Debt Financing and Management for Public Organizations

This course will focus on the issuance and management of debt by state and local governments, nonprofit institutions and local authorities. The course will address the history and evolution of the capital markets through which municipal issuers borrow funds, primarily on a tax-exempt basis. The course will focus primarily on the issuance of long-term debt to support capital investment, but will also examine short-term borrowings as well.

Students will understand the role of the various participants in the capital markets, including but not limited to the issuer, underwriter, financial advisor, legal counsel, rating agency, insurer and investor. Specific case studies and assignments will explore important events in the municipal market that have resulted in significant change in participant behaviors and market volatility.

Students will become familiar with standard market calculations and analysis including bond sizing and structuring, net present value analysis and credit/risk analysis.

Students are assumed to have a good working knowledge of spreadsheet applications and basic quantitative proficiencies.