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CDFA Online Brownfields Project Marketplace
December 06, 2016
12:00 - 5:00 pm Eastern

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December 13, 2016
1:00 pm Eastern

Intro Brownfields Finance WebCourse
December 14-15, 2016
Daily: 12-5pm Eastern

Fundamentals of Economic Development Finance WebCourse
January 25-26, 2017
Daily: 12-5 pm Eastern

Intro Bond Finance WebCourse
March 1-2, 2017
Daily: 12-5 pm Eastern

Advanced Bond Finance Course
OverviewAgendaLocationRegistration
Alaska Industrial Development and Export Authority Baker Tilly Virchow Krause Ballard Spahr LLP Bank of America, Merrill Lynch BNY Mellon Bricker & Eckler LLP Bryan Cave LLP Business Oregon CohnReznick FBT Project Finance Advisors LLC Frost Brown Todd, LLC Hawkins Delafield & Wood LLP Ice Miller LLP KeyBanc Capital Markets Kutak Rock LLP MB Financial Bank, NA McGuireWoods NW Financial Group, LLC 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
Overview

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.

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
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Agenda
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.

DAY ONE

8:00 – 8:30 am EasternContinental Breakfast & Registrations

8:30 – 9:00 amWelcome & Overview

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

9:00 – 10:00 amMarket Update

The course 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.

10:00 – 10:15 amBreak

10:15 – 11:00 amWho 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.

11:00 – 12:00 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.

12:00 – 1:30 pmLunch

1:30 – 2:30 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.

2:30 – 2:45 pmBreak

2:45 – 4:30 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.

4:30 pmAdjourn

DAY TWO

8:00 – 8:30 amContinental Breakfast & Registration

8:30 – 8:45 amRevisiting 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.

8:45 – 10:15 amRegulatory 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.

10:15 – 10:30 amBreak

10:30 am – 12:00 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.

12:00 – 1:30 pmLunch

1:30 – 2:30 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.

2:30 – 3:30 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).

3:30 pmAdjourn
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Location

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

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Registration

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
Member$550.00$600.00
Non-Member$825.00$875.00
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