Syndicated Loans

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Overview

A practical and highly interactive course, incorporating numerous case studies, providing delegates with a thorough understanding of the syndicated loan market, its process and potential.

Course highlights include:

  • Extend origination skills with focus on borrower's needs
  • Utilise term sheets to distinguish between instruments and credit structures
  • Review pricing process including alternative instruments, relative value and secondary loan market
  • Examine distribution methodology in developing a syndicate
  • Review of topical documentation issues
  • Link the syndication process to the optimal structure of a syndications unit
  • Explore dynamic tension between the parties involved, both internally and externally

Course objectives
The European, Middle Eastern and African (EMEA) syndicated credit market had an excellent year in 2006 on the back of a sustained revival in mergers and acquisitions activity, both investment grade and leveraged, and strong volume growth in the Middle East, Central and Eastern Europe and Turkey. Overwhelming liquidity, with supply far exceeding demand, meant that deals sold well with the result that even the largest companies could not exclude themselves from an assault by opportunistic equity sponsors or trade buyers. The Middle East and Turkish markets again performed strongly, after having achieved record volumes in 2005, and indeed the compression of spreads seen in these markets due to the intense competition for mandates means it is essential for bankers and borrowers to be fully conversant with the techniques of syndicated lending. By taking full advantage of the syndicated loan market, some banks have managed to make headway in increasing their returns whilst still offering borrowers some of the finest terms and conditions ever seen. Features of the syndicated loan market such as transaction size, availability, speed of reaction and flexibility ensure that it continues to be one of the primary sources for issuers looking to raise capital from the markets. This advanced level seminar will provide delegates with essential information needed to maximize rewards whilst mitigating the risks of syndicated lending. It will examine the needs of both borrowers and lenders involved in the origination, structuring, distribution and management of syndicated loans and link the process of executing a successful deal to the optimal design of a syndications unit.

Issues addressed include:

  • Overview and assessment of the market
  • Comparison of loan and bond markets
  • Understanding a borrower's financing needs
  • Use of the term sheet and mandate letter
  • Pricing a transaction
  • Syndication Strategy and Roles
  • Documentation update
  • Pitching for mandates
  • Structuring a syndications unit

Who should attend

  • Loan syndication originators and distributors
  • Deal management team members
  • Secondary market team members
  • Bank relationship managers
  • Senior loan agency staff
  • Credit officers
  • Corporate treasurers and assistant treasurers
  • Non-bank investors
  • Bond originators
  • Debt capital market originators

Venue

Venue to be confirmed

All our courses are held in 4 or 5 star city centre hotels. Further details will be sent on registration.

Related Courses

Inhouse


 

Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company's exact requirements? If you'd like to do either of these, we can bring this course to your company's office. You could even save up to 50% on the cost of sending delegates to a public course.

To find out more about running this course in-house:





Our Tailored Learning Offering

If you 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. We'll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

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We can offer any of our public courses delivered at your office or we can devise completely tailored solutions:


Read more about our offering or complete a call back request to speak to a learning specialist.

 

Agenda

Day 1

 
Review of the market

Using a self-assessment technique, this session will cover

  • Key features of the syndicated loan product
  • Characteristics
  • Definitions
  • Overview of global markets
  • Volumes and segments
  • Geographies
  • Players

 
Preparing a term sheet

  • Identifying the crucial features
  • Meeting the borrower’s funding needs
  • Pricing
  • Structuring the transaction
  • Documentation
  • Strategy
  • Flex
  • Reading the market
  • "Stretching the envelope"

This session will also touch on the changes in capital adequacy requirements (Basel ll) and the growing importance of ratings for the loan market
 
Case study: Developing a Term Sheet. Delegates will be split into groups and asked to evaluate selected term sheets from a borrower’s point of view. Each group will present its findings (role play).

Syndication process and timetable

  • Analysis of the phases
  • Definition of the roles

Day 2

 
Pricing a transaction

  • Macro-economic factors
  • Credit-liquidity cycle
  • Critical components
  • Sources of information
  • Relative value

 
Delegate exercise: Return Calculations

Bidding and syndication strategies

  • Alternative bidding strategies
  • Liquidity analysis
  • Fee splits

 
Delegate exercise: Yield Calculations Documentation Issues
 
Guest presentation: Documentation Issues. Delegates will be provided with an update from a leading international law firm on recent developments in loan documentation
 
Case study: Developing and Articulating a Credible Syndication Strategy. Delegates are given a scenario of a transaction where they will be required to produce 2 deliverables: the first is a presentation to the borrower of the proposed syndication strategy, the second is a presentation to the internal authorizing committee (often a credit and/or portfolio committee) of a bank seeking to lead the deal. Delegates will be provided with all the necessary data to undertake this task which will build on the 2 previous sessions of the course.

Day 3

  
Presentations from previous case study: Delegates will deliver their findings of the session previous case study. Each presentation will be evaluated and critiqued.
 
Case study: Pitching for a Mandate. Delegates will be asked to work in groups to respond to a request for proposal (RFP) from a major international borrower. In addition to presenting the proposal, the delegates will be required to address a number of other critical marketing points which have been covered earlier in this course. Each group will determine their underwriting commitment and syndication strategy based on guidelines provided to each group. They will be asked to present their proposal to the borrower (role play) and to explain how their institution will execute the transaction.

Making the Pitch: Delegates, in their groups, will make the pitch and the most attractive proposal will be awarded the mandate.
 
Establishing a Syndications Business

  • Job functions
  • Interactions both internal and external
  • Evaluating performance

 
Course summary & 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