Course overview
'Syndicated Loans for Practitioners' is designed for corporate and sovereign borrowers, bankers specialising in syndicated loans and syndication advisors to help understand how syndications work in practice. As a result the course is not simply theoretical or technical, rather its aim is to equip delegates with the current information and practices directly applicable to their real world syndication activities.
Summary of course content
- Analysing types of syndicated facilities
- Identifying strategies for syndicate participants and their roles
- Analysing principal elements of the pricing structure
- Reviewing pricing strategies and the trade-off between price and structure
- Assessing speciality financing transactions
- Evaluating how to negotiate the best deal
Methodology
- You will be directed by a faculty of leading market practitioners who are recognised for their knowledge and experience in this field
- Lectures, participative case studies, role play, and group discussion will be combined to illustrate the various aspects of the market
- Application of key concepts through practical hands-on workshops
- Various and recent real-life case studies
- Group work and team presentations
Who should attend this training course?
- Corporate lending officers
- Branch lending officers
- Finance executives
- Treasury
- Investment managers
- Portfolio managers
- Head of fixed income
- Analysts
Supporting publications
DAY ONE
Review of the market, using a self assessment technique, this session will cover
- Key features of the syndicated loan product
- Characteristics
- Definitions
- Overview of global markets
- Volumes and segments
- Geographies
- Players
Preparing a term sheet
- Identifying the crucial features
- Meeting the borrower’s funding needs
- Pricing
- Structuring the transaction
- Documentation
- Strategy
- Flex
- Reading the market
- "Stretching the envelope"
This session will also touch on the recent issues regarding capital adequacy and the importance of rating agencies for the loan market
Case study: evaluating a term sheet
Delegates will be split into groups and asked to evaluate selected term sheets. Each group will present its findings (role play).
Syndication process and timetable
- Analysis of the phases
- Definition and description of key syndication roles
DAY TWO
Pricing a transaction
- Macro-economic factors
- Credit-liquidity cycle
- Critical components
- Sources of information
- Relative value
Exercise: return calculations
Bidding and syndication strategies
- Alternative bidding strategies
- Liquidity analysis
- Fee splits
Exercise: yield calculations
DAY TWO (continued)
Documentation issues
Guest presentation: Documentation issues
Mr. Huw Jenkins, Partner, Clifford Chance
Delegates will be provided with an update from leading international law firm Clifford Chance on recent developments in loan documentation.
Case study: developing and articulating a credible syndication strategy
Delegates are given a scenario of a transaction where they will be required to produce 2 deliverables: the first is a presentation to the borrower of the proposed syndication strategy, the second is a presentation to the internal authorizing committee (often a credit and/or portfolio committee) of a bank seeking to lead the deal. Delegates will be provided with all the necessary data to undertake this task which will build on the 2 previous sessions of the course.
DAY THREE
Presentations from previous case study
- Delegates will deliver their findings of the session previous case study. Each presentation will be evaluated and critiqued.
Secondary market
- Methods of transfer
- Standards for timetable and procedure
- Worked examples
Case study: pitching for a mandate
Delegates will be asked to work in groups to respond to a request for proposal (RFP) from a major international borrower.
In addition to presenting the proposal, the delegates will be required to address a number of other critical technical issues which have been covered earlier in this course. Each group will determine their syndication strategy based on guidelines provided to each group. They will be asked to present their proposal to the borrower (role play) and to explain how their institution will execute the transaction.
Establishing a syndications business
- Job functions
- Interactions both internal and external
- Evaluating performance
Course summary and close
-
Tony Rhodes
Former MD and Global Head of Syndicated Finance of HSBC Tony Rhodes now works as an independent consultant specialising in financial training and was formerly responsible for primary and secondary loan markets at HSBC and Credit Suisse. Prior to this he spent 15 years in a variety of positions in debt capital markets at Bank of America. Tony was one of the founding directors of the Loan Market Association (LMA) based in London. Tony started his career in the project finance unit of Shell International Petroleum Company. His final position prior to joining Bank of America was in the project finance unit at Lloyds TSB.
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