COURSE OBJECTIVES: The importance of the corporate bond market in international finance should not be underestimated. It has shown rapid growth over the last few years. More companies are using bond finance rather than equity finance for their funding requirements. This brings new challenges for IRO’s who need to understand not just how and why companies use the bond markets, but also the requirements of bond investors as opposed to equity investors. This 1 day programme will provide the essential understanding of bond markets required for Investor Relations personnel.
What you will learn – The course covers:
- An overview of the global capital markets
- The differences between debt and equity finance
- What are the Bond Markets and how do they operate?
- Structuring debt to suit both issuers and investors
- What the bond investment community expects from corporate communications
COURSE CONTENT
Introduction
- Why this course is important?
- An overview of the Global Capital Market structure
- Recent developments: Disintermediation, Securitisation, Globalisation
The Concept of Capital
Exploring the range of choices available to borrowers and lenders:
- Domestic vs International Markets
- Short vs medium vs longer term instruments
- Debt vs Equity funding
Bond Markets
Definition and key features
The roles of the Issuer, Investor and Intermediary
- The Key players and their motivations
- Focus on the Corporate bond markets
- Domestic, Foreign and Eurobonds markets
Bond Structures
- Typical bond structures - fixed and floating rate bonds
- Hybrids and Convertibles
- Zero-Coupon bonds
- Structuring for “the moment”
Issuer Requirements – “the sellside”
- Public Issue vs Private Placement
- Appointing an Investment Bank
- The Issuing process
- Structuring and Pricing
- Underwriting vs “bought” deals
- The Offering Circular
- Secondary market trading and support
- Non-deal road shows
Investor Requirements – “the buyside”
- The hunt for “Yield”
- Interest rates and the Price/Yield relationship
- Credit risk and the Rating Agencies
- Institutional bond investors
- The bond investment process
- Indices and performance measurement
- Equity investors vs bond investors
- The provision of information
- Investor Relations from a “buyside” perspective
Summary and conclusion
WHO SHOULD ATTEND?
This course is designed for anyone working in investor relations, corporate communications and financial services who is new to the financial world.
Would you like this course run in-house? Call us on 0207 566 8207 to find out more