The International Capital Market Association
Primary Market Certificate (PMC) Programme Certified by the ICMA Centre, University of Reading
Course Information
Course Information
ICMA P rimary Market (PMC) Certificate Programme Speakers/Teachers
(Formerly the IPMA Diploma)
Programme Director Course Overview The purpose of the course is to give participants all the requisite tools and know-how so that they can add value now to their company’s activities in the debt primary markets. This unique certificate 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 course 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. In addition, due to the dynamic nature of the primary markets, the programme emphasises current market practice and much use is made of market practitioners to discuss key areas. The syllabus covers the following topics: • • • • • • • • • • • •
Sources of finance Borrowers and bonds Credit Working with swaps Securitisation Liability management Investor protection Syndication Pricing and launch Legal and documentation Distribution and closing Regulatory landscape
While most suited to those in the early stages of focussing on primary market activities, it is open to anyone who would benefit from a more complete knowledge of the debt primary markets.
Course Format It is offered in a 1-week on-site course twice a year, in May/June and November. Access to the Online Campus for course preparation is granted as soon as the registration process is completed. The course consists of four and a half days of lectures, discussions and case studies. A ninety minute multiple choice test takes place on the afternoon of the fifth day. Candidates will be awarded the ICMA PMC Certificate upon successful completion of the PMC examination, which is jointly granted by ICMA and the University of Reading.
Benefits Attaining the ICMA Primary Market Certificate confirms that participants have a good basic grasp of the workings of the international primary markets. The certificate is a recognised industry qualification and is an accredited course under the Law Society’s CPD Scheme. Solicitors may therefore claim 30 hours CPD credit for their attendance on the full Certificate programme. This course encourages new market participants to follow good market practice and to familiarise themselves with the recommendations in the IPMA Handbook.
Target Audience
Price
The Programme (formerly known as the IPMA Diploma) is a second level qualification intended for persons 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.
For ICMA members Residential course: £2,500.00
www.icmacentre.ac.uk
For non-ICMA members Residential course: £3,250.00 To obtain further information regarding ICMA membership, please visit our website: or call Gaël Tissier, Corporate Communications, on +44 (0)20 7538 5656 or e-mail
[email protected].
Chris O’Malley is a consultant to the International Capital Market Association (ICMA) and a freelance trainer. Based in the Regulatory Policy Department of ICMA, he focuses on primary market practice, IT/e commerce initiatives and, particularly, training. Chris developed and is Course Director for the ICMA Primary Market Certificate. He has 30 years experience in the capital markets on the sales and origination sides of the business
Expert Speakers John Board is Professor of Finance and the Director of the ICMA Centre. Before joining the Centre, he spent a number of years at the London School of Economics. His overall research agenda is characterised by the application of finance theory to real world problems and issues. Paul Keating began his career with Ernst & Young as a tax specialist before moving into corporate treasury. Following completion of a quantitative finance masters degree, Paul became senior lecturer in Corporate Finance and Taxation at the University of Greenwich and visiting lecturer to Cass Business School. He is now a freelance training consultant. Peter Leahy started training in 1987 and specialises in training for the fixed income and fixed income related capital markets, including derivatives, credit derivatives, repo and swaps. He has worked in the financial markets for more than 15 years and advises various institutions at the highest level on matters concerning the international capital markets. Roger Wedderburn-Day has been a partner at Allen & Overy since 1995. He specialises in all aspects of the international debt and equity capital markets including eurobonds, medium term note programmes, privatisations and other international equity offerings, as well as different types of equity-linked debt.
Andrew Wilson has been a partner at Allen & Overy since 1991. He has nearly 20 years' experience of advising on all aspects of debt, equity-linked and equity securities offerings, including privatisations and derivative instruments. In recent years Andrew has focused on structured debt transactions, particularly project bonds and repackagings. Dan Kuhnel, Director, Euroclear, is part of the Primary Market Relationship Management group in the Commercial Division with responsibility for Euroclear SA/NV's relationships with issuers, legal counsels, issuing- paying agents and lead managers. In his role, Dan supports Euroclear's business by promoting standardisation, improving efficiencies and information flows related to primarymarket activities. John Cavanagh heads Merrill Lynch’s London-based EMEA Liability Management team, which focuses on the structuring and execution of debt retirement and restructuring transactions for public and private sector bond issuers located in that region. Before joining Merrill Lynch in October 2006, Mr. Cavanagh spent 16 years with JPMorgan, where he most recently headed that firm’s London-based European Liability Management and U.S. corporate cross-border issuer coverage teams. Tom Keatinge, joined JP Morgan in 1994. Following two years spent in Debt Capital Markets in London and then New York, he returned to London to join the DCM Financial Institutions Group. Since then, Tom has covered a broad range of clients,but has primarily focused on the insurance company sector. In this role, he has executed subordinated debt and hybrid capital transactions in a range of currencies. Tom also focuses on providing rating advisory services to insurance clients.
www.icmacentre.ac.uk
Shirley Wright is a Director of Credit Suisse and is the Debt Capital Markets Syndicate Administrator. She has worked for the firm for 25 years in the Syndicate Department and is an acknowledged expert on syndicate practice. Martin Egan is Global Head of High Grade Debt Syndicate at BNP Paribas. Martin joined BNP Paribas in 2001 after 7 years with Credit Suisse First Boston where he worked as a Director and syndicate manager. Martin was recently voted by Euroweek readers as ‘Best Syndicate Manager of the last 20 years’. Karl Bergqwist is Head of Credit, Gartmore Investment Management. Karl began his career at Moody's Investors Service, where he spent four years before joining Natwest Markets London as a Director. In 1996 he joined HSBC Markets as a Managing Director/Director of Head of Fixed Income Credit Research. He then worked for Barclays Global Investors as the Head of Credit Investment Process before joining Gartmore August 2002 as Head of Credit Research. Robert B Gray is Chairman, Debt Finance & Advisory Group, HSBC Bank. Robert joined HSBC in May 1994 as Chairman of HSBC Markets Limited, with particular responsibility for developing HSBC's capital markets capabilities worldwide. He was appointed Vice Chairman, Client Development of HSBC Investment Bank plc in September 1999, and to his current position in March 2001. In December 2003 he was given the additional responsibility as Global Head, Public Sector for managing the Bank’s relationships with public sector entities on a worldwide basis Prior to joining HSBC, he was head of J P Morgan's capital markets activities in Europe. He is Vice Chairman of ICMA and a former Chairman of the International Primary Market Association (IPMA).
Detailed Programme Because of its unique use of professional experts, key market practitioners and practical case studies the programme structure is flexible. However the programme will cover the following topics in roughly the following order.
Day 1 Corporate Finance Theory This establishes a theoretical foundation on which to base our understanding of debt financing. Different financing options are considered and costs and benefits analysed.
Registration Form Securitisation
Primary Market Certificate Programme (PMC)
Securitisation techniques have revolutionized the options available to capital markets borrowers. This module provides an understanding of the structural elements involved and the financing benefits for borrowers.
(formerly the IPMA Diploma)
Day 4 Syndication This module studies different syndication techniques and appraises how well they have delivered their intended aims.
Registration will only be confirmed upon receipt of payment by University of Reading.
Employer
(this form must be typewritten)
Full name of Firm Department Street
Borrowers
Pricing and Launch & Distribution
An examination of the differing needs of borrowers in the capital market, and identify the features of sovereign, supranational and bank borrowing.
Participants complete a bond pricing exercise and review best market practice in launching and distributing international bond offerings.
Bonds
Selling Restictions, US Regulations & IPMA Recommendations
The differing types of debt instrument available and their varying appeal to issuers and investors are evaluated. The differing features and structures available to debt issuers are reveiwed
Day 2 Credit
A thorough review of the rules impacting launching new securities issues
The key legal risks in bringing a new deal are highlighted and the documents necessary to cover those risks are reviewed and appraised.
Hybrid Capital
The requirements for closing are studied and we review the settlement process and consider changes in the clearing and settlement landscape.
Swaps are defined and explained. The rationale for liability swaps and comparative advantage is studied and worked examples are completed, including calculating all-in costs for borrowers.
Day 3
Closing & Settlement
EU Regulations
Liability Management This module considers the principal types of liability management transactions, what drives them and what advantages they deliver. We consider the role of regulators in this growing area of activity.
Fax
Examination 50 multiple choice questions covering all aspects of the programme.
For a more detailed syllabus, please visit our website:
www.icmagroup.org /content/educational.html
Please attach a recent photograph
If ICMA member firm, ICMA No.
Candidate Surname
First Name
Mr/Mrs/Miss/Ms
Native Language
Date of Birth
Position
Educational Background Work Experience
As the FSAP nears completion this module looks at those EEA directives which particularly impact on the primary markets.
Investor Protection A thorough review of events of default, debt ranking and the use of covenants.
Phone
E-mail Address of Candidate
Legal and Documentation
Day 5
Working with Swaps
Country Postal Code
The requirement for, and the procedure for aquiring a credit rating are studied. Methods of credit enhancement are evaluated.
There has been a massive growth in hybrid capital instruments in the market. The module examines the rationale behind their use and how they are viewed by key parties.
City
(for additional candidates, please photocopy this form.) Registration deadline: One month prior to the beginning of course *Date *Location
Employer’s Authorisation
Place and date Authorised signature(s) Name and title Telephone E-mail Please note that the Association reserves the right to cancel or change any part of the programme. *For more information on the date and location of the next course, please visit our website www.icmagroup.org or call Leanne Ley on +44 (0) 118 378 6272
www.icmacentre.ac.uk
www.icmacentre.ac.uk
Registration Form
Programme and Examination Fees
All courses available from ICMA
(this form must be typewritten) Subscription will be treated on a first-come, first-served basis upon receipt of the completed typewritten registration form and payment of the fee. Registration fee per candidate: GBP 2,500.-. incl. all course material, coffee breaks and lunches. Discount:
Two participants from one firm recieved a 5% discount, and three or more receive a 10% discount. This is a non-residential course.
Non-ICMA member supplement (GBP 750.per person, per seminar) 0.00
Total registration fees payable.
Cheques should be made payable to University of Reading Bank transfers should be sent to the following account: Account Name: University of Reading Bank Name: National Westminster Bank plc Account No: 88658953 Sort Code: 60-17-21 IBAN:
GB53NWBK 6017 2188 6589 53
BIC/SWIFT:
NWBKGB2L
Please make sure to note the name of your firm and that (those) of the participant(s) on the transfer. Form of payment: Cheque Bank Transfer Should an invoice be required for payment, please indicate. Invoice to be forwarded to the candidate or (print name and address if different then candidate)
Since the inception of its European Seminar in 1974, the International Capital Market Association (ICMA), formerly known as AIBD and ISMA, has been committed to providing high quality professional education to its members and to the market at large. The establishment by the Association of the ICMA Centre at the University of Reading in 1991, and its subsequent financial support, has succeeded in creating an institution which is setting the standards in the application of information technology to securities and investment education, with students at the Centre using state-of-the-art dealing room technology to make investment and trading decisions under actual market conditions. All of ICMA’s professional education courses are under the academic supervision of the ICMA Centre and its faculty, a team comprising highly qualified professional and industry experienced staff. The combination of over three decades of market experience and academic expertise gives ICMA a unique advantage in the provision of quality education for the financial markets.
Mail to: ICMA Centre University of Reading
Attention: Leanne Ley University of Reading Whiteknights PO Box 242 Reading RG6 6BA United Kingdom Phone: +44 (0) 118 378 6272 Fax: +44 (0) 118 931 4741
[email protected] www.icmacentre.ac.uk
Cancellation policy: Should a registered candidate be unable to attend, a substitute may be sent at no extra charge. Registered places on the programme must be cancelled in writing. If the cancellation is received 10 working days prior to the commencement of the programme by the Secretariat, GBP 1,250.- of the relevant fee shall be forfeited to the Association to cover fixed costs. If the cancellation is received less than 10 working days prior to the commencement of the programme, GBP 2,000.- of the relevant fee shall be forfeited to the Association. This applies also in the event of a postponement to a later venue. No refund shall be made after the commencement of the programme. Should the Association cancel the programme for reasons to be determined at its discretion, the Association will, in accordance with the participant’s instructions, either issue a credit note allowing the participant or a substitute to attend a future programme at no charge or repay the fee. In the event of cancellation of the programme, the Association shall not be liable for any other claims. www.icmacentre.ac.uk
ICMA’s current professional educational programmes: • International Fixed Income and Derivatives (IFID) Certificate Programme Formerly the ISMA General Certificate Programme (GCP) and AIBD European Seminar • Operations Certificate Programme (OCP) Formerly the ISMA OCP & FCP and AIBD Operations Seminar • Primary Market Certificate Programme (PMC) Formerly the IPMA Diploma • Special Short Courses ICMA supports its regions and members in organising specially tailored regional and internal training courses.
The International Capital Market Association
The International Capital Market Association is the self-regulatory organisation and trade association representing constituents and practitioners in the international capital market worldwide. ICMA's members are located in 48 countries across the globe, including all the world's main financial centres, and currently number some 400 firms in total. ICMA performs a crucial central role in the market by providing and enforcing a self-regulatory code of industry-driven rules and recommendations which regulate issuance, trading and settlement in international fixed income and related instruments. ICMA liaises closely with regulatory and governmental authorities, both at the national and supranational level, to ensure that financial regulation promotes the efficiency and cost effectiveness of the capital market.
www.icmagroup.org
Course Director: Chris O’Malley
[email protected] Phone: +44 (0) 20 7538 5656
Registration: Leanne Ley
[email protected] Phone: +44 (0) 118 378 6272
General Questions: John D Evans
[email protected] Phone: +44 (0) 118 378 6498 ICMA Centre University of Reading Whiteknights PO Box 242 Reading RG6 6BA United Kingdom www.icmacentre.ac.uk
ICMA Membership: Gaël Tissier
[email protected] Phone: +44 (0) 20 7538 5656
