Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.
Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.
Claim the VAT that's rightfully yours in four simple steps:
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3. VAT IT processes your claim
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Why choose VAT IT
VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
Can I claim back the VAT myself?
You can 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.
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
A 4-day training course providing a wide coverage of the fixed income bond markets and the related derivatives products. Participants will gain a practical understanding of how bonds are priced and traded, and be made aware of current trends. Risk management methodologies used by investment banks will also be discussed. The programme will remain practical and will present best market practices.
Professionals nowadays are increasingly using derivative products in their fixed income portfolio management. This course will cover the most common derivatives that are used to facilitate bond investment, be it in managing the exposures or enhancing the returns.
Certain types of structured bonds (e.g. credit-linked notes (CLN), asset backed securities (ABS), callable/puttable bonds) will also be discussed.
The School uses interactive lectures, worked examples and real-world case studies showing how the products in the fixed income markets are used and the underlying rationale.
Participants will be expected to work on a large number of case studies to enhance the learning process.
Laptops (with Excel installed) are required to allow participants to complete case studies and exercises.
Overview of debt markets- defining money market, loan market and bond market
Bond markets- categorising bonds by cashflow structures, issuers, markets of issuance, credit ratings
- types of investors and their motivations
Bond maths- clean price, dirty price and accrued interest of a bond
- the price-yield equation: discounting cashflows, integrating credit risk in the equation
- the concept of total return over a horizon analysis
- understanding yield curves
bootstrapping a bond yield curve
Credit spreads and what information they reveal in reality- determinants of credit spreads
- evidencing different benchmark curves
Primary bond markets- structuring, pricing and launching a corporate bond
- public issues vs private placements
- investment bank as arranger of an issuance and the different teams involved
Credit analysis by credit rating agencies and bond funds- typical approaches adopted by analysts
- industry specific analysis, issuer analysis and security specific analysis
Case studies for Day 1
• Bootstrapping a bond yield curve• Looking at a real bond issuance and understanding the market dynamics behind its pricing
Market risks of a bond and bond portfolio- separating interest rate risk and credit risk
defining DV01 and CS01 of a bond position- convexity and its implication in bond trading
Credit default swaps (CDS)- features and terminology of CDS
- fundamentals of credit pricing and default probability
- comparing CDS to corporate bond curves and credit spreads
- CDS implied market ratings vs ratings given by credit agencies
- introducing CDS indices
- creating a credit-linked note (CLN)
Interest rate swaps (IRS)- trading conventions and the underlying cashflows
- intuitive understanding of marking-to-market an IRS
- applications of IRS
hedging for a bond issuer
asset swaps- measuring market risk of IRS
Case studies for Day 2
• Estimating P&L of a bond trade using the concepts of DV01 and CS01• Trading a CDS and understanding the cashflows involved
• Constructing a CLN
Bond futures- introducing Treasury futures contracts
Risk managing a bond portfolio with a combination of products- hedging individual issues vs macro hedging
- dealing with interest rate risk and credit risk separately
- choice of products: government bonds, bond futures, IRS, CDS, etc
Repo market and how it facilitates bond trading- mechanism of a repo transaction
- funding long positions and facilitating short positions of bond trading
Cross currency swaps (CCS)- trading conventions and the underlying cashflows
- its role in issuing a foreign currency bond
- currency basis and its drivers
Case studies for Day 3
• Dissecting the cashflows of a bond trade funded with a repo
• Hedging a foreign bond issuance with a cross currency swap
Interest rate options and structured notes- fundamentals of structured notes
- caps and floors
using caps / floors to create simple structured floating rate notes- swaptions
using swaptions to create callable / puttable bonds
Bond investment strategies- active strategies vs passive strategies
- directional trading, spread/basis trading and curve trading
- investing in bond indices or use them as a performance benchmark
typical construction of a bond index
possible pitfalls when using an index
The securitisation process- generic description of securitisation process and the types of assets used
- motivations of different parties: issuer, investor and others
- from simple ABS to CDO
Some current themes in the fixed income markets- leveraging in bond investments
repos, total return swaps (TRS) and leveraged notes- green, social and sustainability bonds
Case studies for Day 4
• Setting up a bond yield curve trade• Looking at a securitisation issue or a green bond issue
Our Tailored Learning Offering
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 and dramatically increase your ROI.
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
BiographyGoliath Lau has over 13 years of trading experience in the financial derivatives industry. After a brief period as an officer in the back office, he became a HKD and USD interest rate derivatives and government bond trader at HSBC Hong Kong in 1995. As a market maker of HKD interest rate derivatives in one of the largest players in the local market, he also facilitated the corporate and financial institutional client business. Goliath joined JPMorgan Chase in 2000, making derivative prices to various clients including hedge funds and bond issuance related parties. In 2003, he moved to the exotic derivatives desk in JPMorgan Chase, began trading and structuring exotic products in Asian local currencies. In 2007, Goliath joined Bear Stearns Asia to set up the exotic business in Asian currencies for the bank. Goliath’s expertise is in interest rate and currency derivatives. Sitting through the 1997 Asian financial crisis and the 2007 global financial crisis, he has first person experience both as a trader and a structurer. During his career, he has plenty of experience in educating clients and internal salespersons in Asia, conveying product and trade ideas in exotic products.Goliath has now been delivering training for almost 10 years. He has designed and delivered a wide range of financial markets and risk management training courses. Participamts on his courses include personnel from investment banks (both supporting and front office staff), corporates, financial institutions, investment funds and financial market regulators.Goliath holds a first class honors degree in Business Administration from the University of Bath in the UK and a Master of Science degree in Finance from the City University of Hong Kong