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Treasury Risk Management
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Treasury is at the heart of every banking and financing operation. Ensuring liquidity must be the top priority, as the fundamental survival of any institution depends on it. Market, interest rate, and operational risk can never be eliminated, but instead must be measured, monitored, and controlled to ensure profitability. In managing risk, treasury professionals utilise the full array of funding and hedging instruments to respond to changing balance sheet and market scenarios. Sound treasury risk management is possible only through an effective and efficient governance and policy structure, with senior management fully engaged with the Asset Liability Committee (ALCO).
By the end of this program, participants will be better able to:
- Analyse and assess the different types of risks arising from the assets and liabilities on the balance sheet
- Use and understand the basic tools to measure risk and its sensitivity to changing market conditions
- Know which funding instruments and hedging strategies are available and when to best put them into practice
- Evaluate the extent of liquidity risk exposure in a bank, via the application of a full suite of liquidity risk metrics
- Understand liquidity buffers and their management
- Appreciate liquidity risks beyond basic loans and deposits
- Evaluate the appropriate level of liquidity risk controls, with the consequences for lending;
- Grasp the formulation and value of stress tests
- Understand the concept of internal funds transfer pricing and evaluate the appropriateness of a particular model to any type of institution
- Formulate a range of funding policies for the banking and trading books
- Understand the role and influence of the Asset Liability Committee (ALCO) of a bank, and its appropriate governance framework
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Loan Documentation - Module 1
Day 1
The most common structures of loan transactions
Introduction
- Single banks and syndicated loan
- Term loans and revolving credit facilities
- Single currency and multi-currency facilities
- Loan and guarantee facilities
- Secured and unsecured facilities
Pre Contractual Issues
- What issues should it address
- How much detail should it contain
- Is it intended to create a legally binding commitment
LIBOR funding and broken funding costs
This session will involve consideration of how the Eurocurrency interbank markets work and the consequences in the documentation in terms of
- Interest rates and interest periods
- Broken funding costs (and profits)
- Default interest
Here we will look at withholding tax, double taxation treaties, and the consequences for the loan documentation
OVERVIEW AND ADMINISTRATIVE PROVISIONS
This session will involve an overview of the Loan Agreement and how it is structured to protect the Lender, and an examination of some of the “mechanical” provisions of a typical loan agreement, such as the payments clause and the procedures to be followed on drawdown
- Drawdown procedures
- Repayment and prepayment
Delegates will consider the purpose of the representations. Typical representations will be considered, including common comments from either side.
Homework briefing
As homework, participants will review a specimen loan agreement t identify conflicts between different provisions
Day 2
Repeated representations
We will review the homework; the impact of repeating representations; and the interrelations between different parts of the document, both in a term loan and in a revolving credit
COVENANTS AND EVENT
Typical covenants and events of default will be discussed, including
- Purpose
- Financial covenants
- Cross default
- Material Adverse Change
- “Default”
GLOSSARY OF TERMS
BOILERPLATE PROVISIONS AND LOAN TRANSFERS
- Set-off clause
- Indemnities
- Agency clause
- Pro rata sharing clause
- Loan transfers
- Novations
- Assignments
- Sub participations
- Derivatives
Homework Exercise - Calculate the likely recoveries of different classes of creditors in a winding up
Day 3
SECURITY
Review Homework
SECURITY AND QUASI SECURITY
Different types of security will be considered, including
- liens
- pledges
- charges (fixed and floating);
- mortgages
- title as an alternative
- security on contracts
GUARANTEES
- Commercial benefit and transactions at an undervalue
- Common provisions of a guarantee
- What issues are relevant?
- Where to conduct due diligence
- Legal opinions
Advanced Loan Documentation - Module 2
Day 4
Registration and Welcome Coffee- Review of Key Loan Agreement Issues
- “Relevant Companies”
- Conflict between representations, conditions precedent, undertakings and events of default
- The pari passu clause
- The negative pledge
- The cross default clause
- The material adverse change clause
- Linking the loan to the borrower`s rating
- “material”, “reasonable” worth the debate?
- Grace periods
- Prepayment events
- Subjectivity and control in the context of events of default
Day 5
Workshop
- Participants will consider a number of borrower’s comments on the Loan Agreement
- This exercise will highlight key topics within Representations, Undertakings, Events of Default, and Boilerplate, including
- Repeated Representations
- Negative Pledge
- No Disposals
- Cross Default
- Material Adverse Change
- Transferability
- Governing law and jurisdiction
- What courts have jurisdiction to deal with disputes in an international context? What law will they apply?
- In what circumstances might obligations be avoided or become unenforceable?
- Financial assistance
- Ultra vires
- Commercial benefit
- Preferences
- Transactions at an undervalue
- Registration
- Penalties
- Administration
Intercreditor arrangements
We will review a number of different intercreditor agreements relevant to different circumstances
End of Course -
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.
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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
Instructor
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Thierry Fuller
Biography
Venue
Dubai
Dubai has an incredible number of hotels. Courses held here are mainly held at the:
Nassima Royal Hotel
Plot 49 Sheikh Zayed Road, Trade Centre District Dubai, United Arab Emirates
http://nassimaroyalhotel.com
Nassima Royal Hotel is a modern, stylish, luxury hotel on Sheikh Zayed Road. Towering at 51 stories, the hotel offers stunning views over Dubai and its iconic landmarks.
You can also view other recommended hotels on this map: