HilltopTalks: Politics & Finance with Tom Kozlik

Energy prepay bonds have become one of the fastest-growing sectors in the municipal market. In this episode of Hilltop Talks, Tom Kozlik sits down with CreditSights' Patrick Luby to break down how these unique financings work, why issuance has surged in recent years, and what investors need to understand about their structure, risks, ratings, and portfolio implications.Key questions discussed:What are energy prepay bonds and how do they work?Why has energy prepay bond issuance increased so significantly in recent years?How are these transactions structured and how do cash flows move through the deal?What makes these bonds different from traditional municipal utility bonds?Tune in for valuable insights on a rapidly evolving corner of the muni market and the role energy prepays are playing in today's energy and public finance landscape.

In the latest Hilltop Talks episode, Tom Kozlik speaks with Rachel Cortez from Moody’s Ratings about the growing strain on U.S. power systems and the rising costs of electricity. Their discussion highlights how increasing demand—driven by data centers, electrification, and economic growth—combined with policy and infrastructure challenges, is reshaping the energy landscape. Both public and investor-owned utilities are facing mounting costs, political pressure, and regulatory scrutiny, suggesting that higher electricity bills and ongoing infrastructure investment will remain a reality for years to come.In this episode:·         The impact of data centers and AI on rising U.S. electricity costs·         Key drivers of increased demand and how electricity rates are determined·         How utilities are managing rapid growth in data center energy needs·         The role of carbon transition and net-zero policies in shaping electricity bills·         How data centers are influencing renewable energy goals and timelines·         Emerging technologies that could help address energy and affordability challenges·         Differences in impact between investor-owned utilities (IOUs) and public power providers

In the latest Hilltop Talks, Tom Kozlik, Head of Public Policy and Municipal Strategy at HilltopSecurities, sits down with Omid Rahmani, Associate Director of U.S. Public Finance, Cyber Risk at Fitch Ratings, to examine how a more volatile geopolitical environment is raising the stakes for municipalities and other public entities.From critical infrastructure exposure to vendor dependence, AI-enabled threat acceleration, and the limits of cyber insurance, this conversation makes one thing clear: public entities are not on the sidelines of cyber conflict. They are in it. 🔍 In this episode: • Why municipalities are viewed as legitimate targets in modern cyber conflict • How disruptions to water, energy, and other essential services could ripple across public finance • Why AI is making the threat landscape faster and harder to defend • What “act of war” exclusions mean for cyber insurance coverage • Why governance, business continuity, and cyber hygiene now matter more than ever As Rahmani explains, this is no longer just a technology problem. It is a risk management, governance, and resilience challenge for the entire public sector. 

When most people think about transportation, they think about flights, highways, or trains.What they don’t see is the $4.4 trillion municipal bond market powering the infrastructure behind it all. In this episode of HilltopTalks, Tom Kozlik sits down with Mohammed Murad, Head of Municipal Credit Research at PT Asset Management, to explore how municipal bonds finance the systems that keep the economy moving.From airports to toll roads to seaports, they break down: • Why municipal bonds differ from corporates—and why that matters • How transportation became a cornerstone of public finance • The real-world impact of projects like O’Hare’s runway modernization • Key risks—from geopolitics and fuel prices to rising capital costs • How analysts evaluate credit in a complex, evolving environment🔍 As Murad puts it, “it’s all about the story”—and understanding how each credit holds up under pressure.

In the latest episode of HilltopTalks, HilltopSecurities’ Tom Kozlik sits down with Scott McIntyre, Co-Head of Investment Management for HilltopSecurities Asset Management, to examine growing political pressure on the Federal Reserve—and why the perception of independence matters just as much as policy itself.As scrutiny intensifies around the Fed’s decision-making, credibility, leadership, and institutional guardrails are increasingly in focus.In this conversation, Tom and Scott discuss:Why threats to Fed independence are being taken seriously by marketsChairman Powell’s recent response—and why it reassured investorsHistorical examples of political pressure on the Fed, from Arthur Burns (Fed Chair under Nixon) and Paul Volcker (Fed Chair under Reagan) to todayHow credibility shapes monetary policy outcomesWhat potential future Fed leadership could signal for marketsScott offers clear perspective on separating real signals from noise as politics and monetary policy collide in an unusually public way.

Pensions Look Stronger on Paper. The Risk Just Moved.Discount rate assumptions are changing, liabilities are falling—and yet the underlying risks haven’t disappeared. They’ve just shifted.In this episode, HilltopSecurities’ Tom Kozlik sits down with Moody’s Tom Aaron to unpack what public finance leaders need to understand about today’s pension landscape.🔎 Topics include: • Why rising discount rates can mask long-term vulnerabilities • How market volatility is reshaping pension risk exposure • The importance of discipline during periods of perceived strength • What Moody’s is watching as we enter 2026👉 Don’t miss this expert-level discussion on one of the most consequential drivers of state and local credit conditions.

🎧 New on the HilltopTalks podcast!Yaffa Rattner, Head of Municipal Credit, and Tom Kozlik, Head of Public Policy & Municipal Strategy, unpack the findings of the HilltopSecurities 2025 Public Finance Leaders Survey—a pulse check on what over 1,000 leaders across the U.S. are prioritizing right now.💡 What you’ll hear:• Why budget pressure and labor shortages top the list• How leaders are approaching AI, cybersecurity, and ESG• A surprising perspective on crypto, climate risk, and infrastructure planning• What decision-makers say they need more support with in 2025Listen in as Yaffa and Tom connect the survey results to the broader challenges—and opportunities—facing municipalities today.HilltopTalks Episode #33: "Insights from HilltopSecurities' 2025 Public Finance Leaders Survey"

Tom Kozlik hosts the 32nd episode of the HilltopTalks podcast, welcoming Terry Smith, Energy Sector Lead for the American Society of Civil Engineers’ 2025 National Infrastructure Report Card and Chairman & CEO of Smith’s Research & Gradings. Together, they explore the current state of U.S. infrastructure, what the latest report card reveals, and why municipal bonds remain a critical tool in closing the nation’s $3.7 trillion infrastructure funding gap.

Tom Kozlik kicks off the new year with a new episode of HilltopTalks! This episode features an insightful discussion on surety bonds for public entities and how they protect taxpayer dollars. Kozlik is joined by a panel of experts:Ritonya Wilkins – Public Entities Insurance Planning Consultant, HilltopSecurities InsuranceLoren Wims – Senior Client Executive, OneDigitalBryn McQuaid – Account Executive, P&C, OneDigital Tom Tedesco – Account Executive Director, Travelers 

In the 30th episode of HilltopTalks, Tom Kozlik, Head of Public Policy and Municipal Strategy at HilltopSecurities, is joined by Chris Iacovella, CEO of the American Securities Association, to break down the political and economic landscape following the 2024 elections.The pair discuss energy production, tax reform, infrastructure, and regulatory changes, along with the broader implications for businesses, policymakers, and the municipal bond market.

In the latest episode of HilltopTalks, Tom Kozlik is joined by Kris Johnson, Senior Vice President, Financial Strategies Team, at HilltopSecurities. Together they discuss the 2025 economic outlook, including recent interest rate cuts and market volatility, as well as the implications of the "red wave" election and its potential impact on regulatory policies, mergers, and acquisitions.

Tom Kozlik returns with the 28th episode of the HilltopTalks podcast. In this session, Tom is joined by Nathan Bomey, Documentary Producer of "Gradually, Then Suddenly: The Bankruptcy of Detroit" and Author of "Detroit Resurrected: To Bankruptcy and Back." They discuss how the city of Detroit confronted the historic bankruptcy toward a new beginning.

Tom Kozlik is back with another episode of the HilltopTalks podcast. In this session, Tom is joined by Jeff Previdi, Vice Chair of the Governmental Accounting Standards Board (GASB). The two discuss the Financial Data Transparency Act and GASB's most recent projects -- the Infrastructure Assets project and the Going Concern Uncertainties and Severe Financial Stress project.

HilltopSecurities' Tom Kozlik is back with another episode of the HilltopTalks podcast. In this session, he is joined by HilltopSecurities Head of FICM Financial Strategies Kris Johnson. The two shed light on what banks are doing on the investment side and the ever changing landscape of depository institutions today. 

HilltopSecurities' Tom Kozlik is back with another episode of the HilltopTalks podcast. He is joined by Les Richmond, Vice President and Actuary at Build America Mutual and Thomas Aaron, Vice President and Senior Credit Officer at Moody's. The three discuss the status of U.S. public pensions.

HilltopSecurities' Tom Kozlik, Head of Public Policy & Municipal Strategy, is back with another episode of the HilltopTalks podcast. He is joined by Chris Iacovella, President & CEO of American Securities Association. The two discuss the ins and outs of Washington D.C., specifically the legislative side and how D.C. is approaching this new age of digital and cybersecurity.

HilltopSecurities’ Tom Kozlik is joined by Brett Bolton, Head of Government and Industry Relations at Bond Dealers of America, for a new HilltopTalks podcast episode. In this session, the two discuss the 2024 Presidential election political landscape and the tax-exemption threat.

HilltopSecurities’ Tom Kozlik and Philip Villaluz are kicking off 2024 with a new HilltopTalks podcast episode. In this session, the two review HilltopSecurities’ 2024 Municipal Bond Market Sector Outlooks, discussing some of the big picture and sector-specific themes that came out of the 2024 sector outlook piece.

To close out 2023, HilltopSecurities' Tom Kozlik is back with another episode of HilltopTalks. Omid Rahmani, Associate Director of US Public Finance and Cyber Risk at Fitch Ratings, returns to the podcast to discuss the rise of havoc-based cyberattacks on U.S. infrastructure. 

The HilltopTalks Podcast is back! Episode #20 features HilltopSecurities Head of Municipal Research & Analytics, Tom Kozlik, and Senior Credit Officer of Moody’s Investors Service, Tom Aaron, as they discuss important topics surrounding pensions and how they are still a risk for many finance credit profiles.

HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Richard Ciccarone, President, Merritt Research Services in episode 19 of HilltopTalks. We discuss how the restructuring of city life and remote work impacts commercial real estate.

HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Geoffrey Buswick, Managing Director, S&P Global Ratings in episode 18 of HilltopTalks. We discuss how global cyber security, inflation rates, and pensions are affecting public finance.

HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Omid Rahmani, Associate Director: US Public Finance at Fitch Ratings in episode 17 of HilltopTalks. We discuss how the use of cyber-attacks as geo-political weapons pose a threat to public finance.

HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with James Morris, senior vice president at Investortools, Inc., in episode 16 of HilltopTalks. We discuss how municipal investors streamline trading workflows with the Investortools' dealer network.

HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Amanda Kass, Associate Director of the Government Finance Research Center at UIC in episode 15 of HilltopTalks. We discuss how state and local governments have spent CARES (2020) & Rescue Plan Act (2021) dollars.

HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Omid Rahmani, Associate Director: US Public Finance at Fitch Ratings in episode 14 of HilltopTalks. We discuss the basics of cybersecurity and how cyberattacks pose a threat to public finance.

HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Brett Bolton, Vice President for Formal Legislative and Regulatory Policy at Bond Dealers of America in episode 13 of HilltopTalks. As Congress averted a federal government shutdown, can they pass infrastructure legislation and extend the debt ceiling, too?

Exploring Chicago Budget Challenges, Police Funding, and Federal Relief Spending HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Amanda Kass, Associate Director, Government Finance Research Center, on Chicago budget challenges, police funding, and federal relief spending.

How Fitch Approaches the COVID-19 Crisis and Incorporates ESG Into Its Ratings HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Arlene Bohner, Head of U.S. Public Finance at Fitch Ratings, to discuss what the public finance sector is most at risk from in terms of the COVID-19 Delta variant, and how Fitch is approaching ESG.

How Local Governments Are Managing the New Arizona Flat Tax, Wildfires in Calif., and COVID-19 HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Lori Trevino, AVP, Public Finance Ratings Analyst at Moody’s Investors Service to discuss the economic impact that governments might be facing with a fourth wave of the COVID-19 pandemic.

Fitch Ratings Questions U.S. Governance, Identifies a Breakdown in Political Norms HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik sits down with Charles Seville, senior director, sovereign ratings at Fitch Ratings to discuss how Fitch Ratings questions U.S. governance and identifies a breakdown in political norms.

What’s the Potential for D.C. Lawmakers to Deliver on Infrastructure? HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Chris Iacovella, CEO of the American Securities Association, to discuss the potential for D.C. lawmakers to deliver on infrastructure in 2021.

U.S. State Revenue Update: The Good and the Bad HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Lucy Dadayan, Senior Research Associate, Urban-Brookings Tax Policy Center, to discuss an update on the U.S. state revenue.

How ESG Criteria Impacts Texas and New York City HilltopSecurities Head of Municipal Research & Analytics Tom Kozlik speaks with Nicholas Samuel, VP and Senior Credit Officer, Manager, for the States and High-Profile Ratings Team at Moody's Investors Service, to discuss ESG criteria and how these factors impact Texas and New York City.

The Importance of Sustainable Investing in Municipal Bonds Tom Kozlik speaks with Ksenia Koban, co-chair of Payden & Rygel’s ESG committee about the importance of sustainable investing in municipal bonds.

S&P Global on How They Approach Emerging ESG Themes in U.S. Public Finance Tom Kozlik speaks with Director and ESG Lead for U.S. Public Finance at S&P Global Nora Wittstruck to discuss how S&P Global approaches emerging ESG themes in U.S. Public Finance.

Tom Kozlik Municipal Commentary- A Boom Is Coming. Are Governments Ready?https://www.hilltopsecurities.com/media/4732/municipal-commentary_5721-v2.pdf Gabe Petek Commentary- A Framework for Allocating Federal Recovery Fundshttps://lao.ca.gov/Publications/Report/4422?utm_source=t.co&utm_medium=referral&utm_campaign=4422

Stress Testing U.S. State Budgets One Year After COVID-19 HilltopSecurities Head of Municipal Credit & Strategy Tom Kozlik sits down Moody’s Analytics Director Dan White to discuss stress testing U.S. state budgets one year after COVID19.

Municipal Demand, Potential State and Local Relief, and the Threat of Another COVID Spike HilltopSecurities Head of Municipal Credit & Strategy Tom Kozlik sits down with Bloomberg Intelligence’s Head of Municipal Strategy Eric Kazatsky to discuss the supply and demand dynamic, the future of COVID-19, the threat to tax exemption, deficit reduction efforts and more.