9:45 am – 10:45 am

Vikram Rai, CFA
Head of Municipal Strategy Group, Citi

Opening Session:
Credit cycle inflection point?

Municipal spreads have compressed into an increasingly narrow range and seem to suggest that a key inflection point is approaching.

  • Some investors have expressed alarm over the divergence between elevated valuations and the continued under-performance of state and local tax revenues. Has the potential for slower growth ahead increased the downside risks due to spread decompression?
  • We'll discuss the macroeconomic landscape underpinning the current municipal market and address supply-demand catalysts which could overwhelm credit fundamentals and push prices outside their current range.

 

11:00 am – 12:00 pm

Expert Panel: Tax Reform 

The Tax Cuts and Jobs Act of 2017 had a fundamental impact on the value of tax-exempt income for traditional municipal market investors, both individual and corporate.  This session will offer insights on the effects of federal tax reform from the perspectives of three of the largest constituent groups within the tax-exempt market: property and casualty insurers, commercial banks and retail investors.

  • Moderator: Brian Reilly, CFA, CIPMA, Ehlers
  • Daniel P. Flaningan, Bremer
  • James Grabovac, CFA, McDonnell Investment Management, LLC
  • Thor Raarup, CFA, Travelers

 

Break for lunch

 

1:15 pm – 2:15 pm

Expert Panel: Public Power

The public power industry represents a broad and diverse mix of issuers and credits.  This sector of the market is capital intensive, highly regulated, and constantly in a state of competitive flux.  Our experts will offer their perspectives on the outlook for the sector, as well as what challenges issuers are facing and how they are attempting to overcome them.

  • Moderator: Brian Reilly, CFA, CIPMA, Ehlers
  • David Bodek, S&P Global Ratings
  • Kyle Haemig, Central Municipal Power

 

2:30 pm – 3:30 pm

Focus Session: Transportation
It’s no secret that infrastructure across the county is deteriorating at an unsustainable pace, and transportation accounts for a large portion of that. Indeed, according to American Society of Civil Engineers’ most recent report in 2017, roads and transit across the nation have a capital needs backlog totaling approximately $926 billion over the next 10 years. This has been a primary source of billions of dollars, hours, and gallons of fuel wasted on traffic inefficiencies over the past year alone. Join us for a discussion with MnDOT about some of Minnesota’s needs, projects, sources of funding, and legislation surrounding the issue of keeping our state’s transportation infrastructure competitive.

  • Erik Rudeen, Office of Government Affairs, Minnesota Department of Transportation