Allowable Investments Under The Texas Public Funds Investment Act

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1 Allowable Investments Under The Texas Public Funds Investment Act December 2017 Benjamin M. Clark SVP Portfolio Strategies Houston, TX

2 Objectives of this Session Understand the General Requirements of PFIA Investment Policies Training Identify and Define PFIA Authorized Investments Identify Investments Not Authorized under PFIA Discussion: Investing in Uncertain Times Disclaimer is on the last page of this presentation. 1

3 General Requirements of PFIA: Investment Policy (Sec ) STANDARD OF CARE. (a) Investments shall be made with judgment and care, under prevailing circumstances, that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation, but for investment, considering the probable safety of capital and the probable income to be derived. Investment of funds shall be governed by the following investment objectives, in order of priority: 1. preservation and safety of principal; 2. liquidity; and 3. yield. 2

4 General Requirements of PFIA: Investment Policy (Sec ) Written policy required Prioritize Safety of Principal Liquidity Yield Must address the following Authorized investments Maturity/WAM/Average Life Limits Methods for monitoring market valuations Requirement of DVP settlement 3

5 General Requirements of PFIA: Investment Strategies (Sec (d)) Separate written investment strategy may be adopted Must be reviewed at least annually Investment officer(s) can be designated various restrictions placed on such person(s) Priority of Objectives Suitability of investments Preservation and safety of principal Liquidity Marketability of the investment Diversification of the portfolio Yield 4

6 General Requirements of PFIA: Compliance Audit & Investment Training Compliance audit of management controls Once every two years Internal or private auditor Ensure compliance to established investment policies Investment Training Local Governments Required if investing public funds in anything other than CDs Treasurer, CFO (if Treasurer is not CFO) & Investment Officer Investment training must be from an independent and approved source 5

7 Unauthorized Investments Overview Sec (b)(1)-(4) 1. Interest-only mortgage-backed collateral securities (IOs) 2. Principal-only mortgage-backed collateral securities (POs) 3. Collateralized Mortgage Obligations (CMOs) with a stated final maturity date greater than 10 years 4. Inverse Floater CMOs Those in which the CMO s coupon floats to an index that adjusts opposite to the changes in a market index 6

8 Authorized Investments Overview Sec (a)(1)-(6) 1. Obligations, including letters of credit, of the United States or its agencies and instrumentalities 2. Direct obligations of this state of its agencies and instrumentalities 3. Collateralized mortgage obligations (CMOs) directly issued by a federal agency or instrumentality of the U.S. 4. Other obligations where by the principal and interest payments are backed by the full faith & credit of this state or the U.S. government or their respective agencies and instrumentalities, including obligations fully guaranteed by the FDIC 5. Obligations of other state, agencies, counties, cities and other political subdivisions rated A or better by a nationally recognized rating firm 6. Bonds issued, assumed, or guaranteed by the State of Israel 7

9 Authorized Investments: Overview Obligations of the U.S. Govt. or its Agencies & Instrumentalities Obligations : U.S. Treasury Securities Agencies : Official U.S. federal government agencies Securities issued or guaranteed are backed by the full faith and credit of the U.S. government Explicit and unconditional commitment GNMA, SBA, Ex-Im Bank, FHA & others Instrumentalities : Govt.-sponsored enterprises (GSEs) Not backed by a FF&C guarantee Securities carry credit risk Farmer Mac, Farm Credit, FHLB, Freddie Mac, Fannie Mae, TVA 8

10 Non-Amortizing vs. Amortizing Bonds Non-Amortizing (Example: Agency Debentures) No periodic return of principal dollars Principal returned at maturity or call date Typically pays semiannual interest Amortizing (Example: Mortgage Backed Securities) Principal & interest returned according to a designated periodic payment schedule Principal balance falls over time 9

11 Authorized Investments: U.S. Treasury Securities Non-amortizing Issued by the U.S. Department of the Treasury Direct obligations of the U.S. Government Maturities ranging from 4 weeks to 30 years T-Bills: 4-52 weeks T-Notes: 2-10 years T-Bonds: 30 years T-Bills trade at discounts to par investor receives full face value at maturity T-Notes & T-Bonds pay semi-annual interest, principal returned at maturity 10

12 Authorized Investments: U.S. Treasury Curve: November 2016 vs % 2.50% 2.00% 1.50% 1.00% Treasury Curve (Nov 2017) Treasury Curve (Nov 2016) 0.50% 0.00% 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 30Y Treasury Curve (Nov 2017) 1.04% 1.21% 1.37% 1.54% 1.68% 1.81% 2.08% 2.28% 2.41% 2.53% 2.64% 2.87% Treasury Curve (Nov 2016) 0.29% 0.48% 0.61% 0.76% 0.99% 1.27% 1.66% 2.01% 2.22% 2.41% 2.59% 2.96% *some observations are interpolated Source: Bloomberg as of 11/13/

13 Authorized Investments: Agency Bonds Non-amortizing generally pay interest semi-annually GSE Issuers (Established) Federal Home Loan Banks (1932) Fannie Mae (1938/68) Freddie Mac (1970/88) Farm Credit (1916) Farmer Mac (1987) Structures Discount Notes Fixed Maturity - Bullets Callable Step-Up 12

14 Authorized Investments: Agency Bonds Farmer Mac (FAMCA) Provide secondary market for agricultural, rural housing, and rural utilities 13

15 Authorized Investments: Agency Bonds Source: FTN Financial and US Agencies 14

16 Authorized Investments: Agency Bonds Source: FTN Financial and US Agencies 15

17 Authorized Investments: Agency Bonds Source: FTN Financial and US Agencies 16

18 Authorized Investments: Agencies vs. Treasuries 3.00% 7Y NC 6M 2.50% 3Y NC 6M 5Y NC 6M 2.00% 2Y NC 6M 5Y Bullet 7Y Bullet 3Y Bullet Yield 1.50% 2Y Bullet 1.00% 0.50% 0.00% Months Treasury Curve (Nov 2017) Agency Bullet Callable Agency Source: Bloomberg and FTN Financial 17

19 Authorized Investments: Mortgage Backed Securities - Basics Amortizing Often referred to as pass-through securities A MBS is an undivided ownership interest in the P&I cash flows generated by a pool of mortgage loans (pro-rata distribution) Monthly P&I collected by mortgage originators and passed-through to investors less servicing and guarantee fees 18

20 Authorized Investments: Mortgage Backed Securities Pass-Through Explained 19

21 Authorized Investments: Mortgage Backed Securities - Advantages High yielding asset (significant pick up versus Agency Bullets and Treasuries) Excellent credit quality (explicit government guarantee for GNMA) Built-in cash flow ladder (amortization forces principal return) 20

22 Authorized Investments: Mortgage Backed Securities - Issuers GNMA (Ginnie Mae) Government owned and operated agency created to promote homeownership among low to middle income families (unconditional govt. guarantee) FNMA & FHLMC (Fannie Mae & Freddie Mac) Government sponsored agencies developed to promote a secondary market for conventional mortgage loans (referred to as Conventionals) 21

23 Authorized Investments: Mortgage Backed Securities Investment Risks Primary risk is that the investment prepays differently than anticipated Borrowers have right to prepay principal in full or in part at any time without penalty Similar to a callable bond, the right to prepay is an option held by the homeowner Therefore, an assumption regarding a range of prepayment rates is necessary to evaluate MBS opportunities (Bloomberg consensus, prepayment models helpful) 22

24 Authorized Investments: Mortgage Backed Securities Drivers of Prepayments Rate incentive (can borrowers get a lower mortgage rate?) Refi rate incentive: How far in or out of the money a borrower is. A pool with a 5% WAC (WAC: weighted avg coupon or mortgage rate) in an environment with 4% rates has 100 bps of incentive. Loan size: small loans prepay slower (smaller economic benefit for paying fixed costs and enduring headaches) Current LTV/FICO: difficult for high LTV and low FICO borrowers to refi (but very low FICO borrowers default more) Loan age: new loans and very old loans exhibit slow prepayments 23

25 Authorized Investments: MBS vs. Treasuries 3.50% 3.00% 30Y 3.5s, 2.98% 30Y 3.0s, 2.98% 15Y 2.5s, 2.40% 20Y 3.0s, 2.67% 2.50% 10Y 2.5s, 2.17% 2.00% Yield 1.50% 1.00% 0.50% 0.00% Months Treasury Curve (Nov 2017) Fixed Rate MBS Source: Bloomberg and FTN Financial 24

26 Authorized Investments: CMOs CMOs are securities that are created from a pool of mortgage pass-through securities Principal & interest are distributed to different classes (called tranches) of bonds. Each bond (tranche) usually has a different principal amount, coupon rate, maturity, and prepayment risk. 25

27 Authorized Investments: CMOs - Advantages Only bonds with stated maturity of <10 years are authorized under PFIA Cannot be IO, PO or inverse floating structures Investors are able to find better matches for their needs Average life Average life variability Cash flow ladder/payment window Price point Diversify collateral exposure Benefit from difference collateral while maintaining structure Protection against market uncertainties 26

28 Authorized Investments: Obligations of the State of Texas or Other States Municipal Bonds Issued by political subdivisions Maturities typically out to 30 years Generally provide long call protection without a large cost Tax-free & taxable issues available Taxable munis currently in favor with public funds due to higher nominal yields 27

29 Authorized Investments: Taxable Municipal Bonds vs. Treasuries 4.00% 3.50% 3.00% 2.50% Yield 2.00% 1.50% 1.00% 0.50% 0.00% Months Treasury Curve (Nov 2017) US Taxable GO AAA Muni Curve Source: Bloomberg 28

30 Authorized Investments: Certificates of Deposit - Basics FDIC insured up to $250,000 per institution Range of maturities Bank CDs Typically offer attractive rates Early redemption fees can apply Brokered CDs Negotiated instruments Assigned CUSIPs No early redemption fees Can be traded subject to market pricing 29

31 Authorized Investments: Certificates of Deposit - Requirements Issuing institution has main office or a branch office in this state and is Guaranteed or insured by FDIC or NCUSIF or successors Collateralized by PFIA authorized investments Secured in any other manner and amount provided by law Funds may also be invested in CDs through CD brokerage services like CDARS provided that the broker has its main office or a branch in this state and is selected from a list adopted by the investing entity Full amount of the principal and accrued interest of each CD must be insured by the U.S. or an instrumentality of the U.S. 30

32 Other Authorized Investments: Repurchase Agreements Basics & Requirements Repos Short-term borrowing arrangements for broker/dealer and other entities that hold positions in government securities Must be fully collateralized by a combination of cash and PFIA authorized investments Must have a defined termination date Positions must be pledged to the entity (county), held in the entity s name and deposited at the time the investment is made Requires 3 rd party safekeeping arrangement Counterparty must be a primary dealer or financial institution doing business in this state Other restrictions defined in

33 Other Authorized Investments: Securities Lending Program: Basics & Requirements The act of loaning a security to another investor or dealer Authorized under (a) Value of securities loaned under the program must be not less than 100% collateralized, including accrued income Must allow for termination of the loan at any time Must be secured by pledged securities authorized under PFIA, pledged irrevocable letters of credit issued by a bank with restrictions or cash Loan must be placed through a primary government securities dealer or a financial institution doing business in this state Must have a term of one year or less 32

34 Other Authorized Investments: Banker s Acceptances Basics & Requirements Short-term debt instruments issued by a company that is guaranteed by a commercial bank Similar to T-Bills trade at a discount to par Must have a stated maturity of 270 days or fewer from date of issuance Liquidated in full at maturity Eligible for collateral for borrowing from Federal Reserve Bank Accepted by a bank that is rated not less than A-1 or P-1 or an equivalent rating 33

35 Other Authorized Investments: Commercial Paper Unsecured, short-term debt instrument issued by a corporation typically for the financing of short term liabilities (accounts receivable, inventory, etc.) Must have a stated final maturity of 270 days or fewer Issuer must be rated not less than A-1 or P-1 or an equivalent rating by at least: A. Two nationally recognized rating agencies B. One nationally recognized credit rating agency and it fully secured by an irrevocable letter of credit 34

36 Other Authorized Investments: Mutual Funds Basics & Requirements Investment made up of a pool of money invested in a basket of securities Shares are redeemed at a Net Asset Value (NAV) Offer diversification and professional management for a fee SEC registered no-load money market mutual funds Must provide a prospectus and other information required by federal law Must have a dollar-weighted average stated maturity of 90 days or fewer Must seek the objective of maintaining a stable NAV of $1/share Investing entity (county) must not own more than 10% of the fund s total assets 35

37 Other Authorized Investments: Mutual Funds Basics & Requirements (cont.) SEC registered no-load mutual fund WAM less than 2 years Must be invested exclusively in obligations that are PFIA approved Must be continuously rated no less than AAA or equivalent by a nationally recognized ratings agency Must conform to requirements in section (b) Not Authorized Entity must not invest in the aggregate more than 15% of its monthly average fund balance, excluding bond proceeds, reserves and other funds held for debt services Must not own more than 10% of the mutual fund s total assets 36

38 Other Authorized Investments: Guaranteed Investment Contracts Basics & Requirements Insurance contracts that guarantee repayment of principal and a stated return May be fixed or floating Must have a defined termination date Secured by obligations authorized under PFIA 3 rd party safekeeping Bond proceeds, other than reserved and funds maintained for debt service, may not be invested with a term longer than 5 years 37

39 Other Authorized Investments: Guaranteed Investment Contracts Basics & Requirements (cont.) To be eligible: Entity (county) must specifically authorize GIC as an eligible investment Must receive bids from at least 3 separate providers Must purchase the highest yielding GIC bid received Price must take into account expected drawdown schedule Must have reasonable administration fees 38

40 Other Authorized Investments: Local Govt. Investment Pools Basics & Requirements State or local pool offered to public entities Texas Class, Tex Pool, Tex Star, Logic, etc. Government pools vs. Prime pools Pool manager must furnish the following: Types of investments in pool Maximum dollar-weighted maturity allowed Maximum state maturity allowed Objectives of the pool Size of the pool Names of the members on the advisory board Custodian bank & independent auditor Existence of insurance or guarantees held as a source of secondary payment 39

41 Other Authorized Investments: Local Govt. Investment Pools Basics & Requirements (cont.) Requirements for the deposit and withdrawal of funds Historical performance of the pool Yields WAM Expense ratios To maintain eligibility pool must furnish: Transaction confirms Monthly report that contains: Breakdown of securities held WAM of assets % of pool s portfolio invested in assets with maturities longer than 1 year Book value vs. market value Size of pool and number of participants Custodian bank that is safekeeping the assets Listing of daily transaction activity Yield & expense ratios Names of PMs Any changes to addendum to the offering circular 40

42 Other Authorized Investments: Investment Pools Basics & Requirements (cont.) Entity (county) may contract to delegate authority to hold legal title as custodian of investments Yield shall be calculated in accordance with regulations under federal law Pools created to function as a money market mutual fund must mark its portfolio to market daily and seek to maintain a $1 NAV. If ratio of the market value divided by book value of the portfolio is less than or greater than 1.005, holdings shall be sold as necessary to maintain ratio between that range 41

43 Other Authorized Investments: Investment Pools Basics & Requirements (cont.) Advisory Board must be composed: 1. Equally of participants in the pool and other person who do not have a business relationship with the pool and are qualified to advise the pool for a public funds investment pool created under Chapter 791 and managed by a state agency; or, 2. of participants in the pool and other persons who do not have a business relationship with the pool and are qualified to advise the pool, for other investment pools Must be rated no lower than AAA, AAAm or equivalent by at least one nationally recognized rating agency If pool offers breakpoints, they must provide information on all levels of return based on breakpoints or state the lowest possible level of return based on breakpoints in advertising investment rates 42

44 Other Authorized Investments: Miscellaneous Institutions of Higher Education Mineral Rights Municipal Utility Ports/Navigation Districts Independent School Districts Decommissioning Trust 43

45 Disclaimer This material was produced by an FTN Financial Strategist and is not considered research and is not a product of any research department. Strategists may provide information to investors as well as to FTN Financial's trading desk. The trading desk may trade as principal in the products discussed in this material. Strategists may have consulted with the trading desk while preparing this material and the trading desk may have accumulated positions in the securities or related derivatives products that are the subject of this material. Strategists receive compensation which may be based in part on the quality of their analysis, FTN Financial revenues, trading revenues, and competitive factors. Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results, while changes in any assumptions may have a material effect on projected results. Ratings on all securities are subject to change. FTN Financial Group, FTN Financial Capital Markets, FTN Financial Portfolio Advisors and FTN Financial Municipal Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp (FTSC), FTN Financial Main Street Advisors, LLC, and FTN Financial Capital Assets Corporation are wholly owned subsidiaries of FTB. FTSC is a member of FINRA and SIPC FTN Financial Municipal Advisors is a registered municipal advisor. FTN Financial Portfolio Advisors is a portfolio manager operating under the trust powers of FTB. FTN Financial Main Street Advisors, LLC is a registered investment advisor. None of the other FTN entities including, FTN Financial Group, FTN Financial Capital Markets, FTN Financial Securities Corp or FTN Financial Capital Assets Corporation are acting as your advisor and none owe a fiduciary duty under the securities laws to you, any municipal entity, or any obligated person with respect to, among other things, the information and material contained in this communication. Instead, these FTN entities are acting for their own interests. You should discuss any information or material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material. FTN Financial Group, through FTB or its affiliates, offers investment products and services. Investment Products are not FDIC insured, have no bank guarantee and may lose value. 44

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