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Convertible Bonds: Directional and Alternative Management

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Convertible Bonds: Directional and Alternative Management

Convertible bonds: description

What is a convertible bond?
Main types of convertible bond
Terminology
Convertible bonds: main clauses
Role and motivation of each party
Description of the market
Pricing factors - convertible bond modified duration
Accounting issues
Use of convertible bonds in bond funds
Use of convertible bonds in equity funds

Directional convertible bond funds

How to build a portfolio
Benchmarked fund management
The different indices and how they work
How to stand out from the benchmark
Comparing convertible bond performance with other hybrid strategies (bonds + equities)

Alternative convertible bond funds

Recap on managing a delta neutral portfolio
The Greeks and their cross derivatives
Building a portfolio
Hedging modified duration of a convertible bond
Hedging interest rate risk
Hedging equity risk (equities, options)
Hedging credit risk (CDS, ASCOT)
Impact of hedge funds and arbitrageurs on the valuation of convertible bonds
Comments on the performance of convertible bond hedge funds

Risks associated with a convertible bond portfolio

Credit risk
Liquidity risk
Hedging mismatch
VaR calculation
2008 crisis

Fully understand the characteristics of convertible bonds
Understand the role and importance of each party
Understand the factors that influence their valuation
Build and manage a directional portfolio of convertible bonds
Build and manage an alternative portfolio of convertible bonds
Understand the risk attached to a convertible bond portfolio and know how to manage it

Complete training covering all issues related to managing a directional and alternative convertible bond portfolio
In-depth understanding of the mechanisms specific to convertible bonds and their market

Portfolio managers
Financial analysts
Institutional investors
Financial investment advisors
Client relationship managers
Equity sales staff
Investor relationship managers

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