Credit Analysis: Emerging Market Issuers

LEVEL: INTERMEDIATE LEVEL

▪	Assimilate macro-economical, political and financial data pertaining to emerging countries and evaluate their associated risk
▪	Analyse how crises begin in order to predict them
▪	Evaluate the credit risk of a company in
▪	an emerging country

▪	Country risk - Intermediate
▪	Particularities of emerging markets - Intermediate
▪	Crises - Intermediate
▪	Valuation and risk monitoring - Intermediate

▪	Rigorous methodology taught by seasoned professionals
▪	Real-life examples and case studies

▪	Analysts
▪	Fund managers
▪	Institutional investors
▪	Originators, traders, fixed income salespeople
▪	Company treasurers
▪	Middle office personnel
▪	Risk divisions

Typology of Emerging Countries
▪	Varying definitions
▪	Specificities of emerging markets
▪	Benchmarks (IFC, MSCI, EMBI)
Investment Criteria in Emerging Markets
▪	Utility: risk premium, diversification
▪	Specific risks: information, government, liquidity, crisis
▪	Added value potential for active management
Introduction to Country Risk Analysis
▪	Current account balance and national debt: credibility, solvency, liquidity
▪	Critical analysis of the most common ratios
▪	Financial crises: underlying factors, beginnings, contagion, discrimination
▪	Lessons learned
Capital Markets in Emerging Countries
▪	Debt
▪	Domestic in local currency
▪	Indexed-linked domestic
▪	International
▪	Bradys
▪	Equity
▪	Natural resources
▪	Infrastructure, distribution
▪	Cyclical
▪	Small caps
Appraising Sovereign Risk
▪	Geopolitical risk
▪	Regulatory, legal and fiscal risks
▪	Quality of accounting, auditing, and government standards
▪	Solidity of financial systems
▪	Practical Workshop . Brazil, China, Russia and Turkey
Appraising Credit Risk of Private Issuers
▪	Measuring distance to default
▪	Sector analysis
▪	Specific risk: retained criteria
▪	Credit spread valuation
▪	Comparison to equivalent credit risk
▪	Practical Workshop . Embraer, Huawei, TMK, Turkcell