Treasury Management
2010 London. Contact us to find out about the next edition of this course
Description
This intensive three day course sets out to provide delegates with a comprehensive understanding of how to manage treasury affairs with a detailed look at the various financial markets and instruments that can be traded. The training explores techniques in the modern corporate and banking treasury management including the complexity of cash management and setting up risk management framework.
Delegates will have a chance to explore in-depth debt rising strategies including loan finance and debt securities as well as financing methods such as equity and debt/equity mix. Finally alternative ways of financing including securitisation, leasing and project finance will be explained.
Course Level: Intermediate
Main Topics Covered During This Training
- Examining the role of the treasury department in corporates and banking
- The role and tasks of treasurer including: rising capital, managing corporate risk and bank relationships
- Managing cash flows and different types of risks
- Strategies for rising debt and financing including loan finance and debt securities, equity, debt/equity finance
- Alternative ways of financing: securitisation, leasing and project finance
What Will You Learn By The End Of This Training
By the end of this Training you will be able to:
- Fully understand the role and objectives of treasury in the corporation / bank
- Create successful strategies for managing cash flow and implement risk management
- Implement treasury control framework and measure performance
- Understand and implement different ways of rising debt and financing
Who Should Attend
From Corporates, Banks and Financial Institutions:
- Corporate Treasury Executives
- Treasury Operations
- Money Market Managers
- Foreign Exchange
- Risk Managers and Auditors
- Accountants
Teaching Method
This is a very interactive course with many exercises, classroom discussions and case studies.
You will benefit from comprehensive take away course documentation.
In order to help us establish your individual and business concerns, you will be asked to fill pre-course questionnaire.
Because of the nature of the course the number of places is limited and will be filled on first come, first accepted basis. We advise to book in advance in order to avoid disappointment.
Course Level: Intermediate
Three Day Programme. Individual days can be booked.
Day 1: Treasury Management Overview
Day 2: Raising Capital - Part I: Loan Finance and Debt Securities
Day 3: Raising Capital - Part II: Equity and Alternative Financing
Day 1: TREASURY MANAGEMENT OVERVIEW
Corporate strategy and the treasurer
- Understanding where corporate value comes from
- The role of the treasury and treasurer:
- Raising capital
- Managing bank relationships
- Money management
- Managing (corporate) risks
- Treasury organisation and structure
- A treasury control framework
- Treasury performance management
- Complying with Sarbanes-Oxley
- Corporate credit ratings
Cash Management
- Cash management objectives
- Cash flow forecasting
- Working capital management
- Why working capital is important
- How working capital can be optimised
- Excess liquidity: short-tern investing
- Investment objective
- Investment policies and guidelines
- The investment decision process
- Deciding on the maturity structure
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Technical Discussion
- Money Markets Instruments
- Types of instruments
- Discount versus interest bearing securities
- Short-dated bonds
- Funding securities acquisitions: the repurchase agreement
- Day count conventions and comparing rates of return
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- Using longer-dated instruments: rolling down the curve
- Short-term borrowing
- Policy and objectives for short-term borrowing
- Short-term borrowing instruments
DAY 2 CAPITAL RAISING - PART I
Loan Finance
- Types of loan finance
- Commited v uncommitted facilities
- Bilateral/syndicated/cub
- Term/revolver
- Issues in loan documentation: availability, fees and margins, gross-up provision representations and warranties, covenants (undertakings)
Debt Securities
- Raising funds with long-term debt
- Rolling CP programmes
- MTN programmes
- The eurobond market
- Methods of issuing securities
- Public offerings v private placements
- Bond issuance via syndication
- Advantages and disadvantages of debt securities
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Technical Discussion
- Valuation techniques
- Clean vs dirty price
- Calculating the bond price on a non-coupon date
- Pricing a new issue
- Spread over the benchmark bond
- The role of the swap market in the pricing decision: the spread over the swap rate
- Calculating the all-in rate
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INTRODUCTION TO BOND RISK MANAGEMENT
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Technical Discussion
- Why measure interest rate exposure?
- What influences a bond’s price
- Macaulay duration
- The convexity adjustment
- Present value of a basis point
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DAY 3: CAPITAL RAISING - PART II
Equity instruments
- Ordinary shares
- Preference shares
- Warrants
Issuing equity in the primary market
- Underwriting v book-building
- Stabilization
Secondary offerings
- Pre-emption rights
- Placements
- Rights issues
Technical Discussion: Determining the theoretical ex-rights price
Managing the equity base
- Bonus issues
- Share buy-backs
The role of dividend payments
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Technical Discussion
- Why the financing decision is important
- Deriving the cost of equity
- Using the dividend discount model
- Using the capital asset pricing model
- Asset v equity betas
- The weighted average cost of capital (WACC) and capital structure theory
- Determining the optimal mix of debt and equity: capital structure practice
- The correct use of the WACC and adjusted cost of capital in capital budgeting decisions
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Alternative Forms of Financing
- Asset finance: securitisation
- What is securitisation and why securitise?
- What can be securitised?
- Who should securitise?
- Case studies of securitisation deals
- Asset finance: leasing
- Project finance: rationale
- Sources of project finance
Paul North
Paul has over 20 years experience of working and teaching in the financial and derivatives industry. Paul joined the London International Financial Futures and Options Exchange (LIFFE) in 1988, spending several years on the exchange trading floor before transferring to LIFFE’s Business Development Department.
During his time at LIFFE, Paul worked in the fields of broker relations, product research and development, marketing, market automation and education. Paul was Head of Education at LIFFE, before leaving in Dec 1998 to pursue a freelance career in financial education and consultancy.
Paul is also a qualified teacher and has extensive speaking experience both in the UK and abroad, covering all the major aspects of financial markets. Paul has taught delegates from virtually all of the worlds leading investment banks, funds and trading houses. The list of clients includes JP Morgan, Goldman Sachs, Deutsche Bank, Barclays Capital, Morgan Stanley and Merrill Lynch among others.
June 2010 London - A 3 Day Programme
Early Bird till 20 May: £1795 + VAT
Regular Price: £1950 + VAT
Single day £800 + VAT
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DISCOUNTS
- 2 people - 5% discount, 3 people - 10%. Delegates have to be from the same company and book at the same time.
- If you book for 2 courses at the same time you will receive 10% of the full value of the cheaper course.
IN-HOUSE TRAINING
If you have a team of 4 or more this course can be customised and organised in-house at your convenience in any of your offices worldwide. Contact one of our advisors to find out more.
Call us now on +44 (0) 207 193 5035
