assesses and prices risk, and the themes driving transaction volume and credit spreads in 2025. Hear how deals are getting done—and what’s next for the student housing market.‍

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Casey Fox, Vice President — RBC Capital Markets
Christopher Hicks, President  — Provident Resources Group
Geoff Eisenacher, Vice President of Development — Gilbane Development Company
Andrew Cooper, Senior High Yield Municipal Credit Analyst — Vanguard

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Session B — TEXAS MUD BOND FINANCING FOR CRITICAL INFRASTRUCTURE TO BUILD STRONG CREDIT FOUNDATIONS

Texas Municipal Utility District (MUD) bonds finance the roads, water, sewer, drainage, and parks that make large-scale housing possible. With legislative safeguards and disciplined debt-to-value thresholds ,MUDs offer investors compelling credits backed by real development progress. Panelists will explore why Texas MUDs remain a standout model for financing growth with credit strength and transparency.

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John Stoecker, Program Administrator — National Finance Authority
Tom Wynne, Director — Wells Fargo
Jeffrey Dincher, CFA, Principal, Municipal Research — PGIM Fixed Income
Jeff Tebeaux, Senior VP, Real Estate Finance — DR Horton
Evan Forrest, Senior Vice President — Zonda Advisory

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Session C — PRICING TO PERFECTION IN MUNICIPAL BONDS

This discussion examines the art and discipline of pricing municipal bond deals in today’s market. Panelists will explore how to strike the balance between optimizing issuer proceeds and leaving enough on the table for investors who are, in many respects, partners in the transaction. The session will highlight current data on pricing spreads, assess whether investors are being adequately compensated for risk, and consider what “pricing to perfection” really means in the muni market.

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Yaffa Rattner, Senior Managing Director, Head of Municipal Credit — HilltopSecurities (Moderator)
Brian Olson, Director — RBC Capital Markets
Charlie Visconsi, Co-Founder— V2 Municipal Capital
Matthew Norton, Chief Investment Officer for Municipal Bonds — AllianceBernstein

2:55 pm -3:25 pm

BREAKOUT SESSIONS

Session A — HOT TOPICS IN HIGH YIELD HOUSING

Session B — LAND SECURED TRANSACTIONS

Session C — PRICING TO PERFECTION IN MUNICIPAL BONDS

3:30 pm

COFFEE BREAK‍

Sponsored by:

3:45 PM

THE EVOLVING HEALTHCARE CREDIT LANDSCAPE

Panelists will explore the healthcare sector’s evolving credit landscape, with a focus on rural hospitals 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. They will also touch on the potential for additional Medicare and Medicaid cuts later this year and subsidy uncertainties. 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.

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Sean Cannon, Managing Director — GLC Advisors & Co. (Moderator)
Alex Geier, Managing Director — GLC Advisors & Co.
Richard Szalkowski, Managing Director, Municipal Desk Analyst — Raymond James
Erin Ellis, Senior Municipal Analyst — Vanguard

4:30 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. Gain a forward-looking perspective on the market’s trajectory and what to anticipate for 2026. This discussion promises insightful knowledge, strategic foresight and an entertaining discussion as we navigate the evolving landscape of high-yield municipal bonds.

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Mark Whitaker, CFA, Senior Managing Director, Head of Municipal Sales and Research, Institutional Sales and Trading — Mesirow (Moderator)
Jon Schotz, Co-Managing Partner, Co-Portfolio Manager — Saybrook Fund Advisors, LLC
Jim Schwartz, CFA, Managing Director, Head of Municipal Credit Research — BlackRock
Margot Kleinman, Senior Managing Director, Head of Municipal Fixed Income Research — Nuveen
Amy Caton, Managing Partner, Finance & Restructuring, Head of Bankruptcy & Restructuring — HSF Kramer

5:15 pm

MUNICIPAL BONDS ON THE ROCKS COCKTAIL HOUR

Sponsored by:

6:30 pm

Smith's High Yield Conference Dinner at Prime: An American Kitchen & Bar

Co-Sponsored by:

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Wednesday, October 29, 2025

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7:30 am

CONFERENCE REGISTRATION

CONTINENTAL BREAKFAST

Sponsored by:

8:00 am

OPENING REMARKS

Terence Smith, CEO — Smith's Research & Gradings

8:15 am

REFLECTIONS OF A HIGH YIELD MUNI ANALYST

It’s not the stuff you don’t know that gets municipal bonds into trouble, but it’s the stuff you know that just isn’t so. It’s not “did I miss a covenant”, but “did I believe in the story too much/wrongfully”. It would not make a difference if we had the best covenants and protections in place if the credit story does not play out. The question that we need to ask ourselves is  “Did we put too much faith in the projections and feasibility studies?”  In failed deals, it may help to conduct a post-mortem to understand how we could have done a better job at identifying the real risks in a transaction. The panelists will share some of their recent experiences to highlight the theme and the point that while credit fundamentals and structure both matter, fundamentals rule!

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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

9:00 am

THE FUTURE OF CHARTER SCHOOLS: RISKS, REMEDIES AND RESILIENCE

Panelists will explore the future landscape of charter schools, focusing on the evolving rights and remedies for bondholders and the correlations between risk factors and charter distress. What happens at pivotal moments when charters face revocation or renewal failure and what are the implications for stakeholders and communities? The discussion will include innovative strategies and regulatory frameworks to strengthen charter school stability and investor confidence. Join experts as they navigate the complex intersection of financial governance and educational outcomes in the charter school sector.

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Emily Wadhwani, Senior Director and Sector Lead, Education and Nonprofit Institutions — Fitch Ratings
Lorenzo Romero, President — BASIS Educational Ventures
Paul Clancy, Director — RBC Capital Markets
Terence Smith, CEO — Smith's Research & Gradings
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9:45 am

COFFEE BREAK‍

Sponsored by:

10:00 am

HEALTHCARE BONDS: A CHECKLIST OF DO'S AND DON'TS

Nathan Coco, Member, Chair Bankruptcy & Restructuring — Mintz
Mark Schmidt, CFA, Head of Municipal Strategy — Morgan Stanley
Lilly Scher, Executive Director — Morgan Stanley Asset Management
Chad Shandler, Senior Managing Director— FTI Consulting
Matt Cahill, CFA VP, Senior Analyst — Moody's Ratings

10:45 am

DIP FINACING IN MUNICIPAL BANKRUPTCY: CONTROL, CONFLICT , AND CREDIT RECOVERY

This session explores the evolving role of Debtor-in-Possession (DIP) financing in municipal and tax-exempt bankruptcies. Panelists will examine how DIP loans reshape control dynamics between bondholders, trustees, and third-party lenders—especially when traditional investors can’t advance new money. Drawing on real-world cases, the discussion highlights the legal complexities, investor conflicts, and credit recovery challenges unique to DIP structures. Attendees will gain insight into strategies for balancing control, protecting smaller investors, and navigating the next wave of municipal restructurings.

Laura Appleby, Partner — Faegre Drinker
Bill Black, CFA, Co-Portfolio Manager, High Yield Municipals — Saybrook Fund Advisors
Jordana Renert, Senior Vice President, Distressed Debt/Specialty Corporate Trust — UMB Bank

11:15 am

LESSONS LEARNED FROM PUERTO RICO

You don’t want to miss the biggest highlight of this year’s municipal high yield conference.

Ian Rogow, Director, Co-Head Municipal Bond Research — BofA Securities (Moderator)
Luis G. Fortuño, Partner — Reed Smith LLP
Jeb Mason, Partner — Mindset
Elliot Mutch, CFA, Director, Senior Trading Strategist — BofA Securities

12:00 pm

CONFERENCE ADJOURNS