Dates                                                                                                               
 
29 September 2010
24 March 2011
21 July 2011
24 November 2011

Course Overview

This is a 1-day intensive interactive training programme covering the steps of issuing a Eurobond. The purpose is to give the traders perspective to lawyers and bankers. First we shall compare Fixed Income Bonds with other fund raising instruments such as syndicated loans. We will go through all the steps required for issuing the bond and cover the pricing methodology in order to break through the mystic of jargon and calculation.

Finally, we shall emphasise the documentation required throughout the process. By attending this one day course you will gain an understanding of the debt origination process, learn about the pricing process, be able to calculate all-in price and all-in cost, work out annualised fees and go through a real life case study.

Participants will be required to bring a scientific calculator and a laptop with USB port to the course.

Course Content

The market players
Issuers
Investors
Banks
Intermediaries
Listing agencies
Others

Anatomy of a bond issue
Bidding process
Indicative pricing
The mandate
Book building and conflicts of interest
Pot deals
Road show
Firm pricing
Distribution
Allotment
Launch into primary market
Stabilisation
Signing
Secondary market

Documentation
Offering circular
Due diligence
Subscription agreement
Agreement among underwriters and managers
Selling group agreements
Listing
MTN Programmes

New Issue Arbitrage [Linking Bonds and Swaps for Borrowers]
The debt origination process
Pricing a New Issue based Fixed price Re-offer (Eurobond Issue)

Case study: Pricing a Eurobond Issue
Benchmarking the New Issue
Setting the Re-offer Spread
Setting the coupon
Calculating the Re-offer Price
Calculating the Issue Price
Calculating the All-in Cost and Yield
Expenses
Finding the All-in Spread (including fees)
The advantage of adding Swaps to the Bond

IN ADDITION TO THE PUBLIC DATES ABOVE, THIS COURSE CAN ALSO BE TAILORED TO YOUR REQUIREMENTS AND DELIVERED IN-HOUSE FOR YOU.

PLEASE CIRCULATE THIS PDF AMONG YOUR COLLEAGUES!

IF YOU HAVE ANY QUESTIONS ABOUT THIS SEMINAR PLEASE WRITE TO US AT post@redcliffetraining.co.uk

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