Arrival, Registration and Breakfast

Opening Remarks
Moti Jungreis, Vice Chair and Head of Global Markets, TD Securities

Presentation: A Global Macro Perspective
Richard Kelly, Managing Director, Head of Global Strategy, TD Securities

Investor Panel Discussion: Is the Theme of “Reach for Yield” Over?
Moderator: Priya Misra, Managing Director, Head of Global Rates Strategy, TD Securities

• Mustafa Chowdhury, PhD, Head of Rates, Voya Investment Management
• Moti Jungreis, Vice Chair and Head of Global Markets, TD Securities
• Stu Spodek, Managing Director, BlackRock

Break

Issuer Panel Discussion: Between the Tweets and Dots: An Issuer’s Perspective
Moderator: Alex Anderson, Director, US Syndicate Desk, TD Securities 

• Ed Arden, Managing Director and Head of Financial Institutions, TD Securities
• Kiran Kini, Vice President & Assistant Treasurer, Capital Markets, Fannie Mae
• George Richardson, Director, Capital Markets, World Bank Treasury
• Michael Schechter, VP, Head of Corporate Development & Funding, TD Bank Group

Lunch & Speaker: Politics & Policies: Trump’s First 100 Days, Brexit, and EU Elections
Nicolas Checa, Founder and Managing Director, McLarty Associates Financial Practice

Presentation: Global Rates Outlook, A Paradigm Shift
Priya Misra, Managing Director, Head of Global Rates Strategy, TD Securities

Investor Panel Discussion: Finding Value in High Quality Spread Product
Moderator: Ed Rubin, Managing Director, Head of US Client Relationship Management, TD Securities

• Steven Lear, US Chief Investment Officer, Global Fixed Income, Currency & Commodities, JPMorgan Asset Management
• Mike Murphy, Managing Director, Head of International Credit Trading, TD Securities
• Brian Rozen, Managing Director, Global Head of Funding and Investments, Barclays
• Steve Shulman, Managing Director, Head of US Rates Spread Product Trading, TD Securities

Break

Fireside Chat: The Future of the GSEs
Moderator: Priya Misra, Managing Director, Head of Global Rates Strategy, TD Securities

• Timothy Bitsberger, Managing Director, TCW (Former Treasurer, Freddie Mac and Former Assistant Secretary for Financial Markets, US Treasury)
• Ed DeMarco, Senior Fellow, Milken Institute Center for Financial Markets
• Michael Fratantoni, Chief Economist & SVP of Research & Ind Tech, Mortgage Bankers Assoc.
• Leo M. Tilman, Executive Chairman, Capitol Peak Asset Management

Closing Remarks
Greg Moore, Managing Director, Head of US Fixed Income Currencies & Metals, TD Securities

Tim Bitsberger, TCW

Tim Bitsberger is a Managing Director at TCW. In that role he serves as a Portfolio Specialist on the Account Management team, communicating investment strategies, performance and outlook to fixed income clients, where TCW currently has $159 billion under management.

Previously, Tim worked at BNP Paribas from 2010 to 2015 where he created and led the Official Institutions Coverage team for the Americas.

Tim served at Freddie Mac as Senior Vice President and Treasurer from 2006 until 2009. In this capacity, he was responsible for the debt and mortgage funding programs and investor relations, overseeing a team of approximately 70 people.

In 2004, Tim was nominated by President Bush, and confirmed by the U.S. Senate, as the Assistant Secretary for Financial Markets at the U.S. Treasury. He served as Deputy Assistant Secretary for Federal Finance at the Treasury from 2001 to 2003.

Tim has appeared on numerous shows, including Bloomberg TV and Fox Business News. He has worked on Wall Street for more than 15 years, primarily as a trading manager and also as a fixed income and derivatives trader. Tim serves on the Board of Directors of the CME Group (2008) and IREX (2016).

He graduated from Yale University with a Bachelor’s Degree in Economics and a Master of Business Administration from Harvard Business School.

Mustafa Chowdhury, PhD, Voya Investment Management

Mustafa Chowdhury is head of rates for Voya Investment Management, responsible for directing the investment strategy for the rates group, including global rates, sectors and currencies, and equity/convexity hedging. Mustafa brings 20 years of experience working in the fixed income industry, equally divided between the buy side and sell side, and a deep expertise in mortgage-backed securities and G7 interest rates.

Prior to joining the firm, Mustafa was a portfolio manager at AVM, where he served as a strategist working across fixed income assets, with a specialization in rates and mortgages. He began his investment career with Freddie Mac, where he was co-head of asset liability management and managed all hedging of the interest rate risk of the balance sheet. He also served as the head of the U.S. rates and agency MBS strategy at Deutsche Bank. Before Deutsche Bank, Mustafa worked for the Blue Crest hedge fund, focused on macro strategy, G3 rates and MBS.

Mustafa holds a PhD in economics from the University of California, San Diego.

Ed DeMarco, Milken Institute Center for Financial Markets

Ed DeMarco is a Senior Fellow in Residence at the Milken Institute Center for Financial Markets. From September 2009 to January 2014 DeMarco served as Acting Director of the Federal Housing Finance Agency (FHFA), the conservator for Fannie Mae and Freddie Mac and regulator of those companies and the Federal Home Loan Banks. He was amed HousingWire Magazine’s Person of the Year in 2012 for his impact on housing finance.  Prior to being Acting Director, DeMarco was the COO and Senior Deputy Director of FHFA and its predecessor agency from 2006 to 2009. From 2003 to 2006 he was an executive at the Social Security Administration.

Before joining Social Security, DeMarco was Director of the Office of Financial Institutions Policy at the U.S. Department of the Treasury, where he oversaw analyses of public policy issues involving banks, government sponsored enterprises and other financial institutions. He worked at the U.S. General Accounting Office from 1986 to 1994.

DeMarco received a B.A. in Economics from the University of Notre Dame and a Ph.D. in Economics from the University of Maryland.

Michael Fratantoni, Mortgage Bankers Association

Michael Fratantoni is MBA’s Chief Economist and Senior Vice President of Research and Industry Technology. In this role, he is responsible for overseeing MBA’s industry surveys, benchmarking studies, economic and mortgage originations forecasts, industry technology efforts, and policy development research for both single-family and commercial/multifamily markets. Additionally, Fratantoni is president and member of the Board of Directors of MISMO, serves on the CSP’s Industry Advisory Group, and is chair of the membership committee of MERS.

Prior to joining MBA, Fratantoni worked in the industry in risk management and senior economist roles at Washington Mutual and Fannie Mae. He received a Ph.D. in economics from Johns Hopkins University and a B.A. in economics from The College of William and Mary, and has served as an adjunct professor at the University of Washington, and Johns Hopkins, George Washington, and Georgetown Universities. 

Moti Jungreis, TD Securities

As Vice Chair of Global Markets, Moti is responsible for overseeing the sales, trading and origination for all of TD Securities globally. As Co-Chair of the Visible Minorities Committee and a member of the TD Securities Supervisory Committee, Moti plays a key role on the firm’s senior leadership team.

Moti joined TD Securities in 1996. Since that time, he has held several positions in trading and sales capacities. Previous to that, Moti was a Lieutenant for the Israel Defense Forces.

Moti holds a Masters of Business Administration from the Joseph L. Rotman School of Management as well as a Bachelor of Arts in Economics and Political Science from the University of Toronto. Moti is a member of the Canadian Foreign Exchange Committee as well as the Investment Committee for the Mount Sinai Hospital Foundation.

Richard Kelly, TD Securities

Richard Kelly is TD Securities’ Head of Global Strategy, providing investment and strategic advice for both external and internal clients on G10 FX, rates, commodities, and Emerging Markets as well as top-down global macro analysis, assessing the common trends in major economies and implications for markets. Rich more recently worked as Head of European Rates and FX Research for TD Securities in London.

Prior to this, Rich worked as the Senior International Economist for TD Economics, responsible for forecasting the global economy. He has also worked at the International Monetary Fund in Washington D.C., where he analyzed emerging market economies and the IMF’s response to financial crises, as well as several other economic development organizations.

Rich earned a B.A. in International Affairs and Middle Eastern Studies and an M.A. in International Development from The George Washington University in Washington D.C., as well as an M.A. in Economics from the University of Toronto.

Kiran Kini, Fannie Mae

Kiran Kini is Fannie Mae’s Vice President and Assistant Treasurer. He is responsible for the execution of Fannie Mae’s liability management strategy, including the issuance of debt to fund the company’s balance sheet, manage the company’s liquidity portfolio, as well as the execution of derivatives transactions to manage the interest rate risk of the balance sheet.

Previously, Kiran was Director – Derivatives, with responsibility for a $500 billion portfolio of interest rate derivatives and a team of traders to implement the company’s risk management strategy and comply with established risk management guideline and limits. He has also held the positions of Senior Trader – Derivatives; Senior Financial Analyst – Strategy; Senior Financial Engineer – Single Family; and Financial Engineer – Credit Policy.

Kiran has a master of business administration from George Washington University, a master of science in finance from Texas A & M University; and a bachelor of engineering specializing in mechanical engineering from PSG College of Technology in India. Kiran is a Chartered Financial Analyst (CFA) with the Association for Investment Management and Research.

Steven Lear, JPMorgan Asset Management

Steven Lear is the U.S. Chief Investment Officer for Macro Aware strategies within JPMorgan Asset Management’s Global Fixed Income, Currency & Commodities (GFICC) group. Steve has been honored by Citywire in the UK in 2011 for managing the top performing US bond fund and by Morningstar in Asia as the US Bond Manager of the Year in 2005.

Prior to joining the firm in 2008, Steve was at Schroders Investment Management for ten years, serving as the head of U.S. Fixed Income. Previously, Steve was a partner at Weiss Peck and Greer, a portfolio manager at Credit Suisse First Boston Asset Management and the first mortgage securities analyst at Fidelity Investments.

Steve began his career in 1980 at Mercer Consulting. He holds an B.A. in business administration from the University of Western Ontario, an M.B.A from the University of California, Berkeley and is a CFA charterholder.

Priya Misra, TD Securities

Priya Misra is a Managing Director and Head of Global Rates Strategy at TD Securities. Based in New York, Priya is responsible for the macro calls on the U.S. and global interest rate markets, and provides investment advice to clients.

Prior to joining TD Securities in September 2015, Priya led U.S. Rates Strategy Research at Bank of America Merrill Lynch for five years. Between 2001 and 2008, she worked at Lehman Brothers as an Interest Rate Strategist, Barclays Capital as a Mortgage Strategist and Nomura Securities as Head of U.S. rates Strategy. Priya was ranked in the top three for U.S. Governments Strategy and Federal Agency Debt Strategy in the Institutional Investor’s All-America Fixed Income Research team surveys for 2014 and 2015, and for 2003 to 2008.

Priya graduated from the Lady Sri Ram College, University of Delhi, with a bachelor’s degree in economics. She also holds a postgraduate diploma in management, majoring in finance, from the Indian Institute of Management, Bangalore, India.

Greg Moore, TD Securities

Greg Moore is Managing Director, Head of US Fixed Income Currencies and Metals at TD Securities based in New York. Prior to this, he was the Head of Market Risk Control in TD’s Toronto office.

In his near 20-year career with TD Securities, Greg established and ran the STIRT trading desk in Tokyo and then went on to become the Head of Fixed Income Currencies and Metals, Asia Pacific in Singapore, successfully managing the relocation of the business from Sydney to Singapore. Based in London from 2003-2008, Mr. Moore was responsible for trading, market making and syndication across products in emerging market currencies, working with high grade borrowers in the distribution of new bond issuance.

Greg holds a Bachelor of Commerce from Queens University in Ontario. He currently resides in New York.

Michael Murphy, TD Securities

Michael Murphy is Managing Director and Head of International Credit Trading based in London. With over 20 years of fixed income experience, Mike is responsible for USD and Euro credit trading, with a team of traders based in New York, London, and Singapore. He joined TD in July 2010.

Before joining TD, Mike spent four years trading cash, CDS, and index products at BNP Paribas. He started his career at Lehman Brothers in New York before moving to London to help set up the Euro Credit Trading desk.

Mike holds a BSSc in Politics, Philosophy, and Economics from Queen’s University, Belfast, and an MBA from The University of Chicago Booth School of Business.

George Richardson,World Bank

George Richardson, Director of Capital Markets at the World Bank Treasury, manages the World Bank’s funding program in global capital and derivatives markets. His department also carries out the financing and liability management programs, manages credit rating agencies and investor relationships, designs and implements trades to manage the risks on IBRD and IDA’s balance sheets, and develops and implements innovative and creative products, which bring business value to IBRD country clients.

Prior to his appointment as Director, George was Head of Capital Markets since joining the Capital Markets group of the World Bank Treasury in August 2006. He led the team responsible for the Bank’s plain-vanilla debt products, including global bonds and local currency bond issues in new markets. Before joining the World Bank, he was Executive Director at Goldman Sachs, heading the Sovereign, Supranational, and Agency Debt Origination group based in London. He also has previous experience as a commissioned officer in the United States Navy and flew reconnaissance aircraft.

George holds an MBA from Boston University, and degrees in Finance from London Business School, and Aeronautical Engineering from the Ohio State University.

Brian Rozen, Barclays

Brian Rozen is currently a Managing Director and Global Head of Funding and Investments at Barclays. Brian has also worked in the Portfolio group at Barclays where he was the portfolio manager for Australia, New Zealand, Canada and Non-Japan Asian interest rate and high grade portfolios. He was also Head of European and Asian Fixed Income Financing between 2008 and 2011.

Prior to working at Barclays Brian was a portfolio manager with GLG Partners Strategic Fixed Income Fund. Brian began his career in the early 1990s with Moore Capital Management in Paris and New York before moving to Bear Stearns International in London with a focus on European fixed income.

Brian is a graduate of Muhlenberg College, Allentown, PA.

Ed Rubin, TD Securities

Ed Rubin, Head of U.S. Relationship Management, joined TD Securities in June of 2015, where he is responsible for developing and overseeing strategic partnerships with TD Securities’ largest clients in the U.S. and connecting them to TD globally. In addition, Ed is currently engaged in building TD Securities’ Mortgage Backed Securities business in the U.S.

Prior to joining TD, Ed spent 18 years at Deutsche Bank, where he was Head of Rates and Securitized Product Sales and ran the distribution effort that drove Deutsche’s market-leading Fixed Income Franchise. Prior to Deutsche, Ed was a Senior Vice President in MBS and CMO Trading from 1987 to 1995 at Kidder Peabody.

Ed earned his BA from the University of Pennsylvania and MBA from the Wharton School. He sits on the Board and the Investment Committee of the Valley Hospital Foundation in Ridgewood, New Jersey.

Michael Schechter, TD Bank Group

Michael Schechter is head of TD’s Corporate Development & Funding groups. In this role, Michael is responsible for identifying acquisition opportunities for TD and plays a leadership role across the life-cycle of these transactions. Corporate Development works with the various business lines and functions throughout the bank and across regions to make sure external growth opportunities the bank pursues meet internal stakeholders’ objectives.

Prior to joining TD, Michael was a Managing Director in the Financial Institutions Group at JPMorgan where he led a number of significant transactions, including TD’s acquisition of Commerce Bank, Wells Fargo’s acquisition of Wachovia, Chase’s acquisition of Washington Mutual, PNC’s acquisition of National City, HSBC’s sale of its US credit card business to Capital One and Upstate NY branches to First Niagara. Prior to joining JPMorgan, Michael worked for a boutique investment bank primarily advising on bank M&A.

Mr. Schechter holds an BS in Finance from the Sy Syms School of Business.

Steven Shulman, TD Securities

Steve Shulman is a Managing Director and Head of US Rates Spread Product Trading for TD Securities (USA) LLC. He is responsible for US Spread Products which include secondary trading and underwriting of GSE Debt, USD SSA and USD Covered Bonds. Steve has over 20 years of Fixed Income experience in US Rates where he led a team of four traders to become a top dealer in the US Agency product working alongside MBS businesses.

Prior to joining TD Securities in 2014, Steve spent 6 years at Citigroup in a similar role. Steve started his career at Bear Stearns trading US Treasuries and Agencies. He joined TD in November 2014 from Citi.

Steve graduated from Tufts University with a BA in Economics and received his MBA in Finance from the NYU Stern School of Business.

Stuart Spodek, The BlackRock Obsidian Fund

Stuart Spodek, Managing Director, is the lead portfolio manager of The BlackRock Obsidian Fund, a global fixed income multi-strategy hedge fund. He is responsible for the Fund’s overall risk budgeting and sector allocation decisions. He is also a member of the Americas Fixed Income Executive Team.

Mr. Spodek has been a senior portfolio manager on the Obsidian Fund since its inception in 1996 and assumed the role of lead portfolio manager at the end of 2007. Prior to the end of 2011 he was also the head of Short Duration Portfolios. Mr. Spodek joined BlackRock in 1993 as an analyst in BlackRock’s Portfolio Management Group and became a portfolio manager in 1995. During his tenure at BlackRock, Mr. Spodek has held portfolio management responsibilities across fixed income sectors, managing short duration, long duration, mortgage, inflation-linked, global bond and multi-sector portfolios for clients. He also served as the co-head US Fixed Income within the Fundamental Fixed Income Platform.

From 2010 to 2012, Mr. Spodek was on the Board of Directors of ISDA, which represents participants in the privately negotiated derivatives industry. In 2011, he became a member of the Treasury Borrowing Advisory Committee (TBAC). He co-authored "Inflation-Linked Bonds for the Total-Return Investor," a chapter within Inflation Risks and Products (Inclusive Media, 2008). Mr. Spodek serves as a member of the board for the New York City "I Have a Dream" Foundation. He earned a BS degree in engineering from Princeton University in 1993.

Leo Tilman, Capitol Peak Asset Management

Leo M. Tilman is Executive Chairman of Capitol Peak Asset Management. Prior to founding the firm, he was President and CEO of Tilman & Company (now Capitol Peak Solutions), a strategic advisory firm serving corporations, financial institutions, governments, and institutional investors worldwide. Previously, Mr. Tilman held senior positions with BlackRock and Bear Stearns, where he was Chief Institutional Strategist and Senior Managing Director.

Mr. Tilman is the author of three books – Financial Darwinism (2009), Asset/ Liability Management (Ed, 2003), and Risk Management (2000). He is an adjunct faculty member of Columbia University, his graduate and undergraduate alma mater, and contributing editor of The Journal of Risk Finance. In 2010, in collaboration with the Nobel economist Edmund Phelps, he co-authored a Harvard Business Review proposal to create the First National Bank of Innovation. In a 2012 European Financial Review article, he redefined risk intelligence and designated it a new essential competency for companies and investors. He is the creator of the Corporate Risk Scorecard, a “Nutrition Label” for companies (Barron’s, 2013), and co-author of the “Brain as a Business Model” framework (EFR, 2014).

Mr. Tilman’s nonprofit work focuses on foreign affairs, economic development, and education. He is a board member of Atlantic Partnership, member of the Colorado Forum, trustee of the Denver Museum of Nature and Science, and an international advisory board member of British American Business and the Center on Capitalism and Society at Columbia University.

Mr. Tilman has been profiled as a Business Visionary by Forbes, a distinction given to “influential authors, decision makers, and thought leaders in the field of business.” He was honored by the World Economic Forum among a select group of executives, public figures and intellectuals recognized for “their professional accomplishments, commitment to society, and potential to contribute to shaping the future of the world.”

Alex Anderson, TD Securities

Alex Anderson is a Director on TD Securities’ US Syndicate Desk. He has responsibility for executing new issues in the SSA, Financial and Corporate sectors, and across the capital structure to include ABS, Covered, Senior and Subordinated debt. He joined TD’s Debt Capital Market group in 2013.

Previously, Alex spent over eight years at Deutsche Bank where he held various syndicate positions in London and Australia. He is experienced advising issuers and executing transactions across a wide range of markets and currencies.

Alex holds a Bachelor of Commerce (honors) from the University of New South Wales.

Nicholas Checa, McLarty Associates

Nicolas Checa, Managing Director, founded McLarty Associates’ Financial Markets practice in 2004. He helps clients manage political, economic, financial and foreign policy issues that affect financial markets.

Mr. Checa’s background combines experience in financial markets and political consulting, and he has counseled presidents, prime ministers, candidates, corporations, and financial institutions on economic, financial, and political risk assessment and management.

Previously he was a partner at Medley Global Advisors, where he was president of Medley Emerging Markets, a stand-alone division that he created as part of the firm’s diversified growth initiatives. He also created and led the firm’s political consulting practice. Prior to that, he was Director of Penn + Schoen Associates, the political consulting and polling firm that provided strategic advice to Fortune 500 companies and political campaigns worldwide.

Mr. Checa is a graduate of Yale University and also holds an MBA from Harvard Business School. He is a member of the American Association of Public Opinion Research.