Bond Markets - Advanced

Pricing

Cost for BPP PD Members: £780.00 + VAT : 12 CPD Hours
(£980.00 + VAT for non BPP PD Members - Click here for details of our membership scheme.)

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Course level

Advanced

Delegates

This course will be of benefit to those who already have some experience of bonds either through industry experience or prior study. A basic knowledge of bond valuation techniques and bond maths is assumed. This can be gained by attending our Bond Markets – An Introduction course.The course is particularly relevant for investment bankers, corporate financiers, corporate bankers, investment managers, analysts, brokers, investment advisers, operations and support staff and others involved with the bond markets.

Overview

This two-day course develops delegates’ knowledge of the key areas of the bond markets – pricing, trading and investing - to an advanced level. It will allow you to understand what drives bond markets and individual bond performance in detail, allowing you to participate in government and corporate bond markets at an advanced level.

Learning outcomes include obtaining a greater understanding of:

  • Advanced Bond Maths
    • Clean and dirty prices
    • Accrued interest and main accrued conventions
    • Cum div and ex div trading
    • Calculating horizon yields
    • Calculating spot rates, bootstrapping and the par yield curve
    • Interest rate sensitivity – convexity, PVO1, DV01 and PVBP
  • The Primary Market
    • Government bonds - the auction process and tap issues
    • Corporate Bonds – roadshow, placing & distribution
  • Interest Rate Swaps
    • Definition and uses
    • The importance of interest rate swaps to the bond market
    • Credit arbitrage
  • The Secondary Market
    • What drives bond markets - a detailed analysis
    • Impact of macro economic variables, monetary and fiscal policies and supply
    • Examining market interest rate and inflation expectations
    • The credit cycle and credit curves
    • Case study
  • Credit Analysis
    • Rating methodology - the rating chain
    • Business risk, financial risk & liquidity, control & event risk
    • Asset backed securities – typical structures
  • Bond Selection – Factors Which Determines Individual Bond Performance
    • An examination of typical bond covenants
    • The importance of structure and structural subordination
    • Seniority, priority on liquidation and the payment waterfall
    • Case study
  • Bond Trading and Investing
    • Passive bond techniques – immunisation, dedication, the role of STRIPS
    • Active techniques – beating a bond benchmark, duration adjusted switches
    • Managing a multi currency or international bond portfolio
    • Using bond futures – speculating, hedging and arbitrage
    • REPO – definition and uses
    • Credit derivatives – credit default swaps and total return swaps
    • Convertible bonds – uses and valuation

Course Dates

Location Dates Time Availability  
London 07 Mar 2020 9:00 AM - 5:00 PM  Spaces Book Now
London 26 Jul 2020 9:00 AM - 5:00 PM  Spaces Book Now
London 01 Nov 2020 9:00 AM - 5:00 PM  Spaces Book Now

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