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Money Markets Liquidity & Bonds

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Since the crisis has occurred the suspension of “normal” market conditions has completely altered assumptions about money markets, liquidity and debt issuance. Banks are now responding by making significant changes to their business. This course covers those changes and how they affect your Treasury. The key topics are: 

  • Adapting to change
  • What is liquid and what’s not. Who do you deal with?
  • Measuring and reporting liquidity
  • Interest rate exposure (don’t forget it)
  • Sources of medium term liquidity
  • Dealing with investors-what they need
  • New issues, how they work and your cost of funds

There will be a mixture of presentation and case study material. Below is a summary of the workshop:


How the role of Treasury is changing

  • The “big issues”
  • Changing business models
  • The regulatory effect
  • The role of the dealer
  • The outlook

The money market desk

  • The key objectives for your firm

 What’s liquid and what isn’t?

  • Loans and deposits
  • Certificates of deposit
  • Treasury bills
  • Futures & FRAs
  • Repo
  • What this means for your business

 Managing liquidity

  • The purpose of liquidity
  • Liquidity gaps & reporting, what they tell you
  • How do you measure liquidity requirements?
  • What is a liquidity buffer or stock?
  • How do wholesale and retail businesses affect us?
  • What is “stress testing” and “reverse stress testing”?
  • Do you know your contingency funding plan?

 Credit exposures

  • Who do you deal with?
  • Key indicators for stress
  • Basis risk, do you gain?

 Interest rate exposure

  • What is your limit?
  • How you position and hedge
  • Gap reporting, basis point value; dealer’s tools
  • Interest rate outlook


 Bond markets

  • The effect of the crisis
  • Cost and liquidity
  • Diversification of sources
  • Regulatory pressure
  • Access to Central Bank funding

 What we can issue

  • Fixed coupon securities
  • Floating rate notes
  • Covered bonds
  • Securitised issues
  • Flexibility of medium term notes

 The criteria investors use

  • Credit risk
  • Liquidity
  • Return
  • How investors identify value
  • The importance of ratings

 The issuance process

  • Role of the manager
  • Using swaps
  • The all in cost of funds

 End of workshop & review

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