CUNA Fixed-Income Investments eSchool

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ES8FI13

Apr. 18 - Jun. 06, 2013 11:00 a.m. - 12:00 p.m. CT

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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ES8FI13

Apr. 18 - Jun. 06, 2013 11:00 a.m. - 12:00 p.m. CT

Class 1: April 18, 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

Class 2: April 25, 2013

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

Class 3: May 2, 2013

Mortgage-Backed Securities (MBS)

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

Class 4: May 9, 2013

Collateralized Mortgage Obligations (CMOs) (PAC & SEQ)

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

Class 5: May 16, 2013

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

Class 6: May 23, 2013

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

Class 7: May 30, 2013

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

Class 8: June 6, 2013

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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ES8FI13

Apr. 18 - Jun. 06, 2013 11:00 a.m. - 12:00 p.m. CT

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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ES8FI13

Apr. 18 - Jun. 06, 2013 11:00 a.m. - 12:00 p.m. CT

Recorded Event

All live event registrations include credit union access to the recorded event. You may also purchase the recorded event separately. Click here to see more about purchasing the recorded event. Recorded events can be accessed by anyone at a registered credit union through My Programs.

Sessions

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

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Buy Now $1,095.00

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ES8FI13

Apr. 18 - Jun. 06, 2013 11:00 a.m. - 12:00 p.m. CT

CPE Credits logo CUNA 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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ES8FI13

Apr. 18 - Jun. 06, 2013 11:00 a.m. - 12:00 p.m. CT

To provide more credit union staff the opportunity to hear detailed information regarding their credit union duties, CUNA adapts many of its face-to-face schools into eSchools. Just like face-to-face classes, CUNA eSchools allow attendees to see and hear a presentation, ask questions of the speaker and refer to handouts. With topics spanning all credit unions business areas, CUNA Training Bundle affordably provides unlimited access to all CUNA webinars, eSchools and audio conferences for all staff, managers and board members.

Registration includes credit union access to the recorded event through My Programs.

Connecting to Your eSchool

CUNA webinars use Adobe Connect to provide an interactive and convenient online learning environment. Whether you are a first-time Adobe Connect user, or simply need a refresher, take a short tour. You'll learn how to effectively interact with the speakers and your peers during eschools.

You need a phone and computer with Internet connection. Event connection details will be emailed to registered attendees 24-48 hours prior to the event. If you register for an event on the day it is being held, please call 800-356-9655, ext. 4249 or email for assistance.

Recorded Event

All registrations include credit union access to a recording of this event. Recorded events are available within 48 hours of the live event. Recorded events can be accessed by logging into My Programs using your CUNA website username and password.

Discounts

Discounts may apply. Your final price will be visible at checkout. 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 April 16, 2013 are eligible for a refund of the amount paid minus a $30 administrative fee. No refunds will be granted for cancellation requests received on or after April 16, 2013 or for registrations received on or after April 16, 2013. Substitutions are accepted anytime prior to April 16, 2013 at no additional cost. Simply fax event and contact information, listing the new participant and who they will be replacing.

Buy Now Schedule

Buy Now $1,095.00

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