Fixed Income & Other Debt Securities

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Network: 
Summit Finuas Network
Duration 1 Day (9.30 - 16.30)
Course Fee Full Fee: €300
Network Members Fee: €195
Enrolment and Start Dates Comment Spring 2013
Please email louise.ryan@ibec. ie to register your interest.
Course Content Aim And Approach
This programme is designed to give participants an understanding of how the fixed income markets work, types of fixed income securities, the issuers and the features of bonds in general. The concepts of accrued interest, the impact of interest rates on bond prices, clean and dirty pricing and the main accounting aspects will be covered. An overview of money market instruments will be provided, including the main securities and the accretion method of valuing as an alternative.

Audience
The programme is intended for anyone who works with fixed income securities or money market instruments in a Valuations, Pricing, Corporate Actions, Trustee or Accounting role.

Agenda
• What is a debt instrument?
• Issuers of bonds (to include corporates, governments and supra-nationals)
• Bond ratings
• Bond yields
• How bonds work – income & capital
• Purchased and sold bond interest concepts & conventions
• Calculation of accrued interest & coupons
• Calculation of Yield to Maturity
• Types of bonds
• Fixed Rate
• Floating Rate
• Loan Notes
• Deep Discount Bonds - Z-bonds
• Convertible Bonds
• Other Debt Instruments
• Process of Securitisation
• Financial Vehicle Corporations – True-Sale, Synthetic & Hybrid FVCs
• Terminology – the parties to a Securitisation
• Originators
• Issuers
• Underwriters
• Arrangers
• Role of the Credit Rating Agencies
• Securities issued
• Mortgage- backed and Asset-backed
• CMOs and CDOs
• CLNs
• Covered Bonds – the way forward
• What happens when it goes wrong? The solution

Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes Following the programme participants will be able to:
• Understand who issues fixed income securities and how this method of financing compares with the other main methods
• Be able to calculate the (clean) book cost of fixed income security positions, mark to market and calculate the resulting gain or loss
• Understand the different day-count methods for accruing interest
• Be able to calculate accrued interest on a bond for purchase / sale and revaluation
• Have a broad understanding of bond yields and the impact of interest rates on bond prices
• Understand the different types of fixed income securities issued and their features e.g. Convertible bonds, Deep Discount Bonds, Asset-Backed Securities and Collateralised Debt Obligations.
• Have an understanding of the main players in fixed income capital markets and their roles
• Be able to apply coupon payments, capital redemptions and other bond corporate actions
• Understand the main categories of money market instruments, their features and valuation, including the accretion method.
Trainer Abacus Consulting
Course Web Page: 
http://www.summitfinuasnetwork.com/Funds-Courses/fixed-income-and-other-debt-securities.aspx
Available to Job Seekers: 
Yes
Certified: 
No