California Debt and Investment Advisory Commission

Presents the 23rd Annual CDIAC Pre-Conference to
The Bond Buyer’s 34th Annual California Public Finance Conference

The Pursuit of Fair and Efficient Pricing

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Wednesday, October 23, 2024

Marriott Marquis
780 Mission Street
San Francisco, CA 94103

Registration | Agenda

Municipal issuers are called to achieve the objectives of their plan of finance at the lowest possible borrowing cost. Achieving this goal requires the pricing and sale of securities into a fair and efficient market, yet the US municipal securities market is characterized as illiquid, opaque, and asymmetric. This program will examine the empirical evidence of new issuance pricing inequities and explore new opportunities for overcoming the market inefficiencies. It will also present the legal and regulatory guardrails that were designed to establish expectations within the financing team for how a fair, transparent, and suitable process ought to unfold. Lastly, experienced issuers, municipal advisors, and underwriters will provide insight from their respective sides of the table on the practices they have employed to achieve fair and equitable pricing outcomes.


Registration is available on The Bond Buyer website. CDIAC’s pre-conference must be added for $125.00 in addition to registration for The Bond Buyer’s California Public Finance Conference. For assistance with registering, please email

Lodging Information

San Francisco Marriott Marquis
780 Mission Street
San Francisco, California 94103
Room block details are available on The Bond Buyer website.


  • David AndersenManaging DirectorMunicipal Negotiated and Competitive Underwriting, BofA Securities
  • Todd Fraizer, Managing Director and Head of PFM’s Pricing Group, PFM Financial Advisors LLC
  • David LeiferSenior Managing Director, KNN Public Finance, LLC
  • Dr. Justin Marlowe, Research Professor and Director of the Center for Municipal Finance, University of Chicago, Harris School of Public Policy
  • Dave SanchezDirector, Office of Municipal Securities, U.S. Securities and Exchange Commission
  • Nikolai Sklaroff, Capital Finance Director, San Francisco Public Utilities Commission
  • Sherman Swanson, Senior Managing Director, Head Municipal Underwriter, Siebert Williams Shank & Co., LLC

Contact Information

If you have questions about this program, please contact CDIAC at

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