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Bond Markets

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Bond Markets Workshop, (One Day)

Enquire or book this course

The course will provide:

  • A full understanding of the mechanics and terminology of bonds
  • Full explanation of how and why bonds are issued
  • Full explanation of how and why bonds are purchased
  • Identification of the main risks associated with bond markets

Training will be in a workshop format. This will include a mixture of presentation and case study material.

Below is a summary of the workshop content. The day has been placed in a logical sequence and addresses the main products, motivations and risks associated with bond markets.


Introduction to Workshop

  • Objectives
  • Format

Bond Markets Terminology & Structures

  • The cash-flow structure of bonds
  • Interest calculations and day count


  • Fixed coupon securities
  • FRNs
  • Zero Coupons
  • Collateralised issues
  • Public offerings
  • Medium term notes
  • Private placements

The Issuance Process

  • Bond market conditions
  • Why issuers seek long term funding
  • Investor's & Issuer's objectives
  • Selecting the bond structure
  • Issue size
  • Role of the manager
  • Fees
  • Maturity
  • Timing
  • How swaps are used with new issues
  • All in price on a fixed & floating basis


Why investors buy bonds

  • Different types of investor
  • Different risk/reward needs
  • Credit, interest rate, foreign exchange risks
  • How investors identify value
  • Relative value/spreads
  • Liquidity

Combining swaps & bonds

  • Generic asset swap structures
  • Par/par structures
  • High coupon bonds
  • Low coupon bonds
  • Up-front payments
  • Accrued interest

Bonds and risk

  • Introduction to:
  • Credit risk
  • Interest rate risk
  • FX risk
  • Problems with liquidity & valuation

Non-vanilla bonds

  • Introduction to how different risk profiles can be added to bonds using swaps

End of Workshop & Review

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Borrowers (issuers) often use the bond market to access medium and longer dated funding. Some issuers prefer variable rate liabilities, some fixed rate liabilities. All issuers want to be able to borrow the required amount at the lowest possible cost but just how does a fixed coupon bond issuer calculate the cost of funds on a floating rate basis? Let's see.