Course Overview

This unique certificate programme, run in conjunction with ICMA Executive Education, examines the complete life cycle of bond issuance in Debt Capital Markets (DCM), from considering the financing choices to the closing of transactions. The syllabus tracks the established ICMA Primary Market Certificate programme, offered in London and also covers the growing Sukuk market.

The course examines the theoretical principles underpinning DCM, the instruments (bonds, covertible etc.) and financing techniques. There is particular emphasises on interpreting and using this knowledge in practical case studies.  Because of the dynamic nature of the markets, the programme emphasises current market practice and, where possible market practitioners are invited to discuss key areas. 

Course Objective

The course will give participants requisite tools and know-how to add value now to their company’s activities in DCM.

Who Should Attend?

The Programme is intended for professionals working in or related to Investment banking, Securitities house in:
a) Origination,
b) Syndication
c) Transaction management 
d) Capital markets lawyers to enhance their understanding of primary markets
e) Professionals looking to raise funds in the international capital markets.

While more suited to those in their early to mid careers of primary market activities, this course offers an equally good refreshener offering complete knowledge of DCM.

Course Content

The course consists of four and a half days of lectures, discussions and case studies. A ninety minute multiple choice test will take place on the afternoon of the fifth day.



Programme Outline

Day 1

Corporate Finance Theory
Introductory session financing decisions

Borrowers
Examining the features of sovereign, supranational and bank borrowing.

Bonds
Different structures and features of international bond issuers.

Credit
Process of seeking a credit rating and consider methods of credit enhancement.

Day 2
 

Working with Swaps
Examining different swaps and their advantages.

Hybrid Capital and Convertibles
Examining the rationale behind the use of hybrid instruments and how such instruments are  structured.

Investor protection
Examining the protections available to bond investors and appraise their effectiveness.

Syndication
Syndication techniques and how well they deliver their intended aims.

Revision Case Studies
Participants will examine specific borrower profiles and in syndicate groups will devise appropriate borrowing strategies.

Day 3

Securitisation Basics
Discuss key structural elements and benefits of securitisation.

Sukuk structures
Discuss the rationale behind sukuk origination, flexibilities and constraints behind different sukuk structures.
 

Practical realities of issuing sukuk
Discuss the practicalities of originating/issuing sukuk.

Day 4

Pricing, Launch & Distribution
Complete a bond pricing exercise using comparative data.
 

Bond and Sukuk Documentation
Examine the key legal documents required for an issue and considers the risks that they seek to guard against.

Day 5

Closing & Settlement
Requirements for closing a bond transaction and consider changes in the clearing and settlement landscape.
 

Regulation and the Markets
US regulation as the Euromarkets have developed and the key requirements for bond issuers.  European regulatory environment and key Directives facing the bond market.

Examination - comprising 50 multiple-choice (4 options) questions

Programme Directors

Chris O’Malley

Chris O’Malley is an economics graduate with 30 years experience in the international debt markets 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.  For HSBC he then transferred to the origination desk establishing a new issue business for the Middle East, India and Africa.

He is a consultant to the International Capital Market Association (ICMA) (formerly to IPMA) working in the Regulatory Policy Department, focusing on market practice, IT/e commerce initiatives and, particularly, training. Chris developed and is Course Director for the ICMA Primary Market Certificate.

In addition, Chris is a freelance trainer in the Capital Markets area to a number of international banks and related institutions.

Expert Speakers

Expert market practitioners from different primary market related institutions will be presenting different aspects of the course.

Endorsement

Registration

Course registrations are now open.

Click here for details of the London version of the Primary Markets Certificate Programme (PMC).