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Intro Property Assessed Clean Energy (PACE) Finance WebCourse
December 1-2, 2015
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February 2-4, 2015

Advanced Bond Finance WebCourse
Alaska Industrial Development and Export Authority Ballard Spahr LLP Bank of America, Merrill Lynch BNY Mellon Bricker & Eckler LLP Bryan Cave LLP Business Oregon CohnReznick Frost Brown Todd, LLC Hawkins Delafield & Wood LLP Ice Miller LLP KeyBanc Capital Markets Kutak Rock LLP MB Financial Bank, NA McGuireWoods LLP Peckham Guyton Albers & Viets, Inc. Seyfarth Shaw LLP Squire Patton Boggs Stern Brothers & Co. Stifel Nicolaus S.B. Friedman & Company U.S. Bank Wells Fargo Securities Z. The Bond Buyer

The Advanced Bond Finance WebCourse is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques, including the application of financial derivatives, advance refundings, investing bond proceeds and how to spot arbitrage issues. This course is an ideal opportunity to enhance your knowledge and maximize your community's ability to finance economic development using tax-exempt bonds.

The Advanced Bond Finance WebCourse is presented via the web over two days and includes lectures and presentations from speakers throughout the country. During each session, attendees can raise their hands, ask questions, comment on presentations and take interactive polls. CDFA's Course Advisor moderates the WebCourse to ensure speaker and participant interaction throughout.

Participants must have access to a computer and phone to attend the WebCourse. Participants receive instructions for logging into the WebCourse in a follow-up email after registering. Course materials are mailed to participants approximately one week before the course.

This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.

By attending, you will:

  • Understand trends and forces impacting today's volatile bond market.
  • Examine the key principles of interest rate swaps, when to consider them, and the risks and benefits associated with swaps.
  • Discover best practices for negotiating professional fees in a bond transaction.
  • Learn about investing bond proceeds, how to spot arbitrage issues, calculating yield, advance refundings, and other complex municipal financing techniques.
  • Hear from representatives at the IRS and MSRB about current regulatory matters in the bond markets.
  • Discuss various forms of credit enhancement and the availability of this form of financing given current market conditions.
  • Be able to provide better guidance to customers after hearing expert panelists explain common challenges in bond transactions and how to overcome them.
You will learn through:

  • Real life case studies
  • Presentations from industry experts
  • A comprehensive course book
Topics covered include:

  • IRS and Financial Markets Update
  • Interest Rate Swaps
  • Arbitrage and Rebate Concepts
  • Advanced Refundings
  • Credit Enhancement Techniques
  • MSRB Rules and Disclosure Requirements
  • Investing Bond Proceeds
Who should attend?

  • Bond Issuers
  • Economic Development Professionals
  • Community Development Professionals
  • Broker/Dealers and Underwriters
  • Elected Officials
  • Government and Nonprofit Finance Officers
  • Corporate Trustees
  • Legal Counsel
  • Underwriters
  • Commercial Bankers
  • Accountants
Course Advisor:

Brian Cooper, Principal at Umbaugh, serves as CDFA's Bond Finance Course Advisor. A twelve year veteran to the Public Finance and Economic Development arena, Brian specializes in general obligation and revenue based project and public finance, including income tax revenue, non-tax revenue and special revenue bonds. Mr. Cooper serves as financial advisor to several municipalities and development authorities in Ohio. Previously, he served as Director of Public Finance at Robert W. Baird & Co., Inc., a global firm specializing in private wealth management, equity capital markets, fixed income capital markets and public finance. In his career, Mr. Cooper has completed over 120 distinct project financings representing over $2.75 billion in financing. Mr. Cooper graduated from the Ohio State University and is registered with the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB).

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The following is the preliminary agenda for this course. This agenda will be updated and modified slightly to accommodate speakers and content. However, the main areas of content as outlined in this agenda will be covered.


12:00 – 12:30 pmWelcome & Overview

Welcome participants, introduce CDFA, and set the stage for the WebCourse.

12:30 – 1:15 pmMarket Update

The WebCourse starts with an update on market conditions during a time of exceptional volatility in the capital and municipal markets. We will explain the challenges issuers are facing and other forces affecting the bond markets.

1:15 – 2:00 pmWho Buys Bonds?

A whole world of investors exists outside of the private placement option. This session will look at the variety of buyers participating in the bond markets, including mutual and pension funds, insurance companies, institutional investors, among others. The panel will discuss how market forces affect investors’ choices and how to engage investors in a deal.

2:00 – 2:15 pmBreak

2:15 – 3:15 pmCredit Enhancement

In the past, over 60% of tax-exempt bonds were issued with some form of credit enhancement. Since 2008, this percentage has declined dramatically, yet some forms of credit enhancement are still viable. This session reviews forms of credit enhancement other than letters of credit, including senior and subordinate bond structures, bond insurance, and state credit enhancement programs.

3:15 – 4:00 pmRefundings

This session explains how advance refundings work and why issuers utilize them. Material covered includes: general prohibitions, limitations, and how the arbitrage rules apply. Several case studies will be reviewed as well.

4:00 – 5:00 pmRegulatory Update

This session will discuss the role of the Internal Revenue Service and the Municipal Securities Rulemaking Board with particular attention paid to regulations that are most critical to issuers in the bond financing process.

5:00 pmAdjourn


12:00 – 12:15 pmRevisiting Day 1

At the start of Day 2 of the Advanced Bond Finance WebCourse, we will review some important terms and set the stage for the remaining sessions.

12:15 – 1:45 pmLeveraging Resources

An issuing authority has the ability to do more than simply issue bonds. This session will look at creative ways to leverage authorities, such as developing special loan programs, creating new bond funds, or providing guarantees. Also included in the discussion are some of the essential rules for investing bonds proceeds (like rating agency requirements and potential arbitrage restrictions).

1:45 – 2:30 pmArbitrage, Rebate, and Calculating Yield

Understanding arbitrage and rebate is a necessary component of the bond financing process. During this session, basic tax restrictions on arbitrage will be explained, as well as adjustments for guarantee fees and adjustments for payments and swaps. This session will also cover rules associated with rebate, how to calculate yield, and other considerations for fixed rate and variable rate issuances.

2:30 – 2:45 pmBreak

2:45 – 3:45 pmNegotiating Professional Fees

The key to negotiating fees paid to bond professionals is to make their selection as competitive as possible. This session will discuss how to select the most competent and qualified professionals, including bond counsels, underwriters, placement agents, financial advisors, and trustees.

3:45 – 5:00 pmInterest Rate Swaps

The key principles of interest rate swaps are the focus of this session. The speakers will explain common types of swaps, why issuers consider swaps, the risks involved, and pricing and financial benefits. Case studies of various interest rate swap structures will also be presented.

5:00 pmAdjourn
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    Check back for upcoming course dates or email CDFA to find out when this course will next be offered.

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    This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.

    Early-Bird RegistrationStandard Registration
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