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