The concentration of the retail investor has grown in a market that often struggles with liquidity. How are the various demand components of the market shifting? How will the growth of SMAs and ETFs affect the public finance industry in 2026? How do crossover buyers fit in 2026? What does credit look like in 2026? What do investors want and how is the sell-side adapting to provide for it?

As Congress will this year be faced with the renewal of the surface transportation bill and finding ways to fill the highway trust fund, how is the industry preparing for another potentially challenging outlook for transportation projects going forward? What types of federal programs are at the industry’s disposal? Are there any risks of a funding pullback? How is the landscape for transit faring?

Join our panel of industry leaders as they discuss expectations for the public finance space. With a lower interest rate environment but in a more challenging macroeconomic backdrop, will issuance remain robust? How much credit pressure does the federal pullback put on issuers? What priorities should the public finance industry focus on in 2026 and beyond?

Chris Valentino joined the Public Finance Department at Stifel in October 2023, bringing with him more than 18 years in the municipal finance industry.

Mr. Valentino’s experience spans several sectors of public finance, including transportation, State Revolving Funds and water infrastructure, State governments, higher education, and clean and renewable energy. Mr. Valentino has worked with several of the largest infrastructure issuers in the country, including the New York City MTA, the New York City Municipal Water Finance Authority, the Massachusetts Department of Transportation, the State of Connecticut, and the State of Illinois. He has also worked closely with the New York State Energy Research and Development Authority (“NYSERDA”), where he was one of the initial architects of the Green Jobs – Green New York residential energy efficiency and residential solar loan programs.

Mr. Valentino holds a BA from Columbia University and an MBA from the Zicklin School of Business at CUNY Baruch College.

Kristin Stephens is a Managing Director and the Head of Credit Strategies for the UBS Public Finance department. In this capacity, she has a demonstrated track record of providing innovative credit and rating agency strategies, along with enhancing investor outreach, for a wide range of US public finance issuers. With over twenty years of experience in municipal credit analysis, Ms. Stephens applies a deep knowledge of the high-grade and high-yield sectors to apprise clients of industry trends and developments. Previously the Senior Municipal Credit Strategist for the UBS Chief Investment Office, Ms. Stephens has shared her knowledge of municipal credit with UBS clients and financial advisors since 2008. Ms. Stephens earned her bachelor’s degree in economics and political science from Northwestern University, is a former chair of the Municipal Analysts Group of New York (MAGNY), served as a member of the Board of Governors of the National Federation of Municipal Analysts (NFMA) from 2015-16, and was named a Rising Star by The Bond Buyer in 2016.