Available dates

Mar 16—20, 2020
5 days
London, United Kingdom
GBP 5999 ≈USD 7711
GBP 1199 per day

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About the course

The international bond markets are once again at centre stage in the capital markets as governments, corporations and banks compete to recapitalise their balance sheets in a challenging credit environment. As a result, it is now even more important to understand how the markets work, how bonds are priced, how they are traded and sold and the parameters which drive investor and borrower perceptions in the bond markets.

This course aims to give you a complete practical grasp of the fixed income capital markets, so that as international finance evolves and is reshaped by the changing nature of banking, additional regulatory pressures and the continued shifts brought about by the rebalancing of global economic forces, you will be in a strong position to seize the inevitable opportunities which arise.

The programme has been carefully researched and designed to reflect the current challenges fixed income professionals face in the markets. This intensive training course, through case study analysis, practical examples and hands-on workshops, will give you the opportunity to improve your understanding of all aspects of bonds and fixed income. Designed to optimise your skills, the in-depth market-focused tuition will give you the edge in a competitive market and guarantee you outstanding results.

COURSE PROGRAMME AT A GLANCE

DAY ONE

  • Overview of the Capital Markets
  • Bond and Fixed Income Mechanics
  • Market Conventions and Conversions
  • Practical Bond Pricing Technique

DAY TWO

  • Pricing Floating Rate Notes
  • Understanding Bond Sensitivities

DAY THREE

  • Using Duration as a Hedging or Trading Technique
  • Bond Portfolio Management
  • Getting to Grips with Repos and Reverses
  • Introduction to Interest Rate Derivatives

DAY FOUR

  • Strips as a Benchmark for Pricing Non-standard Bonds
  • Term Structure of Interest Rate
  • Asset-Backed Securities – Liability Swaps and the Bond Markets

DAY FIVE

  • Asset Swaps and Bond Markets
  • Swap Pricing – Swap Valuation
  • Credit Curves and Benchmarking

WHY THIS COURSE IS UNMISSABLE

YOU WILL LEARN:

  • Bond market pricing
  • Bond market valuation techniques
  • How the term-structure of rates influences all financial instruments
  • How to estimate bond prices and yields at a glance
  • How to price and value bonds in Excel
  • How static and dynamic hedging works
  • How derivatives are used to hedge portfolios
  • How to identify, measure and manage interest rate risk
  • The relationship between loan and bond pricing and the link with asset swaps
  • The link between cash bonds and credit derivatives
  • How to evaluate structured products
  • How CoCos work
  • How the arbitrage relationships between bonds and swaps link financial markets

How You Will Learn

Some of the featured deals will be less than 24 hours old when you see them, emphasising how the markets work today.

12 case studies including: Benchmarking corporate bonds to an interpolated curve; Philip Morris International Inc 2.875% May 2029; Using duration to calculate hedge ratios; The uses of repos and reverses; Understanding CoCos

Five exercises including: Trading the yield curve; Duration weighted hedging

Trust the experts

Alan McDougall

Alan helps banks and their clients to manage risk. He has designed and delivered over 1600 highly interactive training days in more than 40 countries for the International Faculty of Finance, Goldman Sachs, Morgan Stanley, JP Morgan, HSBC, Deutsche Bank, Rabobank, BNP Paribas, Societe Generale, U...

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School of Bonds and Fixed Income training course

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