Event Detail

Uncovering Value and Risk in Stressed Municipal Credits (Ended)

Date, Time, and Location:
Wednesday, September 16, 2015 (add this event to your Outlook Calendar)
4:00 pm - 6:00 pm
The Standard Club, 320 S. Plymouth Court, Chicago, IL  60604   (Driving Directions)

Program Description:
Multiple states and cities are facing significant funding issues putting their ratings and ultimately their solvency at risk. The panel will begin by providing a broad overview of the current state of affairs in the municipal market, an outlook for municipals, and then focus on the investment opportunities and risks of stressed credits including Illinois and Chicago.

Learning Objectives:

  • Understand current municipal market conditions
  • Issues facing stressed credits
  • Opportunities with stressed credits
  • Historical experience of other stressed/bankrupt credits

Members - $55 $45 or FREE with Function Ticket
Student Members - $55 $20
Non-Members - $55
Group Ticket Sales - $360 (8 guests, contact office directly)
(member pricing underwritten by CFA Chicago)

Attire: Business Casual

Menu: Refreshments and light appetizers

Registration: Online

4:00pm - 4:30pm: Registration & Networking
4:30pm - 6:00pm: Program

Hosted by: Education Advisory Group

Richard Ciccarone - President and CEO of Merritt Research Services, LLC
Bill Grady, CFA - Senior Portfolio Manager, Allstate Investments
Shawn P. O'Leary - Senior Vice President, Senior Research Analyst at Nuveen Investments

Arlene Bohner, Senior Director in Fitch Rating's U.S. Public Finance Department

Bio's Below:

Rich Ciccarone Richard Ciccarone: President and CEO of Merritt Research Services, LLC
Mr. Ciccarone is the President and CEO of Merritt Research Services, LLC - an independent municipal bond data and research company focused primarily on institutional clients throughout the U.S. He is also co-owner and co-publisher and of MuniNet Guide, an online resource, which he founded in 1996, related to municipal related perspectives and information.

From 2001 to 2013, he served as a Managing Director and Chief Research Officer at McDonnell Investment Management LLC, an institutional fixed income investment management firm located in Oak Brook, IL. Prior to September 2001, Mr. Ciccarone was the Co-Head of Fixed Income and Senior Vice President at Van Kampen Investments Inc. Prior to that position; he was Senior Vice President, Co-Head of Municipal Investments and Director of Research at Van Kampen.

He has received numerous awards and distinctions, including: top Buyside research director and top municipal generalist analyst from Smith's Research & Gradings and The Bond Buyer, as well as a first team All American Fixed Income Analyst from Institutional Investor magazine. In 2007, Smith's Research awarded him a Lifetime Achievement Award for his contributions to the municipal bond industry and the National Federation of Municipal Analysts recognized him with two awards: the Excellence in Municipal Analysis recognition in 1988 and a Career Achievement Award in 2011.

Mr. Ciccarone is a co-founder and past national chairman of the National Federation of Municipal Analysts and past chairperson of the Standards & Practices Committee. He served as President of both the Society of Municipal Analysts and the Chicago Municipal Analysts Society. During a term in the 1990s, he represented the NFMA as a member of the Governmental Accounting Standards Advisory Council. He earned his B.A. degree in Political Science at Miami University (Ohio) and his MA degree from The University of Akron in public administration and urban studies with a concentration in public budgeting.

Bill Grady Bill Grady, CFA: Senior Portfolio Manager, Allstate Investments
Bill is a Senior Portfolio Manager for Municipal Bonds within Allstate's Public Assets Group. Bill joined Allstate in 1995 and manages both the tax-exempt and taxable muni portfolios, as well as the Research team for Munis. Prior to joining Allstate, Bill managed various national and specialty state open- and closed-end mutual funds for Van Kampen Investments, and before that, managed insurance and mutual fund portfolios for CIGNA Corporation in Connecticut. Bill earned his bachelor's in Finance from the University of Notre Dame and is a CFA charterholder.


Shawn P. O'Leary Shawn P. O'Leary - Senior Vice President, Senior Research Analyst at Nuveen Investments
Shawn is a senior research analyst on the municipal fixed income team covering primarily tax supported credits. He frequently publishes on various hot topics in the municipal market such as municipal pension funding, rating inflation by the rating agencies and credit hot spots such as Detroit and Puerto Rico. He is often quoted or appears in media outlets such as Bloomberg, The Wall Street Journal and CNBC. Shawn began working in the financial industry in 2002 and joined Nuveen Asset Management in 2009 to start up a research team supporting separately managed accounts. Shawn previously provided credit analysis for Moody's Investors Service where he covered a wide variety of municipal sectors, including general obligation, special tax, water/sewer, public power, airports, transportation, municipally owned hotels and other publicly supported projects. Shawn earned a B.S. from Bates College and a M.P.P. in public finance, with honors, from the University of Chicago's Irving B. Harris School of Public Policy Studies.

Arlene Bohner Arlene Bohner is a Senior Director in Fitch Rating's U.S. Public Finance Department, managing the Great Lakes and Midwest area for the Tax-Supported Group. She directs the rating and research activity of all analysts covering tax-supported issuers in the region, and authors or co-authors rating criteria, topical research and commentary. Prior to joining Fitch, Bohner was a principal at MuniPro, a consulting firm providing credit-related services to commercial banks, rating agencies and bond insurers. She has also served as Vice President and Senior Credit Officer at Moody's Investors Service, covering tax-supported and revenue-supported credits in the Great Lakes and Northeast. Bohner received a B.A. in Political Science from Villanova University and a Master of Governmental Administration degree from the University of Pennsylvania's Fels Center of Government. She is a member of the Municipal Analysts Group of New York, Women in Public Finance, Northeast Women in Public Finance and the National Federation of Municipal Analysts.

*Special Notes Regarding Fees:
Regular, Candidate, and Affiliate Members may apply function tickets as payment for Non-member or Student-Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, September 9.

Passport Program
Members of any CFA society may attend at the CFA Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.

Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.