ICMA Executive Education is pleased to announce the Primary Market Certificate (PMC) programme in Hong Kong.
ICMA Executive Education’s Primary Market Certificate (PMC) is a second level qualification intended for persons with an interest or involvement in the debt primary markets. The programme has been running for many years in London and has become a key qualification for those interested in the debt primary markets.
The Hong Kong PMC follows largely along the lines of the successful London programme, but has been tailored to the needs of practitioners in the Asian region. Certain modules in the London programme less relevant to regional participants have been replaced by modules focussing on the rapidly developing Offshore Renminbi (CNH) bond market.
However, in line with the London programme, the Hong Kong course examines the entire life cycle of bond issuance, from considering the financing choices through to the closing of transactions in the marketplace, be they conventional or “Dim Sum”. 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 take this programme will therefore have all the requisite tools to add value now to their company’s activities in the primary markets in the Asian region.
As a second-level qualification the PMC syllabus requires that candidates already have some familiarity with:
- Fundamental numeric skills, the time value of money, PV, yields and yield curves
- The main debt market sectors, products and key players
Target Audience
The PMC programme is intended primarily for persons 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 open to ICMA members and non-members.
Accreditation
CFA Charterholders may also claim 31.5 PD hours for attending the ICMA Primary Market Certificate.
Programme Director
Chris O’Malley is a Senior Advisor to the International Capital Market Association (ICMA) and a freelance trainer. Chris focuses on primary market practices and, particularly, capital markets and skills-based training. Chris developed and is Course Director for the ICMA Primary Market Certificate. He has 30 years’ experience in the capital markets on the sales and origination sides of the business
Expert Speakers
Various guest speakers will contribute to the course during the programme. These will be announced prior to the course start date.

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. Credit
Understanding the credit rating process, Credit Rating Agencies (CRAs) and credit enhancement.
4. Bonds
Defining the attributes of a bond and examining key variations.
5. The Renminbi market
Development of the onshore and offshore Renminbi bond markets.
6. Working with Swaps
Understanding swaps and swap pricing and the value of comparative advantage in the liability context.
7. Investor Protection
Events of default, debt ranking and covenants.
8. Liability Management
The principal types of liability management transactions, what drives them and what advantages they deliver.
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, FATCA.
12. Legal and Documentation
Full documentary requirements for both conventional and Dim Sum issuance.
13. Closing and Settlement procedures
14. Regulation and the Primary Markets
Examination of the current regulatory environment for bond and Dim Sum issuance.
Details of the next seminar:
Hong Kong
TBC
Venue:
Hong Kong Convention and Exhibition Centre
1 Harbour Road
Wanchai
Hong Kong
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 Hong Kong, 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