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California Debt and Investment Advisory Commission

2011 Debt Issuance and Public Investment Seminars and Conferences

Webinar Series

Public Investment in Agency Securities: What Are the Options?

Government-sponsored enterprises (GSEs) are created by Congress to reduce the cost of capital for certain categories of borrowers, including students, farmers and homeowners. GSEs are sometimes referred to as "agencies," "federal agencies" or "federally sponsored agencies." Debt issued by GSEs provides standardized investment instruments (securitized securities) that may be purchased by public agencies as investments. Supranational and international institutions, such as the World Bank, issue debt securities that may also be considered an investment option by some public agencies. This webinar will explore the difference between GSEs and other types of agencies that are investment options for state or local governments. The session will include a discussion of current market GSEs after the U.S. ratings downgrade, investment in the unrated Federal Agriculture Mortgage Corporation (Farmer Mac), how public agencies have included Supranational securities in their portfolios, and how investment in Green Bonds can be an option to meet a public agency’s green investment goals.

Swaps Math: What Are Your Swaps Worth?

Interest rate swaps are financial tools used by many local government agencies to manage interest rate risk. The swap market at times provides issuers the opportunity to lower their cost of financing versus traditional alternatives in the bond market. Swaps remain an important tool in managing an issuer’s debt service obligations and exposure to interest rate risk. For many swap pricing is often viewed as a “black box.” This instructional webinar session provides a discussion of topics including Information on the swap market, valuation methodologies, swap dealers’ pricing conventions, formulas and examples of pricing, and review of variables affecting market prices.

  • Presentation
    Eric Chu, Managing Director, BLX Group
    Nathanial Singer, Managing Director, Swap Financial Group
  • Transcript

Not Concerned About Arbitrage Rebate? Not So Fast

With respect to municipal bonds, arbitrage is the profit made by investing tax-exempt bond proceeds in taxable securities. The Internal Revenue Code strictly limits the opportunity for issuers of tax-exempt debt to keep the earnings generated by taxable investments that exceed the yield on the bonds. However, the tax code provides certain exceptions. This instructional webinar session provides a discussion of topics including arbitrage math concepts, Internal Revenue Service (IRS) audit hot buttons and Securities and Exchange Commission (SEC) disclosure and documentation.

Bond Math - Part 2: The Economics of Bonds

Bond prices move inversely to interest rates. So as interest rates rise, the value of the asset falls. Understanding how to evaluate the value of a bond at any point in time, given interest rate, market activity, and other economic variables, is fundamental to managing a debt program. This webinar session includes a discussion of several concepts related to the economics of bond pricing.

Bond Math - Part 1: Anatomy of Bonds

Government agencies may decide to finance infrastructure projects using the pay-as-you-go method or through the issuance of debt. Knowledge of bond math gives officials an understanding of alternative bond structures. In addition, the webinar will help issuers understand their future debt service costs as well as the output of the many pages of debt service "runs" that agencies receive from their financings team.

The Bond Buyer's 21st Annual California Public Finance Conference
CDIAC Pre-Conference Program
September 14, 2011, La Costa Resort & Spa
Carlsbad, California

CDIAC’s 10th Pre-conference Workshop at The Bond Buyer’s 21th Annual California Public Finance Conference is a unique one-day program profiling the changing roles and expanding responsibilities of public officials working in public finance. Four panels will explore how the game has changed and what officials need to know to generate the highest return for their communities and avoid personal liability. Disclosure and market communications are also highlighted in this pre-conference program that includes a discussion of improved disclosure of pension obligations. This program is open to interested parties both public and private that are registered attendees of the conference

CDIAC’s Private Activity Bonds (PAB) Workshop
September 7, 2011, 10 am to 3 pm
Federal Reserve Building
950 So. Grand Avenue
Los Angeles, California

This one-day workshop will provide Private Activity Bond Issuers, Borrowers, Lenders/Investors, Financial Advisors, and Bond Counsels with the latest on industry trends, best practices, and federal and state regulatory actions. Attendees will receive valuable information that can then be used to facilitate new transactions and improve on existing operational practices.

The California Debt and Investment Advisory Commission at The California Municipal Treasurer’s Association (CMTA) 2011 Annual Conference

Municipal Regulatory Reform: Will it Help or Hinder Local Government Investment Strategies?
April 21, 2011 - Omni San Diego Hotel
San Diego, California

In conjunction with CMTA and during a portion of their 2011 Annual Conference, CDIAC will present a program designed to provide current information on regulatory reform in the municipal market and its potential impact on local governments.

Municipal Marketplace Disclosure
April 5, 2011 - Kellogg West Conference Center
Pomona, CA

This municipal securities regulation seminar will provide education on the rules, regulations and best practices guiding good disclosure. Topics will include information on new requirements, the impact of regulatory reform on disclosure and continuing disclosure requirements.

Fundamentals of Land-Secured Financing
March 24, 2011 - Hilton Garden Inn San Francisco/Oakland Bay Bridge
Emeryville, CA

This seminar will detail the land-secured financing process from district pre-formation through project implementation to on-going administration. Both Mello-Roos Community Facilities District and Assessment District financings will be covered in-depth.

Municipal Debt Essentials
February 1-3, 2011 - Oakland Marriott Hotel
Oakland, CA

This seminar offering is a curriculum divided into three course parts providing municipal industry participants with the elements of debt financing, including basic concepts and current practices. These classes group CDIAC’s traditional seminar content and include updates on rules, regulations, systems, procedures and market conditions. New staff, as well as seasoned professionals of municipal finance, can benefit from one or all three courses offered.

Registrants can take any one, two, or all three day debt courses together.

Public Investments Seminar
January 12-13, 2011 – Hilton Concord
Concord, California

Part 1: Short-term and Interim Financing Strategies

As public agencies are facing cash shortages, operating deficits and greater demands for services it is important to stay current with techniques utilized in the industry. This new half-day seminar is tailored to provide public agencies with information on the use of interim financing techniques, as well as important considerations when selecting short-term and interim financing strategies.

Part 2: Investment Basics

This one and one-half day seminar covers traditional CDIAC investment course content, including responsibilities of public officials and advisors, investment concepts, investment policies, benchmarking strategies, daily management of public funds, and a public fund investment case study.