360 Madison Ave.
New York, NY 10017-7111
Tel 646.637.9200
Alt 212.808.1000
Fax 646.637.9126
1399 New York Ave., NW
Washington, DC
20005-4711
Tel 202.434.8400
Fax 202.434.8456
St. Michael's House
1 George Yard
London, EC3V 9DH
Tel 44.20.77.43.93.00
Fax 44.20.77.43.93.01
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GSE Callable Securities Investor Seminar II:
Exploring The New Opportunities To Trade European Callable Securities Under TBMA's New OAS Guidelines
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Tuesday, March 30, 2004
1:00 - 6:30 p.m.
Global Financial Markets Conference Center
360 Madison Avenue (Entrance on 45th Street), 17th Floor
New York City
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Confirmed Exhibitors
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Exhibitor Opportunities Now Available
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Program
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1:00 - 2:00 p.m. |
Registration & Demonstrations by Various Exhibitors
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2:00 - 2:15 p.m. |
Welcome
Beth Hammack
Head of US Agency Syndicate & Trading, Goldman Sachs & Company
2004 Vice Chair, TBMA Federal Agency Securities Committee |
2:15 - 2:45 p.m. |
Update on The Bond Market Association's Guidelines
Eric L. Foster
Vice President and Associate General Counsel
The Bond Market Association
- Overview of TBMA's Guidelines For Trading
GSE European Callable Securities
- Industry Efforts to Implement the Guidelines
- Understanding how Guidelines Adjust for Volatility Skews
- Potential Impact of Guidelines on Spreads and Trading
- Update of Proposed Improvements to the Guidelines
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2:45 - 3:45 p.m. |
Investment Outlook For Fixed Income Investors:
Examining The Current Forecast For Interest Rates & Spreads
- Release of TBMA Quarterly Rates Outlook
- 2004 Outlook For Treasury & GSE Issuance
- Likelihood of a Federal Rate Hike
- Macroeconomic Forecast, Future Shape of Yield Curve
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| Moderator: |
Daniel B. Markaity, Managing Director, Merrill Lynch & Co., Inc. |
| Panelists: |
David J. Greenlaw, Principal Chief U.S. Fixed Income Economist
Morgan Stanley
Joseph A. LaVorgna, Chief U.S. Fixed Income Economist,
Deutsche Bank Securities Inc.
Priya Misra, Associate, Interest Rate Strategies, Lehman Brothers Inc. Stephen Stanley, Chief Economist, RBS Greenwich Capital |
3:45 - 4:00 p.m. |
Coffee Break & Exhibitor Demonstration
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4:00 - 4:45 p.m. |
Enhancing Your Portfolio's Return: Potential Role of
Callable and Bullet Agency Securities
- Outlook on Agency Spreads & Volatility
- Callables vs. Bullets
- Discussion of Portfolio Optimization
- TBMA Guidelines: Impact on Changing Market Dynamics and
Relative Value Opportunities
- What Should Drive an Investment Decision and
Willingness to Sell Volatility?
- Are Agency Callable Securities Becoming More Liquid?
- What's Ahead? - Will Investors Demand Gravitate Towards
European Callables
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| Moderator: |
Michael Yarian, Director, Barclays Capital |
| Panelists: |
Richard Bohan, Senior Trader, Governments, Agency Debt and Derivatives, Fidelity Management and Research
Larry Dyer, Agency Strategist, Credit Suisse First Boston
Scott Graham, Senior Vice President, Agency Trading,
RBS Greenwich Capital
K. N. Sundararajan, Director - Agency Strategy, Barclays Capital
Brian Weinstein, Associate, Blackrock Financial Management, Inc.
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4:45 - 5:00 p.m. |
Coffee Break & Exhibitor Demonstration
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5:00 - 5:45 p.m. |
Dealer-Customer Platforms: Pricing New Issues & Trading Agency Callable Securities under TBMA Guidelines
- Issuer Perspective on the Future of the Callable Market
- Pricing New Issues
- Evaluating & Stress Testing a Callable Securities Portfolio
- Learn About Bloomberg's new AOAS Analytic Screen
- New Tools to Evaluate a Callable Agency Security's OAS, OA DV01
- Overview of the New Trading Screens
- How New Callable Trading Screens Work
- STP & Additional Benefits of Electronic Trading
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| Moderator: |
Naresh Narayan, Director, Citigroup Global Markets, Inc |
| Panelists: |
Brian Devers, Bloomberg L.P.
Peter Pujols, Managing Director, TradeWeb Group
Mohit Sudhakar, Senior Portfolio Director II, Freddie Mac
James Zucco, Director Long Term Funding, Fannie Mae |
5:45 - 6:00 p.m. |
Closing Remarks
Steve Shulman
Head of U.S. Agency Trading, Bear Stearns & Co., Inc.
2004 Chair, TBMA Federal Agency Securities Committee |
6:30 p.m. |
Cocktail Reception
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Registration Information
This workshop is open to all and there is no charge for attending; however, pre-registration is required. For more information, please contact Susan Weiss at 646.637.9293.
Register Here
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