Raising Debt Finance - Issuing Bonds & Fixed Income

Pricing

Cost for BPP PD Members: £490 + VAT 6 CPD Hours
(£615.00 + VAT for non BPP PD Members Click Here for details of our membership scheme).

Delegates

This course is for those who want to understand a typical international bond issue in respect of both the issuance process for a bond and the typical terms and conditions attached to a bond.

This course is suitable and designed for those who are involved in raising debt from either a treasury perspective or those who work with existing or prospective bond issuers.

It is relevant for treasury staff, accountants and lawyers as well as those entering the origination area of an investment bank.

Overview

The corporate bond market has become a key channel for companies to raise debt capital. Post the financial crisis there is less capacity for banks to lend to companies. From the investor side low interest rates on sovereign bonds and bank deposits has increased the demand for corporate bonds by retail and pooled vehicle investors.

The course explains the process by which bonds are created and issued to investors and provides an introduction to the subject of the documentation of bonds under English law. It covers the functions of Debt Capital Markets (DCM) activities within an investment bank.

Delegates who attend the course will gain end-to-end knowledge of the bond issuance process, as well as some of the pros and cons of borrowing in different debt formats.

Learning outcomes include obtaining a greater understanding of:

  • The timing procedure and structure of a bond issue
  • The different perspectives of the issuer managers trustee and fiscal or paying agent and the principal points which are likely to be contentious
  • Covenants and other terms typically attached to bonds issues
  • A bond’s key features
  • Different types of debt securities
  • Choosing to issue a bond versus loan
  • Coupon, yield, maturity and other key aspects of a bond
  • Issuance conditions - market environment and issuer-specific considerations
  • Typical terms and conditions of bonds including interest, redemption, covenants, events of default
  • Parties to a bond issue
    • The parties to a bond issue and their respective roles
    • Differences between a trustee and fiscal agent
    • Activities of Debt Capital Markets (DCM)
    • Role of the underwriter, and the subscription agreement
  • Marketing the deal - roadshow, pricing and launch
    • Responsibilities of the issuer
  • Legal and Regulatory Considerations
    • Prospectus requirements and regulations - the Prospectus Directive and MiFID
    • Offering circulars and pricing supplements
    • MTNs
  • Other
    • Consideration of different types of bonds (e.g. convertibles) and when appropriate to issue
    • Securitisation, and other forms of secured bond issue

"A CPD certificate of completion will be provided by BPP Professional Education Limited upon request, following attendance."


Course Dates

Location Dates Time Availability  
London 19 Nov 2018 9:00 AM - 5:00 PM  Spaces Book Now

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