ICMA Workshop: Bond syndication practices for compliance and middle office professionals
 
Date and Venue

Date:
4 February 2020
Time: 
08.30-17.00
Location: City of London


Workshop Overview

This workshop aimed to give compliance professionals an in-depth and thorough understanding of the practices that are involved in launching a deal in the international debt capital market.

It explained precisely how the deal is done, starting with first steps in the pre-launch process - looking at the pitch book, the mandate, the roadshow and the prospectus - through syndication, including book building and allocation, up to and including the final public launch of the issue.

At each point in the progress of the deal through to launch, the interaction of current regulation with the process is considered (including the Market Abuse Directive and the Prospectus Directive). The session was interactive, giving participants the opportunity to raise and discuss queries from their own experience.

An introductory session on the role and characteristics of the international bond market and the expectations of bond investors features in the seminar, as well as an explanation of the role and scope of the ICMA Primary Market Handbook, the internationally recognised guide to best practice in this area.

The workshop was delivered by a former capital markets professional with direct experience of deal management, who is also a reviewer for the ICMA Primary Market Handbook.
08.30 Registration, Tea & Coffee

09.00 Presentations begin

Introduction

•    International bond market
      o    Key attributes
      o    History
•    Bond types
      o    Global
      o    MTNs
•    Bonds vs. Loans
•    What do borrowers want?
•    Determinants of a successful issue

Pre-Launch

•    The Pitch Book
•    The Mandate
•    The Roadshow
      o    Deal or non-deal
      o    ‘Sounding out’
      o    Conflicts of interest
      o    EEA MAD, CSMAD & MAR
•    Due Diligence

Syndication

•    Why syndicate?
•    Syndicate roles
•    The ‘Pot’ System
•    Active v. Passive
•    Stabilisation
•    Fees & expenses

The Deal Process

•    Announcement
•    Syndicate Invitation
•    Organising the syndicate
•    Bookbuilding
      o    Duration
•    Assessing demand
      o    ‘De-duping’
      o    Order inflation
•    Allocation
•    Pricing
•    Launch
•    The Invitation telex/Confirmation to Managers
•    Closing

Documentation

•    EEA Prospectus Regulation/Directive
•    Base Prospectus
•    Final Terms

Liability management

•    Open Market Repurchases
•    Public Tender offers
•    Exchanges
•    Consent Solicitation / Noteholders’ meetings

The ICMA Primary Market Handbook
•    Purpose
•    Content
•    Instruments covered
•    Application
•    Standard documentation

Summary


17.00        Close

This agenda is subject to change