Members' Register

 

The "Members register" is for ICMA members or subscribers only. If you do not have a user login, Please click here

   
 
 
Inflation-linked Bonds and Structures    
 
   

 

Objectives


This course is primarily designed to increase the awareness of the concept of inflation as a separate asset class.  It introduces the main concepts related to inflation, the various inflation – linked structures, the different market participants and their respective motivations.

 

Target Audience


This course is suitable for anyone with an understanding of the fundamental concepts of finance and fixed income. An understanding of bond pricing and market risk (i.e. duration / DV01) is assumed.

 

Length and Structure of the Course


The course consists of two days of lectures and case studies.  Each day typically consists of three or four 90 minute session with coffee breaks in the morning and afternoon and a lunch break in the middle.  There is no exam for this course but candidates will get a certificate of attendance.

 

Course Tutor


Neil Schofield

Neil is a visiting fellow at the University of Reading and is a freelance training consultant.  From 2001 to 2008, he was global head of financial markets training at Barclays Capital in London.  He was responsible for the design and delivery of a large number of seminars in a variety of different asset classes to many different audiences.  Previous to that he was a director at Chisholm Roth training in London and has also held positions at Chase Manhattan Bank as well as Security Pacific Hoare Govett (now trading as Bank of America).  Neil has over 20 years of experience in financial markets.  In 2007, he published his first book “Commodity Derivatives” and is currently in the process of writing a second “Relative Value in Financial Markets”.

Course Brochure

Click
here to download the Inflation-linked Bonds and Structures course brochure.

 

Course Outline
 

Session 1 Contents 

Inflation fundamentals

• The main jargon associated with inflation markets
• The Fisher equation
• Factors that influence real yields
• The composition of the main inflation related indices


Session 2 Contents 
Inflation bonds • Inflation maths (the Canadian model)
• Net carry
• Seasonality


Session 3 Contents 

Inflation swaps

• Zero coupon
• Asset swaps
• Real rate swaps
• Year–on–year swaps
• Total return swaps

Session 4 Contents 
Inflation options

• Caps, floors, swaptions
• Options on TIPS
• Breakeven options
• Volatility


Session 5 Contents 
Trading inflation

• Effective duration and beta
• Directional real yield trades
• Breakeven inflation trades
• Real yield curve trades
• Breakeven curve trades
• Real yield and breakeven forward trades
• Intra-market transactions


Session 6 Contents 
Corporate issuance • Identify the different types of issuer that may benefit from inflation – linked liabilities
• Pricing inflation issues
• How inflation derivatives could be used to derive an optimal inflation exposure


Session 7 Contents 
Institutional exposure to inflation • The impact of inflation on a portfolios efficient frontier
• Vanilla investment structures
• Structured solutions
• Hybrid solutions

Session 8 Contents 

Pension fund exposures

• Defined benefit vs. Defined contribution schemes
• Identifying the inflation exposure
• Inflation – linked swap solutions

 

   
 

Details of the next seminar


TBC

Please email education@icmagroup.org to register your interest to attend our next publicly scheduled course.
 

   
 

Costs
 
The cost of the "Inflation-linked Bonds and Structures" course is £1,000.00 for ICMA Members and £1,300.00 for non-members with the following discount scale being offered:
2-4 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.

Payment can be made by secure online credit card or by invoice.  Please note that the BACS invoice method has an additional £50 admin fee.

 

Note that anyone requiring accommodation to take the course will be required to arrange this on their own; it is a class-based but non-residential course.
 

   
 

For more information


This course is also available on a group booking basis. 
Should you have any queries about this seminar please contact:

 

David Senior for general marketing queries

education@icmagroup.org
Phone: +44 (0)20 7213 0329

 

Leanne Ley for general administration & finance queries

l.ley@icmacentre.ac.uk
Phone: +44 (0)118 378 6272
 

 

CFA Institute CE Approved Provider


 Home  About ICMA  Membership  Market Practice & Regulatory Policy  Legal  Education  Media  Market Info  Events 

forex calculator | what's new | links | contacts and feedback | help | legal information | privacy policy | cookie statement | sitemap | print option
©International Capital Market Association, Zurich.