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.
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 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. The exam will be held on the final afternoon. Should you be unavailable or fail the exam, our online examination will be available to take (see information below). Contact us for more information at firstname.lastname@example.org.
If you’re taking the 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 is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading and accredited by CPD® Certification Service.
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.
A Certificate of Completion will be awarded to those who successfully pass the final exam of this course – see Assessment section for more details.
ICMA is a member of the CPD® Certification Service and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).
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 email@example.com.
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
Cost of equity and debt
Weighted Average Cost Of Capital
Purpose of funding
- Use of Proceeds / Borrowers
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
- Investment Grade Markets
Introduction to the IG market
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
Public or private
Floating Rate Notes / Fixed Rate
Medium Term Notes
- Investor Protection
Events of Default
Hybrid Capital / Debt / Equity Continuum
Tax Gross Up / Redemption
- Selling Restrictions & US Regs
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
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
The Collateral Pool
Role of Seller, Servicer and SPV
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
Historical performance data
- Covered Bonds
Definitions / Key features
Types of covered bonds
Covered bond ratings
EU Covered Bond Directive / Developing a harmonised EU framework
Recent structural developments
- Hybrid Capital
Uses and benefits
More Capital of higher quality
Components of capital structure
AT1 and T2 under Basel 3
BRRD and the ‘Bail in’ regime
- Liability Management
- Deal Process
- Documentation & Closing
Confirmation to Managers
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
Our livestreamed 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 livestreamed sessions are delivered in 10 webinars spread over the course of four weeks. You will be given access to the course materials a week before the live sessions begin, and you 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.
Livestreamed course fees
ICMA Members: EUR 3,450 + VAT (if applicable)
Non Members: EUR 4,490 + VAT (if applicable)
Our classroom courses are delivered in-person at a confirmed location.
The PMC classroom sessions will be delivered in London over 5 full days of training. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.
Delegates will be given access to our learning management system and 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.
Classroom course fees*
ICMA Members: EUR 4,400 + VAT (if applicable)
Non Members: EUR 5650 + VAT (if applicable)
*Our prices do not include travel/accommodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided 4 weeks in advance of the start date.
For security reasons, delegates who have not registered in advance will not be admitted to the sessions.
- All payments must be made in Euro.
Should you have any queries, please contact firstname.lastname@example.org.