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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting learning@euromoney.com

 

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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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.

Debt Capital Markets

Learn the rationale for debt financing, borrowers & debt capital markets
  • Reasons you should attend this course:
    • The Collective Learning Experience: Working together in teams, delegates learn from shared experiences. They will gain the skills necessary to understand and operate in a Debt Capital Markets environment.
    • Participants will be involved in “Scenario Based Case Studies”, where they will be given the opportunity to practice the skills they have learnt in “simulated” environments. Increasing their knowledge retention.
    • Attendees will gain a thorough understanding of how the Capital Markets operate from Debt Issuance, through to Trading and Settlement.
    • They will understand the various types of Debt Instrument, from short term RCF and Repo right through Bonds to ABSs and CDO.
    • Attain the skills to price Debt Securities though theoretical probabilities and Credit Agency Ratings
    • They will also learn how to price Debt Securities from Credit Spreads and Spreads over Mid Swaps.
    • They will gain the necessary knowledge of Covenants and the important role they play in investor protection and therefore the value of debt instruments.
    • To gain a full understanding of the Issuance Process. From the Primary Markets, Origination, Syndication, Underwriting and Distribution…….
    • And Secondary Market Trading, Settlement and Custody and Regulation.

    Course Aims - Participants will:

    • Learn how corporates understand their Capital Costs through WACC and ERP. How they decide how much Debt or Equity they should issue.
    • Learn who the major issuers and buyers are and which products are used for short and long-term financing. From Private Loans to Public Debt.
    • Be able to identify different types of Debt and assess the return and risk of these products… the Risk Reward Ratio
    • Be able to identify different types of bond, such as Domestic, Government, Eurobonds, Yankees, and Dim Sum. And from MTNs, Callables, Coco’s etc.
    • Appreciate the role of IRS in the creation and pricing of bonds.
    • Understand market terminology such as “spread over mid swaps”
    • Have a working knowledge of the Securitisation Market, from ABSs to CDOs. And understand latest market trends such as the “Leverage Loan Market” and “Cov-Lite deals”
    • Learn about the new Digital Bond Issuance. The introduction of DirectBooks and how Bond Issuance may never be the same.
    • Be updated on current and changing Regulations affecting Debt Capital Markets

    Pre – Course Optional Learning (Upon Request)
    For each of the following, there will be a brief video explaining how the subject works and the basic formulas necessary to understand them.
    Short videos, no more than 10 minutes long, explaining how the formulas work. There are excel exercises available to practice what you have learnt.

     

    • Time Value of Money (Compounding and Discounting)
    • Bond Pricing : Understanding Fixed Income
    • Understanding the Yield Curve
    • Basic Interest Swap Pricing

    Who should Attend:
    • Junior Corporate Finance
    • Front Office Sales
    • Senior Management
    • Relationship Managers
    • Lawyers
    • Risk
    • Compliance
    • Audit
    • Anyone interested in understanding how the Debt Capital markets operate.






     

    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. 

  • Day 1 – Cost of Capital and The Debt Capital Markets

    Raising Capital

    • Cost of equity and debt
    • Weighted Average Cost of Capital (WACC)
    • Financial leverage
    • Market conditions

    Scenario Based Case Study: Calculating the Weighted Average Cost of Capital


    • Participants are split into Teams and asked to calculate the WACC of various companies from different countries. They then report to the group explaining the reasons why the various companies would be better off issuing Equity or Debt

    Issuers / Borrowers

    • Major Issuers and Investors
    • Corporate Fund Raising - Decision Making
      • Short Term
      • Bank Loan (Secured v Unsecured)
      • Revolving Credit Facility (RCF)
      • Commercial Paper
      • Repo
      • Long Term
      • Bank Loan
      • Bond Issue

    Scenario Based Case Study: Corporate Debt Financing
     
    • Participants look at various corporates and decide what is the best way for them to finance debt given the market conditions. Teams must explain their reasoning to the rest of the group
     
    Government Bonds
     
    • “Risk Free” Bonds
      • USA etc
      • Understanding the Yield Curve
      • Exercise: Basic Pricing of a bond.
    • Sovereign Bonds ….. Governments issuing in a Foreign Currency
    • Government Bond Issuance
      • US Treasury Auctions – Primary Dealers
      • Case study: We examine how the Auction operates
    • Other Government Issues

    Credit

    • Credit Rating Agencies
      • Credit Rating Process
    • Credit Spreads, Probability of Default and the Recovery Rate

    Scenario Based Case Study: Credit Spreads v Probability of Default
     
    • Participants working in their Teams calculate Credit Spreads based on Ratings and Probability of Default. Teams discuss their findings
    • Credit Spreads
    • “Spread over Govvies”
    • Investment Grade v High Yield Debt

    Scenario Based Case Study: Bonds Around the World
     
    • Teams look at bonds from around the world and discuss why they have their current spread and credit rating. An in depth look at Interest Rates and Credit Spreads.

    Debt Finance Products

    • Domestic, Foreign and Eurobond
    • Globals
    • International bonds
    • Public versus Private Issues
    • FRNs (Floating rate notes)
    • Fixed rate
    • Medium Term Notes
    • Callable, Puttable, Convertible etc
    • Covered Bonds
    • CoCo’s
    • Basel III
    • Tier I and 2 Capital

    Day 2 - Enhanced Financing Using Derivatives

    • Interest rate swaps
    • IRS Structure and Cash Flows

    Scenario Based Case Study: How Banks make money from IRSs
     
    • Teams are given client 2 client scenarios. Clients are looking to swap from Fixed to Floating or vice versa. Participants must use the current price to decide if the clients can achieve the effective cost of funding required and how much the bank can make from these trades.
    • Understanding spreads over “Mid Swaps”
    • Asset swaps
    • The move from Libor to OIS rates
    • Currency swaps
    • Using a X Currency swap to Finance in an alternative currency
    • Exploiting the yield curve

    Scenario Based Case Study: Derivative Enhanced Bond Issues
     
    • Participants create bond issues using IRS and Currency Swaps to source funding at the required cheaper cost.

    Asset Financing – Securitisation


    • The Birth of the MBS (Ginnie Mae - PO and IO Securities)
    • Asset Backed Securities
    • Why securitise?
    • The collateral pool
    • Role of seller, servicer and SPV
    • Capital structure
    • MBS v CDOs…..understand the differences
      • Credit cards and other types of asset-backed
    • What’s the Future for Securitisation?
    • CLOs and Leveraged Finance

    Scenario Based Case Study: Corporate Securitisation
     
    • Participants look at various Corporate Scenarios and decide whether securitisation is the best option.

    Investor Protection
     
    Events of Default
     
    • Debt Seniority
      • 1st and 2nd Lein / Senior Unsecured / Junior Unsecured etc
    • Hybrid capital
      • Debt /equity continuum
        • Preference shares to convertibles and more…
    • Covenants
      • Why they can make or break a deal!
    • Tax gross up / redemption
     
    Why Documentation Matters
     
    • Purpose of Documentation Overview
    • Prospectus or Offering Memorandum
    • Term Sheet
    • Indenture
     
    Overview of the Documents
     
    • Trust Deed or Fiscal Agent
    • Global Notes
    • 10b 5 Letters
     
    Provision Types
     
    • Payment Provisions
    • Indenture Provisions
    • Sinking Fund / Callable/ Puttable/ Convertible…provisions

    The Covenant Package

    • Why use Debt Covenants?
    • Top 10 Covenant Metrics
    • Positive and Negative Covs
    • Case studies: examples of how these are used to protect the investor
    • Events of Default
    • IG V HY Bond Covenants

    Scenario Based Case Study: How Covenants work in real life
     
    • Discuss how and why bond covenants provide protection to investors
    • Which covenants do you feel are most important in today’s markets?
    • Do the covenants offer real protection to the investor?
    • What happens if the covenants are broken?
    • Teams report to the group and discuss their findings

    Day 3 - Anatomy of a Bond Issue

    • Pre Launch
    • Launch and Roadshow
    • Issue
    • Post Issue
    • ICMA Recommendations

    Pre-Launch

    • Stage 1 – Pre-Launch
      • The Mandate
      • Forming the Syndicate / Bookbuilding
      • Will the Issue be Underwritten?
      • Can the Issuer Issue?
      • Can the Guarantor Guarantee?
      • Structuring the Issue
      • Appointing of Parties
      • Roadshow

    Scenario Based Case Study: Bond Issuance Simulation
     
    • Participants will break into syndicates and be given various borrower profiles and market conditions. Syndicates must devise the most appropriate Bond Issue strategy for the client given their requirements

    • Stage 2 – Launch Date
      • Prospectus / Term Sheet
      • Comfort Letter
      • Signing
      • Escrow
      • Inform CSD, Clearing System and Custodians
      • EEA MAD & MAR

    • Stage 3 – The Launch
      • Pricing
      • Allocation
      • Stock Market Listing
      • Closing

    Scenario Based Case Study: Pricing the Bond Issue
     
    • Participants in their Teams are asked to price Bond Issues
    • They must calculate and take into account
      • Yield Curves
      • Credit Spreads
          • CDSs
          • Rating Agency
      • Recent Issues
    • Report to the Group and answer questions about the issue.

    The Life Cycle of a Bond Issue (Part 2)

    Scenario Based Case Study: Bond Allocation
     
    • Participants work in their teams to decide how they will allocate a bond issue.
    • They must decide on what basis they will allocate the issue. Top clients get all of their allocated requests, or on a pro rata basis
    • What do the Regulations say?

    • Stage 4
      • Secondary Market
      • Bond Trading
      • Settlement
      • Scenario Based Case Study: Term Sheet
      • Participants are given a new issue to and asked to fill out the Term Sheet

    Virtual Bond Issuance
     
    • Book Building On Line
    • DirectBooks Communication Platform for Bond Issuance
    • Efficiency
      • Single distribution Point
      • Advanced Controls
      • Increased Consistency
    • Order Management System (OMS)
     
    Selling Restrictions and US Regulations
    • Selling restrictions
    • Regulation S
    • Rule 144A

    Course summary and close

  • 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Mark Doran

    Biography

    Mark worked in Investment Banks including HSBC and Bank of Montreal for nearly 20 years. During this time he worked in Global Custody and then as a trader, running books in FX, bonds and derivatives. Mark has run courses all over the world including Amsterdam, Dublin, London, New York, Hong Kong, Singapore, Jakarta, Johannesburg, Delhi, Accra, and all over the world.  Mark delivers courses which focus on providing a practical and in depth understanding of the markets from a Trading, Asset Management, Custody and Risk viewpoint. His courses are interactive and stimulating, offering delegates the opportunity to participate in an environment which encourages free discussion of the real issues faced in the workplace.  In nearly 20 years of delivering training Mark has spent a lot of that time delivering courses on Global Custody and Fund Services for the major Custodians including::CitiBoNYJPMorganDeutscheState StreetHSBCAnd others In addition to his training activities, Mark has undertaken various consultancy projects, such as an in depth collateral risk assessment at a major European Investment bank.  Mark held the position of Non-Executive Director of Cazenove’s Risk Oversight Committee for many years. Acting as a member of the committee in a general consultative capacity to assess the firm’s risk..  Mark has also presented at JPMorgan Forums in London, speaking on topics such as the Benefits and Risks of Derivatives. He along with representatives from regulators, law firms, hedge funds etc were asked to give their views on the risks of derivatives to 150 / 200 Directors and senior managers from the top investment firms in the UK.