Live sessions: November 8, 9, 15 and 16
10.00-13.30 CET | Time Zone Converter

The aim of the course is to outline a framework that could be applied to assess the credit risk inherent with a corporate bond.  

Course Outcomes

By completing the course you will be able to:
  • Analyse different corporate structures
  • Use financial statement analysis
  • Understand fundamental credit analysis
  • Explain structural bond features
  • Describe the types of market participants and appreciate why these firms engage in SLB, and their impact on capital markets and retail investors
    Understand the operational, legal and regulatory risks and issues involved 
    Comprehend the advantages/disadvantages of using different types of collateral 
    Appreciate the impact that corporate actions have on the lent security and on securities collateral
    Discover some relevant anecdotes and SLB case studies

Who should attend?

This course will be of interest to people whose responsibilities incorporate corporate bonds. Amongst others this could include junior traders, salespeople, junior research analysts, trading assistants, middle office staff and risk managers.

Certification and Programme Recognition

This course has been approved by the Securities & Futures Commission of Hong Kong for Continuous Professional Training (CPT).
ICMA is also a member of the CPD® Certification Service which helps organisations formalise knowledge into a structured and recognised approach to meet professional development expectations.

ICMA recommends that 20 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

The course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading. A Certificate of Completion will be awarded to those who meet minimum attendance requirements. Please note that while course recordings will be made available to delegates, it is a course requirement that delegates meet the minimum attendance requirements to be eligible for a certificate. Please contact if you have any questions regarding certification.

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at


Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)

Course Trainer

Yolanda Clatworthy
The course content will be confirmed shortly.
    Securities Lending & Borrowing (SLB) – The Fundamentals 
    What is Securities Lending?
    The Purpose: Why Do Lenders Lend & Borrowers Borrow?
    Participants & Structure
    Trading Strategies
    SLB Trade Lifecycle - An Overview
    Short Selling, Naked Short Selling
    Locates, Trade Execution & Fails
    Corporate Events
    The Marketplace – Participants & Stakeholders
    Lenders, Borrowers and Intermediaries 
    The Lender’s Perspective: Motivations and Considerations
    The Borrower’s Perspective: Motivations and Considerations
    Global custodians
    Third-party lending agents
    Central counterparties
    SLB Trade Lifecycle
    Pre-trading, Locates
    Trade execution
    Mark to Market 
    Margin calls
    Recall/return of lent settlements
    Fees & Billing
    Assets & Collateral
    Equity vs Fixed Income 
    Fundamental collateral concepts
    Margin: Purpose & use 
    Types of collateral
    Legal Documentation
    Securities lending agency agreement
    Updating Books & Records
    Securities bookkeeping: Definition & purpose
    Importance of updating books & records
    Updating books and records for lent/borrowed securities, cash and non-cash collateral, fees and rebates
    SLB and Corporate Actions
    Corporate actions: Overview 
    *Cash dividends
    *Lent securities
    *Short sale proceeds
    *Lent/borrowed equity
    Withholding tax
    Risks in Securities Lending & Borrowing 
    Market Risk
    Credit Risk
    Operational Risk
    Legal Risk
    Reputational Risk 
    EU short selling & financial transactions tax
    Reporting to a central trade repository
    Recent SLB Scandals & Controversies
    The Lehman saga uncover

Livestreamed Course

ICMA courses are delivered via video conferencing accessed on our digital learning platform, using the most effective pedagogical approaches and incorporating interactive functions like virtual breakout rooms.

The Assessing the Credit Risk of Corporate Bonds live sessions are delivered in four 3.5 hour sessions over the course of two weeks. You will be given access to the course materials before the live sessions, and will have access to those for a total of four weeks from the first live session. During these four weeks you will have the option to keep working through the course materials at your own pace.

Next datesTBC
Register your interest for this course at
Live sessions: November 8, 9, 15 and 16
10.00-13.30 CET | Time Zone Converter

Livestreamed course fees

Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)

For security reasons, delegates who have not registered in advance will not be admitted to the live sessions.

Please note:
  • All payments must be made in Euro.
  • Invoices for single registrations are subject to an additional Euro 50 to cover administration costs*. No administration fee applies for invoices covering two or more registrations.
*Administration costs cover the provision of supporting documents, which are often requested along with the invoice, to become an approved supplier.


Should you have any queries, please contact

Test your knowledge

Holding company
Operating subsidiary
Parent company
Senior secured bond; Senior unsecured bond; Bank debt; Subordinated bonds.
Bank debt; Senior secured bond; Subordinated bond; Senior unsecured bond.
Bank debt; Senior secured bond; Senior unsecured bond; Subordinated bonds.
Subordinated bonds; Bank debt; Senior unsecured bond; Senior secured bond.
Use EBITDA as a substitute for EBIT
Use Cash Flow from Operations as a substitute for EBIT
Include other priority costs such as tax in addition to interest paid
Equity stakeholder; Unsecured creditor; Secured creditor; Liquidator.
Secured creditor; Liquidator; Unsecured creditor; Equity stakeholder.
Secured creditor; Unsecured creditor; Liquidator; Equity stakeholder.
Liquidator; Secured creditor; Unsecured creditor; Equity stakeholder.
Negative pledge; Change in control; Restriction on debt; Restriction on asset sales.
Interest coverage; EBITDA/Debt coverage.
Change in control; Negative pledge.
All of the above.

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