Debt Capital Markets

3 days 10-12 Apr 2017, London UK £3,645.00 + VAT* Download brochure Add to basket
3 days 13-15 Nov 2017, Amsterdam Netherlands 4,485.00 + VAT* Download brochure Add to basket

* Claim back your VAT
Find out more

Request a different date or location for this course (we regularly add courses following requests).

{{alternativeRequestSuccess}}
{{alternativeRequestError}}

* Claim back your VAT
Find out more

Overview

Course Objectives

The Primary Markets have always been the main focus of attention by competing banks and by the media when looking at the international capital markets. And yet to date there exists no comprehensive guide as to how the debt primary markets work. This course is designed to give those who need to understand the markets a solid grounding in how they work, and helps to unravel the jargon of the new issues business. The course covers the rationale for debt financing, the types of borrowers and the types of instruments available. It considers the investor's requirement for returns and security against the balance sheet implications for the issuer. The course reviews the various syndication customs, and practices and looks at the legal and regulatory requirements involved in bringing issues to the international markets.

This 3-day course:

  • Provides a comprehensive review of the structure and workings of the International Primary Markets for Debt
  • Takes newcomers to the Debt Primary Markets from the reasons for financing through to the conclusion of successful transactions
  • Looks at structuring the most appropriate financing for a particular borrower and how such an offering should be syndicated and documented

Who Should Attend?

  • All those newly involved in syndication and / or origination and corporate finance.
  • All those responsible for managing these activities or needing to supply middle/back office support to these activities.

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

London
Chris O'Malley new

The Course Director is an economics graduate with more than 35 year experience in the international debt markets entirely on the sales and origination side of the business. For 12 years he managed sales teams: firstly heading the London sales team for Credit Suisse First Boston and then managing sales globally for Samuel Montagu, Midland Montagu and subsequently HSBC. He has worked closely with sales teams in London, New York, Tokyo and Hong Kong and has extensive experience and knowledge of the needs and behaviour of international investors

For HSBC he then transferred to the origination desk establishing a new issue business for the Middle East, India and Africa, successfully bringing many new issues to the loan and bond markets.

The Course Director is a Senior Advisor to the International Capital Market Association (ICMA) focussing on training, market practice and membership initiatives. He has a very focussed yet interactive training style and a depth of experience that allows participants to gain knowledge through his well-constructed, practical case studies and pragmatic approach to the role.

The Course Director is the author of “Bonds without Borders: A History of the Eurobond Market” published in the Wiley Finance Series.

Amsterdam
Chris O'Malley new

The Course Director is an economics graduate with more than 35 year experience in the international debt markets entirely on the sales and origination side of the business. For 12 years he managed sales teams: firstly heading the London sales team for Credit Suisse First Boston and then managing sales globally for Samuel Montagu, Midland Montagu and subsequently HSBC. He has worked closely with sales teams in London, New York, Tokyo and Hong Kong and has extensive experience and knowledge of the needs and behaviour of international investors

For HSBC he then transferred to the origination desk establishing a new issue business for the Middle East, India and Africa, successfully bringing many new issues to the loan and bond markets.

The Course Director is a Senior Advisor to the International Capital Market Association (ICMA) focussing on training, market practice and membership initiatives. He has a very focussed yet interactive training style and a depth of experience that allows participants to gain knowledge through his well-constructed, practical case studies and pragmatic approach to the role.

The Course Director is the author of “Bonds without Borders: A History of the Eurobond Market” published in the Wiley Finance Series.

Venue

London

Central London Hotel Venue

All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

Amsterdam

Amsterdam Hotel

This programme takes place on a non-residential basis at a central Amsterdam hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

 


 

Related Courses

Inhouse

We can bring this course to your company's office.

If you simply want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

We produce learning solutions that are completely unique to your business. Our tailored learning solutions are designed specifically for your organisation’s needs.

We’ll be here to support you every step of the way. From the initial consultancy through to evaluating the success of the full learning experience. We'll ensure you get the maximum return on your training investment.

Find out more

Agenda

Agendas are localised, please select your preferred location.

DAY 1

Sources of Finance

  • Financing choices
  • Cost of equity and debt
  • Weighted Average Cost Of Capital (WACC)
  • Financial leverage
  • Purpose of funding
  • Market conditions

Borrowers

  • Borrower requirements
  • Loans v. bonds
  • Corporates
  • SSAs

                - Sovereigns
                   - CACs
                - Supras

  • FIs

             -  Capital adequacy
                 - Basel I and Basel II

  • Basel 3

            - New capital framework
            - The buffers and the leverage ratio
            - Liquidity coverage ratio
            - Net stable funding ratio
            - Permitted capital instruments
                 - Common equity Tier 1
                 - Additional Tier 1
                 - Tier 2
             - Contingent capital and “Bail-ins”

  • EU Banking Union

Credit

  • Credit ratings
  • Credit rating agencies
  • Credit rating performance
  • Credit rating process
  • CRA regulation

Bond Types

  • Domestic, foreign and Eurobond
  • Globals
  • International bonds

           -  Public or private
           - Floating rate notes
           - Fixed rate
           - Medium term notes

  • Covered Bonds

Securitisation

  • Definitions

  • The collateral pool
  • Role of seller, servicer and SPV
  • Capital structure
  • CDOs
  •  Why securitise?
  • MBS
  • Credit cards and other types of asset-backed
  • Securitisation since the crisis
  • Regulation of asset-backed


DAY 2


Working with Swaps

  • Definitions
  • Interest rate swaps
  • Asset swaps
  • Liability swaps
  • Exploiting comparative advantage

Investor Protection

  • Events of default
  • Debt Ranking
  • Hybrid capital

            - Debt /equity continuum

  • Covenants
  • Force majeure
  • Tax gross up / redemption

Revision Exercise: Participants will break into syndicates and be given various borrower profiles subject to certain market conditions. Syndicates must devise the most appropriate borrowing strategy for the client drawing on the first day’s analysis.

Syndication

  • Syndicate roles and their development

  • The ‘Pot’ system
  • Active v. passive
  • Stabilisation


DAY 3


Selling Restrictions and US Regulations

  • Selling restrictions

  • Regulation S
  • Rule 144A
  • 10b 5 Due Diligence
  • TEFRA C & D
  • FATCA

Pre-Launch

  • The pitch book
  • The mandate
  • Due diligence
  • The prospectus
  • EEA Prospectus Regulation/Directive
  • Retail summaries

The Deal Process

  • ‘Initial Syndicate Communication’
  • Announcement
  • Organising the syndicate
  • The roadshow

             - Deal or non-deal
             - ‘Sounding out'
             - Conflicts of interest
             - EEA MAD & MAR

  • Bookbuilding

           - Duration

  • Assessing demand

          - ‘De-duping’
          - Order inflation

  • Allocation
  • Pricing

Bond Pricing Exercise:  Participants are given comparative pricings and are required to price a new issue and fill out the New Issue Term Sheet

  •  Launch
  •  ‘Confirmation to Managers’

Legal and Documentation

  • Offering circular
  • ‘Due diligence’
  • Subscription agreement
  • Agreement among managers
  • Base prospectus and final terms
  • Auditors comfort letters
  • Legal opinions
  • Trustee / fiscal agent
  • Listing

Distribution and Closing

  • Conflicts of interest and investment research
  • Distribution
  • Allotment
  • Role of the ICSDs and the common depository
  • Closing procedure

The ICMA Primary Market Handbook

  • Purpose
  • Content
  • Who does it apply to?
  • Standard documentation

Liability Management

  • Bond buybacks
  • Tender offers
  • Exchanges
  • Consent solicitations
  • Regulatory considerations

Course summary and close

DAY 1


Sources of Finance

  • Financing choices
  • Cost of equity and debt
  • Weighted Average Cost Of Capital (WACC)
  • Financial leverage
  • Purpose of funding
  • Market conditions

Borrowers

  • Borrower requirements
  • Loans v. bonds
  • Corporates
  • SSAs

            - Sovereigns
                - CACs
            - Supras

  • FIs

            - Capital adequacy
              - Basel I and Basel II

  • Basel 3

              - New capital framework
              - The buffers and the leverage ratio
              - Liquidity coverage ratio
              - Net stable funding ratio
              - Permitted capital instruments
                 - Common equity Tier 1
                 - Additional Tier 1
                 - Tier 2
               - Contingent capital and “Bail-ins”

  • EU Banking Union

Credit

  • Credit ratings
  • Credit rating agencies
  • Credit rating performance
  • Credit rating process
  • CRA regulation

Bond Types

  • Domestic, foreign and Eurobond
  • Globals
  • International bonds

          - Public or private
          - Floating rate notes
          - Fixed rate
- Medium term notes

  • Covered Bonds

Securitisation

  • Definitions
  • The collateral pool
  • Role of seller, servicer and SPV
  • Capital structure
  • CDOs
  • Why securitise?
  • MBS
  • Credit cards and other types of asset-backed
  • Securitisation since the crisis
  • Regulation of asset-backed


DAY 2


Working with Swaps

  • Definitions
  • Interest rate swaps
  • Asset swaps
  • Liability swaps
  • Exploiting comparative advantage

Investor Protection

  • Events of default
  • Debt Ranking
  • Hybrid capital

         - Debt /equity continuum

  • Covenants
  • Force majeure
  • Tax gross up / redemption

Revision Exercise: Participants will break into syndicates and be given various borrower profiles subject to certain market conditions. Syndicates must devise the most appropriate borrowing strategy for the client drawing on the first day’s analysis.

Syndication

  • Syndicate roles and their development
  • The ‘Pot’ system
  • Active v. passive
  • Stabilisation


DAY 3


Selling Restrictions and US Regulations

  • Selling restrictions
  • Regulation S
  • Rule 144A
  • 10b 5 Due Diligence
  • TEFRA C & D
  • FATCA

Pre-Launch

  • The pitch book
  • The mandate
  • Due diligence
  • The prospectus
  • EEA Prospectus Regulation/Directive
  • Retail summaries

The Deal Process

  • ‘Initial Syndicate Communication’
  • Announcement
  • Organising the syndicate
  • The roadshow

          - Deal or non-deal
             - ‘Sounding out’
             - Conflicts of interest
             - EEA MAD & MAR

  • Bookbuilding

              - Duration

  • Assessing demand

             - ‘De-duping’
             - Order inflation

  • Allocation
  • Pricing

Bond Pricing Exercise: Participants are given comparative pricings and are required to price a new issue and fill out the New Issue Term Sheet

  • Launch
  • ‘Confirmation to Managers’

Legal and Documentation

  • Offering circular
  • ‘Due diligence’
  • Subscription agreement
  • Agreement among managers
  • Base prospectus and final terms
  • Auditors comfort letters
  • Legal opinions
  • Trustee / fiscal agent
  • Listing

Distribution and Closing

  • Conflicts of interest and investment research
  • Distribution
  • Allotment
  • Role of the ICSDs and the common depository
  • Closing procedure

The ICMA Primary Market Handbook

  • Purpose
  • Content
  • Who does it apply to?
  • Standard documentation

Liability Management

  • Bond buybacks
  • Tender offers
  • Exchanges
  • Consent solicitations
  • Regulatory considerations

Course summary and close

Why us


We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
  • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
  • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
  • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product