Livestreamed
Session dates: 1, 2, 3, 8, 9, 10, 15, 16, 17 & 22 May
10:00 - 13:30 CEST | Time Zone Converter

Classroom
Session dates: 21, 22, 23, 24 & 25 October
10:00 - 18:00 CEST | Time Zone Converter

(please complete and return the registration form to education@icmagroup.org)

 

 

OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE

The ICMA Primary Market Certificate (PMC) is an essential qualification for those with an interest or involvement in the debt primary markets.

The course examines the entire life cycle of bond issuance, from considering the financing choices through to the closing of transactions in the marketplace. While the training 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 will have all the requisite tools to add value to their company’s activities in the primary markets.

Learning Outcomes

By completing this course you will be able to:

  • Understand what is involved with syndication and origination
  • Review pricing decisions and launch requirements
  • Assess current liability management techniques, their applicability and outcomes
  • Explore events of default, debt ranking and covenants

The course places emphasis on current market practice and this is reflected in the delivery, by a combination of ICMA trainers and key market professionals including senior representatives from renowned organisations within the Debt Capital Markets.


Who should attend?

The programme 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.

Assessment

The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions, or 60%, correctly in order to pass. You will have six months in which to study the material, book and complete an online, fully invigilated exam.

We use a third-party exam invigilation service called ProctorU to administer the exams on our assessed courses. We recommend you take a few minutes to watch this video before you take your exam, which provides information on what to expect on the day. You can also take a look at some further information here.

More information regarding your specific exam will be attached to your joining instructions and on Canvas, the ICMA training platform.


Certification and Programme Recognition

This course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading and accredited by CPD® Certification Service.

ICMA recommends that 50 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

A Certificate of Completion will be awarded to those who successfully pass the final exam of this course – see Assessment section for more details.

ICMA is a member of the CPD® Certification Service and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at education@icmagroup.org.


Course Trainer

This course has been accredited by the CPD® Certification Service and approved by the Securities & Futures Commission of Hong Kong for Continuous Professional Training (CPT).

ICMA recommends that 24 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

 

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at education@icmagroup.org

The PMC syllabus is organised around key areas, broken down into subtopics delivered by the course director and guest speakers. The programme concludes with the PMC exam:

  • Sources of Finance
    Financing choices
    Cost of equity and debt
    Weighted Average Cost Of Capital
    Financial leverage
    Purpose of funding
    Market conditions
  • Use of Proceeds / Borrowers   
    Borrower requirements
    Loans v. bonds
    Corporates – IG / High Yield
    SSAs – Sovereigns / Supranationals / Agencies
    FIs - Capital adequacy / Basel 3
    Minimum capital and buffers Leverage Ratio / LCR & NSFR
    Common equity Tier 1 / Additional Tier 1 / Tier 2
  • Credit Overview   
    Credit Ratings Overview
    Basic Corporate Credit Analysis
    Credit rating process
    Credit Rating Agencies various approaches
    Calibrating the business profile
    Assessing the financial risk profile
    CRA Regulation
  •  Investment Grade Markets
    Introduction to the IG market
    Funding Programmes
    Sovereign case studies
  • High Yield / Sub-IG
    Introduction to HY / non-IG, understanding the difference
    Review of Covenants
  • Bond Types
    Domestic, Foreign & Eurobond
    Development of the cross-border market
    International bonds
    Public or private
    Floating Rate Notes / Fixed Rate
    Medium Term Notes
  • Investor Protection
    Events of Default
    Debt Ranking
    Hybrid Capital / Debt / Equity Continuum
    Covenants
    Force Majeure
    Tax Gross Up / Redemption
  • Selling Restrictions & US Regs
    Selling restrictions
    Regulation S
    Rule 144A
    10b 5 Due Diligence
    TEFRA C & D
    FATCA

  •  Legal & Documentation
    Overview of New Issue timetable
    Underwriting risk - reps & warranties, DD, Legal opinions, Comfort letters, Conditions precedent, Force Majeure
    Product Governance (MiFIDII/IR)
    Obligations for Manufacturers & Distributers
    ICMA 1 & ICMA 2
    The Due Diligence process
    EEA Prospectus Regulation/Directive
    The passport
    Disclosure & listing - Who discloses and what? / Relevant facts? / Why list?
    Investment risk - Events of default / Cross default / Tax gross up & call / Negative pledge / Event risk covenant
  • Securitisation
    Definitions
    The Collateral Pool
    Role of Seller, Servicer and SPV
    Capital Structure
    CDOs
    Why Securitise?
    MBS
    Credit Cards & other types of asset-backed
    Securitisation since the crisis
    EU Regulation of asset-backed
    ECB Loan Level Initiative
    Capital Markets Union (CMU) and the STS initiative
    STS Requirements
    Homogenous
    Historical performance data
    Risk retention
  • Covered Bonds
    Definitions / Key features
    Types of covered bonds
    Covered bond ratings
    Legal Frameworks
    EU Covered Bond Directive / Developing a harmonised EU framework
    Regulatory treatment
    Recent structural developments
  • Hybrid Capital
    Uses and benefits
    Regulatory developments
    More Capital of higher quality
    SREP
    Components of capital structure
    PONV
    MREL
    AT1 and T2 under Basel 3
    BRRD and the ‘Bail in’ regime
  • Liability Management
    Rationale
    Bond buybacks
    Tender offers
    Exchanges
    Consent solicitations
    Regulatory considerations
  • Deal Process
    Pre-Mandate
    Pre-Marketing
    Marketing
    Bookbuilding
    Pricing
    Swaps
    Post-Pricing
  • Documentation & Closing
    Confirmation to Managers
    Subscription Agreement
    Selling Group Agreement
    Trustee / Fiscal agent
    Listing
    Signing
  • Clearing & Settlement
    Introduction to CSDs and ICSDs
    Range of securities and currencies
    Functions of the ICSDs
    New Issues Acceptance
    ISINs
    New Issues Distribution / Syndicated / Non-Syndicated
    Role of the Common Depository
    Eurosystem Collateral Eligibility
  • Residual Regulation

Livestreamed Course

Our livestreamed courses are delivered via video conferencing accessed on our digital learning platform, using the most effective pedagogical approaches and incorporating interactive functions like virtual breakout rooms.

The PMC livestreamed sessions are delivered in 10 webinars spread over the course of four weeks. You will be given access to the course materials a week before the live sessions begin, and you will have access to those for a total of six months. During these six months you will have the option to keep working through the course materials at your own pace. Please note to ensure you book and take the exam within these six months.


Livestreamed course fees

ICMA Members: EUR 3,950 + VAT (if applicable)
Non Members: EUR 4,950 + VAT (if applicable)


Classroom Course

Our classroom courses are delivered in-person at a confirmed location.

The PMC classroom sessions will be delivered in London over 5 full days of training. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.

Delegates will be given access to our learning management system and the course materials before the live sessions, and will have access to those for a total of six months. During these six months you will have the option to keep working through the course materials at your own pace. Please note to ensure you book and take the exam within these six months.

Location Address

TBC


Classroom course fees*

ICMA Members: EUR 4,850 + VAT (if applicable)
Non Members: EUR 6,200 + VAT (if applicable)

*Our prices do not include travel/accommodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided 4 weeks in advance of the start date.


For security reasons, delegates who have not registered in advance will not be admitted to the sessions.


Please note:
  • All payments must be made in Euro.


Contact

Should you have any queries, please contact education@icmagroup.org.


 


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