Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

FOR FIXED INCOME PROFESSIONALS

Advanced Theory & Practice of Bonds

1-2 December 2021 | 90% IBF Funding Available | 12 CPD Hours

The bond markets are far larger than the equity markets but they are also more complex given the different types of bond structures, optionality, valuation and risks.

Finance professionals thus need to understand the finer intricacies of bonds to advise their clients better. Facilitated by seasoned debt capital market bankers, this course provides the necessary foundation to analyse bonds and expert insights on how to better advise on bonds.

Course Modules

  1. Introduction to Bonds
  2. This section covers fundamental bond structures and key concepts to facilitate participants’ understanding of the bond market.

    • What is a bond?
    • Bonds vs stocks
    • Types of bonds
    • Duration
    • Yield
    • Accrued interest
  3. Macroeconomic Factors That Impact Bond Prices
  4. This section reviews real-world examples of macroeconomic events and news to explain how they influence the bond market.

    • Yield curve
    • Fed dot plot
    • Inflationary factors
    • Monetary policy
    • Stimulus measures
  5. Bond Valuation & Risk
  6. Participants will learn how to interpret key bond metrics to evaluate bond risks.

    • What is spread?
    • Z-spread
    • Credit Default Swap (CDS)
    • Components of bond yield
    • Getting risk for return
    • COLT Framework
    • Credit
    • Optionality
    • Liquidity
    • Tenor
  7. New Bond Issues & Credit Ratings
  8. This section covers an in-depth explanation of the new bond issue timeline, terminology and how to analyse them. It also covers how to find and interpret credit ratings.

    • Factors that determine pricing
    • New issue premium
    • Tightening
    • Book allocations
    • Tap
    • Credit ratings ladder
    • Factors that determine credit ratings
    • Altman’s Z-Score
  9. Popular Bonds & Allocations
  10. Participants will review their understanding of the new bond issues process by examining recent prominent bond issuances with a focus on order books and allocations.

  11. Secondary Trading of Bonds
  12. Participants will be equipped with a working knowledge of secondary trading of bonds, including where to find bond prices and important bond market factors to look out for.

    • Current bond industry structure
    • How to track bond prices
    • Importance of news monitoring
    • How to assess liquidity of a bond
    • Future of bond markets
  13. Using Excel to Understand Bond Calculations
  14. This section covers Excel tools that’s participants can utilise to perform calculations for bond and portfolio analysis.

    • Bond cash flows
    • Clean vs dirty price
    • Portfolio value and profit & loss
    • Price and yield calculations
    • Portfolio volatility
    • Dv01 risk ladder
  15. Bond Portfolio Optimization
  16. Participants can learn how to build a diversified bond portfolio, manage risk at the portfolio level and investment strategies.

    • Volatility
    • Sharpe ratio
    • Diversification & home bias
    • Buy & hold vs active management
  17. Effect of Leverage
  18. This section is a discussion on how leverage works, its effect on the portfolio in different scenarios and key risks of using leverage on bonds.

  19. Understanding ESG Bonds
  20. Participants will get an overview of the current ESG bond space and key considerations when looking at ESG bonds.

    • ESG bond types
    • ESG standards
    • Greenium
    • Greenwashing
  21. High Yield Bonds
  22. Participants will get an expert’s perspective on how to navigate the Asian high yield bond market and how to understand key characteristics of high yield bonds.

    • What are high yield bonds?
    • High yield bond structures
    • Key idiosyncratic risks
    • Protection against key risks via the covenant package
    • Current high yield environment
  23. Perpetual Bonds
  24. This section focuses on the structure of perpetual bonds, and gives participants a deep dive into bank Additional Tier 1 (AT1s).

    • What are perpetual bonds
    • What are Additional Tier 1s
    • Bank liability structure
    • Common features of AT1s
    • Loss absorption mechanisms
    • Corporate vs bank perps

Course Instructors

Rahul Banerjee​

Founder & CEO

Rahul is a DCM-banker with 20 years of experience, including stints at global premier banks such as Credit Suisse, Nomura and Citi. In his previous role, he was the Global Head of International Corporates, Financial Market Sales at Standard Chartered Bank, where his team was based across all the major dealing rooms and covered the Fixed Income needs of large corporate clients.

Pramod Shenoi

President – CreditSights Singapore

Pramod has extensive experience in debt markets. He is the Head of Research for Asia Pacific at CreditSights, an independent credit research firm that caters to institutional bond investors. Prior to this, he was the regional head of financial institutions for Mizuho Securities’ Debt Capital Markets team, covering financial issuers in Asia ex Japan.

 

George Thomas

Director – Fixed Income, BondEvalue

George has a decade of experience in Fixed Income Markets having previously worked at Credit Suisse. He used to work on the Asian Local Currency Fixed Income Trading desk for over four years, primarily focusing on India Offshore and South East Asian markets. His experience includes trading bonds, futures, swaps and onshore & offshore FX.

 

Who Should Attend?

This program is designed and curated for:

  • Bond investors
  • Private bankers
  • Relationship managers
  • Remisiers
  • Wealth managers
  • Junior traders

Learning Objectives

The bond markets are far larger than the equity markets – 8mn bonds vs. 600k stocks. They are also more complex compared to equities as there are different types of bond structures, optionality, valuation and risks.

Finance professionals thus need to understand the finer intricacies of bonds to advise their clients better. Facilitated by seasoned debt capital market bankers, this course provides the necessary foundation to analyse bonds and expert insights on how to navigate the bond markets.

 

  • Understand bond fundamentals such as terminology, structures, yield calculations
  • Use z-spread & duration to analyse bonds
  • Use the COLT Framework (Credit, Optionality, Liquidity, Tenor) to evaluate bond risks
  • Find and understand credit ratings
  • Understand the new bond issue process
  • Be familiar with secondary trading of bonds
  • Using Excel to perform bond calculations
  • Construct and analyse bond portfolio
  • Measure portfolio risk
  • Understand the impact of leverage in different scenarios
  • Understand ESG bonds types and current environment
  • Analyse perpetual bonds
  • Analyse high yield bonds

Fees & Funding

The course fees excluding funding and GST is SGD 2,000 per attendee.

IBF funding is available under the Financial Training Scheme (FTS) to company-sponsored candidates who are Singapore citizens or Singapore PRs physically based in Singapore that complete the course (including passing the assessment). Candidates must be sponsored by financial institutions and/or eligible fintech firms to avail of the funding. The current funding for courses under FTS is 90% for candidates that meet the criteria.

Net cost for Singaporeans and PRs will be SGD 200 or 10% of the course fees, per attendee.

  1. Introduction to Bonds
  2. This section covers fundamental bond structures and key concepts to facilitate participants’ understanding of the bond market.

    • What is a bond?
    • Bonds vs stocks
    • Types of bonds
    • Duration
    • Yield
    • Accrued interest
  3. Macroeconomic Factors That Impact Bond Prices
  4. This section reviews real-world examples of macroeconomic events and news to explain how they influence the bond market.

    • Yield curve
    • Fed dot plot
    • Inflationary factors
    • Monetary policy
    • Stimulus measures
  5. Bond Valuation & Risk
  6. Participants will learn how to interpret key bond metrics to evaluate bond risks.

    • What is spread?
    • Z-spread
    • Credit Default Swap (CDS)
    • Components of bond yield
    • Getting risk for return
    • COLT Framework
    • Credit
    • Optionality
    • Liquidity
    • Tenor
  7. New Bond Issues & Credit Ratings
  8. This section covers an in-depth explanation of the new bond issue timeline, terminology and how to analyse them. It also covers how to find and interpret credit ratings.

    • Factors that determine pricing
    • New issue premium
    • Tightening
    • Book allocations
    • Tap
    • Credit ratings ladder
    • Factors that determine credit ratings
    • Altman’s Z-Score
  9. Popular Bonds & Allocations
  10. Participants will review their understanding of the new bond issues process by examining recent prominent bond issuances with a focus on order books and allocations.

  11. Secondary Trading of Bonds
  12. Participants will be equipped with a working knowledge of secondary trading of bonds, including where to find bond prices and important bond market factors to look out for.

    • Current bond industry structure
    • How to track bond prices
    • Importance of news monitoring
    • How to assess liquidity of a bond
    • Future of bond markets
  13. Using Excel to Understand Bond Calculations
  14. This section covers Excel tools that’s participants can utilise to perform calculations for bond and portfolio analysis.

    • Bond cash flows
    • Clean vs dirty price
    • Portfolio value and profit & loss
    • Price and yield calculations
    • Portfolio volatility
    • Dv01 risk ladder
  15. Bond Portfolio Optimization
  16. Participants can learn how to build a diversified bond portfolio, manage risk at the portfolio level and investment strategies.

    • Volatility
    • Sharpe ratio
    • Diversification & home bias
    • Buy & hold vs active management
  17. Effect of Leverage
  18. This section is a discussion on how leverage works, its effect on the portfolio in different scenarios and key risks of using leverage on bonds.

  19. Understanding ESG Bonds
  20. Participants will get an overview of the current ESG bond space and key considerations when looking at ESG bonds.

    • ESG bond types
    • ESG standards
    • Greenium
    • Greenwashing
  21. High Yield Bonds
  22. Participants will get an expert’s perspective on how to navigate the Asian high yield bond market and how to understand key characteristics of high yield bonds.

    • What are high yield bonds?
    • High yield bond structures
    • Key idiosyncratic risks
    • Protection against key risks via the covenant package
    • Current high yield environment
  23. Perpetual Bonds
  24. This section focuses on the structure of perpetual bonds, and gives participants a deep dive into bank Additional Tier 1 (AT1s).

    • What are perpetual bonds
    • What are Additional Tier 1s
    • Bank liability structure
    • Common features of AT1s
    • Loss absorption mechanisms
    • Corporate vs bank perps

Rahul Banerjee​

Founder & CEO

Rahul is a DCM-banker with 20 years of experience, including stints at global premier banks such as Credit Suisse, Nomura and Citi. In his previous role, he was the Global Head of International Corporates, Financial Market Sales at Standard Chartered Bank, where his team was based across all the major dealing rooms and covered the Fixed Income needs of large corporate clients.

 

Pramod Shenoi

President – CreditSights Singapore

Pramod has extensive experience in debt markets. He is the Head of Research for Asia Pacific at CreditSights, an independent credit research firm that caters to institutional bond investors. Prior to this, he was the regional head of financial institutions for Mizuho Securities’ Debt Capital Markets team, covering financial issuers in Asia ex Japan.

 

George Thomas

Director – Fixed Income, BondEvalue

George has a decade of experience in Fixed Income Markets having previously worked at Credit Suisse. He used to work on the Asian Local Currency Fixed Income Trading desk for over four years, primarily focusing on India Offshore and South East Asian markets. His experience includes trading bonds, futures, swaps and onshore & offshore FX.

This program is designed and curated for:

  • Bond investors
  • Private bankers
  • Relationship managers
  • Remisiers
  • Wealth managers
  • Junior traders

The bond markets are far larger than the equity markets – 8mn bonds vs. 600k stocks. They are also more complex compared to equities as there are different types of bond structures, optionality, valuation and risks.

Finance professionals thus need to understand the finer intricacies of bonds to advise their clients better. Facilitated by seasoned debt capital market bankers, this course provides the necessary foundation to analyse bonds and expert insights on how to navigate the bond markets.

 

  • Understand bond fundamentals such as terminology, structures, yield calculations
  • Use z-spread & duration to analyse bonds
  • Use the COLT Framework (Credit, Optionality, Liquidity, Tenor) to evaluate bond risks
  • Find and understand credit ratings
  • Understand the new bond issue process
  • Be familiar with secondary trading of bonds
  • Using Excel to perform bond calculations
  • Construct and analyse bond portfolio
  • Measure portfolio risk
  • Understand the impact of leverage in different scenarios
  • Understand ESG bonds types and current environment
  • Analyse perpetual bonds
  • Analyse high yield bonds

The course fees excluding funding and GST is SGD 2,000 per attendee.

IBF funding is available under the Financial Training Scheme (FTS) to company-sponsored candidates who are Singapore citizens or Singapore PRs physically based in Singapore that complete the course (including passing the assessment). Candidates must be sponsored by financial institutions and/or eligible fintech firms to avail of the funding. The current funding for courses under FTS is 90% for candidates that meet the criteria.

Net cost for Singaporeans and PRs will be SGD 200 or 10% of the course fees, per attendee.

Sign Up Now


For inquiries:


Raahil Shah - VP, BondEvalue

raahil.shah@bondevalue.com,
+65 9822 4702 / +852 8170 0240

Instructor Ratings & Reviews

4.95/5

Dr. Rahul Banerjee

4.65/5

Pramod Shenoi

4.83/5

George Thomas

“It was a well-organized training and was able to acquire a great deal of information on Bond Markets and Emerging Technologies in this 2 day workshop. Both the instructors Rahul and George were engaging ,very knowledgeable, clear and prepared.”

Farida, Client Advisor at Lighthouse Canton

Terms & Conditions

  • Funding is only available to candidates that meet the eligible funding criteria, as defined by IBF here: https://www.ibf.org.sg/programmes/Pages/IBF-FTS.aspx
  • By filling up the form above, you agree to be contacted by our team
  • We reserve the right to not proceed with registration if the candidate does not meet certain criteria
Show Buttons
Hide Buttons