Bond syndication practices for compliance and middle office professionals

 


Bond Syndication for Compliance and Middle Office Professionals - Livestreamed
Live sessions: 29-30 October
10.00-13.30 CET | 09.00-12.30 GMT

OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
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.

It will explain 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.

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.


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 Workshop


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: October 29-30
10.00-13.30 CET | 09.00-12.30 GMT





Livestreamed workshop fees

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

Costs include full access to the online campus and associated learning materials. Please note that payment must be received before the start of the course.


Contact

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




Register for the "ICMA Workshop: Bond Syndication for Compliance and Middle Office Professionals - Livestreamed" on October 29-30


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Terms and Conditions

1.1
I understand that my reservation for the above course shall be accepted and confirmed if ICMA sends me a respective confirmation in writing within 3 business days from receipt of my payment. I also understand that if ICMA does not send me such confirmation within the specified period my reservation could not be considered and that the course fee will be refunded to me in full.

1.2

I agree that ICMA shall have the right to cancel courses and workshops at its own discretion for any reason (including e.g. if a sufficient minimum number of participants is not reached before the start date of the relevant course). In the event of such cancellation, the course fee will be refunded to me in full. I agree that ICMA shall not be liable for any expenses incurred by me, my employer, or anyone else on my behalf, due to the cancellation.

1.3
In the case that I want to cancel my reservation for this course I shall notify ICMA (attention Education Team) in writing without delay. I agree to the following cancellation fees being applied by ICMA:

until the 30th calendar day before the start date of the relevant course = 10%
from the 29th calendar day to the 15th calendar day before the start date of the relevant course = 50%
from the 14th calendar day to the last calendar day before the start date of the relevant course = 75%
on or after the start date of the relevant course = 100%

Refunds will only be processed after the completion of the relevant course and after the return of any course material already provided to you. Any such material must be returned undamaged and at your own expense.

1.4
I agree that if I fail to attend or complete this course within the given deadline, without following the cancellation procedure (see 1.3 above), no refund of the course fee shall take place.

1.5
Delegates must register before the course in order to be allowed to join the course. I understand that registrations for online and livestreamed courses are non-transferable and non-refundable. I understand that substitutions can be made for classroom based courses at no charge subject to the condition that ICMA (attention Education Team) is notified accordingly in writing and provided with the details of the substitute (see 1.1 above) not later than 48 hours before the relevant course commences.

1.6
I agree that ICMA and its affiliate entities may retain the information supplied on this form on a database and use it for the purpose of course and event administration, and, IF I have ticked the relevant boxes above, include my name and name of my employer in a class list which may be distributed at the course in hard copy or to other registered delegates in electronic form as well as for the purposes of advertising future courses and events and promoting ICMA.

1.7
Delegates should be aware that a photographer may be on site throughout the course in classroom-based courses. Photographs taken at this course may be used in future promotional materials.


Delegate Fees

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

If applicable:

Accommodation is not included in the price and delegates must arrange their own accommodation.

Please do not book your travel until advised to do so by ICMA. We will inform you when the course is confirmed to go ahead. For security reasons, delegates who have not registered in advance will not be admitted to this course. If you have any queries regarding this course, please contact ICMA Education.

Course materials will be provided to candidates (where necessary) in electronic format prior to the start of programme. Please ensure that you have these with you during the course as hard copies of course materials are not provided. Where specified, candidates are required to bring any additional equipment (for example, a bond calculator) at their own expense.


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