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: euromoney@vatit.com  

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.

RECLAIMING YOUR VAT WITH VAT IT

Course details

Download course brochure

Debt Capital Markets

Learn the rationale for debt financing, borrowers & debt capital markets
  • Course Objectives


    The Primary Markets have always been the main focus of attention by competing banks and by the media when looking at the international capital markets. And yet to date there exists no comprehensive guide as to how the debt primary markets work. This course is designed to give those who need to understand the markets a solid grounding in how they work, and helps to unravel the jargon of the new issues business. The course covers the rationale for debt financing, the types of borrowers and the types of instruments available. It considers the investor's requirement for returns and security against the balance sheet implications for the issuer. The course reviews the various syndication customs, and practices and looks at the legal and regulatory requirements involved in bringing issues to the international markets.


    This 3-day course: 

    • Provides a comprehensive review of the structure and workings of the International Primary Markets for Debt
    • Takes newcomers to the Debt Primary Markets from the reasons for financing through to the conclusion of successful transactions
    • Looks at structuring the most appropriate financing for a particular borrower and how such an offering should be syndicated and documented

    Who should attend:

    • Those newly involved in syndication and/or origination and corporate
    • Those responsible for managing these activities or needing to supply middle / back office support
    • Heads of New Issues
    • Heads of Origination
    • Heads of Debt Capital Markets
    • Heads of Corporate Finance
    • Heads of Funding
    • Heads of Syndication

  • DAY 1

    Sources of Finance
    • Financing choices
    • Cost of equity and debt
    • Weighted Average Cost Of Capital (WACC)
    • Financial leverage
    • Purpose of funding
    • Market conditions
    Borrowers
    • Borrower requirements
    • Loans v. bonds
    • Corporates
    • SSAs 

    - Sovereigns

    - CACs

    - Supras

    • FIs 

    - Capital adequacy

    - Basel I and Basel II

    • Basel 3 

    - New capital framework

    - The buffers and the leverage ratio

    - Liquidity coverage ratio

    - Net stable funding ratio

    - Permitted capital instruments

    - Common equity Tier 1

    - Additional Tier 1

    - Tier 2

    - Contingent capital and “Bail-ins”

    • EU Banking Union

    Credit

    • Credit ratings
    • Credit rating agencies
    • Credit rating performance
    • Credit rating process
    • CRA regulation

    Bond Types

    • Domestic, foreign and Eurobond
    • Globals
    • International bonds 

    - Public or private

    - Floating rate notes

    - Fixed rate

    - Medium term notes

    • Covered Bonds

    Securitisation

    • Definitions
    • The collateral pool
    • Role of seller, servicer and SPV
    • Capital structure
    • CDOs
    • Why securitise?
    • MBS
    • Credit cards and other types of asset-backed
    • Securitisation since the crisis
    • Regulation of asset-backed

    DAY 2


    Working with Swaps

    • Definitions
    • Interest rate swaps
    • Asset swaps
    • Liability swaps
    • Exploiting comparative advantage

    Investor Protection

    • Events of default
    • Debt Ranking
    • Hybrid capital 

    - Debt /equity continuum

    • Covenants
    • Force majeure
    • Tax gross up / redemption

    Revision Exercise:
    Participants will break into syndicates and be given various borrower profiles subject to certain market conditions. Syndicates must devise the most appropriate borrowing strategy for the client drawing on the first day’s analysis.

     


    Syndication

    • Syndicate roles and their development
    • The ‘Pot’ system
    • Active v. passive
    • Stabilisation

    DAY 3


    Selling Restrictions and US Regulations

    • Selling restrictions
    • Regulation S
    • Rule 144A
    • 10b 5 Due Diligence
    • TEFRA C & D
    • FATCA

    Pre-Launch

    • The pitch book
    • The mandate
    • Due diligence
    • The prospectus
    • EEA Prospectus Regulation/Directive
    • Retail summaries

    The Deal Process

    • ‘Initial Syndicate Communication’
    • Announcement
    • Organising the syndicate
    • The roadshow 

    - Deal or non-deal

    - ‘Sounding out'

    - Conflicts of interest

    - EEA MAD & MAR

    • Bookbuilding 

    - Duration

    • Assessing demand 

    - ‘De-duping’

    - Order inflation

    • Allocation
    • Pricing

    Bond Pricing Exercise
    : Participants are given comparative pricings and are required to price a new issue and fill out the New Issue Term Sheet
    • Launch
    • ‘Confirmation to Managers’


    Legal and Documentation

    • Offering circular
    • ‘Due diligence’
    • Subscription agreement
    • Agreement among managers
    • Base prospectus and final terms
    • Auditors comfort letters
    • Legal opinions
    • Trustee / fiscal agent
    • Listing

    Distribution and Closing

    • Conflicts of interest and investment research
    • Distribution
    • Allotment
    • Role of the ICSDs and the common depository
    • Closing procedure

    The ICMA Primary Market Handbook

    • Purpose
    • Content
    • Who does it apply to?
    • Standard documentation

    Liability Management

    • Bond buybacks
    • Tender offers
    • Exchanges
    • Consent solicitations
    • Regulatory considerations

    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
This course can be run as an In-house or Tailored Learning programme

Instructor

    Biography

Venue

Marriott London County Hall

This course will take place at the Marriott London County Hall, Central London. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.