Digital Assets in Capital Markets

Advanced course on digital assets - assets created using a blockchain/DLT network - designed for finance professionals.

IBF-STS Recognised
8 CPD Hours

20 July 2022 (Wednesday) | 9am-5pm

FOR FIXED INCOME PROFESSIONALS

Advanced Theory & Practice of Bonds

IBF Funding Available | 12 CPD Hours
7-8 June 2022 (Tues-Wed)

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

Dr. Rahul Banerjee​

Co-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.

 

Florian Schmidt

CEO & Founder, Frontier Strategies

Florian is the CEO and founder of Frontier Strategies, a boutique solutions provider for frontier market entities. He has been active in Asia’s debt capital markets since 1993, having worked for Deutsche Bank, HSBC, Bank of America,
ING and SC Lowy. He has been acting as advisor to the Government of Mongolia since 2017 and was involved in discussions with the IMF to design and successfully execute all liability management transactions and new issues since 2017, the
latest one in late June 2021. Florian holds a master’s degree in business administration from the University of Münster and is the author of several capital markets-related books, including the acclaimed “A Guide to Asian High Yield
Bonds”,published in 2014.

 

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 & Dates

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.

For courses in 2022, 80% funding is available to Singaporeans and PRs. However for Singaporeans over 40 years of age,
90% funding is available.

Date and Time
Date Day Time Zone Time
7-8 June 2022 Tues-Wed Asia/UK 9am to 5pm SG/HK
24-25 August 2022 Wed-Thu Asia/UK 9am to 5pm SG/HK
26-27 October 2022 Wed-Thu Asia/UK 9am to 5pm SG/HK
  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

Dr. Rahul Banerjee​

Co-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.

 

Florian Schmidt

CEO & Founder, Frontier Strategies

Florian is the CEO and founder of Frontier Strategies, a boutique solutions provider for frontier market entities. He has been active in Asia’s debt capital markets since 1993, having worked for Deutsche Bank, HSBC, Bank of America, ING and SC Lowy. He has been acting as advisor to the Government of Mongolia since 2017 and was involved in discussions with the IMF to design and successfully execute all liability management transactions and new issues since 2017, the latest one in late June 2021. Florian holds a master’s degree in business administration from the University of Münster and is the author of several capital markets-related books, including the acclaimed “A Guide to Asian High Yield Bonds”, published in 2014.

 

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.

For courses in 2022, 80% funding is available to Singaporeans and PRs. However for Singaporeans over 40 years of age,
90% funding is available.

Date and Time
Date Day Time Zone Time
7-8 June 2022 Tues-Wed Asia/UK 9am to 5pm SG/HK
24-25 August 2022 Wed-Thu Asia/UK 9am to 5pm SG/HK
26-27 October 2022 Wed-Thu Asia/UK 9am to 5pm SG/HK

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

4.83/5

George Thomas

4.65/5

Pramod Shenoi

“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

Other Courses

Digital Assets in Capital Markets

What a Banker Needs to Know


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

Assessment

The course will conclude with an online assessment of up to 20 multiple-choice questions, requiring an 70% pass rate. Candidates may re-sit the assessment as many times as required.

Disclaimer

The materials and information contained herein are solely for general information reference and educational purposes only, and not intended to constitute nor as a substitute for legal, commercial and/or financial advice from an independent licensed or qualified professional. The information, opinions and views expressed herein are not, and shall not constitute an offer or a recommendation to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, or a recommendation, to purchase or sell any investment product or service or engage in any investment strategy.  Nothing herein has been tailored to the investment objectives or financial situation of any specific individual, are current only as of the date hereof and may be subject to change at any time without prior notice. No representation, warranty or claim whatsoever is made nor implied as to the accuracy or completeness of any material or information contained herein, nor we have no liability whatsoever for any error, inaccuracies or omissions. No reliance should be made on the materials or information herein for any investment decision, and we accept no liability whatsoever for any direct or indirect loss whatsoever which may arise from the use or reliance of any such material or information.  The business of investing is a complicated matter that requires serious financial due diligence for each investment.  No representation whatsoever on the suitability or otherwise of any securities, products, or services for any particular investor.  Each investor is solely responsible for its own independent investment decision based on its personal investment objectives, financial circumstances and risk tolerance, and should seek its own independent legal, tax and other professional advice prior to any such decision.

The inclusion of any hyperlinks or external links should not be seen as an endorsement or recommendation of that website or the views expressed therein.  We do not have any control over the content or actions of the websites we link to and will not be liable for anything that occurs in connection with the use of such websites.

Show Buttons
Hide Buttons