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Four HilltopSecurities Municipal Finance Professionals Elected to Smith’s 2022 Municipal Analysts All-Star Team


DALLAS, TX (Dec. 9, 2022) – Hilltop Securities Inc. (HilltopSecurities) today announced that four of the company’s municipal finance professionals were elected to Smith’s Research and Gradings’ (Smith’s) 2022 Municipal Analysts All-Star Team. This also marks the second consecutive year that HilltopSecurities ranked among the top 10 in Smith’s All-Star Team rankings, placing No. 8.

Tom Kozlik, head of municipal research and analytics, was elected to the first team in the generalist category, and the second team in the sellside director of research category. Doug Nelson, municipal credit analyst, was elected to the second team in the airport revenue bond category, while Yaffa Rattner, head of municipal credit, was elected to the second team in the senior living category. Ted Chapman, investment banking analyst, was elected to the second team in the water and sewer revenue bond category.

“As a full-service municipal investment bank and wealth management advisor, HilltopSecurities is committed to providing valuable market insight and analysis for our clients, professionals, and investors,” said HilltopSecurities President and CEO Brad Winges. “Ultimately, it’s our people who bring our strategic vision to life. We are incredibly proud of Tom, Doug, Yaffa, and Ted for their leadership and impactful work in the municipal space and congratulate them for this prestigious recognition.”

Smith’s 2022 All-Star ballot featured over 280 municipal analysts at more than 75 firms and was voted on by more than 1,000 institutional investors. Smith’s All-Star Team was founded in 1992 to provide recognition to the nation’s brightest municipal bond analysts.

This marks the fifth consecutive year that Kozlik has been recognized as a first team All-Star in the generalist category and the third consecutive year he has been recognized in the sellside director of research category. This marks the sixth year that Rattner has been elected to the Smith’s All-Star team in the senior living or charter school sectors. This marks the fifth year that Nelson has been elected and the seventh year that Chapman has been elected.

HilltopSecurities professionals attending the annual Smith’s All-Star Awards program in New York City on Dec. 7, 2022, included (l to r) Chief Administrative Officer Clare Graca, Investment Banking Analyst Ted Chapman, Head of Municipal Credit Yaffa Rattner, Head of Municipal Research and Analytics Tom Kozlik, Smith’s Research and Gradings CEO Terry Smith, Municipal Credit Analyst Philip Villaluz, and Head of Fixed Income Strategy and Analytics Justin Hoogendoorn.

About Hilltop Securities Inc.

Hilltop Securities Inc. delivers forthright advice and tailored solutions to municipal issuers, institutions, broker-dealers, and individuals. The full-service investment bank and registered investment adviser is headquartered in Dallas, Texas, with offices across the United States. Areas of focus include public finance; municipal and taxable fixed income underwriting, sales, and trading; retail brokerage services; securities clearing; structured finance; and securities lending. A wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH), HilltopSecurities’ affiliates include Momentum Independent Network Inc., PlainsCapital Bank, and PrimeLending. Learn more at Member: NYSE/FINRA/SIPC.

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