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: Wh...

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 investo...

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-ena...

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 ec...

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...

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 discoun...

🎧 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...

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...

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 Insurance Loren Wims – Senior Client Executive, OneDigital Bryn McQuaid – Account Exe...

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 b...

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.