Capital Markets

The aim of this session is to explore convertible bonds (“CBs”), and similar securities. We start with terminology and key characteristics, bringing the materials up to date with classic and current deals. We look from the issuers’ perspective, with pros and cons, the impact on capital structure - covering technical points like credit rating agency treatment to valuation issues like the effective cost of capital. We also look to investors, from traditional equity and debt funds, to hedge funds, and their perspectives on risk-reward and hedging.

The full-day class further focuses on one of three strands depending on bankers’ interest:

• Modeling convertible bonds, including conversion scenarios
• Case studies of convertible bonds for M&A
• Valuation of convertible bonds

The aim of this session is to explore convertible bonds (“CBs”), and similar securities. We start with terminology and key characteristics, bringing the materials up to date with classic and current deals. We look from the issuers’ perspective, with pros and cons, the impact on capital structure - covering technical points like credit rating agency treatment to valuation issues like the effective cost of capital. We also look to investors, from traditional equity and debt funds, to hedge funds, and their perspectives on risk-reward and hedging.

The full-day class further focuses on one of three strands depending on bankers’ interest:

• Modeling convertible bonds, including conversion scenarios
• Case studies of convertible bonds for M&A
• Valuation of convertible bonds

According to a survey of members of the European Bankers Association the number 1 reason for companies filing bankruptcy is because they run out of cash (decline in profitability, loss of market share, etc, may be key business failings, but they do not determine if a company survives to fight another day, it is cash that is the trigger). In this class, we focus on understanding a company’s cash generation and needs, through operating factors such as OWC and Capex, and capital issues such as dividends and debt repayment. We also look at the general credit health of the enterprise through key ratio analysis. We explore complex companies and conglomerates and the group’s ability to up-/down-stream cash/assets across subsidiaries, associates and joint ventures. We look at debt structure and repayment and discuss which companies are more likely than others to be able to successfully refinance their debt, looking into debt documentation, debt sources, creditor relationship, all from a practical perspective. We end the session looking to credit prices, including bond spreads and credit default swap prices, their sources, reliability (in the face of illiquidity) and what they might reveal about the market’s perception of the company. The class is structured around 2 real case studies. This class is useful to bankers who need to understand credit analysis without ‘becoming’ credit analysts.

Different numbers are important to different people, depending on your “view of the world”. This program analyzes the financials from the credit perspective, making technical adjustments to the main numbers. Using case companies, we will analyze financials using the ratios and metrics of the credit world.

Different numbers are important to different people, depending on your “view of the world”. This program analyzes the financials from the credit perspective, making technical adjustments to the main numbers. Using case companies, we will analyze financials using the ratios and metrics of the credit world.

Credit analysis is increasingly important in an environment of scarce liquidity. This program aims to introduce the concepts of credit analysis. There is an explanation of credit-specific terminology and how it is used. There is an introduction to the rating agency process and how it works. The course covers the main credit ratios used in ratings analysis. Drill questions enable the participants to develop credit ratios and to estimate a credit rating for a hypothetical non-investment grade company.

Credit analysis is increasingly important in an environment of scarce liquidity. This program aims to introduce the concepts of credit analysis. There is an explanation of credit-specific terminology and how it is used. There is an introduction to the rating agency process and how it works. The course covers the main credit ratios used in ratings analysis. Drill questions enable the participants to develop credit ratios and to estimate a credit rating for a hypothetical non-investment grade company.

In this 2 hour class, we explore the process of placing equity including the initial public offering (IPO), and follow on placement, including the impact of return on equity expectation/use of proceeds on subscription price and take-up.   The class will be less focused on the legal procedures of placement, and on the needs and objectives of the company.  We will be using case studies throughout.

Derivatives are increasingly used by companies to reduce their exposure to commodity pricing, foreign exchange rates and interest rates. The aim of this day is to introduce participants to derivatives and how they can be used to help a company manage its risks effectively. The session also covers introductory concepts in the pricing of derivatives. The course will be part lecture and part workout. Derivative accounting under IFRS and US GAAP will also be covered in detail

The business may wish to provide real-life deal information so participants will get to see examples of the bank’s deals and the approach the bank takes to pitching for business.

Derivatives are increasingly used by companies to reduce their exposure to commodity pricing, foreign exchange rates and interest rates. The aim of this day is to introduce participants to derivatives and how they can be used to help a company manage its risks effectively. The session also covers introductory concepts in the pricing of derivatives. The course will be part lecture and part workout. Derivative accounting under IFRS and US GAAP will also be covered in detail

The business may wish to provide real-life deal information so participants will get to see examples of the bank’s deals and the approach the bank takes to pitching for business.