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Treasury Management Academy: Module 1 - Funding Markets and Interest Rate Hedging
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The Treasury Management Academy can be booked as a full 2-week programme or individual weeks or modules.
Treasury Management Academy Week 1
Treasury Management Academy Week 2
Treasury Management Academy: 1 - Funding Markets and Interest Rate Hedging:
Treasury Management Academy: 2 - Foreign Exchange Derivatives
Treasury Management Academy: 3 - Advanced Derivatives and Islamic Treasury
Treasury Management Academy: 4 - Treasury Management for Corporates and Banks
Course Description
This Treasury Management Academy course is designed to give participants an in-depth understanding of the Treasury Department and its activities. Professionals in the Treasury department of a bank or a corporate along with Relationship Managers, Accountants, Risk Managers, Internal/External Auditors, Regulators, Operations Staff and other financial professionals will find this course very helpful in his or her work. This program will give participants the best practical tools and approaches for Treasury management. The program will use lectures, real life case studies, and workshops to give attendees the latest and most practical tools and techniques which they can apply in their organization to increase the effectiveness, efficiency and profitability.By the end of the program, participants will be able to
- Identify the Functions of the Treasury Department in a corporate and the bank
- Understand the role and responsibilities of the CFO and Treasurer
- Identify the Best Practices of the Treasury function of a bank
- Understand how the Treasury function funds the institution
- Analyse the key components of yield conventions and yield curve in funding pricing.
- Describe and Structure key short term funding money market products such as inter-bank deposits, Repo, etc…
- Describe and Structure key capital market products and loan products such as US Bond, Eurobond, 144A, Private Placement, etc.
- Understand and use interest rate derivative products like FRA, Interest rate swaps and interest rate options
- Understand and use foreign exchange products such as FX spot, FX forwards, cross-currency swaps,
- Understand and use commodity and credit derivative products
- Structure and use the latest derivative products in exotic options such as average rate, basket, lookback etc…
- Structure Islamic Treasury Products suchas Murabaha/Wakala deposits, Profit Rate swaps, Interest rate wa’ad, FX dual wa’ad, Islamic FX swaps, Islamic Cross currency swaps, Arbun FX Opions
- Identify the best practices in Cash Management, Funding, Liquidity Management and Market Risk Management in Corporate Treasury
- Identify the best practices in managing bank ALM including IRRBB, LCR, NSFR and discussion on FTP.
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This is a modular course
Section 1: The Funding Markets and Interest Rate Hedging
Day 1, 2, and 3Day 1
This module will examine the different products in the market that could be used to fund the bank or the corporate. In the corporate market this could include bank loans and bonds. In the banking market, this could include inter-bank deposits, Commercial Paper, Repo and various bond structures. We will discuss these products - their structure, quoting convention, pricing and use. By the end of the program, participants should have a good understanding of the products to help fund their organisation
Module 1: Introduction to program
Module 2: Interest Bearing Funding Products
Session 1: Yields and Yield Curves
This session will discuss the fundamental aspects of any interest bearing product which are yield conventions and yield curve analysis- Yield Conventions
- What are yield conventions: Discount Rate, MMY, BEY
- Understanding annual day count conventions
- Using Yield Conventions in marketing Treasury products
- Yield Curves
- Yield Curve and pricing of debt
- Risk free yield curve
- Credit risk pricing and credit spread
- The par yield curve and pricing loans/bonds
- The forward yield curve and pricing
- The zero-coupon yield curve and discounting cash flow to Mark to market
Session 2: Money Markets and Loans
Discussion of key Interbank Money Market Products for funding Financial Institutions and Large Corporates in the conventional and Islamic markets.- What is the Money Market?
- Money Market Instruments
- Money Market Yield, Bond equivalent Yield, and Discount rate in money markets
- Inter-bank borrowing and placement
- What is Libor/Euribor and how are they set and used in Money Market?
- Libor and the pricing of loans
- Fraud Issues with Libor
- Replacement for Libor and the alternative reference rates
- SOFR, SONIA, ESTR etc…
- Secured versus unsecured rates
- Overnight rates and interest calculation
- Compounding of rates for term period
- Basis swap with Libor
- Timeline for alternative reference erates
- Implementing the new rates in treasury and the bank
- Challenges in Libor Replacement
- Domestic local Money Market
- The Loan market and Libor/Alternative Reference Rate
- Repurchase Agreement (REPO)
- What is a Repo agreement?
- Repo versus Libor borrowing
- Structuring a Repo and Reverse Repo (for Placement)
- Pricing of Repo transactions
- Repo crisis in USD market in 2019?
Session 3: Bond Markets
In this section, we will discuss the different bond markets and bond products. In these discussions we will look at the market size, rating, issuers, investors, structures, accounting, and pricing of different bond markets- The US Bond Market
- The 144A Market
- The Eurobond (Regulation S) Market
- Traditional Private Placement (Regulation D) Market
- Commercial Paper Market
- Global Bond Issues
- The Bond Issuance Process
- The Sukuk Structure
- Sukuk Transactions
- Pricing of Sukuk
- Secondary market limitations on Sukuk
Day 3
Module 3: Interest Rate Risk Hedging
In this module, we will examine the different products that will help the treasury department hedge interest rate risk. This will include discussions on Interest Rate Swaps, caps, collars, floors, and swaptions.
Session 4: Interest Rate Swaps
In this section, we will discuss IRS and how the product is used to manage interest rate risk in the conventional and Islamic markets- Introduction to IRS
- IRS structure, terminology, cash flow, convention and pricing (outright or T+)
- Yield Curve and IRS pricing
- Pricing of IRS and Bloomberg IRSB screen
- Using IRS to hedge Interest rate risk
- Uses of IRS in funding, bond structuring, bond hedging, fixing loans
- Understanding ISDA documentation in Treasury for IRS
- Master Agreement
- CSA Schedule and credit support
- Terms and conditions
- Netting and Clearing through CCP and reporting of transactions under Basel 3
- Mark to market and pricing of IRS using Bloomberg screens
Session 5: Caps and Floors
In this section we will examine interest rate options such as caps and floors in the conventional and Islamic markets. We will discuss how they are used to manage interest rate risk in the treasury department. Also, the structuring of zero cost collars and participating caps will also be analysed.- Introduction to caps and floors: market conventions, pricing convention
- Series of Puts and Calls options on money market
- Options pricing issues: Delta, Gamma, Theta, Vega, Rho
- Pricing Caps and Floors using Bloomberg CCF screens
- Amortizing the premium
- Clients buying options for hedging risk
- Clients selling options to reduce cost or enhance yield
- Structuring Zero cost collars and participating caps using CCF screens
- Uses of caps and floors in Treasury
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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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Biography
Thierry is a highly experienced trainer and consultant in Treasury Management. Since 1997 he has worked as a consultant and trainer with the Top Three Investment Banks in the World (Goldman Sachs, Morgan Stanley, BofA Mer-rill Lynch), most of the largest 20 Banks in the World (Citi, J.P. Morgan Chase, Stanchart, BBVA, ABN AMRO , Commerzbank etc...) , all Top 4 Audit/Tax Accounting Firms, commodity trading company and other prestigious financial institutions. Recently, he has worked with Central Banks (such as Bank Indonesia) in the area of trading room risk management, regulation, supervision and Basel 2/3 implementation and with emerging market banks in Mexico, Brazil, Hong Kong SAR, Malaysia, Singapore, Indonesia and Thailand in corporate transformation and risk management.
Venue
London Marriott Hotel County Hall
