CUNA Fixed-Income Investments eSchool (recorded 2013)

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AW8FI13

Jun. 06 - Dec. 06, 2013 

This recorded event is available until December 6, 2013.

This eSchool is designed to give you a fundamental knowledge of fixed income investing as it relates to permissible investments at your credit unions. Topics covered include fixed-income terms, security types, portfolio construction, portfolio management, security selection, investment accounting, policy guidance and design of the portfolio as part of the overall balance sheet.

This event is produced by the CUNA Center for Professional Development and endorsed by the CUNA CFO Council.

All CUNA CFO Council members receive this eSchool for $399 (originally $1,095). For more information, click here.

Who Should Attend

This eSchool is beneficial for board members, credit union financial staff and senior executives interested in gaining fundamental knowledge of fixed income investing. Affiliation with CUNA/League is required for attendance.

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AW8FI13

Jun. 06 - Dec. 06, 2013 

Basic Fixed Income Terms & Introduction to Bullet Securities

  • Introduce basic fixed income terms such as coupon, price, par value and yield
  • How to value securities using discounted cash flows
    • Present value will tell us what is the value of the stream of cash flows today
    • Discuss how to calculate the market price
    • Relationship between the coupon rate, market rate, price and par value (par, discount, premium)
  • Measures of yield - current yield, yield to maturity and yield to call
    • Assumptions embedded in each of these yields
  • Permissible investments - focuses on federal charters
  • Discuss bank CDs, treasuries and agency bullets
    • Define each security type, advantages and disadvantages

Agency Callables, Agency Step-Ups

  • Risks associated with fixed income investing
    • Interest rate risk, call risk, liquidity risk, reinvestment risk, yield curve risk, prepayment risk, volatility risk and credit risk
  • Discuss price yield profile
  • Investor challenges and tools required when investing in more complex security types
  • Each security type is defined, risks are identified, types and components are reviewed and Bloomberg pages are explained
  • Advantages and disadvantages

Mortgage-Backed Securities

  • General background and market overview of MBS market
  • Fixed and adjustable MBS
    • Break down the Bloomberg screens
    • Analyze each type
  • Prepayment conventions (PSA and CPR)
  • Advantages and disadvantages

Collateralized Mortgage Obligations

  • Intro to CMO's
  • What is the difference between MBS and CMOs
  • Fixed CMO's - break down SEQ, PAC, VADM and TAC - define each and show Bloomberg
  • CMO Floater's vs inverse floaters
  • How to purchase CMO/MBS
  • Advantages and disadvantages

Investment Policy Modifications & Introduction to Investment Portfolio Construction

  • Investment policy construction - regulatory constraints and how to appropriately place limitations in the investment policy
  • Provides sample policy language for all security types discussed
  • Introduction to broad based investment strategies
    • Laddered strategy
    • Barbell strategy
    • Bullet strategy
    • Rolling down the yield curve
    • Sector rotation

Investment Portfolio Construction & Strategies: Part 1

  • Advanced fixed income terms
  • Passive versus active strategies
  • Why you need to consider the credit union's liability structure
  • Sample portfolio allocation

Investment Portfolio Construction & Strategies: Part 2

  • Once you have a strategy, how do you pick the bonds?
  • Analyzing and selecting various debentures, MBS and CMO's
  • Relative value across sectors

Investment Accounting, Additional Considerations, Broker vs. Asset Manager

  • Investment accounting - transaction process
  • Amortization vs accretion
  • Interest accruals
  • Regulation Part 703 Listing - NCUA requires that credit unions identify quarterly those holdings that meet the 703 requirements
  • Look at portfolio rate shocks
  • Book yield methodologies
  • Importance of prepayment speeds
  • What to know about using a broker or an asset manager
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AW8FI13

Jun. 06 - Dec. 06, 2013 

Cullen Coxe

Cullen joined ALM First Financial Advisors in 2003. As a financial advisor for the firm, his primary responsibilities include reviewing clients' asset/liability portfolios, as well as designing and executing financial strategies that provide the best value proportional to each client's desired risk profile.

Cullen has lengthy experience in trading and investment portfolio management. He also has had extensive interaction with the secondary market, including mortgage-loan origination, production, funding and hedging.

Before joining ALM First, Cullen was a bank portfolio manager and trader, responsible for a $4 billion mortgage-backed security portfolio. In this position, he researched, analyzed and executed trades involving mortgage-backed, pass-through securities, as well as collateralized mortgage obligations. Additionally, he hedged the portfolio on a monthly basis to ensure compliance with regulatory guidelines, and planned and forecasted balance-sheet strategies based on various interest-rate scenarios. Prior to serving as a portfolio manager for the bank, he managed its liabilities and all borrowings with a focus on reducing the cost of funds.

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AW8FI13

Jun. 06 - Dec. 06, 2013 

Live Session

This is a recording of an event held June 6, 2013. View upcoming events.

Sessions

Only interested in a specific topic? Select individual sessions are available for $219-$438 each.

  • Basic Fixed Income Terms & Introduction to Bullet Securities
  • Agency Callables, Agency Step-Ups
  • Mortgage-Backed Securities
  • Collateralized Mortgage Obligations
  • Investment Policy Modifications & Introduction to Investment Portfolio Construction
  • Investment Portfolio Construction & Strategies: Part 1
  • Investment Portfolio Construction & Strategies: Part 2
  • Investment Accounting, Additional Considerations, Broker vs. Asset Manager

See a full list of upcoming events.

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AW8FI13

Jun. 06 - Dec. 06, 2013 

CPE Credits logoCUNA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.

CPE Credits: You can earn 9 group Internet-based credits for this eSchool. No advance preparation or prerequisites are required. For more information regarding administrative policies, such as complaint and refund, please contact CUNA at 800-356-9655, ext. 4249. To view all programs that offer CPE credits, click here.

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AW8FI13

Jun. 06 - Dec. 06, 2013 

CUNA recorded events allow you to see and hear a presentation and refer to handouts. Attendees also have access to the speaker contact information for asking questions. With topics spanning all credit unions' business areas, CUNA Training Bundle provides unlimited access to all live and recorded CUNA webinars, eSchools and audio conferences for all staff, managers and board members.

Accessing Your Recorded Event

You need a computer with an Internet connection to participate.

Recorded events are available within 48 hours of the live event. Recorded events can be accessed by anyone at your credit union by logging into My Programs using your CUNA website username and password.

Discounts

CUNA Council members and CUNA Volunteer Network members receive a $100 discount. Your final price will be visible at checkout.

Please note: Only one discount available per registration.

100% Guarantee

CUNA is committed to providing a quality learning experience. If for some reason you are not fully satisfied, contact us and we'll provide you a full tuition refund or credit.

Cancellations

Cancellations received in writing (via fax 608-231-4327) before June 6, 2013 are eligible for a refund of the amount paid minus a $200 administrative fee. No refunds will be granted for cancellation requests received on or after June 6, 2013 or for registrations received on or after June 6, 2013. Substitutions are accepted anytime prior to June 6, 2013 at no additional cost. Simply fax event and contact information, listing the new participant and who they will be replacing.

Buy Now $1,095.00
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AW8FI13

Jun. 06 - Dec. 06, 2013 

After registration, recorded events can be accessed by anyone at your credit union by logging into My Programs using your CUNA website username and password. Recorded events are available within 48 hours of the live event.
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