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Fixed Income Investment Outlook
Tom Tzitzouris, Strategas
Tom Kozlik, Hilltop Securities
Michael Decker, Bond Dealers of America

January 25, 2021
Monday 04:15 PM
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Fixed Income Investment Outlook

Please join us at our event on

Monday, January 25, 2021 at 4:15PM

Tom Tzitzouris
Director Fixed Income Research

Tom Kozlik
Head of Strategy and Credit
Hilltop Securities

Michael Decker
Senior Vice President
Bond Dealers of America

Please register by 7:00 PM ET on Friday, January 22, 2021 below and provide your name, email address, and the name of your company/employer. Note that there is a limit to the number of participants. Please register early! Conference call details will be provided on the evening of Friday, January 22, 2021

It is suggested that participants dial earlier than the official starting time in case of temporary technical difficulties. Please note that the Chatham House Rule applies – neither the comments of the speaker nor those of other participants are for attribution.

The U.S. fixed-income markets encounter a changing environment having withstood and recovered from the volatile economic, political and pandemic disruptions in 2020 albeit. As we turn towards 2021, questions abound. From the political perspective, how will the political environment mean for fiscal stimulus, trade and tax policy, state and local finances, and regulatory framework? How long will the Fed maintain the current low rate environment? What can we expect from the yield curve and credit spreads? Which fixed-income sectors and investment strategies will prevail?

To lead us through a discussion of both the taxable and tax-exempt 2021 fixed-income market outlook, we are fortunate to have highly respected and widely followed experts, Tom Tzitzouris and Tom Kozlik. In addition, we are also fortunate to have Michael Decker, Senior Vice President, Federal Policy and Research, Bond Dealers of America, to moderate the panel.

Tom Tzitzouris is a Director at Strategas, directing the Firm's fixed income research efforts. His work touches on all aspects of broad market fixed income strategy, as well as clients' asset/liability management needs. His focus includes interest rate and credit term structure strategies, callable bond analysis, sector relative value research, and valuation analysis for Treasury, Agency, and high grade corporates. Prior to joining Strategas, Mr. Tzitzouris worked as a senior analyst at Fannie Mae, leading Fannie's independent debt valuation team, and had previously spent time as a debt and derivatives analyst at Freddie Mac.

Tom Kozlik is the Head of Strategy and Credit at Hilltop Securities where he works with the firm’s underwriters, investment bankers, retail advisors, traders, and sales desk. He publishes regular commentary and is a presence on social and traditional media for the firm. Kozlik brings over two decades of experience to the position, most recently with PNC Capital Markets where he served as managing director and municipal strategist. Prior to joining PNC, Tom was managing director and municipal credit analyst at Janney Montgomery Scott. In addition to his roles with PNC and Janney, Kozlik has also held positions with Bear Stearns and UBS in public finance banking. In 2018 and 2019, Smith’s Research and Gradings included Kozlik on the first-team in the generalist category of its Municipal All-Star Team. He was voted to Institutional Investor’s All-America Fixed Income Research Team, and Greenwich Associates named him one of the Most Helpful Analysts in Municipal Bonds.

Michael Decker serves as Senior Vice President for Federal Policy and Research at Bond Dealers of America. Called “the leading lobbyist for the US bond market” by Asia Times, Mr. Decker previously served as managing director and co-head of municipal securities at the Securities Industry and Financial Markets Association where he overlooked the organization’s initiatives and advocacy efforts regarding municipal bonds and related products.