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TEEIBOND BUYER & BDA present
<br />THE NATIONAL MUNICIPAL BOND
<br />SUMMIT
<br />MEMOR (CONTINUED)
<br />11:30 a.m. -12:15 p.m. View From The Buy -Side -
<br />Expectations, Strategies, Adapting To Change
<br />Market Structure And Concerns Related To Tax Reform
<br />I
<br />Given the volatility in markets of late, in the case of municipals, key factors
<br />such as ratings, insurance, and research opinions bear even more scrutiny
<br />than what we've seen in the past. Panelists will grapple with major trends
<br />in the credit cycle, liquidity, portfolio management responses, and other
<br />keyvariables.
<br />Moderator: James Binette, Managing Director of Finance, ASSURED
<br />GUARANTY i
<br />James E. Pass, Senior Managing Director, GUGGENHEIM PARTNERS
<br />Judy Wesalo Temel, Senior Vice President, Director of Credit, FIERA
<br />CAPITAL INC.
<br />12:15 p.m. -1,:15 p.m. Luncheon And Address
<br />1:15 p.m. -1:45 p.m. Dessert In The Exhibit Area
<br />Sponsored by- \\111
<br />/e NIXON
<br />iIxZL PEABODY
<br />1:45 p.m. - 2:45 p.m. The Institutional Muni Market And
<br />Electronic Trading
<br />This panel of leaders will discuss developments, trends and how dealers
<br />can increase market share.
<br />John Craft, Managing Director & Head of Buy -Side Muni Relationships
<br />TMC BONDS LLC
<br />John Gallagher, Head of Municipal Bonds and U.S. High Grade Product
<br />Management, MARKETAXESS
<br />Joe Guarino, Head ofAmericas Fixed Income and FX Electric Trading Sales
<br />BLOOMBERG L.P
<br />2:45 p.m. - 3:30 p.m. Regional And Community Banks Efforts
<br />The panelists of this session will discuss the Bank Qualified (BQ)
<br />municipal market from the prospective of underwriting, trading, sales
<br />and to the ultimate bank portfolio investor. The BQ market is a very
<br />important segment of the overall municipal market as many of our local
<br />municipalities, villages, townships, and school districts raise funding in
<br />this segment. The importance of including BQ municipal securities to
<br />the overall bank investment portfolio is demonstrated in the investment
<br />yields as compared to other bank eligible investments and can contribute
<br />to overall bank net interest margins.
<br />Moderator: Connie Yee, SVP, Asst. Treasurer & Director of Investment
<br />Management, ASSOCIATED BANK, NATIONAL ASSOCIATION
<br />Keith Kolb, Managing Director - Director of Public Finance, ROBERT W
<br />BAIRD & CO.
<br />Matt Salino, Director -Senior Institutional Trader, RBC CAPITAL MARKETS
<br />Craig Slack, Director - Institutional Fixed Income Sales, RBC CAPITAL MARKETS
<br />3:30 p.m. - 4:00 p.m. Networking Break in the Exhibit Area
<br />Sponsored by:
<br />HilltopSecurities
<br />AMW Hotlhp Company,
<br />4:00 p.m. - 4:45 p.m. Disclosure and Due Diligence After MCDC:
<br />Challenges And Best Practices
<br />Two decades of efforts to improve municipal issuers' disclosure practices
<br />culminated in the SEC's MCDC Initiative, which has resulted in more than
<br />70 enforcement actions to date and the promise of more to come. While
<br />some light has been shed on regulatory expectations, little guidance
<br />is available to firms that want to meet them. This panel will discuss the
<br />compliance challenges firms face when underwriting new issues, as well
<br />as lessons learned through experience with MCDC - and whether this
<br />latest approach to disclosure is moving the needle at the issuer level.
<br />Moderator: Suzanne Finnegan, Chief Credit Officer, BUILD AMERICA MUTUAL
<br />Gregg Bienstock, Co -Founder, LUMESIS, INC.
<br />Jacob lesser, Director, PROMONTORY FINANCIAL GROUP
<br />Michael Walsh, Senior Vice President, DPC DATA INC.
<br />Lisa Washburn, Managing Director, Municipal Market Analytics (MMA),
<br />CHAIR, NATIONAL FEDERATION OF MUNICIPAL ANALYSTS (NFMA)
<br />4:45 p.m. - 5:15 p.m. New Ideas & Technologies for Dynamic
<br />Muni Bond Trading
<br />The firms and panelists represent some of the most cutting-edge
<br />thinking related to muni trading. This panel will convert into laymen's
<br />terms underlying rigorous ideas and mathematics required to upgrade
<br />processes for optimized muni trading, compliance and trade surveillance,
<br />and portfolio construction -that are used for both Retail and Institutional
<br />clientele. Topics to be discussed include: (1) moving off static
<br />benchmarks-i.e., upgrading to new ones more optimally geared for rising
<br />interest rates and evaluative pricing, (2) machine -driven models versus
<br />the value of the human analyst overlay, (3) should the Yield -To -Worst
<br />methodology be retired?, (4) etc.
<br />Moderator: James Wangsness, President, TMC BONDS LLC
<br />William Gartland, Senior Director of Evaluated Service and Head of the
<br />Continous Pricing Effort, INTERACTIVE DATA
<br />Andy Kalotay, President, KALOTAY ASSOCIATES
<br />Ted Karn, President, THE KARN GROUP
<br />5:15 p.m. - 6:00 p.m. Innovations In State,
<br />City And Authority Borrowing Programs
<br />National leaders in the State, City and Authority space will offer their
<br />perspectives on market innovations and programmatic structures that
<br />they have employed to best serve their respective communities. Amongst
<br />the topics covered are the uses of pooled loan programs for various
<br />governmental purposes, pension borrowings, working capital programs
<br />and transit financings. The durability, scalability and evolution of programs
<br />will be examined on a cross sectional basis as will a review of key
<br />opportunities and challenges.
<br />Moderator: Jeremy Newtson, Director, STIFEL, NICOLAUS & COMPANY, INC.
<br />David Erdman, Capital Finance Director, STATE OF WISCONSIN
<br />Jonathan Forbes, Deputy Treasurer, STATE OF COLORADO
<br />Ron Mangus, Executive Director, INDIANA BOND BANK
<br />6:00 p.m. - 7:00 p.m. Cocktail Reception
<br />Sponsored by*:._..,�u .
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