Agenda

All Days
Tuesday, April 9
1:30 p.m.
Registration
2:00 p.m.
Conference Starts
2:05 p.m. - 2:20 p.m.
2:20 p.m. - 3:05 p.m.
Legal Framework Explored
Topics:In light of challenges to the COFINA structure and the COFINA settlement, what is the impact on the occurrence and structuring of securitization type transactions in the market? Given the uncertainties caused by court decisions and disputes relating to Puerto Rico, what has been the impact on disclosure in the market?With Judge Swain’s opinion on the application of the automatic stay to the enforcement of payment during a bankruptcy case, what is the impact on special revenue transactions and what can be done to address the consequences of the decision?Further to the validity challenges to certain GO bonds based on certain bond issues exceeding the debt limit, what are potential consequences for practices in the market going forward? What other impacts can be observed in transactions and in the approach of issuers and bond purchasers to new bond issuances based on what is taking place in Puerto Rico?
3:05 p.m. - 3:20 p.m.
Break
4:05 p.m. - 4:50 p.m.
Investor Reaction to the Evolving Landscape
Topics:How should investors look at revenue bonds vs. GO pledges going forward?Puerto Rico’s move to invalidate certain Commonwealth GO bonds is more aggressive than was the case in Detroit; What can the market do to avoid this risk? Can the small investor diligence this risk? What’s going to be the impact on pricing on the mainland given legal developments in Puerto Rico? Will issuers in the states agree to pay more because of Puerto Rico’s approach to dealing with creditors?Is Puerto Rico the canary in the coal mine? What does this portend for states with significant debt and other liabilities like pensions? Are these “new” risks to creditors highlighted by Puerto Rico’s bankruptcy being adequately disclosed in current transactions? What has the MSRB or the SEC done? Is it time to revisit the Tower Amendment?What role should the Federal Government have in restoring investor confidence in the markets and the operation of the rule of law?What can investors do to ensure they get the benefits of the deal they agreed to?How does our market effectively deal with the different goals of distressed debt investors in resolving these situations?
5:00 p.m. - 6:00 p.m.
Cocktail Reception
Tuesday, April 9
1:30 p.m.
Registration
2:00 p.m.
Conference Starts
2:05 p.m. - 2:20 p.m.
2:20 p.m. - 3:05 p.m.
Legal Framework Explored
Topics:In light of challenges to the COFINA structure and the COFINA settlement, what is the impact on the occurrence and structuring of securitization type transactions in the market? Given the uncertainties caused by court decisions and disputes relating to Puerto Rico, what has been the impact on disclosure in the market?With Judge Swain’s opinion on the application of the automatic stay to the enforcement of payment during a bankruptcy case, what is the impact on special revenue transactions and what can be done to address the consequences of the decision?Further to the validity challenges to certain GO bonds based on certain bond issues exceeding the debt limit, what are potential consequences for practices in the market going forward? What other impacts can be observed in transactions and in the approach of issuers and bond purchasers to new bond issuances based on what is taking place in Puerto Rico?
3:05 p.m. - 3:20 p.m.
Break
4:05 p.m. - 4:50 p.m.
Investor Reaction to the Evolving Landscape
Topics:How should investors look at revenue bonds vs. GO pledges going forward?Puerto Rico’s move to invalidate certain Commonwealth GO bonds is more aggressive than was the case in Detroit; What can the market do to avoid this risk? Can the small investor diligence this risk? What’s going to be the impact on pricing on the mainland given legal developments in Puerto Rico? Will issuers in the states agree to pay more because of Puerto Rico’s approach to dealing with creditors?Is Puerto Rico the canary in the coal mine? What does this portend for states with significant debt and other liabilities like pensions? Are these “new” risks to creditors highlighted by Puerto Rico’s bankruptcy being adequately disclosed in current transactions? What has the MSRB or the SEC done? Is it time to revisit the Tower Amendment?What role should the Federal Government have in restoring investor confidence in the markets and the operation of the rule of law?What can investors do to ensure they get the benefits of the deal they agreed to?How does our market effectively deal with the different goals of distressed debt investors in resolving these situations?
5:00 p.m. - 6:00 p.m.
Cocktail Reception