Bonds
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30.06.2020
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8 h
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Cours du jour
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English
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BQ028CJ
*
(+3% TVA) *Prix d'inscription de base, variable selon options choisies.Objectives
After this course, you will understand the operating principles and organisation of the bond market having analysed:
- The source and development of fixed income securities
- The players and parties involved
- The new market organisation including the requirements of MIF 2 (MIFIR/MIFID 2)
- The basic characteristics of bonds (physical presentation, nominal value, issue price, redemption price…)
- The main explanatory variables encountered
- How to issue bonded debt (types of issue, mechanisms, prospectus and regulatory aspects …)
- The rights and obligations of the bond issuer and holder
- The risks involved in a bond investment and solvency criteria
- The basic elements and characteristics of the various types of bonds (fixed rate, variable rate, hybrids…)
- The principles and methods used to establish a FAIR bond price
- Problems encountered in measuring bond yields
- How to structure and interpret a bond rates curve and what conclusions to draw from it from a structural and economic point of view
Programme
- THE ORIGINS OF DEBT INSTRUMENTS
- BASIC ELEMENTS OF THE VARIOUS TYPES OF BONDS (ILLUSTRATION BY EXAMPLE)
- Traditional products: fixed and variable rate bonds
- Hybrid products: convertible and reverse convertible bonds, bonds with warrants, indexed bonds…
- IMPORTANCE OF SOLVENCY CRITERIA
- Hierarchy of issuers
- Notion of spread
- Rating agencies
- FEATURES AND ASSESSMENT OF RISKS ASSOCIATED WITH BONDS
- RIGHTS AND OBLIGATIONS OF THE BOND ISSUER
- RIGHTS AND OBLIGATIONS OF THE BOND HOLDER
- BIRTH OF A BOND
- Issue mechanism
- Issue prospectus
- Regulatory aspects
- BASIC CHARACTERISTICS OF THE PRODUCT AND ISSUE CONTRACT
- TYPES OF PLAYERS AND OTHER PARTIES INVOLVED IN THE BOND MARKET
- DESCRIPTION OF DISINTERMEDIATION, INTERNATIONAL DEVELOPMENT AND DEVELOPMENT IN THE BOND MARKET
- MIFIR AND MIFID I AND II IMPACT AND CONSTRAINTS IN TERMS OF MARKET ORGANISATION AND TRANSPARENCY
- PRINCIPLES OF BOND PRICING
- PRACTICAL ASPECTS OF AND PROBLEMS INVOLVED IN MEASURING A BOND YIELD
- THE BOND RATES CURVE: HOW IT WORKS AND INTRODUCTION TO ANALYSIS
Lieu
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Chambre de Commerce Luxembourg7, rue Alcide de Gasperi
L-1615 Luxembourg
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8H
mar. 30.06.2020 à 08h30
8H
Bonds-Fundamentals
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Chambre de Commerce Luxembourg
Durée
3 h
Lieu
Chambre de Commerce Luxembourg
Thu 19.12.2019
08h45
Tue 07.01.2020
08h45
Tue 14.01.2020
08h45
Tue 21.01.2020
08h45
Tue 28.01.2020
08h45
Thu 30.01.2020
08h45
Tue 04.02.2020
08h45
Tue 11.02.2020
08h45
Tue 25.02.2020
08h45
Thu 27.02.2020
08h45