Primary Equity Markets

LEVEL: INTERMEDIATE LEVEL

▪	Know how the primary equity market is organised (overview, participants, positions, etc.)
▪	Know each type of primary equity transaction (IPOs, equity issues, convertible/exchangeable bond issues,
▪	etc.): legal and regulatory environment, preparing a transaction, valuation, pricing and investment

▪	Company valuation methods (DCF, Multiples) - Intermediate
▪	Simple dilution calculation of net earnings per share in an equity or quasi-equity issue - Intermediate
▪	Pricing a stock option - Intermediate
▪	Accounting for quasi-equity products in IFRS - Introductory
▪	Corporate laws applicable to equity and quasi-equity issues - Introductory
▪	Regulations applicable to equity and quasi-equity issues - Introductory

▪	Each stage of the process is presented for every transaction type, in order to provide an operational understanding of transactions on the primary equity market
▪	Real-life examples taken from recent events on the primary equity market

▪	Senior bankers, coverage
▪	Corporate finance teams
▪	Equity salespeople
▪	Back & middle office personnel
▪	Bank finance department staff
▪	Equity managers and company finance
▪	department staff

EQUITY OFFERINGS
Secondary Equity Market
▪	Size, structure and participants (on organised and OTC markets)
Primary Equity Market
▪	Typology of transactions and issue volumes
▪	Participants (banks, investors, market companies and authorities, consultants…)
Initial Public Offerings (IPO)
▪	Reasons for going public and typology of public corporations
▪	Legal and regulatory framework
▪	Stages and schedule
▪	Valuation and pricing
Secondary Offering
▪	Typology and reasons for secondary offerings
▪	Preparation and schedule of a secondary offering
Capital Increase
▪	Reasons and typology
▪	Legal framework of various methods for increasing capital
▪	Preparations and schedule
▪	Pricing
Other Equity Operations
▪	Share buyback
▪	Practical Workshop . Case study of an IPO (mock situation of a pitch) . Corporate valuation in the context of an IPO . Dilution calculations in the context of an equity issue
QUASI-EQUITY OFFERINGS
Basic Principles
▪	Reasons for performing a quasi-equity issue
▪	Product categories (convertible bonds, exchangeable bonds, mandatory convertibles…)
▪	Make-up of a quasi-equity product
Structuring Elements
▪	Parameters
▪	Standard or low coupon
▪	Issuer call and investor put
▪	Other elements (subordination, privileged parity…)
Examples
▪	Convertibles/Exchangeables
▪	Combined equity + quasi equity offerings
Valuation methods (Models and parameters)
▪	Geographical Distribution and Typology of Investors
Participants Geographical distribution of demand and investor type
▪	Effects of An Issue on Share Price
Upon issue, during the life of the product and at maturity Study by financial analysts
▪	Preparation of A Quasi-Equity Issue
Legal and regulatory framework; documentation Schedule
▪	Accounting in IFRS
Effects on the balance sheet and P&L statement