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The International Capital Market Association (ICMA) Executive Education’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 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
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The PMC 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
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Course Content and Format
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The 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. Borrower
Examining the characteristics of different borrower types; sovereign, supranational and agencies (SSAs), financial institutions and corporates.
3. Commercial Paper
Reviewing the functioning of the Euro Commercial Paper market from both an issuer's and investor's perspective.
4. Bonds
Defining the attributes of a bond and examining key variations.
5. Credit
Understanding the credit rating process, Credit Rating Agencies (CRAs) and credit enhancement.
6. Working with Swaps
Understanding swaps and swap pricing and the value of comparative advantage in the liability context.
7. Hybrid Capital
Examining permissable hybrid capital issuance structures under Basel III and Insolvency 2.
8. Securitisation
Understanding the key drivers for securitisation and reviewing current issuance activity.
9. Covered bonds
Understanding the mechanics of the covered bond market and its increasing importance in primary issuance.
10. Investor Protection
Events of default, debt ranking and covenants.
11. Liability Management
Reviewing current liability management techniques, their applicability and outcomes.
12. Syndication
Syndication practices, their aims and effects.
13. Pricing, Launch and Distribution
Pricing for success, launch requirements and good market practice.
14. IPMA’s Role and Legal and Documentation
Full documentary requirements for a transaction.
15. Closing and Settlement procedures
16. Regulation and the Primary Markets
US Regulation
EU Regulation
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Accreditation
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The ICMA Primary Market Certificate programme is an accredited course under the Solicitors Regulation 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.
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Course brochure
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For more information about the PMC Programme please download the brochure below.
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Programme timetable
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Please find the training programme timetable for course below for download. This document provides you with an overview of what the course format is.
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Syllabus
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Please download the course syllabus from the link below.
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Speakers/Teachers on the Programme
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Programme Director
Chris O’Malley is a Senior Advisor to the International Capital Market Association (ICMA) and a freelance trainer. Based in the Market Practice and Regulatory Policy Department of ICMA, he focuses on primary market practices and, particularly, capital markets and skills-based 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, Dean of Henley Business School 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.
Peter Eisenhardt is responsible for Short Term Fixed Income Origination at Bank of America Merrill Lynch in London. Over his twenty-five year career he has worked in treasury, money market trading, bond options trading, repo, credit, and origination in New York, London, and Tokyo. He is the chairman of the ICMA ECP Committee.
Veenay Chheda is an Executive Director and Co-Head of EMEA Hybrid Capital Structuring at J.P. Morgan. Veenay has structured and executed hybrid capital transactions across 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.
Jonathan Melton is a partner at Allen & Overy specialising in the international capital markets work, including MTNs and equity linked transactions and with extensive experience of emerging markets debt transactions and also particular focus on liability management exercises.
Marco G. Carbonare is a U.S. qualified counsel in the Capital Markets Group in the London office of Linklaters LLP concentrating on corporate finance transactions by European companies and financial institutions. Mr. Carbonare has extensive experience with a wide range of high profile offerings of equity and debt securities in a wide number of jurisdictions.
Dan Kuhnel, Director, is a senior executive in the Primary Market Relationship Management group within Euroclear’s Commercial Division. He relocated to Euroclear Bank’s Hong Kong office from April 2011. He is responsible for managing relationships with issuers, lead managers, issuing and paying agents, and various primary-market related associations.
John Cavanagh is a Managing Director and Head of Bank of America Merrill Lynch’s EMEA Liability Management and EMEA DCM Product Solutions groups, which includes the firm’s Ratings Advisory and Hybrid Capital Development practices. John joined Bank of America Merrill Lynch in 2006 after having spent 16 years with J.P. Morgan, where he most recently headed that firm’s European Liability Management and US cross-border issuer coverage teams.
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). Before joining Fitch in 2001, Krishnan worked for HSBC Bank for 15 years.
Martin Egan is Global Head of Primary Markets & Origination at BNP Paribas encapsulating Syndicate, Debt Capital Markets and Securitisation. In addition, 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.
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 a member of the steering committee of the US Covered Bond council. Most recently Tim has worked with investors to set up the ICMA Covered Bond Investor Council (CBIC). .
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Details of the next seminar:
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London have a look at the city
14-18 May 2012
 
Venue:
Etc. Venues
Dexter House
No. 2 Royal Mint Court
Tower Hill
London
EC3N 4QN
United Kingdom
There will be a further running of the London PMC on 19-23 November 2012.
To register your interest, or if you have any queries, please contact David Senior on +44 (0)20 7213 0329 or e-mail education@icmagroup.org.
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Costs:
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£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 note that if you require accommodation for the course in London, this will be your 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 £50 (administration fee) to the course price.
Should you have any queries about the seminar please contact:
Chris O'Malley
PMC Programme Director
chris.omalley@icmagroup.org
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PMC certificate holders
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The names of the successful candidates from previous examinations are included in our list of certificate holders.
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"I very much enjoyed the course and look forward to putting some of the knowledge gained to use."
Emma Lancaster, Manager, HSBC
“I learnt a lot and enjoyed the PMC course very much – Thank you!”
Ina Reiprich, Debt Listing, Irish Stock Exchange
“I found this a must do qualification for people working in DCM – highly recommended”
Marcus Stevens, Head of Products - Legal Financial Markets, ING Bank
“An intensive training programme requiring investment that ultimately leads to an internationally recognised certificate.”
Wivine Vermeiren, Middle Office Securities, BNP Paribas Fortis
“I really appreciated the speaker list made from a selection of well known industry professionals.“
Knut Bodeewes, Corporates & Markets Origination, Bayerische Landesbank
“Very well organised event from the quality of speakers to the networking drinks. The clearly presented material made for an excellent course”
Nicholas Smallwood, Credit Analysis Manager, Daiwa Securities SMBC Europe Limited
“The topics covered were very relevant and well presented. I have to say that the kindness of the organizers and the excellent logistics made the experience a very pleasant one.”
Ricardo Rico, Funding & Syndications Officer, Inter-American Investment Corporation
“I thought the course was extremely interesting and have already told so to colleagues and managers”
Cristina Abascal Sanchez, Economist Statistician, European Central Bank
"Perfect mixture of theory and practice - a must have - definitely makes life in syndication much easier"
Jochen Hartlieb, Bond Trading & Syndication, Bayerische Landesbank
"The PMC is an extremely well organized 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
"The course gave a comprehensive overview of regulatory policies and current market practices. I really enjoyed the contribution from the leading industry specialists."
Juha Mustonen, Senior Manager, Pohjola Bank
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