Livestreamed
Live sessions: March 29 and 30
14.30-18.00 CEST | Time Zone Converter


OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE

This livestreamed 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.
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 livestreamed 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.

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.


Course Outcomes

By completing the course you will be able to:
  • Understand the process for appointment of the management group and th e 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.
Day One: Pre-Launch Regulatory Environment

Session 1:

  • Module 1: Mandate & Pre-Launch Considerations
  • Module 2: Key Documentation & the Prospectus Regulation 
  • Module 3: Syndication Practice 
  • Trainer-led live stream webinar covering above topics

Session 2:

  • ‘Panel discussion’ with an ICMA expert in Primary Markets incorporating:
    • Brief overview of topics covered
    • Trainer led Q&A session 
 
Day Two: Deal Execution

Session 3:

  • Module 4: Pre-marketing Considerations
  • Module 5: Announcement to Launch 
  • Module 6: Allocation & Pricing 
  • Module 7: Signing & Closing  
  • Trainer-led livestream webinar covering above topics

Session 4:

  • ‘Panel discussion’ with an ICMA expert incorporating:
    • Brief overview of topics covered
    • Trainer led Q&A session

Livestreamed course


ICMA courses and workshops 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 six months. During these six months you will have the option to keep working through the course materials at your own pace.

Live sessions: March 29 and 30
14.30-18.00 CEST | Time Zone Converter




Livestreamed workshop fees

Members: EUR 690 + VAT (if applicable)
Non-members: EUR 900 + 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.


Contact

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



Test your knowledge

Solicit investor interest in the transaction, evaluate the level of demand in the order book, fine-tune the transaction pricing and allocate securities to selected investors.
Announce the transaction pricing in advance and allocate bonds on a first come, first served basis.
Negotiate the bond pricing with a small group of investors prior to announcing the transaction in the market-place, with the aim of increasing the initial size of the transaction.
Only one bank is able to execute debt instruments for an issuer off a programme.
Debt instruments are issued in the same form but under a different mechanism to a stand-alone debt issue.
A number of different issuers can execute debt instruments off the same MTN programme.
Duties of the mandate banks, as well as liability and indemnity
Features of the bond and the fee structure
The size and pricing details of the bond transaction
The difference between the yield on the underlying government benchmark and the yield on the equivalent secondary market comparable, at the time of pricing.
The difference between the yield on the equivalent secondary market comparable and the yield on the new issue bond, at the time of pricing.
The difference between the yield on the underlying government benchmark and the yield on the new issue bond, at the time of pricing.
By one bank only as other banks are restricted from participating.
Within a formal safe harbour.
No later than 3 days after issuance.

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