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Primary Market Certificate (PMC) - London


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Primary Market Certificate (PMC) - London

Primary Market Certificate (PMC) - London

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  • 1. Primary Market Certificate (PMC) I C M A E X E C U T I V E E D U C AT I O N
  • 2. Course Overview The Primary Market Certificate (PMC), is a second level qualification for those with an interest or involvement in the debt primary markets. The programme examines the entire life cycle of bond issuance, from considering the financing choices through to the closing of transactions in the marketplace. While the course examines the theoretical principles underpinning the markets, and the instruments and financing techniques that are available, emphasis is placed on interpreting and using that knowledge in practical case studies. Candidates who gain this qualification will have all the requisite tools to add value to their company’s activities in the primary markets. Course Topics 1. Corporate Finance Theory 8. Securitisation Understanding the financing decision and the choice Understanding the key drivers for securitisation between debt and equity. and reviewing current issuance activity. 2. Borrower 9. Covered bonds Examining the characteristics of different borrower Understanding the mechanics of the covered bond types; sovereign, supranational and agencies (SSAs), market and its increasing importance in primary financial institutions and corporates. issuance. 3. Commercial Paper 10. Investor Protection Reviewing the functioning of the Euro Commercial Events of default, debt ranking and covenants. Paper market from both an issuer's and investor's 11. Liability Management perspective. Reviewing current liability management techniques, 4. Bonds their applicability and outcomes. Defining the attributes of a bond and examining 12. Syndication key variations. Syndication practices, their aims and effects. 5. Credit 13. Pricing, Launch and Distribution Understanding the credit rating process, Credit Pricing for success, launch requirements and good Rating Agencies (CRAs) and credit enhancement. market practice. 6. Working with Swaps 14. ICMA’s Role and Legal and Documentation Understanding swaps and swap pricing and the Full documentary requirements for a transaction. value of comparative advantage in the liability context. 15. Closing and Settlement procedures 7. Hybrid Capital 16. Regulation and the Primary Markets Examining permissable hybrid capital issuance US Regulation structures under Basel III and Solvency II. EU Regulation “I learnt a lot and enjoyed the PMC course very much – thank you!” Ina Reiprich, Debt Listing, Irish Stock Exchange
  • 3. Course Content and Format The course is delivered by a combination of professional trainers and market Programme Recognition professionals. The programme emphasises current market practice and much use CFA Charterholders may claim 31.5 PD hours for attending the PMC. is made of experienced practitioners to discuss key areas. Delegate numbers are limited to enable interaction with the presenters. The structure of the PMC, as regards the order of the modules and content taught within the programme, is flexible due to the use of professional experts, market practitioners and practical case studies on the course. Target Audience The PMC is intended primarily for persons working in the origination, syndication and transaction management areas of investment banks or securities houses. It is also a valuable qualification for capital markets lawyers looking to expand their understanding of the workings of the primary markets and for those employed in institutions that may be looking to raise funds in the international capital markets. The programme is most suited to those in the early stages of focusing on primary market activities, but is open to anyone who would benefit from a more complete knowledge of the debt primary markets. The course is open to ICMA members and non-members. “The PMC is an extremely well organised opportunity to get in touch with expert level speakers who offer the degree of insight information that is essential to keep pace with the primary markets.” Felix Biedermann, Associate – Banking & Capital Markets, Clifford Chance
  • 4. Programme Director and Speakers Programme Director Peter Eisenhardt is responsible for Short Term Fixed Income Origination at Bank Chris O’Malley is a Senior Advisor to the International Capital Market Association of America Merrill Lynch in London. Over his twenty-five year career he has worked (ICMA) and a freelance trainer. Based in the Regulatory Policy Department of ICMA, in treasury, money market trading, bond options trading, repo, credit and origination he focuses on primary market practices, capital markets and skills-based training. in New York, London and Tokyo. He is the chairman of the ICMA ECP Committee. Chris developed, and is Course Director for, the ICMA Primary Market Certificate. He has 30 years’ experience in the capital markets on the sales and origination sides of the business. Ramadurai Krishnan is currently a Managing Director in Fitch Ratings’ Credit Policy department, where he is responsible for Structured Finance for Europe, the Middle East and Africa and research on Regulatory issues (Basel II, III, CRD and Solvency 2). Expert Speakers Before joining Fitch in 2001, Krishnan worked for HSBC Bank for 15 years. Marco G. Carbonare is a U.S. qualified Counsel in the Capital Markets Group, Dan Kuhnel is a Director and senior executive in the Primary Market Relationship based in the London office of Linklaters, concentrating on corporate finance Management Group within Euroclear’s Commercial Division, based in Hong Kong. transactions by European companies and financial institutions. He has extensive He is responsible for managing relationships with issuers, lead managers, issuing experience dealing with a wide range of high profile offerings of equity and debt and paying agents, as well as various primary market related associations. securities in a wide number of jurisdictions. John Cavanagh is a Managing Director and Head of Bank of America Merrill Lynch’s Jonathan Melton is a Partner at Allen & Overy specialising in the international capital markets, including MTNs and equity-linked transactions. He has extensive experience EMEA Liability Management and EMEA DCM Product Solutions groups, which includes of emerging market debt transactions, with a particular focus on liability management the firm’s Ratings Advisory and Hybrid Capital Development practices. John joined Bank exercises. of America Merrill Lynch in 2006, having spent 16 years with J.P.Morgan, where he headed the firm’s European Liability Management and US cross-border issuer coverage teams. Carol Padgett is a lecturer in finance at the ICMA Centre, Henley Business School. She has extensive teaching experience and is the Director of Studies for the MSc Veenay Chheda is an Executive Director and Co-Head of EMEA Hybrid Capital Structuring in Corporate Finance. Carol has run executive courses on mergers and acquisitions at J.P. Morgan. Veenay has structured and executed hybrid capital transactions across as well as corporate governance. many sectors (banks, insurers and corporates) and jurisdictions. He has also been involved in many bank recapitalisation plans, complex liability management exercises and influencing recent regulatory developments. Tim Skeet is Managing Director for Royal Bank of Scotland and the Chairman of ICMA's Committee of Regional Representatives. Tim was one of the early members of the European Covered Bond Council (ECBC) Steering Committee and is currently Martin Egan is Global Head of Primary Markets & Origination at BNP Paribas, a member of the steering committee of the US Covered Bond council. Most recently encapsulating Syndicate, Debt Capital Markets and Securitisation. In addition, Tim has worked with investors to set up the ICMA Covered Bond Investor Council (CBIC). Martin co-heads the management of the Corporate Sales/Marketing for IR, FX and credit hedging products and Global Structuring. He is Chairman of ICMA’s Primary Market Practices Committee.
  • 5. Course Information and Registration Fees Further Information and Course Registration The cost is GBP 3,000 for ICMA members and GBP 3900 for non-members To register please use our online registration system: with further discounts as follows: 2 to 4 candidates – 5% discount each* For any questions about the course, please contact: 5 to 9 candidates – 10% discount each* *Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined. Please note that if you require accommodation for the course, this will be your David Senior Business Development Director Email: Tel: +44 (0)20 7213 0329 own responsibility; the programme is class-based, but it is a non-residential course. Payment can be made by secure online credit card or by invoice. Please note that selecting the invoice method will add GBP 50 (administration fee) to the course price. “The course gave a comprehensive review of regulatory policies and current market practices. I really enjoyed the contribution from the leading industry specialists.” Juha Mustonen, Senior Manager, Pohjola Bank
  • 6. ICMA Executive Education For many years ICMA Exective Education has made investment in executive • Operations Certificate Programme (OCP) education for the financial markets a priority. Its courses are administered and • Primary Market Certificate (PMC) overseen by the ICMA Centre at Henley Business School, University of Reading. All are recognised as certificates of competence in the capital markets and are Five Certificate Programmes are offered: successfully completed by large numbers of international participants each year. • Financial Markets Foundation Course (FMFC) • Securities Operations Foundation Course (SOFC) • International Fixed Income and Derivatives (IFID) Certificate ICMA Centre The ICMA Centre, University of Reading has an international reputation for providing facilities including two dealing rooms. In 2008, ICMA enabled an expansion quality teaching programmes tailored to the capital markets industry. Established in to the building that now includes an additional 50 seat dealing room, 170 seat 1991 with funding provided by the International Capital Market Association (ICMA), lecture theatre as well as new seminar rooms and a dedicated research area. the Centre is housed in a purpose-built modernist building with state-of-the-art The International Capital Market Association The International Capital Market Association (ICMA) is a unique organisation banks, as well as asset managers, exchanges, central banks, law firms and other and an influential voice for the global capital market. It represents a broad range professional advisers. ICMA’s market conventions and standards have been the of capital market interests including global investment banks and smaller regional pillars of the international debt market for over 40 years. International Capital Market Association (ICMA) Talacker 29 PO Box CH-8022 Zurich Switzerland International Capital Market Association Limited (ICMA Ltd) 23 College Hill London EC4R 2RP UK ICMA Centre Henley Business School University of Reading Whiteknights Reading RG6 6BA, UK Tel: :+41 (0)44 363 4222 Fax: +41 (0)44 363 7772 Email: Tel: +44 (0)20 7213 0310 Fax: +44 (0)20 7213 0311 Email: Tel: +44 (0)118 378 8239 Fax: +44 (0)118 931 4741