It 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 is considered (including the Market Abuse Directive and the Prospectus Directive). The session is 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.

This workshop will be conducted over two morning sessions (BST/CEST) and is based on an interactive workshop approach incorporating trainer and peer-led discussion plus a Q&A session featuring ICMA’s Market Practice and Regulatory Policy team members.

This course 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.

It 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 is considered (including the EU and UK market abuse and prospectus regimes). The session is interactive, giving participants the opportunity to raise and discuss queries from their own experience.

Learning Outcomes

By completing the course you will be able to:

Understand the process for appointment of the management group and the key considerations for the Pitch Book and Mandate letter
Explore MiFID II Regulation and the implications for the primary markets, including the role of the manufacturer and distributor and target market considerations
Review requirements of the Prospectus Directive and Prospectus Regulation
Understand the key steps involved in syndication, including pre-launch processes, announcement to launch and allocation to pricing
Identify the challenges and risks involved in book building, including the management of order inflation, dealing with duplicate orders and the impact of time-zone differences in a global market
Examine the requirements of the Market Abuse Directive and Market Abuse Regulation, as well as the obligations for the Syndicate banks and Issuers
Consider the key ICMA guidelines and relevant FMSB Core Principles
Examine Signing and Closing processes, including the role of the Fiscal Agent, Trustee, Common Depository, Clearing Systems and ‘bill and delivery’ manager
Discuss the latest developments in the primary market, including the growth of the green, social and sustainability bond market, the impact of Brexit and the move from LIBOR to Risk Free Rates.

Certification and Programme Recognition

This course is certified by ICMA. ICMA is an FCA-approved qualifications provider, approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT) and a member of the CPD® Certification Service.”

ICMA recommends that 10 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

A Certificate of Attendance will be awarded to those who meet the minimum attendance requirements for this course.

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 education@icmagroup.org.

Course Trainer

Angela Yorath

The course syllabus is divided into the following key topic areas:

Start Mandate & Pre Launch Considerations
Key Documentation & Prospectus Regulation
Syndication Practice / Breakout Discussion
Panel discussion and Q&A - Angela Yorath, Trainer, and Ruari Ewing, Senior Director, ICMA
Pre-Marketing Consideration
Announcement to Launch
Allocation & Pricing
Signing & Closing
Panel discussion and Q&A - Angela Yorath, Trainer, and Ruari Ewing, Senior Director, ICMA

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 Bond Syndication for Compliance and Middle Office Professionals live sessions are delivered in two 3.5 hour sessions over the course of two days. You will be given access to the course materials before the live sessions, and will have access to those for a total of three months from the first live session. During these three months you will have the option to keep working through the course materials at your own pace.

Livestreamed course fees

ICMA Members: EUR 1,300 (VAT not applicable)
ICMA Non-members: EUR 1,900 (VAT not applicable)

Classroom Course

The Bond Syndication classroom course will be delivered in London over a full day of training. Tea, coffee and light refreshments will be provided during the course but please note this course is not catered. If you have any dietary requirements please let us know when you complete the registration form.

Delegates will be given access to our learning management system and the course materials before the live sessions, and will have access to those for a total of three months. During these three months you will have the option to keep working through the course materials at your own pace.

Location Address

Venue TBC

Classroom course fees*

ICMA Members: EUR 1,300 + VAT (if applicable)
ICMA Non-members: EUR 1,900 + VAT (if applicable)

*Our prices do not include travel/accommodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided 4 weeks in advance of the start date

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.

Contact

Should you have any queries, please contact education@icmagroup.org.

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Bond Syndication for Compliance and Middle Office Professionals

Classroom | LondonSession dates: 6 November10:00 - 18:00 CET | Time Zone Converter

Course access period: 3 months

(please complete and return the registration form to education@icmagroup.org)

The course syllabus is divided into the following key topic areas:

Livestreamed Course

Classroom Course

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Classroom | London
Session dates: 6 November
10:00 - 18:00 CET | Time Zone Converter