Course Overview

The ICMA Primary Market Certificate

ICMA’s Primary Market Certificate (formerly known as the IPMA Diploma) is a second level qualification intended for persons with an interest or involvement in the debt primary markets.

The training 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 therefore will have all the requisite tools to add value now to their company’s activities in the Primary Markets.


As a second-level qualification the PMC syllabus requires that the candidate should already have some familiarity with:

• Fundamental numeric skills, the time value of money, PV, yields and yield curves

• The main debt market sectors, products and key players

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"I believe that RBC has been sending members of staff to every one of these ICMA Primary Market Certificate courses ever since their creation. Participants have unanimously recognised how useful and well organised the course has been, and it is our firm intention to make sure every new junior member profits from such a formation. In addition to what they learn, the course enables them to get to meet and know market participants that they are bound to come across during their career. I have no hesitation in recommending this course to any newcomer in the new issue world"

Gérauld de Nadaillac, Vice Chairman, Royal Bank of Canada Europe Ltd


"RZB regularly sends employees on the ICMA Primary Market Certificate training programme. We regard it as an excellent theoretical basis on which practical expertise can be built, both for candidates who are directly involved on the new issues/syndicate desk, and for those engaged in related activities, such as trading and placement, where a thorough understanding of primary market techniques and practices is a must."

Patrick Butler, Head of Treasury and Global Markets, Raiffeisen Zentralbank Österreich AG
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Target Audience

The PMC training programme 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

Course Content and Format

The training course is delivered by a combination of professional trainers and key market professionals. The programme emphasises current market practice and much use is made of experienced practitioners to discuss key areas. Delegate numbers are limited to enable interaction with the presenters.

Because of its use of professional experts, key market practitioners and practical case studies the PMC structure i.e. the order of the programme and the content of modules, is flexible. While the order of modules may change the syllabus covers the following areas:


1. Corporate Finance Theory
Understanding the financing decision and the choice between debt and equity.

2. Borrowers
Examining the characteristics of different borrower types, corporate, sovereign and banks.

3. Bonds
Defining the attributes of a bond and examining key variations.

4. Credit
Understanding the credit rating process, CRAs and credit enhancement.

5. Working with Swaps
Understanding swaps and swap pricing and the value of comparative advantage in the liability context.

6. Hybrid Capital
Hybrid capital structures and treatment by CRAs and regulators.

7. Securitisation
Understanding the key drivers for securitisation and structuring transactions.

8. Investor Protection
Events of default, debt ranking and covenants.

9. Liability Management
Reviewing current liability management techniques, their applicability and outcomes.

10. Syndication
Syndication practices, their aims and effects.

11. Pricing, Launch and Distribution
Pricing for success, launch requirements and good market practice.

12. IPMA’s Role and Legal and Documentation
Full documentary requirements for a transaction.

13. Closing and Settlement procedures

14. Regulation and the Primary Markets
US Regulation
EU Regulation

Accreditation

The ICMA Primary Market Certificate programme is an accredited course under the Solicitors Regulatory Authority (formerly The Law Society’s) CPD Scheme. Solicitors may claim 30 hours CPD credit for their attendance on the full Certificate programme.

CFA Charterholders may also claim 31.5 PD hours for attending ICMA Primary Market Certificate.

Course brochure

For more information about the PMC Programme please download the brochure below.

PMC course brochure

Programme timetable

Please find the training programme timetable for course below for download. This document provides you with an overview of what the course format is.

PMC course timetable

Syllabus

Please download the course syllabus from the link below.

PMC syllabus

Speakers/Teachers on the Residential Programme

Programme Director
Chris O’Malley is a consultant to the International Capital Market Association (ICMA) and a freelance trainer. Based in the Regulatory Policy Department of ICMA, he focuses on primary market practice, IT/e commerce initiatives and, particularly, training. 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

Expert Speakers
John Board is Professor of Finance and the Director of the ICMA Centre. Before joining the Centre, he spent a number of years at the London School of Economics. His overall research agenda is characterised by the application of finance theory to real world problems and issues.

Paul Kitching began his career with Ernst & Young as a tax specialist before moving into corporate treasury. Following completion of a quantitative finance masters degree, Paul became senior lecturer in Corporate Finance and Taxation at the University of Greenwich and visiting lecturer to Cass Business School. He is now a freelance training consultant.

Peter Leahy started training in 1987 and specialises in training for the fixed income and fixed income related capital markets, including derivatives, credit derivatives, repo and swaps. He has worked in the financial markets for more than 15 years and advises various institutions at the highest level on matters concerning the international capital markets.

Roger Wedderburn-Day has been a partner at Allen & Overy since 1995. He specialises in all aspects of the international debt and equity capital markets including eurobonds, medium term note programmes, privatisations and other international equity offerings, as well as different types of equity-linked debt.

Dan Kuhnel, Director, Euroclear, is part of the Primary Market Relationship Management group in the Commercial Division with responsibility for Euroclear SA/NV's relationships with issuers, legal
counsels, issuing-paying agents and lead managers. In his role, Dan supports Euroclear's business by promoting standardisation, improving efficiencies and information flows related to primary market activities.

John Cavanagh heads Merrill Lynch’s London-based EMEA Liability Management team, which focuses on the structuring and execution of debt retirement and restructuring transactions for public and private sector bond issuers located in that region. Before joining Merrill Lynch in October 2006, Mr. Cavanagh spent 16 years with JP Morgan, where he most recently headed that firm’s London-based European Liability Management and U.S. corporate cross-border issuer coverage teams.

Tom Keatinge joined JP Morgan in 1994. Following two years spent in Debt Capital Markets in London and then New York, he returned to London to join the DCM Financial Institutions Group. Since then, Tom has covered a broad range of clients, but has primarily focused on the insurance company sector. In this role, he has executed subordinated debt and hybrid capital transactions in a range of currencies. Tom also focuses on providing rating advisory services to insurance clients. Shirley Wright is a Director of Credit Suisse and is the Debt Capital Markets Syndicate Administrator. She has worked for the firm for 25 years in the Syndicate Department and is an acknowledged expert on syndicate practice.

Martin Egan is Global Head of High Grade Debt Syndicate at BNP Paribas. Martin joined BNP Paribas in 2001 after 7 years with Credit Suisse First Boston where he worked as a Director and syndicate manager. Martin was recently voted by Euroweek readers as ‘Best Syndicate Manager of the last 20 years’.

Karl Bergqwist is Head of Credit, Gartmore Investment Management. Karl began his career at Moody's Investors Service, where he spent four years before joining Natwest Markets London as a Director. In 1996 he joined HSBC Markets as a Managing Director/Director of Head of Fixed Income Credit Research. He then worked for Barclays Global Investors as the Head of Credit Investment Process before joining Gartmore August 2002 as Head of Credit Research.

Details of the next seminar:

London, UK - have a look at the city
De Vere, Canary Wharf

May 18 to 22, 2009
Registration deadline: May 11, 2009

Please e-mail chris.omalley@icmagroup.org or call +44 (0)20 7510 2701

Costs:

£2,500.00 for Members and £3,250.00 for non-members
2 to 4 candidates – 5% discount each*
5+ 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 use our online registration to register for this training seminar.

Should you have any queries about the seminar please contact:

Chris O'Malley
PMC Programme Director

chris.omalley@icmagroup.org

+44 (0)20 7510 2701

PMC certificate holders

The names of the successful candidates from previous examinations are included in our list of certificate holders.