SYLLABUS
SYLLABUSUniversity of Chicago Harris School of Public Policy
StudiesSpecial Topics: The Fundamentals of Municipal Bonds
PPHA 32530
Fridays 9:00am to 12:00pm
April 5th to June 7th Harris SchoolLocation:
104 B Harris
INSTRUCTOR:
Michael D. Belsky
[email protected]
312-953-5449
Course Goals & PurposeThis class will be oriented to
graduate students interested in how state and local governments as
well as not for profit hospitals, colleges and universities, and
cultural institutions finance capital projects including but not
limited to: roads; bridges; mass transit,; water sewer and electric
systems; and public buildings, through the issuance or sale of
municipal bonds.
There are over $3.7 trillion in municipal bonds outstanding and
on average over $350 billion issued each year. This annual amount
represents 10,000 separate financings. This market is critical to
investors and the 87,500 state and local governments in the United
States that need to meet the needs of their respective citizens.
There are 55,000 governments with debt outstanding.
Each week we will cover different aspects of tax exempt bonds
and the various processes used to raise money for governments and
not for profits. The texts listed below will be supplemented by
rating agency reports, and topical articles from industry
publications and publicly available web sites. Some classes will
include guest speakers to illuminate a course subject and to point
up career opportunities.
The class will include a discussion how and where Masters
students in public policy can pursue various career options in the
municipal bond industry including: working in a: budget or finance
office of a government focusing on debt management; at a rating
agency; working as an analyst for a mutual fund, insurance company
or bank trust company; or working; or as an analyst for an
investment banking firm or government advisory firm. We will also
discuss how this entry level positions can lead to careers in
investment banking for government and portfolio management of tax
exempt bonds.
Exams, Grading, Etc.In addition to weekly reading there will be
a midterm and final. The mid- term will be an exam with multiple
choice and essay questions. This will test your comprehension of
the materials covered to date.
The final will be a paper where you will write a rating agency
report on a given municipality. My hope is this will give you a
work product that will help you in obtaining employment should you
decide to choose the municipal bond industry as a career. Grading
will be based on a weighted average of attendance, class
participation, the midterm and final.
Grade Distribution:
10% Attendance
15% In-Class Participation and discussion
35% Midterm
40% Final ProjectGrade Ranges:
A90-100
B.80-89
C70-79
D..60-69
F.
