Reclaiming Your VAT
Reclaim the VAT on your Euromoney Training Courses in the UK
Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.
Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.
How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.
Option 1 - Directly through HM Revenue and Customs
The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming.
Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim. VAT IT will review, process and submit your VAT refund on your behalf.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
If you want to find out more about this service, please email your details to: firstname.lastname@example.org
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
School of Bonds & Fixed Income
In recent years the bond markets have witnessed significant change and innovation, largely as a result of a rapidly maturing swaps market.
The increasing commoditisation of the swaps market, along with recent innovations in the credit derivatives market, has led to fundamental shifts in core relationships.
This course is designed for those who require up-to-date market knowledge on how these particular changes will impact their organisation and professional career.
How this course will help you?In just five days, you will expand your knowledge of the structure and application of bonds and fixed income products and gain an in-depth understanding of:
- The classification of bond instruments
- Yield curve analysis
- Pricing methodologies
- Interest rate and currency swaps: uses and valuation
- Bond trading and portfolio applications
- Securitisation and asset-backed securities
- Repo markets
- Financial engineering with swaps
Introduction to Fixed Income Securities
- What is a bond?
- Who issues and invests
- Bond characteristics
- Coupon: fixed, floating, zero coupon bonds (“strips”)
- Price/yield relationship
- The major Government bond markets
- The Eurobond market
- MTN issuance programme
- Corporate bond issuance
Yield Curves & Fixed Income Valuation
- Calculating a bond’s price on a coupon date
- Clean (quoted) v dirty price
- Common accrual conventions
- Calculating a bond’s price on a non-coupon date
- Interpreting the price: defining yield measures
- Yield to maturity as an internal rate of return (IRR)
- Yield to call
- Running yield
- The yield curve and yield curve theories
- Econometric forecasting of the yield curve
Case study: Delegates will price various fixed income instruments
Understanding the Zero Coupon Curve
- The problem with YTMs:
- Re-investment risk
- Understanding the zero-coupon bond pricing concept and its importance in the marking-to-market process
- Constructing the zero-coupon equivalent yield curve
- The government bond “strip” curve
- Using zero-coupon discount factors in the price discovery process
Fixed Income Market Risk Analysis
- Price-yield relationship for option-free bonds
- Determinants of bond price sensitivity
- Measures of bond price sensitivity:
- Macaulay Duration
- Modified Duration
- Dollar Duration, PVBP (Present Value of a Basis Point)
- Calculation and interpretation of duration
- The non-linear properties of duration: time, yield and coupon dependencies
- Calculating the duration of a bond portfolio
- Convexity defined
- Calculating convexity for fixed coupon bonds
- The implications and ‘value’ of positive & negative convexity on market yields
- Relationship between convexity and interest rate volatility
- Limitations of duration and convexity: assumptions, benefits & shortcomings
Yield Pick-Up from Trading Credit: Corporate Bonds & Credit Spread Analysis
Corporate Bonds & Understanding the Spread
- Macro drives of the credit spread
- Measuring the credit spread
- Yield spread over the benchmark and I-spread
- Deriving the asset swap spread
- Par-par v yield asset swaps
- What is the Z-spread
- Asset swap spread v Z-spread
- The role of the credit default swap (CDS) in pricing new issues and relative value analysis
- Relationship between CDS, asset swap, and repo
- Understanding negative and positive CDS basis
- Which spread to use?
- Taking into account the term structure of default probabilities: “arbitrage” pricing spread
Corporate Bonds and the Rating Process
- The role of the rating agencies
- What is a rating?
- Issuer v issue ratings
- Ratings watch & outlook
- What factors drive the rating
- Empirical performance
- Default frequencies
- Rating transition tables
- Recovery rates
- The importance of sovereign ratings
Hedging Interest Rate Risk & the Credit Spread
- Hedging with government bonds and futures referenced to the government curve
- Setting up the hedge ratio
- The problem with traditional approaches
- Using CDS’s to hedge spread risk
- Portfolio hedging approaches with iTraxx contracts
Selecting Instrument Types for Outperformance
Credit Linked Notes & Securitisation
- Creating a CLN
- The market for securitised products
- Issuance patterns pre and post the crisis
- Motivation for issuers and investors
- Building a CDO
- Balance sheet v arbitrage deals
- Cash flow v synthetic instruments
- CDS primer
Creating Value through Convertible Bond Arbitrage
- How do convertible bonds work?
- Understanding the terminology
- Establishing the arbitrage trade
- Understanding the key risk factors of a convertible arb trade
- How well has the trade worked in the past?
- Practical example of an arb trade
Inflation-Linked Bonds: Real v Nominal Returns
- Rationale for issuance
- Market size
- Mechanics explained
- US Treasury Inflation Protected Securities (TIPS)
- RSA Inflation-linked market
- Real v nominal returns
What about deflation?
- What are the (hidden) risks?
- The role of inflation linked bonds in portfolio construction
Portfolio Management Strategies:Yield Enhancement & Trading Strategies
Trading Structured Products: Yield Enhancement with Callable Bonds
- What is a callable bond
- Investor motivation: identifying the yield enhancement
- Hedging strategies for the issuer using swaptions
- Why issue step-up callable bonds
- A generalised template for valuing bonds with embedded options
- Understanding the nature of the embedded option
- Building an arbitrage-free rate tree
- Valuing a vanilla bond using the rate tree
- Applying the technique to callable bonds
- Extending the analysis to bonds with other embedded options
Trading the Yield Curve to Enhance Yield
- Horizon (total return) analysis
- Calculating the total return
- Determining the exit price
- Choosing the optimal bond maturity for the trade
- Understanding the role of the forward rate
- Riding the yield curve: Using repo to generate gains
- Convexity bias and the yield curve
- Basics of convexity
- What factors influence convexity
- Volatility and the value of convexity
- Convexity, yield curve and expected returns
- Convexity bias: The impact of convexity on the curve shape
- The impact of convexity on expected bond returns
- Taking advantage of convexity: Barbell – bullet analysis
Course summary and close
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course.
Our Tailored Learning Offering
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
BiographyThierry is a highly experienced trainer and consultant in Capital Markets Since 1997 he has worked as a consultant and trainer with the Top Three Investment Banks in the World (Goldman Sachs, Morgan Stanley, BofA Mer-rill Lynch), most of the largest 20 Banks in the World (Citi, J.P. Morgan Chase, Stanchart, BBVA, ABN AMRO , Commerzbank etc...) , all Top 4 Audit/Tax Accounting Firms, commodity trading company and other prestigious financial institutions. Recently, he has worked with Central Banks (such as Bank Indonesia) in the area of trading room risk management, regulation, supervision and Basel 2/3 implementation and with emerging market banks in Mexico, Brazil, Hong Kong, Malaysia, Singapore, Indonesia and Thailand in corporate transformation and risk management. His banking experience includes developing and managing the Capital Markets and Derivatives businesses for Wachovia Banks, America’s fourth largest bank at the time. He also led the development of the risk management operations and infrastructure for the trading room. His banking experience also includes working in corporate finance/investment banking, especially concerning M&A for financial institutions, and asset management at Brown Brother Harriman in New York. He has also worked as a management consultant at McKinsey & Company in strategic consulting and organizational changes for banks. He has also worked in the Corporate Finance/Treasury Consulting Practice at KPMG in New York where trading, risk management, auditing and compliance where high priority. He was a Joseph Lauder Fellow at the Wharton School where he received his MBA. He also graduated with an MA in International Studies and an MA in Political Science from the University of Pennsylvania. The Course Director completed his undergraduate studies at Columbia University.
Hotel Novotel New York Times Square
You can take a look at some of our recommended hotels on this map. If you need help booking accommodation for your visit to our training courses, please contact email@example.com and one of our partners will help you get the best rate possible.