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:
1. Register your interest
2. Sign a few simple documents
3. VAT IT processes your claim
4. Receive your refund
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.
US Fixed Income Markets
This 3 day program is designed at an intermediate level. It is specifically designed to better acquaint the participants with a more in-depth understanding of the US Bond Market. Specific attention is paid to using current, real examples to illustrate the major learning points, as well as demystifying the jargon, terminology and “lingo” so unique to this product area. We review the feature/benefits of the various products within the Fixed Income Market, as well as the market dynamics and analysis of those instruments.
Who should Attend:
This program is designed for those members of the financial industry who work in, or support the Fixed Income product area, including firms such as:
Asset Management (Buyside)
Banks/Brokers Dealers (Sellside)
Financial Intermediaries (Custodians, Depositories, Regulators)
Particularly, those who work in the following functions would most benefit:
Sales and Sales Associates
IT and infrastructure
Credit and Risk Management Professionals
The Treasury market is the foundation of the U. S. bond market. It acts not only as a primary funding vehicle for the government, but a benchmark for the entire marketplace. This first day will discuss the products and marketplace which make up the Treasury Marketplace. Additionally we will discuss the factors that affect this market with particular emphasis on monetary policy, and the role and impact of the FOMC/Federal Reserve
1) Size and Scope of the US Fixed Income Market
2) Treasury Products
a. Bill, Notes, Bonds, Strips and Tips
b. Primary Market
i. Dutch Auction Process
ii. When Issued ( W.I.) Trading
iii. Market Participants (Primary Dealers, Direct Bidders, “Non-Comps”)
3) The Yield Curve
a. Shape and Slope
b. Role as a Benchmark
c. As a Forecasting Tool
4) Role of the Federal Reserve
a. Function and Structure of the FOMC
b. Monetary Policy
i. Federal Funds
ii. Repurchase Agreements (“Repo”)
iii. Quantitative Easing
5) Money Market Instruments
a. Commercial Paper
6) Agencies and Government Sponsored Enterprises
a. Size and Scope
b. Understanding TVA, FFCB, FLB ( Non-Mortgage Agencies)
7) Current Issues/Trends
a. “Unwinding” The Fed’s Balance Sheet
b. Shape of the Yield Curve (Inversion?)
c. Current Economic Outlook
1) Fixed Income Analytics
a. Understanding Yields ( CY,YTM, YTC, YTW)
b. Demystifying Duration
2) Credit Products – Corporate Bonds
b. Optionalities (Puts, Calls, Sinking Funds, Convertibles)
c. Role of Rating Agencies
d. High Yield Securities
e. Credit Spreads
3) Credit Product – Municipal Bonds
a. Size and Scope of the Marketplace
b. Structure ( General Obligation, Revenue Bonds)
c. Optionalities ( Pre-Refunded, Callable, Sinking Funds)
d. Tax Ramifications ( After Tax Yield, (ATY), Taxable Equivalent Yield (TEY)
4) Current Issues/Trends
a. “Credit Bubble?”
b. Role of the Rating Agencies
c. Preponderance of Baa/BBB Investment Grade in Today’s Market
1) Understanding Mortgage Backed Securities (MBS)
a. Pass-Thru vs Pay Thru Structures (CMO’s)
b. Agency vs “Whole Loan”
iii. “Sub-Prime” (Whole loans)
2) Introduction to MBS Analytics
a. Understanding Prepayment Risk
b. PSA Assumptions
3) Asset Backed Securities – Collateralized Loan Obligations
a. Size and Scope of the Marketplace
4) Asset Backed Securities
a. Size and Scope of the Marketplace
b. “Receivables” Bonds (Credit Card, Auto Financing, Royalties)
c. Credit Enhancements
5) Current Issues/Trends
a. CLO Credit Bubble?
b. Role of Rating Agencies
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
William (Bill) Addiss
BiographyAs the principal of an international training firm, Mr. Addiss develops and facilitates educational programs for a variety of major financial institutions, government agencies and foreign governments. Institutions utilizing Mr. Addiss for their capital markets training include Deutsche Bank, The Securities and Exchange Commission (SEC), The Central Intelligence Agency (CIA), National Association of Security Dealers (NASD), Financial Industries Regulatory Authority, (FINRA) . Kuwait Investment Authority (KIA), Government of Estonia, Moodys, Reuters, and Bloomberg Prior to establishing Amherst Financial Training in 1999 Mr. Addiss had a 23 year career on Wall Street. Starting with E.F. Hutton, he worked as an analyst with the Interest Rate Futures Department, Retail Stockbroker, and as National Sales Manager for Taxable Fixed Income. When E.F. Hutton was acquired by Shearson Lehman Brothers, his responsibilities were expanded to National Sales Manager for Fixed Income for the newly combined firms. His final position at Lehman Bros. Was as Managing Director, Executive Vice President in the Capital Markets Division. After Lehman Brothers, Mr. Addiss served as President of Community Securities, a subsidiary of Rochester Community Savings Bank. In this role, he developed and implemented a variety of initiatives to more fully integrate the full service broker/dealer into the parent holding company bank.