Live sessions: November 17, 18, 19, 24, 25, 26 & December 1, 2, 3 and 8
10.00-13.30 CEST | Time Zone Converter


The ICMA Primary Market Certificate (PMC) is an essential qualification for those with an interest or involvement in the debt primary markets.

The course examines the entire life cycle of bond issuance, from considering the financing choices through to the closing of transactions in the marketplace. While the training examines the theoretical principles underpinning the markets and the instruments and financing techniques that are available, emphasis is placed on interpreting and using that knowledge in practical case studies. Candidates who gain this qualification will have all the requisite tools to add value to their company’s activities in the primary markets.

Course Outcomes

By completing this course you will be able to:
  • Understand what is involved with syndication and origination
  • Review pricing decisions and launch requirements
  • Assess current liability management techniques, their applicability and outcomes
  • Explore events of default, debt ranking and covenants
The course places emphasis on current market practice and this is reflected in the delivery, by a combination of ICMA trainers and key market professionals including senior representatives from renowned organisations within the Debt Capital Markets.

Who should attend?

The programme is intended primarily for those working in the origination, syndication and transaction management areas of investment banks or securities houses. It is also a valuable qualification for capital markets lawyers looking to expand their understanding of the workings of the primary markets and for those employed in institutions that may be looking to raise funds in the international capital markets.


The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions, or 60%, correctly in order to pass.

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.

Certification and Programme Recognition

This course has been accredited by the CPD® Certification Service and approved by the Securities & Futures Commission of Hong Kong for Continuous Professional Training (CPT).

ICMA recommends that 50 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

The course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading. A Certificate of Attainment will be awarded to those who successfully pass the final exam of this course – see Assessment section for more details.

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


ICMA Members: EUR 2,900 + VAT (if applicable)
Non Members: EUR 3,550 + VAT (if applicable)

Course Trainer

Kate Craven
Duncan Philips
With the support of former course director and ICMA Senior Advisor Chris O'Malley
The PMC syllabus is organised around key areas, broken down into subtopics delivered by the course director and guest speakers. The programme concludes with the PMC exam:

  • Sources of Finance
    Financing choices
    Cost of equity and debt
    Weighted Average Cost Of Capital
    Financial leverage
    Purpose of funding
    Market conditions
  • Use of Proceeds / Borrowers   
    Borrower requirements
    Loans v. bonds
    Corporates – IG / High Yield
    SSAs – Sovereigns / Supranationals / Agencies
    FIs - Capital adequacy / Basel 3
    Minimum capital and buffers Leverage Ratio / LCR & NSFR
    Common equity Tier 1 / Additional Tier 1 / Tier 2
  • Credit Overview   
    Credit Ratings Overview
    Basic Corporate Credit Analysis
    Credit rating process
    Credit Rating Agencies various approaches
    Calibrating the business profile
    Assessing the financial risk profile
    CRA Regulation
  •  Investment Grade Markets
    Introduction to the IG market
    Funding Programmes
    Sovereign case studies
  • High Yield / Sub-IG
    Introduction to HY / non-IG, understanding the difference
    Review of Covenants
  • Bond Types
    Domestic, Foreign & Eurobond
    Development of the cross-border market
    International bonds
    Public or private
    Floating Rate Notes / Fixed Rate
    Medium Term Notes
  • Investor Protection
    Events of Default
    Debt Ranking
    Hybrid Capital / Debt / Equity Continuum
    Force Majeure
    Tax Gross Up / Redemption
  • Selling Restrictions & US Regs
    Selling restrictions
    Regulation S
    Rule 144A
    10b 5 Due Diligence
    TEFRA C & D

  •  Legal & Documentation
    Overview of New Issue timetable
    Underwriting risk - reps & warranties, DD, Legal opinions, Comfort letters, Conditions precedent, Force Majeure
    Product Governance (MiFIDII/IR)
    Obligations for Manufacturers & Distributers
    ICMA 1 & ICMA 2
    The Due Diligence process
    EEA Prospectus Regulation/Directive
    The passport
    Disclosure & listing - Who discloses and what? / Relevant facts? / Why list?
    Investment risk - Events of default / Cross default / Tax gross up & call / Negative pledge / Event risk covenant
  • Securitisation
    The Collateral Pool
    Role of Seller, Servicer and SPV
    Capital Structure
    Why Securitise?
    Credit Cards & other types of asset-backed
    Securitisation since the crisis
    EU Regulation of asset-backed
    ECB Loan Level Initiative
    Capital Markets Union (CMU) and the STS initiative
    STS Requirements
    Historical performance data
    Risk retention
  • Covered Bonds
    Definitions / Key features
    Types of covered bonds
    Covered bond ratings
    Legal Frameworks
    EU Covered Bond Directive / Developing a harmonised EU framework
    Regulatory treatment
    Recent structural developments
  • Hybrid Capital
    Uses and benefits
    Regulatory developments
    More Capital of higher quality
    Components of capital structure
    AT1 and T2 under Basel 3
    BRRD and the ‘Bail in’ regime
  • Liability Management
    Bond buybacks
    Tender offers
    Consent solicitations
    Regulatory considerations
  • Deal Process
  • Documentation & Closing
    Confirmation to Managers
    Subscription Agreement
    Selling Group Agreement
    Trustee / Fiscal agent
  • Clearing & Settlement
    Introduction to CSDs and ICSDs
    Range of securities and currencies
    Functions of the ICSDs
    New Issues Acceptance
    New Issues Distribution / Syndicated / Non-Syndicated
    Role of the Common Depository
    Eurosystem Collateral Eligibility
  • Residual Regulation

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 PMC live sessions are delivered over the course of five weeks, with two sessions of 3.5 hours every week. 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. 

November 17, 18, 19, 24, 25, 26 & December 1, 2, 3 and 8
10.00-13.30 CET | Time Zone Converter

June 8, 9, 10, 15, 16, 17, 22, 23, 24, 29
10.00-13.30 CET | Time Zone Converter

Livestreamed course fees

ICMA Members: EUR 2,900 + VAT (if applicable)
Non Members: EUR 3,550 + 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.


Should you have any queries, please contact

Test your knowledge

A FRN is issued at LIBOR minus a spread
A borrower issues a bond and receives fixed in swap to achieve sub-LIBOR funding
A borrower issues a bond and pays fixed in the swap to achieve sub-LIBOR funding
None of the above
A change of control provision
A disposal of assets restriction
A typical Eurobond negative pledge clause
Minimum net worth
Force majeure clause
Representations and warranties
Provision requiring closing certificate
Fixed-spread tender
Modified Dutch auction
Partial tender
Fixed-price tender
Financial covenants
Negative pledge
Cross default
‘Pari Passu’

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