Assessing the Credit Risk of Corporate Bonds - Livestreamed
New dates TBC - e-mail education@icmagroup.org to register your interest

 
OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE

The aim of the course is to outline a framework that could be applied to assess the credit risk inherent with a corporate bond.  

Course Outcomes

By completing the course you will be able to:

    • Analyse different corporate structures
    • Use financial statement analysis
    • Understand fundamental credit analysis
    • Explain structural bond features
Describe the types of market participants and appreciate why these firms engage in SLB, and their impact on capital markets and retail investors
Understand the operational, legal and regulatory risks and issues involved 
Comprehend the advantages/disadvantages of using different types of collateral 
Appreciate the impact that corporate actions have on the lent security and on securities collateral
Discover some relevant anecdotes and SLB case studies

Who should attend?


This course will be of interest to people whose responsibilities incorporate corporate bonds. Amongst others this could include junior traders, salespeople, junior research analysts, trading assistants, middle office staff and risk managers.

Certification and Programme Recognition


This course has been approved by the Securities & Futures Commission of Hong Kong for Continuous Professional Training (CPT).
ICMA is also a member of the CPD® Certification Service which helps organisations formalise knowledge into a structured and recognised approach to meet professional development expectations.

ICMA recommends that 20 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

The course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading. A Certificate of Completion will be awarded to those who meet minimum attendance requirements. Please note that while course recordings will be made available to delegates, it is a course requirement that delegates meet the minimum attendance requirements to be eligible for a certificate. Please contact education@icmagroup.org if you have any questions regarding certification.

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at education@icmagroup.org.

Pricing

Members: EUR 1,850 + VAT (if applicable)
Non-members: EUR 2,390 + VAT (if applicable)



Course Trainer

Yolanda Clatworthy

The course content will be confirmed shortly.

Securities Lending & Borrowing (SLB) – The Fundamentals 
What is Securities Lending?
The Purpose: Why Do Lenders Lend & Borrowers Borrow?
Participants & Structure
Trading Strategies
Examples
SLB Trade Lifecycle - An Overview
Short Selling, Naked Short Selling
Locates, Trade Execution & Fails
Margin
Corporate Events
Billing
The Marketplace – Participants & Stakeholders
Lenders, Borrowers and Intermediaries 
Examples
The Lender’s Perspective: Motivations and Considerations
The Borrower’s Perspective: Motivations and Considerations
Global custodians
Third-party lending agents
Central counterparties
Anecdotes
SLB Trade Lifecycle
Pre-trading, Locates
Trade execution
Pre-settlement
Settlement 
Buy-ins
Mark to Market 
Margin calls
Recall/return of lent settlements
Fees & Billing
Assets & Collateral
Equity vs Fixed Income 
Fundamental collateral concepts
Margin: Purpose & use 
Types of collateral
Rehypothecation
Legal Documentation
GMSLA
Securities lending agency agreement
GMRA
Updating Books & Records
Securities bookkeeping: Definition & purpose
Importance of updating books & records
Updating books and records for lent/borrowed securities, cash and non-cash collateral, fees and rebates
SLB and Corporate Actions
Corporate actions: Overview 
Income
*Cash dividends
*Lent securities
*Short sale proceeds
*Lent/borrowed equity
Voting 
Withholding tax
Risks in Securities Lending & Borrowing 
Market Risk
Credit Risk
Operational Risk
Legal Risk
Reputational Risk 
Regulation
Introduction
EU short selling & financial transactions tax
CSDR 
Reporting to a central trade repository
Recent SLB Scandals & Controversies
The Lehman saga uncover

Livestreamed Course


ICMA courses are delivered via video conferencing accessed on our digital learning platform, using the most effective pedagogical approaches and incorporating interactive functions like virtual breakout rooms.

The Assessing the Credit Risk of Corporate Bonds live sessions are delivered in four 3.5 hour sessions over the course of two weeks. You will be given access to the course materials before the live sessions, and will have access to those for a total of four weeks from the first live session. During these four weeks you will have the option to keep working through the course materials at your own pace.

Next datesTBC
Register your interest for this course at education@icmagroup.org

Next dates TBC
Register your interest for this course at education@icmagroup.org.


Livestreamed course fees

Members: EUR 1,850 + VAT (if applicable)
Non-members: EUR 2,390 + VAT (if applicable)



For security reasons, delegates who have not registered in advance will not be admitted to the live sessions.

Please note:

  • All payments must be made in Euro.
  • Invoices for single registrations are subject to an additional Euro 50 to cover administration costs*. No administration fee applies for invoices covering two or more registrations.

*Administration costs cover the provision of supporting documents, which are often requested along with the invoice, to become an approved supplier.




Contact

Should you have any queries, please contact education@icmagroup.org.


Test your knowledge

Holding company
Operating subsidiary
Parent company
Senior secured bond; Senior unsecured bond; Bank debt; Subordinated bonds.
Bank debt; Senior secured bond; Subordinated bond; Senior unsecured bond.
Bank debt; Senior secured bond; Senior unsecured bond; Subordinated bonds.
Subordinated bonds; Bank debt; Senior unsecured bond; Senior secured bond.
Use EBITDA as a substitute for EBIT
Use Cash Flow from Operations as a substitute for EBIT
Include other priority costs such as tax in addition to interest paid
Equity stakeholder; Unsecured creditor; Secured creditor; Liquidator.
Secured creditor; Liquidator; Unsecured creditor; Equity stakeholder.
Secured creditor; Unsecured creditor; Liquidator; Equity stakeholder.
Liquidator; Secured creditor; Unsecured creditor; Equity stakeholder.
Negative pledge; Change in control; Restriction on debt; Restriction on asset sales.
Interest coverage; EBITDA/Debt coverage.
Change in control; Negative pledge.
All of the above.

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