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Primary Market Certificate (PMC) - Conventional and Sukuk Markets
 
Attending the course will help you:
  • Review financing decisions and the choice between debt and equity
  • Examine the characteristics of different borrower types; sovereign, supranational and agencies (SSAs), financial institutions and corporates
  • Understand Islamic finance basics, the key concept of ownership, and acceptable Islamic finance structures for successful sukuk issuance
  • Explore events of default, debt ranking and covenants

Course background

This is a second level qualification intended for those with an interest or involvement in the debt primary markets. The programme examines the entire life cycle of bond issuance, from considering the financing choices through to the closing of transactions in the marketplace. While the course examines the theoretical principles underpinning the markets, and the instruments and financing techniques that are available, emphasis is placed on interpreting and using that knowledge in practical case studies. Candidates who gain this qualification therefore will have all the requisite tools to add value now to their company’s activities in the primary markets.


Who should attend?


The PMC is intended primarily for those working in the origination, syndication and transaction management areas of investment banks or securities houses. It is also a valuable qualification for capital markets lawyers looking to expand their understanding of the workings of the primary markets and for those employed in institutions that may be looking to raise funds in the international capital markets. The programme is most suited to those in the early stages of focusing on primary market activities, but is open to anyone who would benefit from a more complete knowledge of the debt primary markets.

The course is delivered by a combination of professional trainers and market professionals.  The programme emphasises current market practice and use is made of experienced practitioners to discuss key areas.  Delegate numbers are limited to enable interaction with the presenters.

Because of its use of professional experts, key market practitioners and practical case studies, the PMC structure is flexible in terms of the order of the programme and the content of modules. While the order of modules may change, the syllabus covers the following areas:

1. Corporate Finance Theory
Understanding the financing decision and the choice between debt and equity

2. Borrowers
Examining the characteristics of different borrower types; sovereign, supranational and agencies (SSAs), financial institutions (FIs) and corporates

3. Bonds
Defining the attributes of a bond and examining key variations

4. Credit
Understanding the credit rating process, Credit Rating Agencies (CRAs) and credit enhancement

5. Working with Swaps
Understanding swaps and swap pricing and the value of comparative advantage in the liability context

6. Investor Protection
Events of default, debt ranking and covenants

7. Securitisation
Understanding the key drivers for securitisation and reviewing current issuance activity

8. Sukuk
Understanding Islamic finance basics, the key concept of ownership, and acceptable  Islamic finance structures for successful sukuk issuance

9. Syndication
Syndication practices, their aims and effects

10. Pricing, Launch and Distribution
Pricing for success, launch requirements and good market practice

11. US Selling Restrictions
Regulation S, Rule 144A, TEFRA C & D

12. Legal and Documentation
Full documentary requirements for both conventional and Sukuk issuance

13. Closing and Settlement procedures

14. Regulation and the Primary Markets
Examination of the current regulatory environment for bond and Sukuk issuance


Click here to see the proposed timetable* for this course.


*Please note that this is a guide and may be subject to alterations.





Details of the next seminar:

Dubai
TBC

Venue:
Ritz-Carlton Hotel
Dubai International Financial Centre (DIFC)
Gate Village
Dubai
United Arab Emirates

To register your interest for the next publicly scheduled course, e-mail education@icmagroup.org.

 

Costs:

£3,000.00 for ICMA Members
£3,900.00 for non ICMA Members
2 to 4 candidates – 5% discount each*
5+ candidates – 10% discount each*

*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined.

*Please note that if you require accommodation for the course in Dubai, this will be your own responsibility; the programme is class-based, but it is a non-residential course.

Payment can be made by secure online credit card or by invoice.  Please note that selecting the invoice method will add £50 (administration fee) to the course price.


Should you have any queries about the seminar please contact:

Chris O'Malley
PMC Programme Director





PMC certificate holders

The names of the successful candidates from previous examinations are included in our list of certificate holders.



Tarek Halawani Montes


Organisation: BNP Paribas
Job title: Middle East Credit Sales

Describe what you do on a day to day basis in your job:
Selling Fixed Income Products to Middle Eastern Institutional client base;
Dealing with Middle Eastern Credit markets in Primary & Secondary Capacity;
Arranging Private Placement deals for local and foreign issuers;
Loan Repackaging into various credit products.

Reasons for taking the course:

Dealing directly with Primary markets Issuers and Investors;
Close partnership with DCM area to pitch for new deals and Syndicate to get best execution of deals;
More informed knowledge about the whole Syndication process.

Benefits of taking this course:
Thorough understanding of the whole Primary Issuance Cycle;
Good oversight on all the legal matters regarding new issues;
Entry level knowledge into Islamic Finance & Sukuk;
Knowing Selling restrictions into the US and 144A rule.




Mohammed A. Ashoor

Organisation: Crédit Agricole CIB
Job title: Director, Financial Institutions Sales - Fixed Income Markets

Describe what you do on a day to day basis in your job:
Part of Fixed Income Markets in the Middle East, the job involved the marketing and selling of fixed income instruments, FX and Rates Derivatives, Treasuries and Cross-Asset Derivatives to Financial Institution clients in the Middle East.

Reasons for taking the course:
The main reason for taking the course is to widen the understanding of the Debt Capital Markets, and especially the market which precedes that of Primary/Secondary Credit Sales, which I would then be involved in after the offering of debt instruments.

Benefits of taking this course:

The understanding gained from the course on both the regulatory and procedural point of view will give me much needed knowledge when talking to clients and marketing products. The information gained was invaluable, and has taken me to another level in my understanding of the market in general.




Hamad Khaled Al Bassam

Organisation: Kuwait Finance House (Bahrain)
Job title: Capital Markets

Describe what you do on a day to day basis in your job:
Analyse prospective primary market issuances of sukuk to book for banking book;
Structuring of sukuk and Islamic syndications/club facilities.

Reasons for taking the course:
Gain more insight on syndicating transactions, book building, selling restrictions, etc.;
Identify relevant bond market attributes for the sukuk market.

Benefits of taking this course:

Market experienced instructor provides relevant practical skills and information rather than pure academic theory;
PMC Dubai catered to the GCC market by featuring sukuk in the syllabus.




Tahir Pirzada

Organisation: Al Khalij Commercial Bank (al khaliji) Q.S.C.
Job title: Head of Investments & Capital Markets

Describe what you do on a day to day basis in your job:
Managing Fixed Income portfolio & Investments exceeding USD 2 billion (portfolio consists of selected GCC Sovereign/quasi-sovereign AA- rated portfolio;
Managing other proprietary investments and Repo desk;
Responsible for managing liquidity through a variety of liquidity tools from local & international sources;
Exchange GMRA/GMSLA with counterparties to establish Repo lines as well as Collateralised/Term Credit Lines against Fixed Income/syndicated loan portfolios;
Additionally, involved in the trading and distribution of Sukuks, bonds and primary/secondary loans. Currently the liaison person on the ground with regards to pricing, spreads, market intelligence and distribution capabilities.

Reasons for taking the course:
The main reason was to understand end-to-end process of issuing bonds and its mechanics, the documentation, negotiation, legal and regulatory requirements for primary issuances.

Benefits of taking this course:

The course was beneficial as it covered all the angles of a primary issuance including audit, legal, regulatory requirements. The end-to-end process was offered in detail. Visiting speakers were known in the market and offered their expertise in a simple yet complete fashion. All in all, it was a good course and should be attended by delegates involved in any way in the primary market business.







 
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