Media Library

Upcoming Events
A Return to Direct Lending, Webinar, October 3, 2012
Direct lending, including private placements and direct loans, involves a bank negotiating directly with an issuer to privately purchase its municipal obligations or make a direct loan, but concerns have been raised that these financings are not subject to disclosure requirements. This webinar explains why direct lending may present the most cost effective and risk appropriate form of financing for local agencies today.
An Update on Swaps: What's Different and What to Disclose, Webinar, January 9, 2014
As a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, derivatives, including interest rate swaps, are subject to the regulation by the Commodity Futures Trading Commission and the Securities and Exchange Commission. This webinar discusses what this means for the municipal market, including the rules and regulations that pertain to “Special Entities” and the disclosure and reporting requirements under Governmental Accounting Standards Board 53.
Bond Math Part 2: The Economics of Bonds, Webinar, October 7, 2011 (Audio Only)
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 discusses several concepts related to the economics of bond pricing including: yield curve dynamics; time value of money; price and yield; accrued interest and bond redemption principles; callable bonds and capital appreciation bonds; and bond yield and pricing calculations.
Creating SB 1029-Compliant Local Debt Policies, Webinar, March 16, 2017
Chapter 307, Statutes of 2016 (Senate Bill 1029, Hertzberg), signed by Governor Brown on September 12, 2016, amends Government Code section 8855 to place additional reporting obligations on issuers of public debt in California. Effective January 1, 2017, issuers must certify that they have adopted local debt policies concerning the use of debt and that the proposed debt issuance is consistent with those policies. This CDIAC webinar, in coordination with the California Special Districts Association and School Services of California, intends to support the efforts of local issuers to comply with SB 1029.
Disclosure Policies: What Every Issuer Should Consider, Webinar, October 14, 2015
The Securities and Exchange Commission (SEC) had stressed the importance of adopting written disclosure policies and procedures for issuers to ensure the accurate and timely communication of material information to the municipal market. More recently, various SEC enforcement actions coming out of the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative have imposed written disclosure policies and associated training as an element of the settlements. In an effort to provide guidance to the market, the National Association of Bond Lawyers has released a report titled Crafting Disclosure Policies, which explores the benefits and practical considerations in drafting written policies and procedures. This webinar will provide a detailed discussion of the report as well as the key elements to address in the policy development process.
Green Bonds in the Golden State, Webinar 1: Green Bonds Fundamentals, August 14, 2019
The program will provide participants the basic understanding of green bonds through a report on the status of the market globally and in California, and an explanation of current growth impediments and indicators of future market expansion. It will decode the fundamental vocabulary, explain the conventional thought on what green is or isn’t, address the differences between green and traditional bond financing structures, and clarify the distinctions between the types and stages of green label substantiation required over a green bond’s lifecycle.
Intermediate Bond Math: Part 2 - Economics and Structures, Webinar, August 20, 2014
Economics and Structure will introduce alternative bond structures, such as the different call features and bullets, and their impact on long-term borrowing costs and bond pricing.
Local Agency Investment Guidelines 2018 Update, Webinar, May 16, 2018
Each year, the California Debt and Investment Advisory Commission publishes the Local Agency Investment Guidelines (LAIG), which provides references and recommendations, developed by public and private sector professionals, for interpreting and applying California statute to common public fund investment topics related to local agencies. It also provides information on recent state law changes. This webinar will give a brief overview of the LAIG and the annual update process. Presenters will also discuss changes to the LAIG in 2018, including the use of options, futures and securities lending agreements in the public portfolio.
MSRB Rule G-17 and Other Market Disclosures, Bond Buyer Pre-Conference, September 25, 2013 (Audio Only)
Using G-17 as a starting point, this session considers the roles and processes involved in the issuance of bonds by public agencies. The goal is to help issuers understand what questions they need to ask and what forms of disclosure they should expect or require from their financing team, and to better identify and manage the conflicts and risks inherent to the business relationships that support the issuance of bonds.
Principles and Practices of Debt Management: Employing a Debt Policy, Webinar, October 22, 2014
A debt management policy can assist a public agency in making decisions as well as help identify conflicts, inconsistencies and gaps in the approach to project finance. Policies can also provide balance between limits on the use of debt financing and sufficient flexibility to respond to unforeseen circumstances and opportunities. This webinar addresses the importance of establishing a debt management policy and highlights best practices for developing and maintaining them.
Public Investment Products, Webinar, November 6, 2013
Historically low interest rates and the decline of certain familiar investment products present new challenges for public fund managers who must prioritize the safety of their investments over liquidity and yield. This webinar considers the opportunities to use several alternative investment products, including covered bonds, 144A securities, Yankee bonds, certificates of deposit (CDs), supranationals, and index notes.
Refunding Redevelopment Debt, Webinar, September 12, 2013
Following the dissolution of redevelopment agencies in California, ABX1 26 transferred to successor agencies the obligation imposed by debt issued by redevelopment agencies, and AB 1484 provided some opportunities for successor agencies to benefit from lower interest rates or to restructure these obligations by refunding outstanding bonds. This webinar considers the complexities that remain as successor agencies consider refunding outstanding redevelopment debt.
Regulatory Update: The Municipal Advisory Rules and Their Effect on Public Investments, Webinar, June 23, 2014
The Municipal Advisory (MA) Rules became effective July 1, 2014. This webinar focuses on the MA Rules and their implications for treasury management and the investment of bond proceeds. It also addresses the issues related to investment advice provided by broker-dealers, the MA Rules’ exemptions and exclusions that apply to broker-dealers selling and managing public investments, and the application of the rule to the management of pooled investments.
SB 1029 – Modifications to the Annual Debt Transparency Report (ADTR), Webinar, November 1, 2018
CDIAC has made enhancements to the ADTR which are designed to make reporting more efficient, consistent and user friendly for submitters. This session will describe those modifications and step through the improved functionality now provided in the report.
SB 1029 Phase II: Modifications to the Report of Proposed Debt Issuance and Report of Final Sale, Webinar, October 26, 2018
CDIAC has made enhancements to its reporting forms to make submission of the Annual Debt Transparency Report required by SB 1029 more flexible and efficient. During this session we will describe the modifications made to the Report of Proposed Debt Issuance and the Report of Final Sale and step through the new process for reporting debt authorization.
SEC Municipalities Continuing Disclosure Cooperation Initiative, Part 1: A Call to All Municipal Issuers, Webinar, April 28, 2014
On March 10, 2014, the SEC announced a cooperative enforcement initiative designed to encourage any issuers and underwriters of municipal securities to self-report materially inaccurate statements in a final official statement regarding the issuer’s prior compliance with continuing obligations as described in Rule 15c2-12. The webinar provides information on the MCDC Initiative; the issuers and underwriters who should consider self-reporting; and the process of self-reporting.
SEC Municipalities Continuing Disclosure Cooperation Initiative, Part 2: Issuer Considerations and Actions, Webinar, June 2, 2014
To take advantage of MCDC Initiative, issuers will have to undertake a rigorous analysis of their exposure, as well as fully consider the consequences of self-reporting or not reporting. This follow-up webinar will consider some of the key steps that issuers should initiate and the decision points that issuers should recognize in their deliberations.
Steps for Reporting Debt Issuance to CDIAC: Report of Proposed Debt Issuance & Report of Final Sale, Webinar, December 10, 2014
The California Debt and Investment Advisory Commission (CDIAC), created to collect, maintain and provide comprehensive information of all state and local debt authorization and issuance, has routinely made updates to its reporting forms in response to market and legislative changes. This webinar will discuss the most recent updates to the Report of Proposed Debt Issuance and Report of Final Sale and guide submitters through the reporting process.
Submitting the Annual Debt Transparency Report Required by SB 1029: Commercial Paper and Mello-Roos Debt, Webinar, November 15, 2017
This webinar will walk submitters through sample reporting scenarios for typical CP and Mello-Roos debt issues. Actual ADTRs will be completed and submitted during the webinar.
Submitting the Annual Debt Transparency Report Required by SB 1029: General Obligation and Revenue Debt, Webinar, November 8, 2017
This webinar will walk submitters through sample reporting scenarios for typical General Obligation (GO) and Revenue debt issues. Actual Annual Debt Transparency Reports (ADTR) will be completed and submitted during the webinar.
The Economics of Pension Obligation Bond Financing, Webinar, October 24, 2012
The use of Pension Obligation Bonds can be an appealing strategy for managing unfunded pension liability but it can also be a “double-edged sword” – providing budget relief and interest rate savings offset by investment return risks and the substitution of more rigid long-term financing terms. This webinar examines the benefits and risks as well as a discussion of the policy considerations, financing options, and disclosure requirements for financing pension liabilities.
The Future of Credit Enhancement, Webinar, March 6, 2013
In 2007, approximately 60% of all bonds sold by California issuers had underlying credit enhancements. By 2012, that number was closer to 7%, a fall-off that can be attributed to market dynamics including an increased focus on underlying credit ratings and the limited availability of AAA credit providers. This webinar explores the use of credit enhancement including when to issue enhanced debt and the potential impact of municipal reforms on credit enhancement.
The Public Investment Portfolio, Webinar 1: Investing in Treasuries, May 21, 2015
“Treasuries” are securities that are issued and backed by the full faith and credit of the U.S. government. Pursuant to statute, California local agencies may include Treasury instruments in their investment portfolio. In this webinar, presenters will consider what U.S. Treasuries are; the different types of Treasuries, including bills, notes, bonds, etc.; how public investors should understand price and yield information; the market risks of investing in Treasuries; how Government Code section 53601(b) should be interpreted with respect to the purchase of Treasuries; and what role Treasuries can play in an investment portfolio.
The Public Investment Portfolio, Webinar 2: Demystifying the World of Agencies, June 17, 2015
Local governments in California may invest in a range of securities issued by U.S. agencies and international institutions. Agency bonds are issued by two types of entities – government-sponsored enterprises (GSEs), which are usually federally-chartered, but privately-owned corporations; and federal government agencies, which may issue or guarantee these bonds to finance activities related to public purposes. Supranational and international institutions, such as the World Bank, issue debt securities that may also be considered as an investment option by some public agencies.
The Public Investment Portfolio, Webinar 3: When It Makes Sense to Buy Municipals, June 24, 2015
Municipal securities or “munis” are purchased either in the primary market when an issuer sells a new bond or in the secondary market from another investor. As with any investment instrument, investing in munis entails risk, but they can be a part of a diversified public investment portfolio. This webinar will provide an in-depth discussion of muni investing by public agencies.
The Public Investment Portfolio, Webinar 4.1: Introduction to Money Markets, Understanding Banker's Acceptances and Commercial Paper, July 8, 2015
The money market is a wholesale market for short-term debt that provides liquidity for governmental entities, and it is considered an extremely safe investment option for public entities. In addition to providing the background on the wide variety of money market products, this webinar will provide a detailed explanation of banker’s acceptances (BAs) and commercial paper (CP) for public portfolio investment. This is the first of three presentations on money market securities.
The Public Investment Portfolio, Webinar 4.2: Money Markets: Certificates of Deposit, Deposit Placement Services and Collateralized Bank Deposits, September 9, 2015
Local agencies have many reasons to deposit funds into banks and other depository institutions for investment purposes. This webinar delves into the types of deposits that are permitted for local governments in California and explains the differences among them. Recent California legislation (AB 279) has affected the decisions local investment officials make regarding bank deposits. This is the second of a three part series of presentations on money market securities.
The Public Investment Portfolio, Webinar 4.3: Utilizing Repurchase Agreements, Reverse Repos, and Securities Lending Agreements, August 5, 2015
As an alternative short-term investment structure, public agencies may use repurchase and reverse-repurchase agreements to meet cash flow needs. Local government agencies may also use security lending agreements to earn additional income for the public investment portfolio. This is the final webinar on money markets and will examine the mechanics of these agreements.
The Public Investment Portfolio, Webinar 5: Making Sense of Corporate Notes and Bonds, August 19, 2015
Corporate bonds and notes are typically unsecured debt instruments issued by corporations including limited liability corporations. A closely related group of securities, medium-term notes, are corporate or depository institution debt instruments meeting certain minimum quality standards. Both types of securities will be referred to as “corporates” for this discussion. This webinar will consider the various aspects of investing in corporates.
The Public Investment Portfolio, Webinar 6: Understanding Structured Pooled Securities, Asset-Backed, Mortgage-Backed and Collateralized Mortgage Securities, September 2, 2015
Asset-backed securities (ABS) and mortgage-backed securities (MBS) are two potentially useful investment options available to local agencies. ABS are supported by the pooling of assets such as leases while MBS are supported by pooled mortgages. Collateralized mortgage obligations (CMO) are more complex financial instruments as the income received from the mortgages is passed to investors based on a predetermined set of rules, and investors receive payments based on the specific layer of mortgages (called a tranche) in which they are invested.
The Public Investment Portfolio, Webinar 7: Differentiating Mutual Funds from Money Market Mutual Funds and Understanding Investment Pools, September 16, 2015
Local governments typically need to invest a certain portion of their portfolio in investments that provide safety and liquidity. The most commonly used investments when liquidity is a priority are money market funds and local government investment pools (LGIPs). It is important to understand the difference between the investments that have a stable principal value and those with net asset values that fluctuate from day to day.
Understanding Benchmarking, Webinar, February 28, 2019
This webinar is designed to allow participants the opportunity to develop a benchmark using Excel and evaluate their investments against the derived benchmark. This is a webinar version of a group exercise on benchmarking done at the CMTA and CDIAC Fundamentals of Public Funds Investing program. Both those who attended the program, as well as those who did not, will benefit from working through the exercise individually and using their own computer.
Understanding Cash Flow and Cash Flow Forecasting, Webinar, February 21, 2019
This webinar is designed to allow participants the opportunity to conduct a case study analyzing cash flows. This is a webinar version of a group exercise on cash flow done at the CMTA and CDIAC Fundamentals of Public Funds Investing program. Both those who attended the program, as well as those who did not, will benefit from working through the case study individually and using their own computer.