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Advanced Bond Finance Course
August 12-13, 2020
Daily: 12:00 - 5:00 PM Eastern

-Overview

Apply for a scholarship

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.

All courses at CDFA Virtual Summer School qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Participants may register for one, two, three, or four courses during this two-week-long event. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program. Join us online, and start down the road to personal and professional advancement today.

The schedule for CDFA Virtual Summer School is outlined below. Click on the course name to learn more about the topic and agenda:

CDFA Virtual Summer School: Week 1 Course Schedule

Monday & Tuesday
August 3-4, 2020
Wednesday & Thursday
August 5-6, 2020


CDFA Virtual Summer School: Week 2 Course Schedule

Monday & Tuesday
August 10-11, 2020
Wednesday & Thursday
August 12-13, 2020


Register

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

Darnell Moses Darnell Moses
Council of Development Finance Agencies
Vice President
As Vice President of Development Finance with CDFA, Mr. Moses works within all facets of CDFA. His expertise enhances the work in Research and Technical Assistance, including working on CDFA Publications; Government Affairs including participating... (More)

-Agenda

Wednesday, August 12, 2020

Wed 12:00 PM - 12:30 PM
Welcome & Overview
Welcome participants, introduce CDFA, and set the stage for the course.
Wed 12:30 PM - 1:15 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.
Wed 1:15 PM - 2:00 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.
Wed 2:00 PM - 2:15 PM
Break
Wed 2:15 PM - 3:15 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.
Wed 3:15 PM - 4:00 PM
Refundings
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.
Wed 4:00 PM - 5:00 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.
Wed 5:00 PM
Adjourn

Thursday, August 13, 2020

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 - 1:45 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).
Thu 1:45 PM - 2:30 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.
Thu 2:30 PM - 2:45 PM
Break
Thu 2:45 PM - 3:45 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.
Thu 3:45 PM - 5:00 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.
Thu 5:00 PM
Adjourn

-Location


CDFA Virtual Summer School will meet each day from 12:00-5:00 pm (Eastern) online. You must have access to a computer and phone to attend.

-Registration

This course will be offered at CDFA Virtual Summer School, a 2- week long series of courses presented by the CDFA Training Institute. Participants may register for one, two, three, or four courses during CDFA Virtual Summer School.

Scholarships are available to attend this event. Learn more about the CDFA Scholarship Program, and submit your application today.

When you register for four courses during CDFA Summer School, you will receive a $100 discount off the total registration fee.

Click the Register button to view the total fees and discounts available for CDFA Virtual Summer School.
Standard Rates
CDFA Member: $300
Non-Member: $450


Register

CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor