-Agenda
Tuesday, October 6, 2026
| Tue 11:00 AM - 11:10 AM |
Welcome & Overview
Welcome to the course! This session will introduce CDFA, explain how to use the online software, and discuss the framework for the Advanced Bond Finance Course.
|
| Tue 11:10 AM - 11:30 AM |
The Role of Bonds in Complex Finance Deals
This opening session sets the stage for the day by framing how bonds operate across complex development finance transactions. Participants will align around the day’s focus: execution, structuring, and strategy in modern bond deals.
|
| Tue 11:30 AM - 12:25 PM |
Bond Markets in Motion: Conditions, Volatility & Investor Behavior
In volatile markets, it is essential to stay current and understand the investor audience. This session delivers a focused read on current capital and municipal bond market conditions and how they shape issuance strategy. Participants will examine the drivers of volatility, issuer challenges, and how market dynamics influence investor demand and deal execution.
|
| Tue 12:25 PM - 1:20 PM |
Strengthening the Deal: Credit Enhancement & Refundings
Credit enhancement and refundings remain powerful tools for strengthening a bond deal when used strategically. This session examines when they add value, how they improve pricing and financial flexibility, and the legal and structural considerations shaping their use today. Case studies illustrate how practitioners apply both tools in practice.
Speaker(s)
- Nicole Riggs, Senior Vice President & Relationship Manager, U.S. Bank
|
| Tue 1:20 PM - 1:30 PM |
Break
|
| Tue 1:30 PM - 2:00 PM |
Regulatory Environment: What Issuers Need to Know
This session provides a clear overview of the regulatory framework governing bond issuance, with a focus on oversight from the Internal Revenue Service (IRS) and Municipal Securities Rulemaking Board (MSRB). Participants will examine current priorities, compliance risks, and practical implications for issuers across the transaction lifecycle.
|
| Tue 2:00 PM - 3:00 PM |
Leveraging the Issuer Platform: Expanding the Toolkit
Issuing bonds is only part of the mission. This session explores how issuing authorities extend their impact through loan programs, pooled funds, guarantees, and strategic deployment of bond proceeds while maintaining compliance with rules governing bond proceeds, rating agency expectations, and arbitrage limitations.
|
| Tue 3:00 PM - 3:10 PM |
Break
|
| Tue 3:10 PM - 3:45 PM |
Arbitrage & Rebate: The Rules That Drive Compliance
Arbitrage and rebate rules remain among the most technical and critical aspects of bond financing. This session clarifies the core tax restrictions governing arbitrage, explains rebate requirements, demystifies yield calculations, and outlines practical approaches to maintaining compliance.
Speaker(s)
- Mike Steinbrook, Director of Arbitrage & Tax Compliance Group, PFM Asset Management
|
| Tue 3:45 PM - 4:20 PM |
Interest Rate Swaps: Strategy, Risk & Execution
Interest rate swaps can offer flexibility, savings, and risk management, but their complexity requires disciplined execution. This session explains how swaps work, when they add value, and how issuers evaluate pricing, benefits, risks, and long-term debt management implications.
Speaker(s)
|
| Tue 4:20 PM - 4:55 PM |
Building the Deal Team: Selecting & Managing Professionals
The right professionals and fees can make or break a bond deal. This session focuses on strategies for attracting, selecting, and negotiating fee arrangements with the partners involved in a bond deal in a way that maximizes value and accountability with expertise.
Speaker(s)
- Emily Metzler, Managing Director, Stifel Nicolaus & Company, Inc.
|
| Tue 4:55 PM - 5:00 PM |
Closing Discussion / Final Questions
|
|