the 2015 conference agenda.
Transcription
the 2015 conference agenda.
GIOA CONFERENCE AGENDA 2015 Wednesday, March 11, 2015 (Main Ballrooms – GOVERNMENT Attendees only) 8:15 am Registration Begins (Breakfast Provided) 9:15 am Beginning / Intermediate Bond Market University Advanced Bond Market University Bond Market University Might this be the year? Is your portfolio prepared for rising interest rates? Strategies, structures, and guidelines to generate prudent returns. Other topics include investment tools and technology, benchmarking, economic indicators to watch, and bond market math. Rick Phillips, President & Chief Investment Officer, FTN Financial Main Street Advisors The Nuts and Bolts of Issuing Agency Debt In-depth discussion of the federal agency market: How are callables structured? How does a reverse inquiry work? What are the factors which affect the coupon? Jim Zucco will provide attendees invaluable information regarding the inner workings of the agency market. Jim Zucco, Fannie Mae, Funding and Liquidity 10:30 am Refreshment Break 10:45 am Bond Market University (continued) 12:00 pm Lunch — Brand Steakhouse 1:15 pm Guiding Principles of Effective Investment Policies Need to create an Investment Policy or does your current Investment Policy need updating? Are you a new fiscal officer or CIO? We will discuss the process for establishing an Investment Policy. We will discuss best practices and why your Investment Policy does not need to look like your neighbor’s Investment Policy. Ryan Bilsky, Assistant VP, Fixed Income Trader KeyBanc Capital Markets Credit Analysis The rating agencies should not be your sole source of credit analysis. This session will bolster your credit knowledge by reviewing the “Five C’s of Credit”. Additional emphasis will be placed on the relevant credit metrics for different industries. Ed Ingalls, Income Research+Management 1:45 pm Bond Market University (continued) Repo Market Update REPO Update: What you need to know now! Jeff Kidwell, Director, Head of Direct Repo, AVM, LP 2:45 pm Refreshment Break 3:00 pm Peer to Peer Best Practices Discussion Investment officers will have time to ask questions, compare their practices with their peers, and learn more innovative ideas to bring home and implement in their work place. The implications of the Dodd-Frank/SEC/IRMA/Municipal Advisor rule will also be addressed. 4:00 pm Both Bond Market University Sessions Conclude 5:30-8:00 pm Welcome Reception (All Attendees Invited) Mingle with the other attendees for cocktails and hors d’oeuvres in a relaxed atmosphere. Monte Carlo Pool Advanced Portfolio Strategies US Treasury yields in the front end are especially sensitive to the timing and pace of the next tightening cycle. What do we expect the next tightening cycle to look like and what sectors are most vulnerable? How should municipal portfolio managers navigate this environment in the context of safety, liquidity and return? Margaret Kerins, Advanced Portfolio Strategies, BMO Capital Markets Continued on Reverse Thursday, March 12, 2015 (Conference held in the Main Ballrooms – All Attendees Invited) 7:30 Registration Begins (Full Buffet Breakfast) 8:15 Founder’s Welcome Rick Phillips, President & Chief Investment Officer, FTN Financial Main Street Advisors President’s Welcome Mary Christine Jackman, Director of Investments, State of Maryland 8:30 Economic Update Chris Low has the distinction of forecasting the lowest 10 year T-Note yield at the end of 2014 – 2.5%. In Bloomberg’s January 2014 survey when the 10 year T-Note was yielding 3%, the vast majority of economists (55 of 67) expected interest rates to be higher on December 31, 2014. Let’s hear what Chris expects from the Fed and interest rate markets this year. Chris Low, FTN Financial 9:15 Commercial Paper: An Issuer’s Perspective Toyota Motor Credit Corporation will discuss how they administer their commercial paper program, including how it fits into their overall funding strategy, what they fund with commercial paper, and how they determine issuance size and where on the yield curve to issue. Jason Katzen, Toyota Motor Credit Corporation Nicholas Ro, Toyota Motor Credit Corporation 10:00 Refreshment Break 10:15 Securitized Products - ABS/MBS How do we evaluate whether these asset types are appropriate for your portfolio? We’ll explore topics such as collateral, payment structure, servicers and more. We will discuss how investors can utilize these asset classes to enhance returns and diversify their portfolios. Jim Womack, Managing Director, Atlanta Capital Management Co. 11:00 Keynote Speaker Jim Bianco, Bianco Research James A. Bianco is President of Bianco Research, L.L.C. Since November 1990, he has been producing fixed income commentaries with a circulation of hundreds of portfolio managers and traders. Jim’s commentaries are primarily devoted to the fixed income markets with special emphasis on: money flow characteristics of primary dealers, mutual funds, hedge funds, futures traders, banks, and institutional investors. Jim is a regular on CNBC and Bloomberg. Jim is married with four children and resides in Chicago. He has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989). 12:00 Lunch Provided Monte Carlo Terrace (Main Entrance/East Side) 1:30 Agencies — Diversifying Your Options Don’t know what other agencies are available to purchase for your portfolio? This session will help familiarize you with who these entities are to help diversify your agency holdings. Stephen Feeney, Managing Director of Capital Markets, OPIC Raj Nandkumar, Vice President and Treasurer, PEFCO Josh Carlon, Director, Corporate Finance, TVA Thursday, March 12, 2015 (continued) 2:45 Supras With the continued decline in GSE issued debt, Supranationals are still a viable option. This session will give an overview of what they are and what they do. George Richardson, Head of Capital Markets, The World Bank Flora Chao, Senior Funding Officer, International Finance Corporation (IFC) Laura Fan, Head of Funding, Finance Department, IADB 3:15 Refreshment Break 3:30 Interest Rate Strategies The aim of this session is to explore investment options in the U.S. Rates market that fit within investors’ risk tolerance and investment strategy. We will first examine how investment options in the U.S. Rates market have changed over the year due to Macroeconomic themes including Fed Policy, global rates, oil prices, and European events. Then we will discuss which investment options are likely to perform well under several interest rate scenarios. Michael Kahn, Director, US Rates Sales, TD Securities USA 4:15 Keeping Score of Your Portfolio A look into benchmarking and the relationship of structuring your portfolio to manage risk. Lessons that Main Street can learn from bank portfolios. Jon Highum, Head CPE, Fixed Income Sales, Wells Fargo Securities 4:45 Thursday Session Concludes 5:30 - NCAA Basketball Party (All Attendees) 8:00 Big screen basketball, food, and fun! A great opportunity to get to know your public investment peers and broker community. Downstairs in The Pub at Monte Carlo Friday, March 13, 2015 (Conference held in the Main Ballrooms – All Attendees) 8:00 Registration Begins (Full Buffet Breakfast) 8:30 GASB Update GASB 31 links local government investment pools to SEC Rule 2a7 by requiring pool sponsors to follow specific 2a7 criteria in order to qualify for amortized cost reporting. The SEC revised its rules in 2014. These changes will affect investment pools. GASB is currently examining the financial reporting by external investment pools and pool participants. Randy will discuss the work performed thus far and where GASB may be headed with its changes to ‘2a7-like’ as described in GASB Statements No. 31 Accounting and Financial Reporting for Certain Investments and for External Investment Pools, and 59, Financial Instruments Omnibus. Randy Finden, GASB 9:15 Investing In and Analyzing Muni Debt Are municipals right for your portfolio? Strategies to analyze and invest in municipal debt. Richard S. Szalkowski, Senior Vice President, Municipal Bond Analyst, Raymond James 10:00 Refreshment Break 10:15 State LGIP Pool Panel — Panel of the GIOA Board: Laura Glenn, State of Georgia Mary Christine Jackman, State of Maryland Shawn Nydegger, State of Idaho 11:00 Conference Concludes