Bond Origination

LEVEL: INTERMEDIATE LEVEL

▪	Understand primary bond markets and the role of key players
▪	Master all the steps and characteristics of a bond issue
▪	Price a bond issue

▪	Characteristics of various types of bond issues - Intermediate
▪	Executing a bond issue - Intermediate
▪	Pricing a bond issue - Intermediate
▪	Legal documentation - Intermediate
▪	Syndication and role of banks, league table - Intermediate

▪	Comprehensive overview of a bond issue
▪	Illustrated by several case studies

▪	Junior bond issuers and underwriters
▪	Bond salespeople and traders
▪	Swap salespeople and traders
▪	Support staff: audit, middle office and back office
▪	Internal controls, audit
▪	Senior bankers, coverage
▪	Financial departments
▪	Corporate financial departments

From the Issuer to the Investor

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Origination, research, rating, syndicate, sales, trading

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Work of a bond issuer: sales, financial analyst and structurer

Key players of bond markets

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Issuers

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Investors

Elements Involved in a Bond Issue

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Sector, political, economic factors

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Market factors: interest rate, spread, issuing volume

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Corporate finance and strategy

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Rating and credit events

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Constraints and liquidity of investors

Characteristics and Objectives of a Bond Issue

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Currency: economic needs or arbitrage opportunities

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Size, liquidity, electronic trading platforms

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Type and rank: senior/subordinated, specificities of financial institutions

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Coupon, reoffer price, fees

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Legal covenants

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Documentation (Eurobond, 144 A, SEC, Kangaroo)

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Market: public/private, retail/institutional

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Specific covenants

Schedule of a Benchmark Issue

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Mandate, credit research, selling memo, compliance, black out period, roadshow, book building, pricing and primary trading, settlement and secondary trading

Syndication technique

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Syndicate group/Book building or bought deal/Ebook/Pot system/

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Retention/Split economics/Success fee

Pricing an Issue

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Benchmarks and Govies

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Swap curve

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Coupon, reoffer, fees, all in before/after swap

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Legal costs/roadshow, super all in

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Issuers’ final needs

IRS

CIRS

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Practical workshop
. Price in EXCEL™ swapped corporate and bank issues (from current market data)

After-Sales Monitoring, Dynamic Debt Management

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Market making commitment

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Buy-back (arbitrage, legal framework)

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Exchange offers

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Real market case study