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The Philadelphia Council for Business Economics
A Chapter of NABE

is pleased to present

Mitchell Savader
Savader Asset Advisors

Presentation: "The Current State of Municipal Credit Risk"

Many investors have become anxious over recent press reports focusing on the likelihood of a massive wave of defaults and bankruptcies in the municipal bond market over the next few years. Is this anxiety warranted? Is it safe to buy or hold municipal bonds? To address this question we’ll look at recent events and trends across the nation, with a particular focus on the Commonwealth of Pennsylvania and several of the larger, more interesting credits within the Commonwealth.


Mitchell Savader is the founder and Chief Executive Officer of Savader Asset Advisors LLC an independent provider of credit advisory services and research to institutional investors such as private wealth managers, community banks and insurance companies.

Mr. Savader's experience in the municipal credit industry covers more than two decades and has included senior credit and management positions at a rating agency, bond insurer, equipment leasing firm and retail brokerage. In 1986, Mr. Savader joined Moody's Investors Service, where over the next eleven years he rose to the position of Group Manager/Senior Credit Analyst as well as member of the firm's Public Finance Department Rating Committee. He left Moody's in 1997 to start and operate a comprehensive municipal leasing business for Banc One Leasing Corporation. In 1999, Mr. Savader returned to New York City to become an Underwriter/Principal at American Capital Access, an “A” rated bond insurer. He left ACA in 2001 and went on to Prudential securities where he was the senior municipal analyst on a team responsible for approximately $7 billion in municipal securities.

Date: Wednesday, April 7, 2010
Time: 11:45 am for Federal Reserve Security clearance
           12:00 pm - Lunch begins
             1:00 pm - Presentation begins

Place: Federal Reserve Bank of Philadelphia Directions
            Ten Independence Mall (Seventh & Arch Streets),
            Philadelphia, PA

Cost: PCBE Members - $20.00
          GIC / CFA Phila Members - $25.00
          Nonmembers - $30.00
          Student - $15.00 (with Valid College ID)

Teleconference Option available for those that can't be present

Please Note: Reservations are required and must be made or canceled no later than 5:00 p.m. on the day before the meeting. "No-shows" will be billed.

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All other questions contact.

Ralph Giraud, President

David Allon, Vice President

Byron Wilson, Secretary

Michael Weiss, Treasurer
InfoPCBE@pcbe.org