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

Date:
1 November 2017 (Please note that registration is now closed)
Time: 
08.30-17.00

Venue:
International Capital Market Association (ICMA) Limited
23 College Hill
London EC4R 2RP
United Kingdom


Workshop Overview

This workshop aims 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.

The course explains 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, was considered (including the Market Abuse Directive and the Prospectus Directive). The session will be 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’s Primary Market Handbook, the internationally recognised guide to best practice in this area.

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

If you have any queries regarding this event please contact Simona Negretto.

Delegate Fees

ICMA Member: £350 + 20% VAT
Non Member: £650 + 20% VAT

Delegate fees are payable, in advance of the course start date, by credit card (Visa, MasterCard) or on receipt of an invoice after registration has been received.

For security reasons, delegates who have not registered in advance will not be admitted to this workshop.  Delegates will be required to provide photo identification on arrival, to ensure entry.




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