ICMA Primary Market Certificate (PMC)
In light of ongoing international concerns with respect to the Coronavirus (COVID-19) and in the interest of maintaining the health of our members, delegates and staff, we have made the decision to postpone the ICMA Primary Market Certificate (PMC) in London on 8-12 June.

New dates will be announced in due course.

Please contact ICMA Education for more information.

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

The programme 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.

By completing the programme you will:
  • 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 programme places emphasis on current market practice and this is reflected in the delivery, by a combination of the course director and key market professionals. Current speakers include senior representatives from companies such as:
  • The Royal Bank of Scotland
  • Linklaters
  • BNP Paribas
  • Societe Generale
  • Euroclear
  • Barclays
  • Allen & Overy

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.

Course agenda

Please note that there is a course exam on the Friday, the final day of the course.  This takes place from 2:00-3:30 p.m.  Delegates attending the course should therefore ensure they plan their travel accordingly in order to be present for the exam.

Programme Recognition

Candidates who are successful in gaining the Primary Market Certificate and are CFA Charter Holders qualify for 30 credit hours which can be used towards study with the CFA Institute. CFA Institute members are encouraged to self-document their continuing professional development activities in their online CE tracker.

Course Trainer

Test your knowledge

Unsure if this is the right course for you? Take a short sample exam.
Download brochureThe 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:

1. Sources of Finance
Understanding the financing decision and the choice between debt and equity.

2. Borrowers
Examining the characteristics of different borrower types; corporates, financial institutions, and sovereign, supranational and agencies (SSAs).

3. Credit & Credit Ratings
Understanding the credit rating process, Credit Rating Agencies (CRAs) and CRA regulation.

4. Bonds
Defining the key attributes of cross-border bonds and examining variants.

5. Working with Swaps
Understanding interest rate swaps, swap pricing and the principal of comparative advantage in liability swaps.

6. High Yield

7. Securitisation
Understanding the key drivers for securitisation, reviewing the structures and examining the new "STS" regulatory requirements.

8. Investor Protection
Events of default, debt ranking and covenants.

9. The Deal Process: Pre-announcement

10. Liability Management
Reviewing current liability management techniques, their applicability and outcomes.

11. Hybrid Capital
Examining the hybrid capital rules and permissable instruments under Basel III and BRRD.

12. Announcement, Distribution, Launch & Closing
The distribution process, pricing mechanisms and market practice issues.

13. The Pot System

14. Legal and Documentation
The documentary requirements for a new issue.

15. US Regulation

16. Clearing and Settlement

17. Covered bonds
Understanding the mechanics of the covered bond market and the value of covered bonds for both issuers and investors.

Course format

The PMC is a five day, classroom-based training course taking place in various locations across Europe.

The course is delivered by a combination of professional trainers and market professionals. The programme places emphasis on current market practice and much use is made of experienced practitioners to discuss key areas. Delegate numbers are limited to enable maximum interaction with the presenters.

The programme concludes with the PMC exam. Candidates have 90 minutes to complete a 50 question multiple choice paper.

Details of next courses



8-12 June 2020 - POSTPONED

New dates will be announced in due course.
16-20 November 2020



For security reasons, delegates who have not registered in advance will not be admitted to this course. Delegates will be required to provide photo identification on arrival, to ensure entry.


ICMA Members: £3,450.00 + VAT if applicable
Non Members: £4,450.00 + VAT if applicable


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

PMC certificate holders

The names of the successful candidates from previous examinations are included in our list of certificate holders.

Johannes von Selle

Organisation: DekaBank Deutsche Girozentrale
Job title: Senior Legal Counsel

Describe what you do on a day to day basis in your job:
I am the in-house legal counsel to the departments involved in the process of the issuance or syndication, maintenance and repayment of debt capital market instruments, including various kinds of stand alone issues and note programmes.

Reasons for taking the course:

The main reason for taking the course was to get a comprehensive idea of the entire life cycle of a bond issue and a more profound knowledge of market practice in the primary market.

Benefits of taking this course:
The course exceeded my expectations by involving senior market participants as lecturers and stimulating active discussions between the participants.

Pierre-Yves Druenne

Organisation: BNP Paribas Fortis
Job title: Company Lawyer

Describe what you do on a day to day basis in your job:
I am working as in the Capital Markets Securities-Legal CIB group of BNP Paribas Fortis in Brussels. I am in charge of the negotiation of the structure and the preparation of the documentation relating to securitisation transactions arranged by BNP Paribas Fortis for external or internal originators (through conduits or not). I am also in charge of the preparation of the documentation relating to the bond issues/structured products issued by external corporate/banking issuers, or issuing entities of the BNP Paribas group. My role involves daily contact with the dealing room and the corporate customers of BNP Paribas Fortis.

Reasons for taking the course:
I was wishing to improve my general knowledge of the primary market process, in all its various aspects (legal, operational, finance, pricing, strategic, rating…). I really wanted to have a global picture of the process… which I do have now!

Benefits of taking this course:

I am happy to have now a global picture of the primary market process, which will definitely help me in my day-to-day job.

Tim Mohn

Organisation: DekaBank Deutsche Girozentrale
Job title: Dept Capital Markets, Vice President

Describe what you do on a day to day basis in your job:
Covering German issuers like German Hypotheken Banks, German states, special purpose banks/agencies/supras, beside this I am also responsible for some European issuers (EIB, etc.);
Responsible for the primary business for private placements, as well as benchmark issues;
Promote funding levels of the issuers to the sales groups at DekaBank;
Create funding ideas, provide regular market updates to issuers;
Finding the right new issue product which meets the requirements of the investors.

Reasons for taking the course:
Theoretical and regulatory background of the business (docs, 144A, RegS, Basel, workflow new issues, etc.).

Benefits of taking this course:

Broaden and deepen the knowledge of the business;
Regulatory and documentary knowledge;
Exchange ideas and thoughts with colleagues and market participants (networking).

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