Course dates
The objective of this program is to increase participants' understanding of the perspective of a corporate financial manager and his/her relationship(s) with investment bankers and other securities professionals. Against this backdrop, the course addresses the interlocking roles of financial and legal professionals in crafting the instruments in which corporations invest, in bringing them to the marketplace to issue debt and equity and in assisting companies in managing financial risk. Participants will be provided with a complete workbook of lectures, case studies, worked examples and selected readings which will serve as a valuable reference guide after the program is completed. These materials have been designed specifically for Euromoney Training and are not available on a separate basis.
A 3-day intensive training course covering:
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Explore the principles of corporate finance
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Understand Capital markets: Financing Choices and Investment Alternatives
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Study how corporations use derivative products to transform risk
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Understand how to bring a deal to market
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Investigate how a company's financial position drives financing decisions
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Examine and learn the tools of financial analysis
- Understand financial ratios and how they are used
WHO SHOULD ATTEND?
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Heads of Training
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Corporate Lawyers
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Legal Affairs Managers
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Legal Counsel
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Managers
- Legal Assistants
DAY 1:
8:30 AM Registration
9:00 AM Introduction and Overview
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Corporate financing alternatives and objectives today
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Changes in the financial markets: a plethora of choices
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The changing roles of banks and securities firms
Debt Fundamentals: Yields
Short and Medium Term Financing Alternatives
Asset-Backed Securities
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Choosing a special purpose vehicle
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Establishing that a security is bankruptcy remote
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Securitizing credit card receivables through commercial paper issuance
PM Intermediate and Long Term Financing Alternatives
- Publicly traded securities
- Corporate bonds
- Junk bonds
- Bringing a deal to the market
- Medium term notes
- Eurobonds
- Private placements (rule 144A)
- Leveraged leasing
5:15 PM End of Day 1
DAY 2:
9:00 AM
Equity Markets
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Determining stock price: valuing companies
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Mechanics of an Initial Public Offering
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Types of common and preferred stock
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ADRs and ADSs
Debt-Equity Hybrids
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Convertible debt and debt with warrants
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Conversion premiums and interest rate/dividend yields
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When does exercise occur?
PM Bringing a Deal to Market
Guest Speaker: Peter Darrow, Partner, Mayer, Brown, Rowe & Maw
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Overview of procedural and legal issues applicable to the sale of securities in the international capital markets
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Participants in the offering
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Due diligence and preparation of the offering circular
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Financial and practical issues (e.g. Form of securities, clearance and settlement, listing)
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Documentation
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Equity securities
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Suggested time lines
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The impact of the Sarbanes-Oxley Act 2002 and other governance initiatives
Using Derivatives to Transform Risk: Swaps
Pricing Swaps
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Term structure of interest rates/ implied forward rates a string of FRAs
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Default risk of swaps and other credit factors
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Marking to market and swap buyouts
Asset Swaps and Structured Notes
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Altering the risk and return of investments with asset swaps
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Interest rate sensitive coupons
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Variable principal structures
Cross-Currency Swaps
5:15 PM End of Day 2
DAY 3
9:00 AM
Using Options
Credit Derivatives
- Hedging against credit downgrade or loss
- Credit forwards
- Default swaps, total return swaps
- Credit put options
Framework and Tools of Credit Analysis
- Outlining the approach
- Credit basis and source of repayment
- Impact on risk assessment of facility structuring
- Considering country risk
- Reading industry trends and financial features of an industry
- Industry peer groups
Issuer Specific Financial Analysis
Mechanics for Forecasting Future Performance
- Capital structure
- Financial leverage and debt capacity
Acquisition Finance
Case Study: Highly Leveraged IssuerParticipants will break into groups to discuss an appropriate financial structure for a company based upon cashflow forecasts and sensitivity analysis. Focus is on the risks of the transaction posed to the investor.
5:15 PM End of Day 3
New York Hotel, New York, United States
This program takes place on a non-residential basis at a New York hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.
As with all Euromoney Training programmes on-site administrators are with you throughout the programme to ensure smooth administration and group interaction.
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Meg Osius
Margaret Osius specializes in capital markets, and risk management, as well as international project finance. She works with corporations, financial institutions, public agencies, law firms, and private equity investors. Training and advisory work has covered approaches to financing infrastructure build-out and facilities acquisition, selecting among debt, equity, and hedging alternatives, and related topics. She has considerable professional experience with the oil and gas, power, transport, and telecom sectors.
Ms. Osius began her career at JP Morgan Chase Manhattan Bank, where, as a Vice President, she structured highly leveraged transactions and project financings and advised clients on foreign exchange and other price risk management strategies. Ms. Osius was responsible for a team of analysts responsible for evaluating the quality of the bank's global loan portfolio as well as that of its newly acquired affiliates. In that role she had extensive experience with workout and distressed debt.
Ms. Osius has published articles in the business press and co-authored several self-study guides covering international project finance, trade and export finance, foreign exchange, and financial futures. The World Bank has published her articles on approaches to financial analysis in emerging markets. She is a primary speaker in a series of video sessions created to cover the topic of Sound Banking Principles during executive training sessions in Moscow.
Until 2008 Ms. Osius was Chair of the Technical Advisory Panel (TAP) of the Public Private Infrastructure Advancement (PPIAF that provides technical assistance to emerging market governments. She is a member of the council on Foreign Relations and received an M.B.A. from INSEAD, the European Institute of Business Administration. Her B.A. degree is from Princeton University.
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
Course dates