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Advanced Bond Finance Course
May 24-25, 2021
12:00 - 5:00 PM Eastern

-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. Expert speakers will explore topics 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 will qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.

Register

Course Objectives

  • Understand trends and forces impacting today's volatile bond market
  • Examine 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
  • Hear 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
  • Brokers/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

Monday, May 24, 2021

Mon 12:00 PM - 12:15 PM
Welcome & Overview
Welcome to the course! This session will introduce CDFA, explain how to use the online software, and discuss the framework for the two-day Advanced Bond Finance WebCourse
Mon 12:15 PM - 1:15 PM
Market Update
The training course will begin 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.
Mon 1:15 PM - 2:00 PM
Who Buys Bonds?
An entire 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, and institutional investors. Speakers will discuss how market forces affect investors’ choices and how to engage investors in a deal.
Mon 2:00 PM - 2:15 PM
Break
Mon 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.
Mon 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. Speakers will review several case studies to illustrate the material.
Mon 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.
Mon 5:00 PM
Adjourn

Tuesday, May 25, 2021

Tue 12:00 PM - 12:15 PM
Revisiting Day 1
Day 2 will begin with a review of key takeaways from Day 1 and the agenda for the second half of the course..
Tue 12:15 PM - 1:45 PM
Leveraging Resources
An issuing authority has the ability to do more than issue bonds. This session will look at creative ways to leverage authorities by developing special loan programs, creating new bond funds, or providing guarantees. Speakers will discuss the essential rules for investing bonds proceeds including rating agency requirements and potential arbitrage restrictions.
Tue 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.
Tue 2:30 PM - 2:45 PM
Break
Tue 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.
Tue 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.
Tue 5:00 PM
Adjourn

-Location


The Advanced Bond Finance WebCourse will take place on the web through GoToWebinar, an online distance learning software. The course will meet each day on May 24-25, 2021 from 12:00-5:00 PM Eastern. You must have access to a computer and phone to attend the WebCourse.

-Registration

This training course 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 the connection and access to GoToWebinar. CDFA offers group discounts for organizations that wish to register multiple people.

Register before May 7, 2021 for Early-Bird Rates.
Early Bird Rates
(Ends May 7)
CDFA Member: $550
Non-Member: $825
Standard Rates
(After May 7)
CDFA Member: $600
Non-Member: $875


Register