Understanding the Bond Market
In-house
This one day programme provides a great introduction to bond and money markets. You will be taken through the fundamental bonds concepts, their structures and uses by government and corporates. The strategies for bond pricing and quantifying risk will help participants understand main market mechanisms. Finally, other money market and inflation linked securities will be explained in detail.
Run by a former City banker, this practical course is designed for everyone who wants to explore fixed income products and the latest market trends.
By the end of this course you will:
- Have a sound understanding of bonds, their types and structures
- Explore pricing mechanisms and yield curves
- Learn to estimate interest rate risks
- Examine government bills and other money market and inflation linked instruments
No prior fixed income knowledge is required but delegates are requested to bring calculators.
Who Should Attend
Anyone new to fixed income market who wants to understand main instruments and mechanisms.
Teaching Method
- The content of this course is highly practical and build around case studies and exercises to equip you with the financial statement reading and calculating skills set on completion.
- Small groups (between 10 -15 people) allow you to interact with the trainer and other participants and ask as many questions as you want.*
- If required, you will receive some support after the course completion.
- In order to help us establish your individual and business concerns you will be asked to fill pre-course questionnaire.
- You will benefit from a comprehensive take away course documentation.
* We reserve the right to accept up to 20 people per class.
Because of the practical 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.
Delegates are requested to bring calculators.
Understanding the Bond Market - A One Day Programme
Bond fundamentals
- What is a bond?
- Different structures
- Fixed vs. floating interest
- What is LIBOR?
- Callable/putable structures
- Price/yield relationship
- Government vs. corporate bond vs. emerging markets
Simple mechanics of bond pricing
- Yield curve analysis
- What is yield curve?
- Understanding yield curve shapes
- Effects on financing and investment
- Liquidity – what does it really mean?
Quantifying interest rate risk
- Mastering duration
- Understanding its limitations
- Basis point value
- Convexity
Money markets
- Government bills
- Commercial paper and medium term notes
- Debt obligations of banks
- Certificate of deposits
- Fed funds
- Bankers’ acceptances
- Repos
Inflation linked securities
- Describe what is meant by inflation
- Identify why certain customers may wish to issue inflation linked bonds and what motivates investors to buy them
- Differentiate between real and nominal sums of money
Mike Corless
The course director is a qualified chartered accountant who begun his career in Grant Thornton International and since 1986 worked in Ernst & Young as a senior manager in the corporate advisory team, working on major acquisitions, disposals, IPOs and insolvency/restructuring transactions.
In 1989 he joined Threadneedle Asset Management as an analyst, becoming a fund manager specialising in income funds in 1991. He was a member of the team that won the Sunday Times Unit Trust Group of the year award in 1992. In 1996 he joined Scottish Widows Investment Partnership as a director in the UK Equity team, again specialising in income funds. On becoming head of UK Equities in 1998, he introduced a new investment process incorporating cash flow based corporate valuation techniques. In 2000 he was appointed head of UK Equities when Scottish Widows was acquired by Lloyds Bank and he led the integration of the UK Equity teams.
In 2001 he joined HSBC Asset Management as European Head of Equity Research, managing a team of analysts in Paris and London tasked with developing a new research team and research process.In 2004 he was appointed Global Head of Equity Research, responsible for 60 global equity research analysts and 40 global credit analysts. He developed a global valuation and research process, training local analysts in Europe, the US and Asia in its use.
In 2006 he joined BG Consulting Group, a professional training company, as the head of investment banking and investment management. He managed a team of 12 trainers and built a blue chip customer base. His experience at BG included managing major graduate programmes for investment banking and investment management clients, training graduate to managing director level participants and advising clients on their training requirements for accountancy, corporate finance and valuation, investment management and private wealth training.
In his role as a chartered accountant he was a member of the committee advising the UK Accounting Standards Board corporate reporting. He is a freelance writer for various investment publications and provides corporate finance and investment management advice to companies on freelance basis. His clients have included HSBC, Morgan Stanley, Deutsche Bank, Citigroup, Allen & Overy, JP Morgan, Barclays Bank, Barclays Wealth, Morgan Stanley Investment Management and Schroders.
IN-HOUSE TRAINING
If you have a team of 4 or more this course can be customised and organised in-house at your convenience. Contact one of our advisors to find out more
Call us now on +44 (0) 207 193 5035
or send an e-mail to enquiry@eurekafinancial.com
