Advisory Services








Advanced Bond Finance WebCourse
September 13 - 14, 2017
Daily: 12:00 - 5:00 PM Eastern

Alaska Industrial Development and Export AuthorityBaker Tilly Virchow KrauseBallard Spahr LLPBNY MellonBricker & Eckler LLPBryan Cave LLPBusiness OregonCohnReznickFBT Project Finance Advisors LLCFrost Brown Todd, LLCHawkins Delafield & Wood LLPIce Miller LLPKeyBanc Capital MarketsKutak Rock LLPMB Financial Bank, NAMcCarter & English, LLPMcGuireWoodsMiles & Stockbridge P.C.NW Financial Group, LLCSB Friedman Development AdvisorsSquire Patton BoggsStern Brothers & Co.Stifel NicolausU.S. BankWells Fargo SecuritiesWilmington TrustZ. The Bond Buyer


The Advanced Bond Finance Course 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.

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.

Course Objectives

  • 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.

Topics Covered

  • 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 Brian Cooper
CDFA Bond Finance Course Advisor
Umbaugh- Ohio
A twelve year veteran to the Public Finance and Economic Development arena Brian specializes in general obligation and revenue based project and public finance. Mr. Cooper financial matters that range from credit strategy, debt issuance and... (More)


Wednesday September 13, 2017

Wed 12:00 PM - 12:30 PM
Welcome & Overview
Welcome participants, introduce CDFA, and set the stage for the course.
  • Brian Cooper, Principal, Umbaugh- Ohio
  • Cayla Matsumoto, Director, Programming, Council of Development Finance Agencies
  • Wed 12:30 PM - 01:15 PM
    Market 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.
  • Robert Gamble, Managing Director, Public Financial Management
  • Wed 01:15 PM - 02:00 PM
    Who 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.
  • Dan Massiello, Senior Vice President, Kosmont Companies
  • Wed 02:00 PM - 02:15 PM
    Wed 02:15 PM - 03:15 PM
    Credit 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.
  • Steve Eikenberry, Senior Vice President, First American Bank
  • Tyler Hoch, Managing Director, Stifel Nicolaus & Company, Inc.
  • Wed 03:15 PM - 04:00 PM
    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.
  • Kimberly Betterton, Partner, Ballard Spahr LLP
  • Jeffrey Freese, Managing Director, KeyBanc Capital Markets
  • Wed 04:00 PM - 05:00 PM
    Regulatory 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.
  • Ritta McLaughlin, Chief Education Officer, Municipal Securities Rulemaking Board
  • Christopher Woodin, Lead Tax Specialist, Tax-Exempt Bonds, Internal Revenue Service
  • Wed 05:00 PM

    Thursday September 14, 2017

    Thu 12:00 PM - 12:15 PM
    Revisting Day 1
    At the start of Day 2 of the Advanced Bond Finance Course, we will review some important terms and set the stage for the remaining sessions.
    Thu 12:15 PM - 01:45 PM
    Leveraging 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).
  • Harry Huntley, Executive Director, South Carolina Jobs Economic Development Authority
  • Thomas Seasoltz, Director of Corporate Finance, Altoona-Blair County Development Corporation
  • Michael Steinbrook, Director, Public Financial Management
  • Thu 01:45 PM - 02:30 PM
    Arbitrage, Rebate & 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.
  • Kristen Kalinowski, Vice President, The Bank of New York Mellon
  • Thu 02:30 PM - 02:45 PM
    Thu 02:45 PM - 03:45 PM
    Negotiating 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.
  • Tina Neal, Principal, Perseverance Capital Advisors LLC
  • Thu 03:45 PM - 05:00 PM
    Interest 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.
  • Mary Coe, Interest Rate Risk Management, KeyBank National Association
  • Todd Gibson, Principal, Squire Patton Boggs
  • Bryan Kern, Principal, KPM Financial, LLC
  • Thu 05:00 PM



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

    CDFA permits only one person to login and participate in the course. If multiple people are accessing the course without paying to attend, we will terminate your connection and access to GoToWebinar. CDFA offers group discounts for organizations that wish to register multiple people.

    Register before August 25, 2017 for Early-Bird Rates.

    Early Bird Rates
    CDFA Member: $550
    Non-Member: $825
    Standard Rates
    CDFA Member: $600
    Non-Member: $875