Agenda

Managing the cost of financing is one of the highest priority responsibilities for agency finance professionals. Refunding is one of the most impactful financial management tools issuers can use to mitigate risk and reduce the cost of debt, or is it? The preconference sessions will explore refunding strategies, the financial justifications, the call option itself, and the circumstances when refundings may not be as efficient as issuers would like them to be. This program is intended to help issuers to understand and challenge conventions, and more fully consider the factors that can drive the success of future refunding transactions.

How have market preferences and the needs of issuers shaped the structure of municipal bonds? Why are municipal bonds refunded before maturity or the call date? This session will examine structural conventions of municipal bonds and the inevitability of refunding. Presenters will explore latest refunding strategies, practices, and evaluation methods for achieving the highest value in a refunding transaction.

Most municipal bonds have been structured with a 5% coupon, callable at par in Year 10. Issuers pay for the considerable cost of the par call by accepting a lower sale price. Subsequent refunding, by calling or another means prior to the call date, generates cashflow savings but forfeits valuable call options. This session will explain how to factor the forfeited option value into the refunding decision using the refunding efficiency approach. Five percent bonds callable at par are virtually certain to be refunded by Year 10, even if interest rates increase. To reduce the cost of recurring transactions, the presenter will also explore alternative call structures.

In this session, experienced issuers and municipal advisors will discuss past refundings, their strategy, and how they measured the success of their refunding transactions. In light of the points made in prior sessions, panelists will explore the evaluation of refundings generally, the need to re-examine conventions, and the potential outcomes for altering strategy and practices in the future.

Introductory remarks will be provided by the Bond Buyer and conference chairs.

A high-level look at the trends, challenges, and opportunities shaping California public finance, from infrastructure and credit to policy, investment, and market dynamics.

California’s public finance market continues to evolve amid shifting economic conditions, infrastructure demands, federal policy changes, climate resilience challenges. This high-level industry overview brings together key leaders and stakeholders to examine the forces shaping the future of municipal finance in the nation’s largest state economy. Panelists will discuss market trends, credit conditions, capital planning priorities, financing innovation, and the opportunities and risks that will define the next chapter of California public finance. Attendees will gain a broad perspective on where the industry stands today and what leaders should be watching as they prepare for 2026 and beyond.

California’s housing crunch remains one of the state’s most pressing economic and public policy challenges. With the passage of the 21st Century ROAD to Housing Act incentivizing more housing, public finance leaders are exploring innovative ways to expand housing production. 

This panel will examine how growing demand for affordable, workforce, and middle-income housing is being met, while navigating rising construction costs, regulatory hurdles, and evolving market conditions. Panelists will also discuss financing strategies for military housing and the critical role housing plays in supporting economic growth, workforce retention, and community development throughout California.

The explosive growth of artificial intelligence is creating unprecedented demand for power, transmission, water, and digital infrastructure. As California competes for technology investment while pursuing ambitious climate goals, public and private stakeholders face critical questions about how to finance and deliver the infrastructure needed to support the AI economy. This panel explores the intersection of technology growth, utility investment, transmission expansion, and public finance.

Higher taxes, higher costs, higher debt burdens. How is the state and its issuer credits across the spectrum faring as more of the infrastructure building burden is placed on them and the costs to do so keep growing? Is outmigration real and what does it mean for the major cities and rural areas alike? How are federal immigration policies impacting the state’s major industries?

What’s at stake in Washington as the midterm elections loom? Are there threats to municipal tax policy? After an increased scrutiny of Joint Powers Authorities, public-private partnership structures, and disclosure practices, what are the regulators looking to accomplish now?

Artificial intelligence and other emerging technologies promise increased efficiency and productivity for all market participants. However, automation without rigorous oversight creates significant risks. This panel will look beyond the “AI hype” and discuss implementing anticipatory governance to harness the power of technology without sacrificing the integrity of the balance sheet.

With major transportation measures on the ballot in California and uncertainty surrounding federal support, transportation officials face a pivotal moment. Panelists will discuss local funding initiatives, state and federal funding prospects, transit recovery, capital planning, and how transportation agencies are positioning themselves to address aging infrastructure, congestion, and long-term mobility needs.

As the impacts of the One Big Beautiful Bill Act begin to emerge, how is the sector preparing for less federal support and growing patient demand? What’s at stake in California and beyond for the non-for-profit healthcare industry?

How are developers engaging in the California Public Finance community? As the federal government pulls back funding generally, is there growth and opportunity here for state and local governments to work with these newer players? 

With funding cuts and immigration policy shifts from Washington compounding with enrollment dropping, how is the higher education sector navigating these challenges while remaining competitive globally?

How is secondary market activity evolving? Has the exponential growth of AI impacted the way the desk operates? Why does it matter for the sell side?

Water and wastewater programs face a myriad of challenges across the nation. From persistent droughts and catastrophic flooding to critical lead pipe remediation and quality control mandates, how are issuers utilizing SRFs and other essential tools to finance these evolving infrastructure requirements?

From the shift to SMAs and ETFs and what that means for deal structures and the yield curve, to how the buy-side is looking at municipal credit as the proliferation of AI explodes, our panelists will give their take on the status of the municipal investor base.

In a state with constantly shifting weather-related challenges – from wildfires to droughts, flooding to earthquakes – how are we ensuring the infrastructure we build, and rebuild, can withstand these growing shocks to the system? Can issuers keep up with the rising costs? Do they have an alternative if they can’t?

How are airports budgeting and managing cost escalation risk on CIPs given the tariffs and supply-chain impacts? How are credits doing in light of inflation and the many very large capital programs? How has the shift in air travel demand toward higher-end passengers affected airports of all sizes? Is airport public parking becoming obsolete given the growth of driverless cars? If so, how should airports balance near-term capacity with long-term decline risk?