Municipal Bond Market

Price: $995   Register now

Course Features

  • Course Code: 108
  • Certificate: Yes
  • CPE Credits: 7
  • Level: Beginner
  • Prerequisites: None
  • Method: Live & Virtual
  • Venue: MicroTek
  • Time: 9:00 am – 5:00 pm
  • Registration: 8:30 am
  • Dress Code: Business Casual
  • Category:
  • Course Duration: 1 Day
  • Available Course date: 08/14/2019

Much media and analyst attention is focused on municipal bond issuers, especially in light of the ongoing Detroit bankruptcy. Because municipal issuers are not as transparent as corporate of financial institution issuers, identifying and measuring the risk of municipal debt is much more challenging. This interactive course will include a presentation, case studies, exercise, and relevant articles for discussion to illustrate the mechanics and risks of municipal debt.

After this course, participants will be able to:

  • Identify different types of municipal debt
  • Compare differences between municipal debt, sovereign and corporate debt
  • Create a framework to identify potential red flags in municipalities’ finances
  • Compare and contrast advantages and risks of investing in munis
  • Discuss current issues impacting municipal issuers

I. Types of Municipal Debt

  • Identify the different types and purposes of short and long term debt
  • Differentiate between Revenue and General Obligation Bonds
  • Describe advantages of municipal debt
  • Enumerate risks in investing in municipal debt

II. Analyzing a Municipal Issuer

  • Establish a framework to analyze key factors impacting a municipality
    • Economics
    • Demographic changes
    • Labor activity
    • Business trends
    • Political risk
    • Pension obligations
    • Corruption

Case Study: Bell, CA

III. Financial Analysis of Municipal Debt

  • Discuss process of obtaining municipal financials
  • Evaluate municipality’s accounting methodologies and reporting process
  • Describe a municipality’s contingent obligations

IV. Identifying Warning Signals

  • Develop a framework to identify warning signals
  • Enumerate potential red flags negatively influencing municipalities
  • Discuss probability of default in the public sector
  • Identify how the public sector has been hedging their risks after issuing debt

Case Study: Detroit, MI

 

ARTICLES

Why Municipalities Need to Create Long-Term Financial Plans

Forty U.S. States Cannot Afford To Pay All Their Bills

America’s Largest Three Cities’ Financial Condition Is Scary

 

Instructor

  • Mayra Rodríguez Valladares is Managing Principal of MRV Associates.  She specializes in training and consulting solutions for Basel III, Dodd-Frank, risk management, financial derivatives, capital markets, foreign exchange, and corporate finance.  She has worked with private sector and foreign central banks in the US, UK, Latin America Eastern Europe, Central and Southeast Asia, and Africa, …
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