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PROGRAM

Monday, September 27, 2010

9:00 – 10:00 am

registration and refReshments

10:00 – 10:30 am

Introduction and Opening Remarks

 Andrew Sidamon-Erisoff

Andrew Sidamon-Eristoff 
New Jersey State Treasurer 

10:30 - 11:30 am

THE CURRENT STATE OF CREDIT

 This panel will assess the current overall state of governmental credits to understand whether there is a systemic risk lurking in MuniLand. What are the latest developments with municipalities filing for bankruptcy protection? Are the debt limit initiatives, such as the proposed in Colorado, being considered in other states? The panel will also consider hidden potential liabilities, such as pensions, OPEBS, Medicaid payments and unemployment compensation.

 

Moderator

 

Kenneth D. Gibbs
President, Municipal Securities Division
Jefferies & Company, Inc.

 

Panelists

 

Caroline Cruise
Vice President, Municipals
Lowes Corporation

                                          

Nancy B Feldman

Nancy B. Feldman
Managing Director
Wells Fargo Securities

                                         

Jim Spiotto

James Spiotto
Partner
Chapman and Cutler

 

Gail Sussman
Managing Director
Moodys Investors Service  

11:30 – 11:45 am

Refreshment Break

11:45 – 12:30 pm

DEVELOPMENTS IN THE BABs MARKET

 

While the introduction of Build America Bonds has changed the municipal securities market, essential questions remain, mainly, will the program be extended or made permanent? During the past few months, there have been questions about Federal government offsets and the issue price of BABs. The panel will update the audience on these questions and will also discuss how BABs have changed the municipal securities markets and how their influence will affect that market in the future. Finally, the panel will consider the ramifications of having the Federal government play a role in financing of state and local infrastructure.

 

Moderator

 Kemp Lewis

Kemp Lewis
Managing Director
Morgan Keegan

 

 

Panelists

                                          

Alan Anders

Alan Anders
Deputy Director of Finance
Office of Management and Budget of The City of New York

 

Clifford Gannett
Director, Tax Exempt Bonds
Internal Revenue Service

 

                                          

Edwin G Oswald

Edwin G. Oswald
Partner
Orrick, Herrington & Sutcliffe LLP

 

Gerard Lian 
Senior Analyst 
Invesco Fixed Income 

12:30 – 2:00 pm

Networking Lunch

 Bill Lockyer

Bill Lockyer
California State Treasurer

 

Luncheon
Hosted by Broadridge Financial Solutions, Inc.

                            2:00 – 3:00 pm

MARKET PRACTICE IN A NEWLY REGULATED ENVIRONMENT

 Following legislative proposals too numerous to count, this panel will take into account those that have – or are likely to – become law. The panelists will discuss those changes – such as new fiduciary designations, limitations on proprietary trading and developments in the derivatives market - and how they have affected the municipal securities business. The panel will also look at disclosure practices and issues that have arisen since the SEC’s adoption of amendments to Rule 15c2-12.
 

Moderator

 Stratford Shields

Stratford Shields
Managing Director
Morgan Stanley

 

Panelists

                                           

David Goodman

David S. Goodman
Partner
Squire Sanders

 Nikolaus Grieshaber

Nikolaus Grieshaber
Chief Financial Officer
Pennsylvania Turnpike Commission 

 Lynnette Hotchkiss

Lynnette Hotchkiss
Executive Director
Municipal Securities Rulemaking Board

 

Laura Merianos
Senior Counsel 
The Vanguard Group, Inc.

 

3:00 – 4:00 pm

LIQUIDITY MARKET UPDATE

 While letters of credit have made a partial return to the market, they have done so with new pricing. To fill the liquidity vacuum, there has been an increase in direct lending to issuers by both investment banks and commercial banks. The liquidity markets must also deal with the expiration in 2011 of billions of dollars of letters of credit - not all of which will be renewed. The industry must consider the potential adoption of the Basel Accords by U.S. banks and how the increased capital charges will affect the municipal securities industry. Finally, this panel will consider these developments in the liquidity market as well as the outlook over the next few years.
 

Moderator

                                          

Michael F Imhoff

Michael F. Imhoff
Managing Director
Stifel Nicolaus & Co, Inc.

 

Panelists

 

William R. Collins
Managing Director, Public Finance & Infrastructure
The Bank of Nova Scotia

 

Bradley Gewehr
Director, Municipal Credit Advisory
Bank of America – Merrill Lynch

 Brian Mayhew

Brian Mayhew 
Chief Financial Officer 
Metropolitan Transportation Commission 

                           4:00 – 4:15 pm

Refreshment Break

                           4:15 – 5:00 pm

WHAT HAVE WE LEARNED TODAY?

 To conclude the panel discussions, we will ask industry representatives to assess the developments that were discussed during the day and provide their perspectives on the challenges that face the industry over the next 12 months.
 

Moderator

 

David Brownstein
Managing Director
Citi

 

Panelists

 

Thomas G. Doe
President
Municipal Market Advisors

 

Mark Flaherty
Managing Director of Municipal Research
Fidelity Investments

                                          

Christopher Hamel

Christopher Hamel
Head of Public Finance
RBC Capital Markets

 

Colin MacNaught 
Assistant State Treasurer for Debt Management, State Treasurer's Office
Commonwealth of Massachusetts

 

SIFMA thanks the following sponsors for supporting the 2010 Municipal Bond Summit: 

Sponsorship: Luncheon            Hosted by Broadridge Financial Solutions, Inc.
Sponsorship: Attendee Notebook     Compliments of Interactive Data
Sponsorship: Wall Street Journal         Compliments of Dow Jones