Introduction to Primary Markets Qualification (IPMQ)



IPMQ - Livestreamed format
Live sessions: September 15, 16, 17 and 21, 22
10.00-13.30 CET | 09.00-12.30 GMT

IPMQ - Online format
Start date: 1 September

OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE
With unprecedented levels of market volatility and uncertainty, the role of primary markets in providing funding has never been more important. With limitations on their capital, banks can no longer play a dominant role in providing finance and the securities markets have increasingly taken up the task of key provider of funds.

This qualification offers participants a broad overview of international finance, from the different entities requiring finance to the roles of the banks and securities markets in providing that finance.


Sample Module

Access a transcript of the video.


Course Outcomes

By completing this course you will be able to:
  • Identify the key users and providers of finance in the primary markets and their differing needs
  • Understand the key attributes of debt and equity from a primary market perspective, and key concepts of corporate finance such as CAPM and WACC
  • Understand the key financing characteristics of the term loan market, the bond markets and equity markets
  • Examine the importance of securities investors and basic concepts of modern portfolio theory
  • Understand the different methods of underwriting and syndication in the primary markets
  • Examine the different methods of distribution and allocation
  • Review the key contractual documents in launching an international financing and the key regulations that impact the primary markets

Who should attend?


Given the increasingly dominant role of the primary markets, anyone with an interest in international finance will benefit from the programme.

This is an entry-level qualification requiring only the most basic understanding of debt and equity. However, the course also serves as a valuable basis for the more advanced and detailed study offered in the ICMA Primary Market Certificate (PMC).

Candidates should have basic quantitative skills but no prior study or work experience is required.

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


Course Trainers


Kate Craven
Angela Yorath



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

An Introduction to International Financing
    •    The Primary Markets
    •    Debt & Equity Capital Markets
    •    Sources of Finance
    •    The Capital Structure
    •    Investor Considerations
    •    Risk & Return
        
Forms of Issuance
    •    The Loan Market
    •    Syndicated Loans
    •    Equity
    •    Bonds     
    •    Green, Social & Sustainability Financing
        
Syndication & Distribution
    •    Accessing the Markets
    •    The DCM Deal Process
    •    Geographical Considerations
    •    Allocation & Pricing
    •    Stabilisation
    •    Listing, Closing & Settlement
        
The Regulatory Framework
    •    Key Parties & Key Documentation
    •    The Prospectus
    •    Compliance
    •    Regulation & Other Considerations
    •    MiFID & MiFID II


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 online course you have six months in which to study the material, book and complete an online, fully invigilated exam.

If you’re taking the classroom-based course, end-of-day review sessions are held at the end of the first two days and prior to the exam on day three to prepare for the exam and assist candidates with the course content.

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 September

Start: 1 October




Online course fees

The following special introductory price will be available until 1 October 2020:
  • ICMA Members: EUR 950 + VAT (if applicable)
  • Non Members: EUR 1,300 + VAT (if applicable)

Self-study online course fees as of 1 October:
  • 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 IPMQ 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.

September 15, 16, 17 and 21, 22



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 exchangeable
A foreign bond
A benchmark
A global bond
Underpriced
Overpriced
Fairly priced
Can’t be determined from data provided
Risk reduction
Larger fees
Better distribution
Enhanced liquidity
Best efforts
Bought deal
Bookbuilding
Syndication
Debt is risky for investors while equity is risky for the firm
Both are equally risky for investors
Both are equally risky for the firm
Debt is risky for the firm while equity is risky for the investor
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