IBMQ - Livestreamed
Live sessions: October 19, 20 and 26, 27, 28
14.00-17.30 CEST (CET for October 26, 27, 28) | Time Zone Converter

IBMQ - Online self-study
Start date: 1 November


OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE
The Introduction to Bond Market Qualification (IBMQ) is an introductory level programme intended for anyone seeking a sound foundation in the analysis of fixed income securities. The syllabus offers an overview of fixed income market products and participants and explains the key features of fixed income securities including government bonds, corporate bonds and many more. In addition, it provides candidates with the basic quantitative tools they will need to begin analysing fixed income securities.


Sample Module



Course Outcomes

By completing this course you will be able to:
  • acquire a sound understanding of the risk and return characteristics of fixed-income securities, including sovereign bonds, investment-grade and high-yield corporate bonds, inflation-linked bonds, securitisations, and covered bonds
  • learn how to use and interpret market-standard measures of interest rate risk and credit spreads, as well as how to apply these measures to construct and evaluate trades that express views about the level of interest rates, the shape of the yield curve, and relative value in credit risky bonds
  • learn how inflation-linked bonds protect investors from inflation risk and provide opportunities for trading views on expected inflation, and how securitisations and covered bonds expand opportunities for investors while diversifying financing sources for financial institutions
  • learn how bonds are issued and traded, and how regulatory changes and technological development are transforming fixed-income markets

Who should study the programme?

The course is intended for anyone who requires a firm grounding in global bond markets and fixed-income analysis as part of their professional development.  It is particularly directed at candidates who are entering or have recently entered positions in fixed-income markets, or whose responsibilities require an understanding of fixed-income securities and markets.  This might include, for example, professionals whose primary responsibilities are legal, regulatory or technology-related, as well as those working directly in fixed-income trading and investment management.

The IBMQ may also serve as a useful introduction to bond markets for candidates who intend subsequently to study for the ICMA Fixed Income Certificate (FIC).

The names of successful candidates will be included in our list of certificate holders.


Programme Recognition

This course has been approved as Certified by CPD®.

 ICMA recommends that 24 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.


Course Trainer

David Oakes


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

Bonds
•    Fixed Income Markets
•    Fundamental Features of Bonds
•    Bond Types and Market Sectors

Analysing Bonds
•    Bond Price Quotation and Accrued Interest
•    Calculating Accrued Interest
•    Bond Price and Yield
•    Calculating Yield to Maturity

Government Bonds and the Yield Curve
•    The Yield Curve
•    Monetary Policy and the Yield Curve
•    Interest Rate Risk
•    Trading the Yield Curve

Corporate Bonds
•    Credit Risk in Corporate Bonds
•    Credit Ratings and Credit Spreads
•    Securitisation
•    Covered Bonds

Inflation-Linked, Green, and Social and Sustainability Bonds
•    Why Investors Care About Inflation
•    Inflation-Linked Bonds
•    Green Bonds
•    Social and Sustainability Bonds

Issuing and Trading Bonds
•    Issuing Bonds in the Primary Market
•    Secondary Market Trading
•    Regulation


Assessment

The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions correctly, with a score of 45 or more earning a distinction.

If you’re taking the classroom-based course, review sessions will be held prior to the exam to help candidates prepare for the assessment and assist with course content.

If you’re taking the online or livestreamed course you have six months in which to study the material, book and complete an online, fully invigilated exam. The exam is hosted on our online learning platform and invigilated by a live proctor via the camera and microphone on your computer. This allows you to choose a time and place of your convenience to take the exam, while guaranteeing secure exam conditions.
 
Prior to the exam, you will need to login with the proctor to check that your chosen exam equipment and space is adequate for the exam - you will receive further guidance when you register for the course.

Online Course


Delegates who sign up to online courses will have access for 6 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.

Online courses start on the 1st of each month.
Start: 1 November

Start: 1 December



Online course fees

Self-study online course fees:
  • ICMA Members: EUR 1,150 + VAT (if applicable)
  • Non-members: EUR 1,650 + VAT (if applicable)
Costs include full access to the online campus, associated learning materials and the examination fee. Please note that payment for online courses must be received before the start of the course.

As an indicative guide, we would recommend a total of 90 study hours is required to go through the material. Please note this is an approximate guide only.


 

Livestreamed Course


Learning in a digital environment has a number of advantages and is growing in popularity as a medium of instruction. 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 IBMQ live sessions are delivered over the course of five 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 six months. During these six months you will have the option to keep working through the course materials at your own pace. Please note to ensure you book and take the exam within these six months.

Live sessions: October 19, 20 and 26, 27, 28
14.00-17.30 CEST (CET for October 26, 27, 28) | Time Zone Converter




Livestreamed course fees


ICMA 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.



Contact

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



Test your knowledge

An increase in interest rates
An increase in the stock price of the issuing company
An increase in the volatility of the stock price of the issuing company
increases investment
reduces saving
reduces asset values
Less than EUR 1 million
More than EUR 1 million
EUR 1 million
Process for evaluation and select
Use of proceeds
Governance
All of the bonds to be issued are pooled and the bookrunners have complete control over the selling process.
Each underwriter subscribes to a portion of the bonds to be issued and is then individually responsible for selling them.
Some but not all of the bonds to be issued are put into a central order book or ‘pot’ that is run by one or more bookrunners.
Submit bids at prices or yields that result in their not being awarded any securities in the auction.
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