Past PhAMAS Events

Visit the PhOTOS page to see more photos from these events

PhAMAS at the Phillies vs. Chicago Cubs

Date: Tuesday, September 24, 2024

Time: Picnic starts at 5:00 pm. First pitch is at 6:40 pm.

Location:

Citizens Bank Park, Pass and Stow Lounge
1 Citizens Bank Way
Philadelphia, PA 19148

Sponsor: Thanks to Assured Guaranty

Fiscal New Year 2025 Municipal Market and Political Outlook PLUS Networking Event

Time:  3:00  - 5:00 pm ET, followed by networking reception from 5:00 - 6:30 pm

Location:

ZOOM or

In-person: Offices of Greenberg Traurig, 1717 Arch Street, Suite 400, Philadelphia, PA 19103

Description:

As the 2025 Municipal Fiscal New Year begins, please join to learn insights from municipal market industry leaders Tom Kozlik (Hilltop Securities and former PhAMAS chair), Mark Schmidt (Morgan Stanley), and Liz Farmer (Pew Charitable Trusts Fiscal 50 Project), moderated by Alice Cheng (Janney, Montgomery, Scott). Bring your questions for this interactive discussion, then in-person attendees, please join us for lite bites and networking after the panel, hosted by Greenberg Traurig.

Panelists:

Tom Kozlik, Head of Public Policy and Municipal Strategy, Hilltop Securities
A regular presence on traditional and social media, Tom advises Hilltop’s businesses and clients on strategies related to U.S. public policy, public finance, and infrastructure. He publishes regular commentaries such as recent pieces, “Municipal Market Playbook,” “A Refreshed Look at U.S. Public Pension Risk in 2024,” “Infrastructure, Immigration, A New Age of Warfare, & The Future of Tax Policy.”  Tom has served as Managing Director and Municipal Strategist at both PNC Capital Markets and Janney Montgomery Scott, and as public finance banker at Bear Stearns and UBS. He was a founding officer and former president of PhAMAS. Tom is a member of the Society of Municipal Analysts, National Federation of Municipal Analysts (NFMA), and Advisor to the Government Finance Officers Association committee on debt management. He has taught graduate-level public finance courses at the University of Pennsylvania Fels Institute of Government, where he earned a Master of Government Administration. He earned a bachelor’s degree in political science from Pennsylvania State University’s Scholars program.
 
Mark Schmidt, CFA, Executive Director and Head of Municipal Strategy, Morgan Stanley
Mark is the head of the municipal strategy team at Morgan Stanley that has been recognized by Institutional Investor’s All-America Fixed Income Research poll, as well as Smith’s Research and Gradings. With over a decade of experience in municipal securities and fixed income markets, Mark began his career in Morgan Stanley Wealth Management before working as a trading desk credit analyst.  He is a member of the Municipal Analysts Group of New York, CFA Institute, and NFMA. Mark earned his MBA from Columbia University and his BS in International Economics from Georgetown University.

Liz Farmer, Officer, Fiscal 50: State Fiscal Health, Pew Charitable Trusts
Liz helps lead Pew’s state fiscal health Fiscal 50 online resource, focusing on budgets, fiscal distress, tax policy, and pensions. Before joining Pew, Liz worked as a fiscal policy journalist and has been published in the Wall Street Journal, Forbes, Governing and Bloomberg View, among others. She is also co-host of the Public Money Pod and author of the Substack newsletter, Long Story Short.

Moderator:

Alice Cheng, Vice President, Municipal Credit Analyst, Janney Montgomery Scott
Alice is with Janney’s Capital Markets Group, where she provides comprehensive credit coverage to assist the firm’s institutional salesforce, investors and public finance investment banking team. A recipient of the 2018 Bond Buyer Rising Stars Award, Alice has covered municipal credits across asset classes including general obligation, tax- and revenue-backed debt, healthcare, utilities, infrastructure, transportation, and P3 projects. Before Janney, Alice worked for Citi in the Institutional Clients Group, at Kroll Bond Rating Agency and at Ambac. Alice is Co-President of Northeast Women in Public Finance (NEWPF) and an active member of Women in Public Finance, NFMA, Municipal Analyst Group of New York, Asian Americans in Public Finance, Municipal Bond Women's Club of New York, and Municipal Bond Women's Forum. Alice received an MPA from the NYU Robert F. Wagner Graduate School of Public Service and a BA in Biological Sciences from the City University of New York at Hunter College.

Senior Living Communities Post-Pandemic: So Long, COVID or Soo Long COVID?

Time: 3:00 - 5:00 pm, followed by happy hour at nearby location from 5:30 - 7:00 pm
Location:
ZOOM or
Ballard Spahr
1735 Market Street, 48th Floor
Philadelphia, PA 19103

NOTE: We will also have a networking event with light bites and beverages from 5:30 - 7:30 pm at The Devil's Alley, 1907 Chestnut Street, Philadelphia, PA 19103.

Description:

Even with labor pressures easing and occupancy rising at many facilities, the challenges facing the Life Plan Community (LPC) industry remain acute. Along the credit spectrum in the sector, bond defaults and impairments are accelerating at one end, while at the other end, mostly system-level operators are executing innovative collaborations and consolidations.

What has ‘bounced-back’ after the worst of the pandemic? What new industry dynamics are here to stay?  Hear from industry professionals about the current round of bond impairments, credit-impactful regulatory updates, regional real estate and competitive factors, management of rising insurance and other costs, and more. Also learn how system leaders operating in the Philadelphia-region (the birthplace of LPCs) and nationally are adjusting business models, collaborating and/or consolidating, and innovating for growth.

Bring your questions for this exciting discussion and/or join us after the discussion for informal networking with beverages and light bites.

Panelists:

Margaret Johnson, Senior Director and Sector Lead, Life Plan Communities, Fitch Ratings
Russ Mast, Vice President of Operations, Human Good
Dyan McAlister, Chief Financial Officer, Presbyterian Senior Living

Moderator:

Lisa Washburn, Managing Director, Municipal Market Analytics

2024 Regional Economic Update

Date and Time: Wednesday, March 20, 2024, 3:00  - 5:00 pm ET
Location:
ZOOM or
Ballard Spahr
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Description

The Philadelphia Area Municipal Analyst Society (PhAMAS) is pleased to invite you to a panel discussion on the economic and financial outlook for the City of Philadelphia and the greater MSA including New Jersey. Jackie Dunn (Treasurer, City of Philadelphia) will provide an update on the FY2024 and FY2025 budgets, forward issuance calendar, and highlights of the Mayor’s key policy objectives. David Rousseau (a former New Jersey State Treasurer) will focus on the NJ Budget and South Jersey economic trends. Matt Colyar, an economist with Moody’s Analytics, will provide a brief overview of the macroeconomy, then focus more specifically on the Philadelphia MSA. Natalie Cohen (President, National Municipal Research) will serve as moderator.

Speakers:
Matt Colyar: Economist, Moody’s Analytics
Jacqueline Dunn: Treasurer, City of Philadelphia
David Rousseau: Former Treasurer, State of New Jersey

Moderator:
Natalie Cohen: President, National Municipal Research

PhAMAS 2023 Holiday Party

Date and Time: Wednesday, December 20 from 5:00 - 8:00 pm

Location: Ladder 15, 1528 Sansom Street Philadelphia, PA 19102

Details: Hors d'oeuvres, cocktails and conversation.

What Every Analyst Needs to Know about Government Accounting - Presented by Dean Michael Mead

~ Offered by PhAMAS in conjunction with the NFMA's Introduction to Municipal Bond Credit Analysis ~

Date: Wednesday, November 15, 2023

Description: 

An understanding of the principles of governmental accounting and financial reporting is an essential tool in the municipal analyst’s toolbox. This plain-language seminar is geared to the non-accountant – the person who uses financial statement information meaningfully for analyzing creditworthiness and making decisions – emphasizing the meaning of the information over debits and credits. It is ideal both for analysts who are relatively new and those with more experience who are looking for a refresher.

The seminar will explain how the numbers in the financial statements got there, making transparent the process by which transactions and events become assets, liabilities, deferrals, revenues, expenses, fund balance, and so on. The seminar also will explain the components of each of the required financial statements, as well as major note disclosures and supporting schedules, such as those related to pensions and retiree health insurance, capital assets, and outstanding debt. The seminar will encompass both taxing entities such as counties, cities, school districts, and special district and business-type entities such as universities, hospitals, utilities, transit systems, and toll roads. Topics covered in the seminar include:

•     How governments determine what to account for – assets, liabilities, etc., with a particular focus on deferrals
•     How governments determine when to report them – recognition
•     How governments determine how much to report for them – measurement
•     Exchange, exchange-like, and nonexchange transactions
•     What the financial report covers – the financial reporting entity
•     Financial statements
•     Major note disclosures
•     Required supplementary information and supplementary information
•     Recent additions to the financial statements, including leases, P3s, and similar transactions

Speaker:

Dean Michael Mead is a Partner at Carr, Riggs & Ingram CPAs and Advisors (CRI). Prior to joining CRI, Dean was on the staff of the Governmental Accounting Standards Board (GASB) for 24 years, most recently as Assistant Director of Research and Technical Activities. He also was an adjunct member of the Accounting and Information Systems faculty at Rutgers Business School, where he taught governmental accounting, auditing, and financial statement analysis. Dean was the author of the GASB’s award-winning User Guides and is a recipient of the NFMA’s Award for Excellence for his efforts to educate the municipal bond community through teaching and writing. He is a long-time member of NFMA and a member of the board of directors of the Southern Municipal Finance Society.

Text: The GASB’s An Analyst’s Guide to Government Financial Statements, 3rd Edition is available free online and can be accessed here: AN ANALYST'S GUIDE TO GOVERNMENT FINANCIAL STATEMENTS—3RD EDITION (MARCH 2018).

Healthcare and Higher Ed's "Triple Demographic Cliffs": Can these sectors help themselves while helping each other tackle the healthcare staffing crisis and tumbling higher education enrollment?

Time: 3:00 pm - 5:00 pm, followed by refreshments/networking

Location:

ZOOM or

Ballard Spahr
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Description:

 Healthcare and higher education leaders nationwide are grappling with operational challenges exacerbated by three demographic tidal waves:

• Healthcare institutions, already confronting severe labor shortages, are facing two colliding demographic shifts: increasing volumes from aging populations, just as their baby boomer nurses and other medical professionals flock to retirement.
• College and universities, many already dealing with dwindling populations of high school graduates to fill their classrooms and dormitories, must also contend with the prospects of another estimated 10% drop or more, 18 years after the Great Recession baby bust.

How are healthcare institutions meaningfully promoting increased labor capacity while managing the bottom line? What is the role of international students and staff in this picture?

Is growing medical programs at higher education institutions a solution for both sectors? With so many new nursing and allied health programs emerging at colleges, is there enough capacity, or too much?

What does it take for a higher education institution to successfully start or grow a medical program? What are some of the bottlenecks and issues to watch for in growing these programs?

Panelists:

Nick Barcellona, Chief Financial Officer
WVU Medicine
https://wvumedicine.org/about/

With 3,000 licensed beds, the West Virginia University Health System (operating under the brand name WVU Medicine) is West Virginia’s largest private employer with 30,000 employees at 20 member hospitals and five institutes. Nick assumed the role of Chief Financial Officer (CFO) in July 2023 following roles as the CFO and Treasurer of Temple University Health System and in various leadership positions at UPMC Children’s Hospital of Pittsburgh. Nick was recognized in 2010 by Pittsburgh Magazine as one of Pittsburgh’s 40 under 40, and in 2021 as a CFO of the Year in the Rising Star category by the Philadelphia Business Journal.

Eva Thein, Senior Director
Healthcare Group, US Public Finance
Fitch Ratings, Inc.
https://www.fitchratings.com/us-public-finance

Fitch Ratings is a recognized thought-leader in U.S. Public Finance including the not-for-profit healthcare sector, publishing several recent analyses on healthcare labor costs and other market-useful peer studies. As a Senior Director in Fitch Ratings' Healthcare Group since 2008, Eva has analyzed and rated numerous acute care hospitals and life plan communities in the Fitch-rated portfolio.  Eva also has extensive prior experience in the hospital sector at MBIA and with the New York State Medical Care Facilities Agency.

Charles Ramos, Vice President, Graduate and Online Enrollment Management
Ruffalo Noel Levitz, Higher Education Enrollment and Fundraising Management Consultants
https://www.ruffalonl.com/about-ruffalo-noel-levitz/

As consultant to 1,900 college campuses and nonprofits annually, Ruffalo Noel Levitz (RNL) has helped institutions enroll the students they want, graduate more students into success, and build lifelong relationships with donors. At RNL, Charles has supported hundreds of institutions, including some of RNL's largest partnerships, across the United States and Canada. He has guided these institutions to increase enrollment and sustainably grow revenues in the undergraduate, graduate, online and non-traditional markets. Charles' 27+ year expertise in enrollment management started at Saint Louis University.

Robin L. Dole, PT, DPT, EdD, Board-Certified Pediatric Clinical Specialist (ABPTS), and Dean, College of Health and Human Services and
Linda Kiraly Gilbert, MBA, Vice President, Administration and Finance
Widener University
www.widener.edu

Recognized as one of the Philadelphia region’s leading universities, Widener University issued new money bonds in 2021 in part to renovate its Academic Tower North Building to house Widener's physical therapy, occupational therapy, speech therapy and physician's assistant programs. These programs are part of Widener's College of Health and Human Services for which Robin serves as Dean. Widener also operates a School of Nursing as one of eight total schools of the University. Linda's role as Widener's Vice President of Administration and Finance follows other higher education financial leadership roles including Assistant Vice President of Finance and Administration at LaSalle University and Director of Budget and Planning at the Wharton School of the University of Pennsylvania.

Moderator:

Akiko M. Mitsui, CFA, Director
Higher Education and Nonprofit Group, US Public Finance,
Fitch Ratings, Inc.

PhAMAS at the Phillies vs. Milwaukee Brewers

Time: Picnic starts at 5:35 pm. First pitch is at 6:40 pm.

Location:

Citizens Bank Park
1 Citizens Bank Way
Philadelphia, PA 19148

Sponsor: Thanks to Build America Mutual

Prepaid Gas - Evolving Structure

Time: 3:00 pm - 5:00 pm

Location: 

Zoom or
Ballard Spahr LLP
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Description: Prepaid gas transactions are structured deals that provide savings for municipal gas and energy authorities, access to the municipal market for the guarantor and an investment opportunity for the buy-side. The sector has experienced substantial growth over the past several years, reaching nearly $50B in debt outstanding. This session will provide insights from the issuer, buy-side, and guarantor perspective regarding the structural components of the transactions. We will outline the benefits of these deals in the municipal marketplace and touch on the finer points of the evolving credit structure.

Featuring:

Peter DeGroot
Peter DeGroot is a Managing Director of J.P. Morgan and heads the Investment Bank's Municipal Research and Strategy efforts. J.P. Morgan's Municipal Research and Strategy Group publishes daily and weekly market analytics and commentary for issuer and investor clients. The team also advises the firm's investor clients on risk and performance management in tax-exempt and taxable municipal bond portfolios.

Mr. DeGroot regularly speaks at industry events and is often cited in the financial press. Peter has been voted the top ranked municipal bond strategist for more than 10-years, and again in 2022 based on the annual survey by Institutional Investor.

Mr. DeGroot began his career in the Investment Banking Division at Manufacturers Hanover Trust, in New York. He holds degrees from Saint Francis College in Computer Science and Business Management.

Howard Chang
Howard Chang serves as East Bay Community Energy's (EBCE) Chief Operating Officer and Treasurer. He has direct responsibility over the Finance, Power Procurement, and Technology & Analytics functions. EBCE is the Community Choice Aggregator that serves Alameda County and parts of San Joaquin County.

Prior to EBCE, Howard led Sol Systems' Utility Development and M&A efforts nationally. He worked at SunEdison in roles leading the Commercial & Industrial Channel Operations team, serving as Chief of Staff of the North America Region, and in Utility scale project finance. Howard began his career at J.P. Morgan in the Investment Bank's Corporate Structuring & Solutions Group where he focused on new product development and off-the-run structured transactions. He has also worked in General Electric's Energy Financial Services division and EnerNoc's Utility Solutions team.

Howard holds an MBA from the Yale School of Management and a Master of Environmental Management from the Yale School of Forestry & Environmental Studies. He completed his undergraduate studies at Johns Hopkins University, where he graduated with General Honors in Economics.

Matthew McKinley
Matthew McKinley serves as Black Belt Energy's President and Chief Executive Officer. He graduated in 2007 with a degree in accounting and a master's degree in Business. After working as an auditor and banking consultant, he completed his CPA license. Outside his time in public accounting, he has seven years of experience in the Natural Gas industry.

Justin Ferrera
Justin Ferrera is an Analyst on the Municipal Credit Research Team within Vanguard's Fixed Income Group. He is responsible for covering a broad range of sectors including housing, preferred shares, and tender option bonds, as well as being a member of the Municipal Investment Committee. Prior to joining Vanguard in 2016, he worked for a financial technology firm based out of Boise, ID. He earned degrees in Physics and Finance from the University of Idaho and a Master's degree in Computer Science from Arizona State University. He is a CFA® charterholder.

Kelly McCaughey
Kelly McCaughey is an Analyst on the Municipal Credit Research Team within Vanguard's Fixed Income Group. She is responsible for covering several sectors including prepaid gas, higher education, state and local governments, and public-private-partnerships (P3s). Kelly earned her degree in Finance and Economics from Northern Arizona University.

ESG Impact in Municipal Bonds

Time: 3:00 pm - 5:00 pm

Location: 

Zoom or
Ballard Spahr LLP
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Description:

ESG, as an investment approach can vary widely—some investors focus on assessing opaque risks, such as transition risk, others look for positive environmental or social impact. Green, social and sustainability bonds are tools that issuers of bonds can use to communicate positive environmental or social attributes of their financed activities. The additional transparency that should come with green, social and sustainability bonds allows investors to make informed decisions about alignment with their bespoke ESG strategies or investment mandates. This session will provide insights on labelled municipal bonds as well as observations on assessing risk mitigants and impact across the US municipal market.

Featuring:

Monica Reid

Monica Reid is the Founder and Chief Executive Officer of Kestrel  a leading provider of green bond services and ESG Impact Data for fixed income. Kestrel is the market leader for external reviews of green, social and sustainability bonds in US public finance and recently launched ESG Impact Data for the entire municipal market.

Cailey Martin

Cailey Martin is an ESG Analyst in Kestrel, who works across most sectors, and has experience in research, environmental science, and healthcare consulting. Ms. Martin holds a bachelor’s degree in chemistry and physics, and minor in energy and environment, from Harvard University. She is responsible for scoring, reviewing, and researching methodologies for Kestrel ESG Impact Data.

Financial Data Transparency Act: What will it Mean for Municipal Credit Analysts?

Time: 3:00 pm - 5:00 pm

Location:  
Ballard Spahr LLP
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Description: 

The Financial Data Transparency Act (FDTA), which became law in late 2022, may significantly impact municipal disclosure and analytics once implemented. This session will provide a primer on structured data for municipal securities analysts, why structured data requirements are central to the FDTA, rulemaking and implementation timeline, how it will revolutionize the role of municipal analysts, and why it's critical that analysts participate in the standards development process.

Featuring:

Ernesto Lanza, Of Counsel, Ballard Spahr LLP

Ernie is a securities regulatory attorney who has represented broker-dealers, municipal advisors, state and local governments, institutional investors, trade groups, industry vendors, and other market participants on municipal bond market matters. He previously served as Acting Director in the SEC’s Office of Municipal Securities as well as with the MSRB as its Deputy Executive Director and Chief Legal Officer. As a regulator, he authored many of the market’s disclosure and transparency requirements and led the development of the Electronic Municipal Market Access (EMMA) system. He received a BA from Harvard University and JD from the University of Pennsylvania Law School.

Liz Sweeney, President, Nutshell Associates, LLC

Liz is the founder of Nutshell Associates, a public finance consulting and municipal advisory firm. In 2019-2021, she was a member of the Standard Government Reporting work group, a volunteer collaborative effort to improve the efficiency and quality of federal, state, and local government financial reporting by promoting the development and adoption of machine-readable reporting standards. Previously, Liz was a managing director at S&P Global Ratings. She is currently a board member of the Municipal Securities Rulemaking Board (MSRB), and of University of Maryland Medical System. She holds an MBA from NYU’s Stern School of Business and a BS from Georgetown University. 

2023 Municipal Market Outlook

Location:  
Ballard Spahr LLP
1735 Market Street, 51st Floor
Philadelphia, PA 19103

Featuring:

Tom Jackson, Manager, US Regional Economics, S&P Global Market Intelligence 
Vikram Rai, Head of Municipal Strategy, Citi
Mark Schmidt, Head of Municipal Strategy, Morgan Stanle

PhAMAS 2022 Holiday Party

Date and Time: Wednesday, December 21 from 5:00 - 8:00 pm

Location: Ladder 15, 1528 Sansom Street Philadelphia, PA 19102

Details: Hors d'oeuvres, cocktails and conversation.

Constructing a Muni Bond Deal

PhAMAS hosted a discussion about constructing a municipal bond deal. Using a case study approach, our panel of experts briefly discussed the roles of each professional and then walked through the process of bringing municipal bonds to market, focusing on topics such as how to position an issue to sell to buyers, call structure, valuing municipal bond insurance, negotiating covenants and adapting to changing market conditions.

Date: Thursday, November 10, 2022

Time:  4:00  - 5:00 pm ET

Location:
Ballard Spahr
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Speakers:
Valarie Allen, Partner, Co-Leader Public Finance Group, Ballard Spahr
Sandy Kurtz Baxter, President, Callowhill Capital
Julius Coursey, Managing Director, Wells Fargo
Michael Judge, Vice President, U.S. Bank

The Impact of The Future of Work, Public Pensions and Domestic Politics on Public Finance

Date: Thursday, September 28, 2022

Time: 4:00 pm - 6:00 pm

Format: In-person Presentation

Location:
Ballard Spahr
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Speaker:

Tom Kozlik, Head of Municipal Research and Analytics, HilltopSecurities Inc.

Higher Education Panel: Opportunities and Challenges for the Higher Education Sector

Date: Thursday, June 16, 2022

Format: In-person Roundtable Discusion

Location:
Ballard Spahr
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Panelists:

Scott Douglass, Vice Dean Finance & Administration, CFO/COO of The Wharton School, University of Pennsylvania

Stephen Golding, Chair of the Washington College Board of Visitors and Governors and AGB Senior Consultant

Marshall Kitain, Executive Director, Head of Municipal Bond Credit Analysis and Investor Marketing, J.P. Morgan

Erin Ortiz, Managing Director, Janney Montgomery Scott

Frances Pak, Executive Director, J.P. Morgan

Moderator:

Ted Molin, Wilmington Trust

PhAMAS Night at the PhILLIES

Date: Thursday, May 5, 2022

Time: Picnic starts at 5:35 pm and ends at 7:05. First pitch is at 6:45 pm.

Location:

Citizens Bank Park
1 Citizens Bank Way
Philadelphia, PA 19148

Cost: $20 for PhAMAS/NFMA members and $30 for non-members.
Cost includes game ticket, pre-game picnic, and priceless interaction with municipal bond analysts. We have seats in section 138.

GASB Update and Q&A

Time:  12:00  - 1:30 pm ET (9:00 - 10:30 am PT)

Speaker: Dean Michael Mead, CGFM, Assistant Director of Research and Technical Activities, Governmental Accounting Standards Board and Coordinator, Governmental Accounting Standards Advisory Council

Click to download the powerpoint.

2022 Municipal Market Outlook

Thursday, January 13, 2022

Our panelists shared their views on the outlook for the municipal market and U.S. economy in 2022.
Download the handouts.
View the webinar.

Bonus: 3 SPGI U.S. economic reports:

SPGI U.S. Economics Real-time report:  U.S. Real-Time Data: Economic Activity Slows As Omicron Takes Center Stage
SPGI U.S. Economics Economic Roundup:  Tight Job Market Allows For More Fed Tightening
SPGI U.S. Economics Quarterly Outlook: S&P Global U.S. Economic Outlook Q1 2022: Cruising At A Lower Altitude

PANELISTS: 

Beth Ann Bovino, U.S. Chief Economist, S&P Global Ratings

Peter DeGroot, Managing Director, Municipal Research & Strategy, J.P. Morgan

Tom Kozlik, Head of Municipal Research and Analytics, HilltopSecurities Inc.

MODERATOR:

Ted Molin, Vice President, Wilmington Trust Investment Advisors, Inc.

2021 Annual Meeting

PhAMAS held its annual meeting on November 10, 2021 where the proposed slate of officers was approved.

ESG: Risk vs. Impact

As ESG becomes an increasing focus for issuers and investors, panelists will discuss how to frame ESG risk as well as how the shift to sustainable investing is expected to impact the market and future issuance.

Panelists:

Kimberly Lyons, VP/Senior Analyst, Moody’s Investors Service
Monica Reid, CEO, Kestrel Verifiers
Eileen Perpiglia, AVP, Accounting and Finance, Longwood Gardens
Jenna Bryan-Krug, Director, BlackRock  

Moderator:

Stephanie McAleer, SVP, Head of Structured Finance, Siemens Financial Services, Inc.

View the Speaker Bios.

NFMA Members may view a recording of this Zoom webinar by logging in to the Webinars page on the NFMA site.

High Yield Credits

Time:  12:00 - 1:00 pm

Format: Go To Webinar

Although the multi-year restructuring of a certain Caribbean commonwealth continues to dominate headlines, 2019’s record low interest rates, positive municipal supply/demand dynamics, and credit spread compression continued into the investing environment in the beginning of 2020. This sentiment was then abruptly interrupted by the onset of the COVID-19 pandemic.

In this environment, how can analysts/investors find appropriately priced high yield investments that are structured and positioned to withstand future challenges? What are the latest high yield credit developments of note? What are the signals that seasoned analysts will be watching going forward? What are some of the lessons learned in credit roughly 7 months after we left the “old normal” that we can arm ourselves with to enter the “new normal”?

Please join us for a lively discussion by credit specialists on a handful of sectors: Neene Jenkins (JPMorgan Asset Management, Charter Schools), Marshall Kitain (JPMorgan, Transportation), and Ron Mintz (Vanguard, Senior Living), moderated by Sandy Pae Goldstein (FCO Advisors, Multi-Sector). 

We ask that the audience be prepared with good questions and in turn be prepared for candor!

This webinar is closed to the press.

New Frontiers of Data Analysis

Date: Wednesday, February 26, 2020

Time:  3:00 – 5:00

Location:  
Janney Montgomery Scott
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Details:

Municipal analysts are increasingly interested in the potential of new and emerging data and technology tools. In this session, you'll learn about:

- Research efforts using Natural Language Processing (NLP) to identify risks in municipal disclosure

- Developments in fully machine-readable structured muni data.

Together, these trends stand to offer powerful new ways to access and utilize data and better understand municipal risk.

**Please note that this event is closed to the press.**

Presenters:

Mark Schmidt, CFA, Vice President Municipal Research at Morgan Stanley.
Liz Sweeney, President, Nutshell Associates LLC, and member, Standard Government Reporting Working Group

Mark Schmidt, CFA is a Vice President in Morgan Stanley’s Research Department.  He is a member of the Municipal Fixed Income Strategy Team, which has been recognized by Institutional Investor’s All-America Fixed Income Research poll, as well as Smith’s Research & Gradings.  As a Municipal Strategist, he analyzes market trends and data, conducts credit analysis, and writes research publications for client and firm use.  He has also contributed to the firm’s Public Policy research efforts, with an emphasis on tax reform.  Prior to joining the Research Department, he worked as a bond specialist for Morgan Stanley Wealth Management. 

Liz Sweeney was formerly managing director and criteria officer for US public finance at S&P Global. She is now President of Nutshell Associates, a municipal advisory, risk management, and credit training firm based in Baltimore. She is also on the faculty at Georgetown University's business school, a board member of the University of Maryland Medical System, and a member of the Standard Government Reporting working group, a collaborative industry-wide effort to bring machine readable standards and user-friendly technology to reporting by local, state, and federal governments. View Liz Sweeney's presentation.

2020 Municipal Market Outlook

Date: Thursday, January 23, 2020

Time: 3:00 - 5:00 pm

Location:
Ballard Spahr LLP
1735 Market Street, 51st Floor
Philadelphia, PA 19103

Moderator:

Eric Kazatsky, Head of Municipal Strategy, Bloomberg Intelligence

Eric is responsible for creating municipal-focused research for Bloomberg Terminal clients. He has 18 years successful experience involving municipal bonds and has spent his career in various aspects of the industry including sell side, buy side and a large municipal issuer. Prior to Bloomberg, Eric served as an institutional desk strategist and municipal portfolio manager. Eric has a B.A. in finance and economics from the University of Pittsburgh, an M.B.A. in finance from St. Joseph’s University, and an M.S. in investment management from Temple University.

Speakers: 

Mikhail Foux, Managing Director and Head of Municipal Strategy, Barclays

Mikhail focuses mainly on market trends, relative value opportunities and credit analytics. Before joining Barclays, Mikhail spent eight years at Citigroup as Director of the Municipal Strategy Team. Prior to concentrating on municipals, Mikhail headed the US Investment Grade Credit Strategy Team. Before joining Citigroup, he spent four years as a credit derivatives strategist at Credit Suisse and four years as a desk analyst in quantitative trading and research at Banco Santander focusing on Latin American emerging markets. Mikhail holds an MS in Chemical Engineering from Columbia University and a BS in Physics from the Moscow Institute of Physics and Technology. View Mikhail Foux's presentation.

Jason Hannon, Head of Municipal Strategy and Senior Fixed Income PM, Wilmington Trust

Jason is responsible for developing tax-exempt fixed income strategy for Wilmington Trust Investment Advisors Inc. (WTIA), the investment advisory arm of Wilmington Trust and M&T Bank. He has more than a decade of experience in the investment industry, specializing in fixed income investments. Prior to joining Wilmington Trust, he was a vice president and portfolio manager at Emigrant Bank/New York Private Bank & Trust; a principal and senior trader at Arbor Research & Trading; and an associate and municipal bond trader at Vanguard. He holds a bachelor’s degree in finance from Pennsylvania State University and is a CFA®.

Dan White, Director of Economic Research, Moody’s Analytics

Dan is the director of government consulting and public finance research at Moody’s Analytics. In this role he oversees economic research with an emphasis on fiscal policy and municipal market impacts. He regularly presents to clients and conferences, and has been featured in a number of print, radio and televised media outlets, ranging from Bloomberg Television to the Wall Street Journal. Dan also works closely with a number of governments and policymakers in an advisory role and teaches as an adjunct professor of economics at Villanova University. Dan holds an MA in economics as well as undergraduate degrees in finance and international business from New Mexico State University. View Dan White's presentation.

What Analysts Need to Know about Government Accounting - Presented by Dean Mead of GASB

~ Presented by PhAMAS in conjunction with the NFMA's Introduction to Municipal Bond Credit Analysis ~

Date: Wednesday, November 20, 2019

Time: 8:00 am – 5:00 pm

Location:

KPMG
1601 Market Street, 36th Floor
Philadelphia, PA 19103

Details: 

GASB’s Dean Mead will provide an educational seminar on the rules that state and local governments follow when accounting for and reporting their finances. During this in-depth discussion, participants can expect to hear:

• The basics from the perspectives of the financial statement analyst
• How the accounting standards affect the information that analysts receive
• The significant new changes to government financial reports

Immediately following the workshop, PhAMAS will present a panel of speakers from across the Municipal Bond industry who will discuss their experience as Analysts from their respective positions. Panelists include:

• Robin Prunty, Head of Analytics and Research, S&P
• Don Farrell, Head of East Region, Build America Mutual
• Alan Schankel, Municipal Strategist, Janney Montgomery Scott
• Ellen Cannarsa, Municipal Credit Research, Vanguard

Tour of Philadelphia International Airport

Date: Thursday, October 10, 2019 

Time: Tour begins at 10:00 am. Full details will be sent to those who register.

Location: Philadelphia International Airport. Transportation to the Airport will NOT be provided.

Details: Please join PhAMAS for a tour of the Philadelphia International Airport! Following the tour, our group will meet with several Airport officials. Lunch will be provided.

Tracy Borda, Chief Financial Officer and Janes Tyrrell, Chief Revenue Officer, of the Philadelphia Airport discuss the airport and answer questions with PhAMAS members and guests over lunch in the Control Tower. 

Back to School - Perspectives on Higher Education

Date: Thursday, September 26, 2019 

Time: 3:00 - 5:00 pm

Location:
Greenberg Traurig Law
1717 Arch Street, 4th Floor
Three Logan Square
Philadelphia, PA 19103

Details: Join us for a discussion with our esteemed panelists representing many perspectives from the higher education sector.  

Moderator: 

Erin Ortiz, Managing Director, Janney Montgomery Scott

Panelists: 

Brian Fitzpatrick, Vice President, BAML
Ken Kaiser, CFO, Temple University
Susan Shaffer, VP-Senior Credit Officer, Moody’s
Ken Valosky, EVP, Villanova University
Debbie Voit, Analyst, Vanguard

Join PhAMAS at the Phillies!

Date: Wednesday, July 17, 2019

Time: Picnic starts at 5:35 pm, First pitch at 7:05 pm

Location:

Citizens Bank Park
1 Citizens Bank Way
Philadelphia, PA 19148

Sponsor: Thanks to Build America Mutual

Evolving Views Regarding Special Revenues – 
Navigating a Changing Environment

Date: Thursday, May 2, 2019

OPEB and GASB 74/75 Implementation: Retiree Healthcare Liabilities and their Effects on State and Local Credit

Date: Thursday, March 28, 2019

Time: 3:00 pm - 5:00 pm. 

Location:  
PFM Financial Advisors
1735 Market Street, 42nd Floor
Philadelphia, PA 19103

Featuring: 

Tom Aaron, VP - Senior Analyst, Moody's
Tim Blake, MD - Public Finance, Moody's

An Afternoon with Bloomberg

Date: Thursday, February 21, 2019

Time: 3:00 pm - 5:00 pm. Refreshments will be provided.

Location:  
Janney Montgomery Scott
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Featuring: 

Mike Alagna, Head of Product Strategy (Bloomberg L.P.)
Ed Ma, Product Manager (Bloomberg L.P.)
Lene Samuelson, Account Manager (Bloomberg L.P.)

Details:

Representatives from Bloomberg will discuss municipal fundamental analysis and relative value tools as well as the BVAL AAA curve with time for Q&A.

• Fundamental Analysis: Bloomberg has a robust database of issuer financials, demographics, and documentation
• Relative Value: Our new Fixed Income Worksheet can quickly help visualize relative value within a region, sector, portfolio, and more
• Breaking News: As a provider and aggregator of news, Bloomberg offers extensive coverage of the Muni market
• Bloomberg AAA Curve - introduction to Bloomberg's AAA BVAL Curve, highlighting latest terminal integration.

2019 Municipal Market Outlook

Date: Thursday, January 24, 2019

Holiday Cocktail Reception

Date: Thursday, December 13, 2018

Time: 5:30 - 7:30 pm

Location:

Ladder Fifteen
1528 Sansom Street
Philadelphia, PA 19102

Sponsor: Assured Guaranty

What Analysts Need to Know about Government Accounting - Presented by Dean Mead of GASB

~ Presented by PhAMAS in conjunction with the NFMA's Introduction to Municipal Bond Analysis ~

Date: Wednesday, November 28, 2018

Time: 8:00 am – 5:00 pm

Location:

PFM Financial Advisors
1735 Market Street, 42nd Floor
Philadelphia, PA 19103

Details: 

GASB’s Dean Mead will provide an educational seminar on the rules that state and local governments follow when accounting for and reporting their finances. During this in-depth discussion, participants can expect to hear:

• The basics from the perspectives of the financial statement analyst
• How the accounting standards affect the information that analysts receive
• The significant new changes to government financial reports

Download a detailed schedule of the seminar.

Annual Meeting + History of State and Other Municipal Defaults

Date: Thursday, November 15, 2018

A Seminar for Credit Analysts on New Jersey Statutory, Current Fund Accounting

Date: Thursday, October 18, 2018

Time: 3:00 pm - 5:00 pm

Location:

Ballard Spahr
1735 Market Street, 51st Floor
Philadelphia, PA 19103

Speakers:

Jon Rheinhardt, Business Administrator, Chief Financial Officer, Purchasing Agent, Borough of Wharton, NJ.

Dave Miller, Director of Finance, Mercer County, New Jersey

Details: 

Jon and Dave intend to help credit analysts understand the differences in current fund accounting versus GAAP-Based, Accrual accounting. What adjustments should municipal analysts make when analyzing these statements in order to understand a municipality's credit position in terms of liquidity and profitability, for example? They will take us through an example case study, showing the GAAP conversion.

Presentations:

Conversion from OCBOA to GAAP (.xls)
Statement of Operations - 10 Year Analysis (.pdf)
New Jersey OCBOA (.pptx)

Dave Miller, the current Deputy Administrator for the County of Mercer, New Jersey and the CFO for the Borough of Haddonfield, NJ.

Jon Rheinhardt is the Administrator, Finance Officer and Qualified Purchasing Agent for the Borough of Wharton, NJ.  Also, he is an instructor for Rutgers, teaching municipal finance courses to those seeking certification as a Certified Municipal Finance Officer in the State of New Jersey.

Healthcare M&A - Recent Activity and Potential Credit Implications

Date: Thursday, September 27, 2018

Time: 3:00 – 5:00 with a cocktail reception to follow

Sponsor: Kroll Bond Rating Agency

Location:

Janney Montgomery Scott
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Moderator: Shelley J, Aronson, First River Advisory LLC

Download the Presentation

Speakers:

Daniel Ahern, EVP of Business Development and Strategy, Tower Health

Tower Health is a nonprofit integrated healthcare system in the Philadelphia area, with six acute-care hospitals and related facilities. The system was formed through the acquisition of five former for-profit facilities by flagship Reading Hospital.

Kevin R. Cunningham, Partner, Ballard Spahr LLP

Kevin is a member of Ballard Spahr’s health care practice group, among a variety of other areas across the municipal bond market. He has extensive experience in a wide range of municipal bond financings, primarily taxable and tax-exempt public debt offerings.

Christine Doyle, Managing Director, Healthcare and Nonprofit Group, PFM Financial Advisors LLC | Public Financial Management, Inc.

Christine has more than 28 years of experience in healthcare and public finance. She works with a variety of organizations and advises on financial, capital planning and balance sheet management strategies as well as optimal financial execution.

Details: The panelists will discuss merger and affiliation “flavors” and implications of different formats for bondholders – asset purchases/bond redemptions, indenture substitution, JOAs, clinical affiliations. They will explore the motivations for continued growth, diversification away from traditional inpatient business, desire to achieve economies of scale and access to capital and the ability to negotiate better deals with insurers. Or are organizations just merging because everyone else is doing it? Have provider organizations become too big?

The session will touch on some interesting technical issues: par redemption of premium bonds, consolidation among providers of varying credit quality, and other ways that bondholder value can be diluted. 

Shelley Aronson of First River Advisory introduces the interactive and informational panel and also frames the discussion about the different strategies and merger & acquisition options hospitals may pursue to gain market share, grow operations, or remain viable.

Daniel Ahern, EVP of Business Development and Strategy at Tower Health tells the story about the formation of the new System through the acquisition of five former for-profit facilities by flagship Reading Hospital.

Christine Doyle, Managing Director in the Healthcare and Nonprofit Group at PFM Financial Advisors, provides insight into different strategies used by healthcare systems, including community hospitals.

Kevin Cunningham, Partner at Ballard Spahr, LLP discussing common structures of healthcare legal documents.

The Reality of Demographic Effects on Municipal Credit Quality

Date: Thursday, August 23, 2018

Time: 3:00 - 4:30 pm with a cocktail reception sponsored by Merritt Research Services, LLC and Investortools, Inc.

Location:

Ballard Spahr
1735 Market Street, 51st Floor
Philadelphia, PA 19103

Speaker: Richard Ciccarone, Merritt Research Services, LLC

Details: 

Richard Ciccarone of Merritt Research Services, LLC will focus on the fundamental underpinning of demographic factors as the foundation for influencing credit quality now and in the future. The presentation will highlight quantitative demographic measures that help analysts and investors identify credits likely to catch the tailwind of positive changes or headwinds that can challenge fiscal stability. Using statistical financial metrics, Rich will examine whether preconceptions about the impact of demographic factors and trends actually play out relative to credit quality. Download the presentation.

The Need to Return to the Basics of Municipal Financing -- Puerto Rico, PROMESA and Coming Attractions in the Land of Distress

Date: Wednesday, May 23, 2018

Time: 3:00 - 5:00 pm, with a cocktail reception to follow - sponsored by TMC Bonds



Location: 

Ballard Spahr
1735 Market Street, 51st Floor
Philadelphia, PA 19103

Speaker: James Spiotto, Chapman Strategic Advisors LLC - Bio

Details: 

Jim intends to speak for about an hour and have a discussion with participants for a second hour. He will discuss special revenue bonds and the Assured decision in Puerto Rico. See this article https://muninetguide.com/puerto-rico-assured-decision/ on "Why Pledged Revenues Are Required to Be Paid to Revenue Bondholders in Chapter 9 Municipal Bankruptcy and Why the Assured Decision in Puerto Rico’s PROMESA Title III Proceeding Should Be Reconsidered or Reversed on Appeal." 

On January 30, 2018, the Court presiding over the Title III adjustment of debt proceeding for the Commonwealth of Puerto Rico and certain of its instrumentalities (including the Puerto Rico Highways and Transportation Authority (“PRHTA”)) entered a ruling on Assured Guaranty Corporation et al.’s Complaint requesting protection, relief and payment of pledged revenues (special revenues) of a revenue bond financing of PRHTA. The decision of the Court that pledged special revenues would not be paid during the Chapter 9 proceeding unless the municipality as debtor chooses to do so is contrary to the decisions or practices of the numerous Chapter 9 courts (including in Jefferson County, City of Stockton, Detroit, Sierra King Health Care District, San Jose School District and other Chapter 9 cases). No Chapter 9 bankruptcy court has interpreted Section 922(d) to prohibit the payment of pledged special revenues as collected to revenue bondholders during a Chapter 9. In the Jefferson County case, the timely payment of pledged revenues (special revenues) to the sewer bondholders was actively litigated and objected to by Jefferson County. The Chapter 9 bankruptcy court in the Jefferson County case specifically ruled in a series of decision that the net pledged revenues as defined in the revenue bond financing documents were to be timely paid to the bondholders as collected during the Chapter 9 case. 

The MuniNetGuide.com Article linked here sets forth the justifications for the payment of pledged special revenues to revenue bondholders as supported by municipal law, the Constitutional restrictions on Chapter 9 and bankruptcy courts not to interfere with state legislative control over municipalities including mandated payments, the 1988 Amendments to Chapter 9 and the Chapter 9 Bankruptcy Court decisions and  practices. 

Powerpoint #1: PROMESA

Powerpoint #2: Lessons Learned

Cybersecurity Risks for the Municipal Sector

Date: Thursday, April 19, 2018

Time: 3:00 - 5:00 pm

Location: 

Janney Montgomery Scott LLC
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Topic: 

The increasing role of technology and automation in the municipal sector, while beneficial and widely expected, also comes with the cost of protecting infrastructure and technology systems. For localities it’s not just about securing data, but protecting the ability to deliver essential services. The recent cyber-attack on Atlanta’s systems has captured widespread media attention, highlighting that public finance entities are indeed targets. 

The panel discussion will focus on cyber risks specific to the municipal sector, including states, local governments and related entities, utilities, transportation, and not-for-profit healthcare and higher education. The panelists will share insights into both the financial and reputational implications, vulnerabilities, and provide possible questions to consider when evaluating the likelihood and magnitude of the risk.

Featuring a distinguished panel assembled by Erin Ortiz of Janney Montgomery Scott, LLC.:

Geoff Buswick is a Managing Director and Sector Leader in the U.S. Public Finance - Governments team at S&P Global Ratings in Boston. Geoff speaks regularly on the topics of cybersecurity, sustainability, direct purchase bank loans, distressed credits, and specific aspects of the local government criteria. Prior to joining S&P Ratings in 2000, Geoff served as the Chief Financial Officer, Treasurer & Collector for the City of Gloucester, Mass. In addition, he spent three years as the Administrative Officer for the City of North Adams, Mass. Download Presentation.

Darin Murphy joined the FBI as a Special Agent in 2003.He has experience investigating a variety of cyber crimes including network intrusions, DDoS attacks, and Internet fraud. He has a master's degree in computer engineering and prior experience in semiconductor design.

Download Cyber Risk Sample Questions.

Tax Reform and its Impact on the Municipal Market

Date: Thursday, March 22, 2018

Time: 3:00 - 5:00 pm, with refreshments to follow

Location: 
PFM Financial Advisors LLC 
1735 Market Street, 42nd Floor 
Philadelphia, PA 19103 

Featuring a distinguished panel assembled and moderated by Erin Kelly of Vanguard who is a member of our Program Committee:

Jim D’Arcy, Senior Portfolio Manager, Vanguard

Tom Kozlik, Municipal Strategist, PNC Capital

Ellen Marshall, Principal, Marshall & Company

Topic: Electric Industry Transition Including Disruptive New Technologies Such as Battery Storage

Date: Thursday, January 18, 2018

Time: 3:00 - 5:00 pm, with a "Post-Holiday Reception" sponsored by Janney Montgomery Scott to follow

Location: 

Janney Montgomery Scott LLC
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Featuring a distinguished panel assembled by Dan Aschenbach of Moody's:

Dan Aschenbach, Senior Vice President, Moody’s Investors Service will moderate the discussion and offer some perspective on cost recovery risk for public power electric utilities as electric transition takes place. Download Dan's presentation.

Michael Hagerty is a Senior Associate at The Brattle Group with experience in electricity wholesale market design, renewable and climate policy analysis, transmission planning and development, and strategic planning for utility companies. Michael has worked on several analyses in support of cost of new entry (CONE) estimates for ISO-NE and PJM. Michael has also focused on analyzing opportunities and challenges of existing and proposed renewable energy and climate policies, including the EPA’s Clean Power Plan (CPP), state-level Renewable Portfolio Standards (RPS), and California’s GHG cap-and-trade market. Mr. Hagerty holds a B.S in Chemical Engineering from the University of Notre Dame in South Bend, Indiana and an M.S. in Technology and Policy from the Massachusetts Institute of Technology in Cambridge, Massachusetts. Download Michael's presentation.

Tom Falcone is the CEO of the Long island Power Authority who is not only responsible for leading one of Nation’s largest utilities but has been at forefront of introducing new technology into the power grid.  Tom will  provide the context of the use of battery storage from the CEO utility perspective. Download Tom's presentation.

Emily Schapira, Executive Director of the Philadelphia Energy Authority is leading this major city’s efforts on solarizing Philadelphia and will discuss the opportunities and constraints on this effort including role of battery storage and solar. Download Emily's presentation.

Topic: Rainy Day Funds and State Credit Ratings: Presentation and Panel Discussion

Date: Thursday, September 21, 2017

Time: 4:00 - 6:00 pm

Location: 

PFM Financial Advisors
1735 Market Street, 42nd Floor
Philadelphia, PA 19103

Refreshments will be served.

Presentation: Rainy Day Funds and U.S. State Ratings by Dr. Jon Moody, followed by a panel discussion led by Arnold Foundation’s Brenna Erford. Panelists include Baye Larsen from Moody's and Erin Kelly from Vanguard.

Topic: Trump: First 100 Days

Date: Thursday, July 27, 2017

Time: 4:00 - 6:00 pm

Location: 

Ballard Spahr
1735 Market Street, 51st Floor 
Philadelphia, PA 19103

Featuring: 

George Friedlander, Managing Partner, Court Street Group Research

John Godfrey, Government Relations Director, American Public Power Association

Pension Risks Moving from Balance Sheets to Budgets

Date: Thursday, June 1, 2017

Time: 3:00 - 6:00 pm

Location: 

Cozen O'Connor
1650 Market Street, 28th Floor 
Philadelphia, PA 19103

Featuring: 

Tom Aaron and Tim Blake, Moody's

Note: This event is closed to the press.

Sponsor: National Public Finance Guarantee

Inside the Mind of a Bankruptcy Expert: Thoughts on The Need for U.S. States to Access Bankruptcy and Puerto Rico's Status

Date: Wednesday, May 3, 2017

Time: 4:00 - 6:00 pm

Location: 

PFM Financial Advisors 
1735 Market Street, 42nd Floor 
Philadelphia, PA 19103

Featuring: 

David Skeel, UPENN Law, member of Puerto Rico Oversight Board

Note: This event is open to the press.

2017 Municipal Market Outlook

Date: Thursday, January 19, 2017

Time: 4:30 - 7:00 pm (the discussion will be in two parts with a networking break in-between)

Location: 

Janney Montgomery Scott
1717 Arch Street
20th Floor
Philadelphia, PA 19103

Summary: 

Join your industry colleagues for the Philadelphia Area Municipal Analyst Society’s 2017 Municipal Market Outlook. This year the format will be an Unconference - a free-form exchange of ideas among top industry leaders in a peer-to-peer learning session. Audience participation is encouraged throughout the sessions.  Leading the discussion are:

· Sean Carney, BlackRock
· Natalie Cohen, Wells Fargo Securities
· Tom McLoughlin, UBS
· Tom Weyl, NPFG
·  Matt Posner, Court Street
·  Michael Zezas, Morgan Stanley 

Stephen Winterstein from Wilmington Trust will serve as moderator.

Presentation and Holiday Party

Date: Thursday, December 1, 2016

Time: 5:30 - 8:00 pm

Drinks available from 5:30 to 6, Nathan will speak, take questions for about an hour, sign books and heavy appetizers and drinks will be served

Location: 

Ballard Spahr LLP 
1735 Market Street, 48th Floor 
Philadelphia, PA 19103

Featuring:  

Nathan Bomey, former Detroit Free Press reporter (now at USA Today)

Description: 

Nathan Bomey covered the Detroit bankruptcy while at the Detroit Free Press. His book, Detroit Resurrected: To Bankruptcy and Back covers the filing, the negotiations and near-term results. 

Sponsor: Assured Guaranty

Reception for Attendees of the NFMA Introduction to Credit Seminar

Date: Thursday, November 17, 2016

Time: 6:00 - 8:00 pm

Location: 

Ladder 15
3rd Floor Private Room
1528 Sansom Street
Philadelphia, PA  19102
http://www.ladder15philly.com/

Featuring:  Heavy hors d'oeuvres stations

Who's Invited:  PhAMAS members, NFMA Intro Session Presenters, and Conference Attendees.

Sponsors: PhAMAS and National Public Finance Guarantee Corporation

The FBI and the Bernie Madoff Investigation

Date: Tuesday, September 20, 2016

Time: 12:00 - 1:30 pm

Location: 

Racquet Club of Philadelphia
215 S 16th Street
Philadelphia, PA 19102

Hear from the FBI Case Agent who worked the notorious Bernard L. Madoff Investment Securities Ponzi Scheme investigation. Learn what it took to convict Madoff and his fraudster co-conspirators. Hear about aspects of the investigation not released to the public. Learn about some of the key players involved, and see photographs taken during search and seizures (including Madoff's office).  

This fascinating case study will detail the complexities of an investment scandal that cost its victims billions of dollars, and the trial that resulted in the convictions of five defendants on thirty-one guilty counts. 

Patrick J. Duffy is a Special Agent with the Federal Bureau of Investigation, Philadelphia Division. SA Duffy is currently assigned to a White Collar Crime Squad that specializes in Corporate and Securities Fraud, where his principal duties include the investigation of violations of federal securities laws. SA Duffy's cases include investigations of Insider Trading, Market Manipulations, and Ponzi schemes.

SA Duffy received a bachelor's degree in Accounting from LaSalle University in 2002. From 2002 to 2008, SA Duffy worked within the audit practice of KPMG, LLP Philadelphia where he was employed as an associate and senior associate on both public and private client engagements.

Sponsor: This program is co-produced by PhAMAS and CFA Society of Philadelphia. Visit them on the web at https://www.cfasociety.org/philadelphia/Pages/default.aspx.

Public Pension Day #2 (of 2), 2016

Date: Wednesday, July 13, 2016

Time: 10:00 am - 5:00 pm

Location: 
Ballard Spahr, 1735 Market Street, 48th Floor, Philadelphia, PA 19103

Featuring:

Trends in Pension Funding around the US Post GASB 67 & 68, Les Richmond, Build American Mutual

Pension Reform: Lessons from Around the Country, Shannon D. Farmer, partner at Ballard Spahr 

Review of New Pension Accounting Standards for GASB 67 & 68, Dean Mead, Research Manager at the Government Accounting Standards Board (GASB)

History and Politics of Pennsylvania Pensions, John D McGinnis, PA Representative for District 79 (Blair County, including Altoona)

Public Pension Day #1

Date: Thursday, June 9, 2016 

Time: 9:00 am

Location: Janney Montgomery Scott, 1717 Arch Street, Philadelphia

Featuring: 

Tom Aaron and Tim Blake from Moody's

Dr. Dan DiSalvo, CUNY and author of Government Against Itself, will give a presentation titled, "Pensions and Public Sector Unions: The politics of legacy costs."

Eugene DePasquale, Auditor General of Pennsylvania, will review his office's work on public sector pensions

Jay Hines ad Jeff Ammerman from the Pennsylvania Association of School Business Officials (PASBO)

Sponsored by: Assured Guaranty

A Compromise for Puerto Rico

Date: Friday, June 3, 2016

Time: 12:00 pm

Location: Janney Montgomery Scott, 1717 Arch Street, Philadelphia

Featuring: Kent Hiteshew, Director of the US Treasury Department's Office of State and Local Finance, who will discuss H.R. 5278 PROMESA 

Sponsored by: PhAMAS

Philadelphia Academic Medical Centers: Transforming from Volume to Value

Date: Thursday, April 14, 2016 

Time: 3:00 pm

Location: Cozen O'Connor, One Liberty Place, 1650 Market Street, Philadelphia

Featuring: 

Herbert P. White, FHFMA, Assistant Vice-President at Temple Health

Dr. Daniel Quirk, Thomas Jefferson University Hospital

2016 Municipal Market Outlook

Date: Wednesday, February 17, 2016 

Time: 4:00 pm

Location: Ballard Spahr LLP, 1735 Market Street, 51st Floor, Philadelphia

Featuring: 

Blake Anderson, Managing Director, High Yield Securities, Mesirow Financial

Natalie Cohen, Head of Municipal Research at Wells Fargo, N.A.

Michael Zezas, Managing Director and Chief Municipal Strategist, Morgan Stanley

Sponsored by: National Public Finance Guarantee Corporation

Presentation and Holiday Party

Date: Thursday, December 10, 2015 

Time: 4:00 pm

Location: Top of the Tower, 1717 Arch Street, Philadelphia

Featuring: Terry Smith, Founder and CEO of Smith's Research and Gradings

Sponsored by: Assured Guaranty

Accelerating Technological Change: Things for the Muni Market to Think About

Date: Thursday, November 19, 2015 

Time: 4:00 pm

Location: Arch Auditorium on the University of Pennsylvania Campus, Philadelphia

Featuring: George Friedlander, Municipal Strategist, Citigroup

Hosted by: Fels Institute of Government

Politics and Public Opinion in Pennsylvania

Date: Wednesday, October 14, 2015 

Time: 12:00 - 2:00 pm

Location: Ballard Spahr, 1735 Market Street, 48th Floor, Philadelphia

Featuring: G. Terry Madonna; Director of the Franklin & Marshall College Poll and Professor of Public Affairs at Franklin & Marshall College.

Sponsored by: Build America Mutual

The Municipal Information Age: New Media in the Municipal Bond Market (focus on Twitter)

Date: Thursday, October 1, 2015 

Time: 11:00 am - 3:00 pm

Location: 
PNC
1600 Market Street
Philadelphia, PA 19103

Featuring: Kristi Culpepper, State of Kentucky; Joe Mysak, Bloomberg

Sponsored by: National Public Finance Guarantee Corp.

What are the Newest Perspectives on Puerto Rico Bond Investing?

Date: Thursday, July 30, 2015

Panel Participants:
Alan Schankel, Janney Capital Markets (Moderator)
Dan Loughran, Oppenheimer Funds
Hector Negroni, Fundamental Advisors LP
Tom Weyl, National  Public Finance Guarantee 

Sponsor:  National Public Finance Guarantee

April 9, 2015: US Public Pensions: Past Promises, Today’s Credit Challenge, by Moody’s Investor Service Tim Blake and Tom Aaron

January 15, 2015: 2nd Annual Municipal Analyst Market Outlook with presentations from: 2015 Municipal Outlook-- Tom Kozlik & 2015 Municipal Outlook- Chris Mier; Sponsored by BAM

November 4, 2014: Putting City Credit Quality Back Into the Spotlight -- The Post Detroit Aftershock - presentation by Rich Ciccarone of Merritt Research and Review of Creditscope Products

September 25, 2014: State of the Philadelphia Region's Housing Market by Dr. Kevin Gillen of the University of Pennsylvania 

March 6th, 2014: 1st Municipal Analyst Market Outlook, Speakers included: Peter DeGroot from J.P. Morgan; John Hallacy from Assured; and Meghan Robson from Morgan Stanley; Sponsored by Assured Guaranty 

Nov. 14, 2013: Nancy Winkler, Treasurer of the City of Philadelphia; Sponsored by Assured Guaranty