About our Town Halls

The recent global health crisis is testing what governments, financial markets, and individuals can reasonably withstand. The municipal market in particular has experienced historic volatility, severely limiting original issuance volume and causing rampant sell-off in the secondary market.

From March 30 through May 29, 2020, SWS hosted Municipal Bond Market Virtual Town Halls on Mondays and Fridays to keep clients informed throughout a period of market disruption. The semi-weekly webinars allowed our issuer clients to hear directly from the SWS municipal underwriting team, prominent guest economists, and municipal credit analysts. In addition, participants had the ability to ask questions and hear responses from our speakers.

Guest Speakers

March 30, 2020
Matt Fabian
Partner & Head of Market and Credit Research
Municipal Market Analytics (MMA)
April 3, 2020
Jenna Magan
Orrick Herrington & Sutcliffe

Kevin Roche
Orrick Herrington & Sutcliffe

April 6, 2020
Carl B. Weinberg, PhD
Chief Economist & Managing Director
High Frequency Economics

April 13, 2020
Ian Shepherdson
Founder & Chief US Economist
Patheon Macroeconomics

April 17, 2020
Bill Cox
Senior Managing Director
Global Head of Corporation, Financial & Government Ratings
Kroll Bond Rating Agency

Karen Daly
Senior Managing Director
Public Finance/Financial Guaranty
Kroll Bond Rating Agency

Harvey Zachem
Managing Director, Public Finance
Kroll Bond Rating Agency

April 20, 2020
Chris Chafizadeh
Senior Managing Director
Assured Guaranty

Bill Hogan
Senior Managing Director
Assured Guaranty

April 24
Robert DiMella
Executive Managing Director, Co-Head of Municipal Managers
Mackay Shields

Frances Lewis
Senior Managing Director
Mackay Shields

Sewon Kim
Head of Transportation Group
Siebert Williams Shank

April 27, 2020
Jonathan B. Berk
A.P. Giannini Professor of Finance
Stanford Graduate School of Business

May 1, 2020
Michael Belsky
Senior Fellow, University of Chicago
Executive Director, Center for Municipal Finance

May 4, 2020
Brian Egan
Policy Director, National Association of State Treasurers
Association Director, State of Debt Management Network

May 8, 2020
Randi Weingarten
American Federation of Teachers

May 11, 2020
Aaron Cunningham
Director of Research & Analytics
Pensions & Investments

May 15, 2020
Eric Glass
Portfolio Manager, Fixed Income Impact Strategies

Jamiyl Flemming
Senior Vice President
Siebert Williams Shank

May 18, 2020
Emily S. Brock
Director, Federal Liaison Center
Government Finance Officers Association

May 29, 2020
Henry Cisneros
Vice Chairman
Siebert Williams Shank

Interviewed By John Hallacy
Contributing Editor & Program Manager
The Bond Buyer


Disclosures about SWS’ Role as Underwriter, Not as Municipal Advisor
Siebert Williams Shank & Co., LLC (“SWS” or the “Firm”) is hosting this webcast (the “Webcast”) to provide you (the “Recipient”) with general market information as an underwriter or in anticipation of serving as an underwriter on a future transaction, and not as a financial advisor or a municipal advisor. The primary role of SWS, as underwriter, is to purchase securities with a view to distribution and/or for resale to investors in an arm’s-length commercial transaction with an issuer. SWS has financial and other interests that differ from those of issuers. An underwriter is required to deal fairly at all times with both issuers and investors. An underwriter has a duty to purchase securities from an issuer at a fair and reasonable price, but must balance that duty with its duty to sell municipal securities to investors at prices that are fair and reasonable. SWS, as underwriter, will review any official statement for the Issuer’s securities in accordance with, and as part of, its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of the transaction.

SWS is not acting as a municipal advisor to the Recipient. Rather, as an underwriter acting for its own interest and unlike a municipal advisor, SWS does not have or owe a fiduciary duty to the Recipient pursuant to Section 15B of the Securities Exchange Act of 1934, as amended (the “Act”), and, therefore, is not required by federal law to act in the best interests of the Recipient without regard to its own financial or other interests. The Recipient should consult with its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate before acting on any information or material provided during the Webcast. If the Recipient would like a municipal advisor and does not have one that owes fiduciary duties to the Recipient, then the Recipient is free to engage a municipal advisor to serve in that capacity.

No Recommendations or Advice
SWS is not recommending any action to the Recipient. Unless otherwise expressly stated therein, the information provided during the Webcast will consist of general information that is factual in nature and may incorporate certain hypothetical information based on the facts and assumptions described therein. Such information, hypotheticals, facts and assumptions are not intended to be or to imply a recommendation or to be construed as “advice” within the meaning of Section 15B of the Act.

Additional Disclosures and Disclaimer
All information presented during the Webcast will be obtained from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to its accuracy or completeness. All information, hypotheticals, facts and assumptions (including prices, rates, yields and other calculations) are current only as of the time of the live Webcast and are subject to change without notice. Any estimations or hypothetical results based on market conditions or the occurrence of future events are based upon the best judgment of SWS from publicly available information as of the date of the live Webcast.


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