Smith’s High Yield Municipal Bond Conference

Agenda

Monday, October 27, 2025 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 28, 2025

8:00 am CONFERENCE REGISTRATION

Continental Breakfast

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.‍ Terence Smith, CEO — Smith's Research & Gradings Maria Lehman, P.E., ENV SP, F.ASCE

9:20 am - 9:50 am BREAKOUT SESSIONS

Session A — PRIVATE PORTS CASE STUDY

Mark Whitaker, CFA, Senior Managing Director, Head of Municipal Sales and Research, Institutional Sales and Trading — Mesirow  

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? Bobbi Gajwani, Managing Director, Senior Research Analyst — Nuveen ‍

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. Susannah Page,  Senior Vice President, Manager of Research— Roosevelt & Cross, Inc. Doug Goldmacher, Vice President, Senior Analyst — Moody's Ratings

10:00 am - 10:30 am BREAKOUT SESSIONS

Session A — PRIVATE PORTS CASE STUDY 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. Mary Jane Minier, CPA, Senior Analyst, Head of Opportunistic Credit Strategy — Invesco Ltd. Kjersten Hatch, Founder and Managing Principal — Lapis Advisers

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. Miyoko Sato, Member, Chair, Public Finance, Real Estate, Bankruptcy, and Environmental Division — Mintz (Moderator) Christopher Good, Head Higher Education Finance — RBC Capital Markets Mark Podgainy, Managing Director — Getzler Henrich & Assoc. Jessica Wood, Managing Director and Sector Leader, Education — S&P Global Ratings Joe Lotysz, Senior Analyst — Invesco (Invited)

12:00 pm LUNCHEON

Sponsored by:              

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

2025 Recipient: James Colby, VanEck

         

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? Jon Schotz, Co-Managing Partner, Co-Portfolio Manager — Saybrook Fund Advisors, LLC Mark Paris, Chief Investment Officer, Head of Municipals — Invesco Tom Weyl, Head of Municipal Solutions — Celadon Capital Partners Brian Connery, High Yield Trader — Hilltop Securities (Invited)

2:15 pm - 2:45 pm BREAKOUT SESSIONS

Session A — HOT TOPICS IN HIGH YIELD HOUSING

This panel will explore municipal bond financing for multifamily housing, student housing, and workforce housing, with a focus on market dynamics, deal structures, and forward-looking trends. Panelists will examine current investor appetite, credit risks, and pricing differentials across these sub-sectors. Discussion will include tax-exempt and taxable financing strategies, the use of private activity bonds, and credit enhancement tools. Speakers will also address how policy shifts, construction costs, and demographic trends are shaping the pipeline and long-term viability of these housing projects. Casey Fox, Vice President — RBC Capital Markets Christopher Hicks, President  — Provident Resources Group (Invited) Bill Bayless, Chief Executive Officer  — Maslow's Campus Communities (Invited) Matthew Hoffman, CFA, Director — BlackRock (Invited)

Session B — LAND SECURED TRANSACTIONS

Land-secured transactions across Texas, California, Colorado, and Florida represent opportunities for investors if they have a sound understanding of the sector's nuances. Panelists will examine the market drivers behind these often high-yielding but complex financings, including Mello-Roos, special assessment, and public improvement district bonds. The discussion will cover the unique legal, demographic, and development trends. Attendees will gain insights into how evolving real estate conditions, growth patterns, and local regulations influence repayment security and pricing. Experts will also address lessons learned from past defaults, best practices in due diligence, and strategies for identifying attractive transactions while mitigating risk. With demand for infrastructure financing rising in growth markets, this session will provide a comprehensive view of where opportunities lie—and where caution is warranted—in the land-secured bond sector. John Stoecker, Program Administrator — National Finance Authority Tom Wynne, Director — Wells Fargo Jeffrey Dincher, CFA, Principal, Municipal Research — PGIM Fixed Income  

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. Yaffa Rattner, Senior Managing Director, Head of Municipal Credit — HilltopSecurities (Moderator) Brian Olson, Director — RBC Capital Markets (Invited) Charlie Visconsi, Co-Founder— V2 Municipal Capital

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. Soren Reynertson, Managing Director — GLC Advisors & Co. 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. 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

5:15 pm MUNICIPAL BONDS ON THE ROCKS COCKTAIL HOUR

Sponsored by:

6:30 pm SMITH'S HIGH YIELD CONFERENCE DINNER

Co-Sponsored by:

Wednesday, October 29, 2025

7:30 am CONFERENCE REGISTRATION

Continental Breakfast

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!‍ 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 Ryan McDonald, CFA, Managing Director, Portfolio Manager — BlackRock

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.‍ Emily Wadhwani, Senior Director and Sector Lead, Education and Nonprofit Institutions — Fitch Ratings Lorenzo Romero, CEO — BASIS Charter Schools (Invited) Julie Seymour, Partner — Nixon Peabody

9:45 am COFFEE BREAK‍

Sponsored by:

10:00 am HEALTHCARE BONDS: A CHECKLIST OF DO'S AND DON'TS

Nathan Coco, Member — Mintz Mark Schmidt, CFA, Head of Municipal Strategy — Morgan Stanley Lilly Scher,

10:45 am TO BE ANNOUNCED

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) Hector Negroni, Founder and CEO — Foundation Credit Additional Panelists to be Announced

12:00 pm CONFERENCE ADJOURNS