Relative Value Training for Credit Analysts

Fundamental credit analysis is a critical component of municipal bond investing decisions. Yet, credit is just one input investors use to determine which bonds to buy, sell, and hold. NFMA will present two webinars to help credit analysts appreciate their role in the investment process by gaining a deeper understanding of bond structure, market dynamics, market vocabulary, and trading basics. Learning to determine relative value and to think in terms of value for credit will help analysts provide better and more informed analysis. It will also help credit analysts effectively communicate with other practitioners such as traders and portfolio managers.

The goal of these sessions is to introduce analysts to some of these concepts. Each 45-minute presentation will be followed with a live Q&A session.

Day 1: Introduction to Muni Bond Basics

This session is intended for new credit analysts unfamiliar with bond and trading basics. Content covered includes market overview, bond structures, how muni bonds differ from corporates, premium vs. discount bonds, trading basics, evaluation services, spreads, yields vs. MMD, duration, and how portfolio managers use duration to manage risk.

Presenters
Ann Ferentino, Senior Investment Analyst, Portfolio Manager Federated Hermes
Patrick Luby, Senior Municipal Strategist, CreditSights 
Justin Horowitz, Senior Portfolio Manager, Birch Creek Capital
Joseph Gankiewicz, Director of Municipal Credit Research, Met Life Services and Solutions
Molly Shellhorn, Managing Director, Senior Credit Analyst, Nuveen

This webinar will be held on Zoom. To register for Day 1, click here.  The confirmation email will include the link to register and join with Zoom.

If this content sounds too rudimentary, join us for Day 2 on September 29.