Course dates
This practical
3-day training course teaches you everything you need to know about loan syndication and its challenges in the current market with practical advice as well as a look at the specialist markets – restructurings, project & infrastructure, leveraged, FIs and emerging markets
Course Focus and Features
- Thorough understanding of the syndicated loan market
- Syndication of loans
- Pricing a syndicated loan
- Building a syndicated loan business as a participant
- The evolution of the debt market
- The principal elements of syndicated loans.
- Examining the changes in practices, including the latest European techniques
- Examining key legal issues and current documentation
- Identifying strategies for all participants
- Building an effective syndication strategy
- An alternative exit route - secondary trading
Day 1
The Syndicated Loan Market
Overview of Market Definitions, Statistics and Transaction Timetable
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Definition & characteristics of a syndicated loan
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Common structures, uses and key defining terminology
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Review of the markets broken down by volumes, geographies, currencies, maturities, ratings, arrangers and investors
- Survey of macro-economic factors affecting the market
- Phases and milestones of the syndication process and timetable
Overview of Documentation
Mandate & Term Sheet
Practicalities
Case study: assessment of the merits of an invitation to participate
Pricing a Syndicated Loan
Assessing market appetite
· Underwriting and distribution strategies
§ Sub underwriting
§ Syndication
§ Club
§ Secondary
Structuring a syndicated loan
Principal elements of the pricing structure
Determining amount, maturity and price
Establishing covenants
Other elements
When to use different types of facility
Case study: delegates are split into groups and asked to work on an invitation to underwrite an investment grade transaction based on specific scenarios. Tasks include:
- Evaluation of the invitation
- Production & assessment of Comparables
- Producing and refining a Bank Universe
- Liquidity Analysis
- Assessment of the other factors which can influence the decision
- Presentation of the recommendation to Business & Credit
Day 2
Roles & Responsibilities
- The role of the participating bank
- Why does a bank become a participant?
- What must a participant do – and not do?
- What does a participant need from the arrangers?
- Current market conditions for participants
Responsibilities in a syndication unit
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Functions required in a syndication unit
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How to undertake the roles in a transaction
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Systems
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Market practice and sensitivities
· Syndicating & Closing a Syndicated Loan – the role of an MLA/Bookrunner
Investor Materials – PIM, Due Diligence Reports, Bank Meeting
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Data Room
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Timetable
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Private vs Public
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Closing
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Allocation
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Free to Trade
Secondary loan trading
Case Study: evaluating a secondary trading opportunity
• The Loan Agreement
– Detailed review of the LMA recommended forms
– The key concepts in syndicated loan documentation including pari passu provisions and trigger points / default
Security
- Priority ranking
- Different types of security
- Clauses in security documentation
- Granting and perfecting collateral
- Asset-based transactions
Day 3
Winning mandates and selling down
The corporate treasurer’s perspective
- The issues and challenges from the borrower’s perspective
- How to win mandates and build client loyalty
- Techniques for managing bankers
Specialist syndication markets
- Project & Infrastructure Finance
- Leverage Finance
- Real Estate
- Financial Institutions
- Emerging markets
Bidding for the mandate
- How to structure the syndicated deal
- Analysing the right price
- Bidding strategies
Final Case study: delegates will work in groups on a case study involving the assessment of an invitation to underwrite a structured financing. Delegates will use a summary term sheet to
- Evaluate alternative syndication strategies
- Conduct a Comparables Analysis, set up an Investor Universe, complete a Liquidity Analysis
- Yield calculation for brackets in a deal
- Cost and usefulness of underwriting
Course summary and close
Miami Hotel, Miami, United States
This program takes place on a non-residential basis at a Miami 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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Michael Constant
Michael Constant is a former vice chairman of the loan market association and was previously head of syndicate at Natixis and managing director of loan syndication at JPMorgan Chase. He has worked in banking for 35 years and has had two main roles during his career – syndicated loans and project finance. He has recruited, developed and led teams in Asia, the Middle East and Europe as well as working in North America and Africa. He has focused on all types of complex, structured financings and has been involved in several restructurings including co-chairing the FECSA steering committee.
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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Course dates