With rising interest rates, inflation, and increased economic uncertainty, what are your prospects for the U.S. municipal market performance in 2025? During this installment of the CDFA//BNY Development Finance Webcast Series, panelists will identify trends shaping national bond markets and explore the economic opportunities for local projects.

• Oreste Casciaro, Senior Vice President, Relationship Management, The Bank of New York Mellon
• Katie Moriarty, Director, Council of Development Finance Agencies

• John Bagley, Chief Market Structure Officer, Municipal Securities Rulemaking Board
• Lynne Funk, Senior Director, Strategy and Content, Live Media - Municipal Finance, The Bond Buyer

Session Focus: Bonds for disaster recovery and economic renewal are financial tools used to raise the necessary funds to rebuild and revitalize areas impacted by natural or man-made disasters. Panelists will share their stories on how they utilized disaster recovery bonds to finance recovery efforts, restore infrastructure, and stimulate economic growth in affected areas.

Key Takeaways: Attendees will learn about the various bonds leveraged for disaster recovery and how to enable affected regions to recover more quickly and emerge stronger, both economically and socially, by providing capital for infrastructure restoration, economic development, and community resilience.

• Oreste Casciaro, Senior Vice President, Relationship Management, The Bank of New York Mellon
• Katie Moriarty, Director, Council of Development Finance Agencies

• Caitlyn Burchfield, Partner, Butler Snow LLP
• Adam Parker, Attorney, Butler Snow LLP

Session Focus: This session will offer a concise overview of the federal political forces shaping the future of Private Activity Bonds (PABs). Focusing on legislative challenges and opportunities at the national level, panelists will explore the impact of federal tax policies, budget priorities, and political trends on the use and structure of PABs in financing critical public-private infrastructure projects.

Key Takeaways: Learn about federal policy trends, the legislative outlook for Private Activity Bonds, and effective advocacy strategies to ensure their continued use in public-private financing.

• Katie Moriarty, Director, Council of Development Finance Agencies
• James Young, Senior Vice President | Relationship Manager, The Bank of New York Mellon

• Jarrod Loadholt, Partner, Ice Miller LLP
• Toby Rittner, President & CEO, Council of Development Finance Agencies
• Kip Wahlers, Partner, Ice Miller LLP

Session Focus: An in-depth look at Low-Income Housing Tax Credit (LIHTC) bonds and how they’ve been used to finance the construction and rehabilitation of affordable housing units.

Key Takeaways: Understanding the tax credit allocation process, bond structuring, and the impact of LIHTC bonds on affordable housing availability.

• Katie Moriarty, Director, Council of Development Finance Agencies
• Patricia Trlak, Senior Vice President, The Bank of New York Mellon

• Dan Bronfman, Managing Director, Affordable Housing & Community Development Lending, Banc of California
• Alex Hassinger, Director, CohnReznick LLP
• Charlie A. Rhuda III, Partner, Novogradac & Company LLP

Session Focus: This session will provide an in-depth exploration of how bonds can play a crucial role in financing P3s for critical infrastructure projects.

Key Takeaways: Attendees will leave with valuable insights into navigating the complexities of P3 financing, understanding effective risk-sharing strategies, and discovering innovative solutions that can drive successful public interest projects.

• Tammy Davis, Senior Vice President, Client Executive, The Bank of New York Mellon
• Katie Moriarty, Director, Council of Development Finance Agencies

• Victoria Taylor, Chief Executive Officer, Project Finance Advisory Ltd.
• Martin Walke, Vice President, Louisiana Public Facilities Authority

Session Focus: Social Impact Bonds are increasingly being used to leverage capital for funding projects in underserved areas. Panelists will discuss their experience utilzing various pay for success methodologies to mobilize private capital to fund projects with the goal of addressing critical issues in underserved regions, such as poverty, education, healthcare, and infrastructure.

Key Takeaways: Attendees will gain an understanding of how other development finance organizations are utilizing Social Impact Bonds as a powerful tool and how they can be leveraged to tackle long-standing issues like poverty, inequality, and lack of access to essential services in regions that traditionally struggle to attract investment.

• Oreste Casciaro, Senior Vice President, Relationship Management, The Bank of New York Mellon
• Katie Moriarty, Director, Council of Development Finance Agencies

• Ryan K. Callender, Partner, Squire Patton Boggs
• Shelby Kohn, Managing Director, Maycomb Capital
• Jake Segal, Managing Director, Impact Advisory, Social Finance

Session Focus: The evolution of bond credit ratings is shaped by technology advancements, global economic shifts and social factors, and the need for better transparency and regulatory compliance. Panelists will share their perspectives on how these changes reflect a broader trend toward a more dynamic and complex understanding of creditworthiness, allowing markets to function more efficiently and effectively and provide more nuanced and reliable credit risk assessments.

Key Takeaways: Attendees will gain an understanding of practical adaptations to improve the accuracy, timeliness, and comprehensiveness of ratings, benefiting both investors and issuers.

• Katie Moriarty, Director, Council of Development Finance Agencies
• Troy Pitman, Vice President, Relationship Management, The Bank of New York

• Nicholas Lehman, Vice President-Senior Analyst, Moody's Investors Service
• Jane Ridley, Senior Director and Senior Lead, S&P Global Ratings

Session Focus: Panelists will present the significant benefits of Industrial Development Bonds (IDBs) to manufacturers and governmental entities. These municipal bonds are used to finance manufacturing facilities, infrastructure projects, and other industrial ventures. They provide manufacturers with lower-cost financing for capital-intensive projects, long-term repayment schedules, and potential tax incentives, while also supporting economic development by creating jobs and attracting investment.

Key Takeaways: Whether you're in the public or private sector, learn how IDBs attract and grow manufacturing, and understand the careful consideration of risks, including project feasibility and repayment capacity, that are crucial for the successful use of IDBs in manufacturing expansion.

• Katie Moriarty, Director, Council of Development Finance Agencies
• Anthony Schexnayder, Senior Vice President Relationship Management, The Bank of New York Mellon

• Austin Root, Principal, Miller, Canfield, Paddock and Stone, P.L.C.
• Eric Silva, CDFA Legislative Representative, North South Government Strategies
• Martin Walke, Vice President, Louisiana Public Facilities Authority

Session Focus: Municipal bonds provide a vital mechanism for financing the revitalization of rural America. By supporting infrastructure development, job creation, and improved quality of life, these bonds help rural communities build more resilient and diversified economies. Panelists will walk through their planning process, partnerships, and management of how they have utilized municipal bonds to be a key tool in unlocking economic potential and revitalizing their rural communities.

Key Takeaways: Attendees will learn about bond strategies for attracting investment and creating jobs in rural areas.

• Tammy Davis, Senior Vice President, Client Executive, The Bank of New York Mellon
• Katie Moriarty, Director, Council of Development Finance Agencies

Session Focus: While bonds are often considered safer investments, they are not without risks. Panelists will share what you need to know to avoid a bond deal falling through due to a variety of reasons, ranging from issuer defaults and economic downturns to changes in interest rates, inflation, and political instability.

Key Takeaways: Understanding why bond deals might fail is essential to leveraging these tools effectively. Attendees will learn about the various risks associated with bond financing and how to mitigate these from the offset.

• Katie Moriarty, Director, Council of Development Finance Agencies
• Anthony Schexnayder, Senior Vice President Relationship Management, The Bank of New York Mellon

Session Focus: Green bonds are debt securities issued to raise capital specifically for projects that have positive environmental benefits, such as addressing climate change, reducing carbon emissions, or improving environmental sustainability. Panelists will share how they have utilized Green Bonds to raise funds for environmentally friendly initiatives while providing investors with an opportunity to support projects that align with their environmental values.

Key Takeaways: Green bonds have a wide variety of characteristics, benefits, and challenges to understand, and attendees will learn how to effectively utilize these bonds to raise capital for their environmentally conscious projects.

• Katie Moriarty, Director, Council of Development Finance Agencies
• Troy Pitman, Vice President, Relationship Management, The Bank of New York

Session Focus: Panelists will present the critical role that revenue bonds play in financing economic development projects. These bonds offer a way for governments and other entities to raise capital without depending on general tax revenues. Unlike general obligation bonds, which are backed by the full faith and credit of the issuing government, revenue bonds are repaid through the revenues generated by the projects they finance.

Key Takeaways: Attendees will learn how to leverage revenue bonds for risk mitigation with this sustainable model for financing long-term development.

• Katie Moriarty, Director, Council of Development Finance Agencies
• Patricia Trlak, Senior Vice President, The Bank of New York Mellon