Seminar Description
Alternative Financing in the Municipal Market: Financial and Policy Considerations
Pre-Conference at The Bond Buyer�s 24th Annual California Public Finance Conference
October 8, 2014
Manchester Grand Hyatt San Diego, San Diego, CA
Years ago, the practice of public agencies borrowing directly from commercial banks to finance public purposes, including facilities, was commonplace. Over time, the volume of these transactions as well as the economics of borrowing led to a greater reliance on loans underwritten and distributed by investment banks. Several recent trends, including the decline in liquidity products and other credit supports along with regulatory and tax reforms, have led to the reemergence of bank lending and the entry of other capital providers in the municipal market. This program is designed to explore the changing practices of municipal borrowers and lenders and the implications of alternative financing on municipal finance. The program also highlights the confluence of economic, market, and policy trends that may introduce yet unperceived risks that require new forms of analysis and reporting. You must be registered for the main conference to attend the pre-conference.
- Agenda
- Register
- Presentations:
- Session 1: The Makeup of Alternative Financing in the Municipal Market
- Session 2: There will be no slides for this session
- Session 3: Financial Management�Risk Analysis and Allocation
- Session 4: Disclosure and Reporting
- Session 5: Policies and Procedures
- Recommended Readings:
- Not All Loans Are Equal: Some Terms and Conditions That Make Disclosure Critical In Evaluating Credit Risk, Standard & Poor�s, July 23, 2014
- Alternative Financing: Disclosure is Critical to Credit Analysis in Public Finance, Standard & Poor�s, Feb. 18, 2014
- Understanding Bank Loans, Government Finance Officers Association (GFOA), September 2013
- Considerations Regarding Voluntary Secondary Market Disclosure About Bank Loans, Bank Loan Disclosure Task Force, May 2013
- Direct Bank Investments in Municipal Debt, Municipal Finance Journal, Spring 2014
- Bank Lending to Municipalities Is Credit Positive for Both, Moody�s Investors Service, February 21, 2011
- Direct Bank Loans Carry Credit Risks Similar to Variable Rate Demand Bonds for Public Finance Issuers, Moody�s Investors Service, September 15, 2011
- Tax-exempt Fixed Rate Debt: High Cost and Unexpected Risks, Bank of Montreal, July 2014