Euromoney Audit Training

A 4-day case study based training course covering:

• Credit ratings and the rating agencies
• Financial policy and analysis, including calculating key credit ratios
• Financial modeling in Excel, including LBOs
• Structural factors, guarantees, documentation, covenants
• Impact of corporate finance activity on credit quality
• Non-performing loans and debt restructuring – potential options and outcomes

Course objectives

• Credit ratings and the rating agencies
• Quantitative risk analysis – financial policy and analysis of results
• Financial modeling in Excel, including LBOs
• How to apply sensitivity analysis
• Impact of corporate finance activity on credit quality
• Structural and contractual subordination
• Guarantees, documentation: high grade and high yield prospectuses, loan document
• NPLs, options for and valuation of distressed companies

Course background

During the recent severe financial crisis, many banks and other financial institutions have lost billions of dollars due to their failure to analyse credit risks correctly. Even when financial institutions do not suffer direct financial losses due to default/market movements, they may be receiving an inadequate return for the risks involved. With leveraged instruments set to remain a key part of corporate capital structures, in both the private and public equity markets, knowing how to analyse credit risk remains key to avoiding losses and to maximizing returns. The aim of this course is to teach delegates how to model and analyse corporate credit risk, how to assess structural and documentation risk and to give an overview of dealing with NPLs. This course does not extend to the analysis of banks, insurance companies or structured vehicles.

Teaching methodology

The teaching methodology used on this course combines formal theoretical instruction with frequent use of exercises and case studies. These are based on real situations and are designed to help delegates implement new practices and to learn from empirical experience.

Delegates are expected to know how to use Excel at a basic level. The course is intended to be practical and inter-active, with delegates encouraged to ask questions. The techniques taught to delegates are intended to be of immediate practical use in the workplace. The lecturer will be available throughout the duration of the course to offer additional help if required.

Who should attend

• Bank credit officers
• Investment bankers
• Management consultants
• Bond credit analysts
• Fixed income/credit traders
• Fixed income/credit sales people
• Equity analysts/investors
• Fund managers
• Treasurers
• Compliance officers
• Financial decision makers in corporations

• Sarah Martin

  Sarah Martin has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets, of corporate restructurings of distressed credits and was the lead analyst on the largest LBO in Europe in 2000 (Tecnost/Telecom Italia). She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. She was latterly an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal profession and companies on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.

  Courses run by this instructor

  • Corporate Valuation: Techniques and Application - Dubai

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.

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