Thursday, March 15, 2012

11:00 AM - 11:45 AM

THE NEW CHANNEL: DIRECT BANK LENDING AND MUNICIPAL FINANCE

Moderator: Ted Galgano Managing Director, NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION

Ronald Rumack Senior Vice President and Team Leader, SUMITOMO MITSUI BANKING CORPORATION

Edward Stull, Jr. Managing Director, FIRSTSOUTHWEST COMPANY

Alex Wallace Managing Director and Head of Public Finance, U.S. BANCORP

Direct bank purchases have grown quickly in the past two years. Banks negotiating directly with the issuer, cutting out the middle man - the bond advisor, see less risk for the bank, they see municipalities as low risk. What about the issuer? Is he getting the whole story, reading the fine print? If this is the new direction for lending, what will the fall-out be to the bond market?

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