Day 1
The Syndicated Loan Market
· Overview of Market Definitions, Statistics and Transaction Timetable
· Definition & characteristics of a syndicated loan
· Common structures, uses and key defining terminology
· 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
· Loan Market Association (LMA) and others (e.g. LSTA)
· Investment Grade & Leveraged Primary documentation
· The Documentation cycle
· Mandate & Term Sheet
· Types of syndicated facilities
· Mandate letters
· Confidentiality & NFR Letter
· Term Sheet
· Practicalities
· Role of Agent
· Role of MLA/Arranger
· Role of and rights of participating banks
· Building a business as a participant bank
Case study: assessment of the merits of an invitation to participate
· Pricing a Syndicated Loan
· Sources of information
· Trade-offs between price, maturity and credit structure
· 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 a transaction based on specific scenarios. Tasks include:
– Evaluation of the invitation
– Assessment of the other factors which can influence the decision
– Presentation of the recommendation (role play)
Day 2
· 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
· Functions required in a syndication unit
· How to undertake the roles in a transaction
· Systems
· Market practice and sensitivities
· Syndicating & Closing a Syndicated Loan – the role of an MLA/Bookrunner
· Investor Materials – PIM, Due Diligence Reports, Bank Meeting
· Data Room
· Timetable
· Private vs Public
· Closing
· Allocation
· Free to Trade
· Secondary loan trading
· Development of the market
· Key drivers
· Main players
· Settlement
· Market practice
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
Case study: delegates will work in groups on a case study involving the assessment of an invitation to underwrite a syndicated loan. Delegates will use a summary term sheet to
- Evaluate alternative syndication strategies
- Yield calculation for brackets in a deal
- Cost and usefulness of underwriting
· Course summary and close
20-22 Jun 2012 (Miami, United States)
The course begins by concentrating on spreadsheet best practice, auditing and the advanced use of Excel. These skills are then applied to the construction of financial, valuation and investment models. Delegates learn how to incorporate forecasting, optimization, risk assessment and sensitivity scenarios into these models. The course is taught using a step-by-step approach to enable delegates to construct financial models for a wide range of practical scenarios.
29 Oct 2012 - 1 Nov 2012 (New York, United States)
For purposes of this course, each of the four days is divided into two modules, resulting in a total of eight modules for the entire course. The outline presents teaching objectives, lectures and case work in each of the different modules.
27-29 Feb 2012 (New York, United States)
17-19 Oct 2012 (New York, United States)
The aim of this course is to provide participants with exposure to leveraged and mezzanine financing techniques in the context of M&A and private equity structures.
11-13 Jun 2012 (New York, United States)
The aim of this course is to provide participants who already have some transaction experience with further exposure to M&A, company valuation and deal structuring and financing. You will also be introduced to international practice in executing mergers and acquisitions, including an appreciation of today's market practices and procedures including due diligence, accounting issues and valuation techniques.
10-13 Dec 2012 (New York, United States)
Advanced Corporate Finance Techniques explores the broad realm of complex financing tools available to corporate issuers. You will develop strategies used to create value-adding debt financing transactions, considering many of the latest debt financing alternatives available today.
26-28 Mar 2012 (New York, United States)
This three-day course has been designed to provide participants with a solid understanding of the business valuation fundamentals and their application. The course emphasizes the practical aspects of the valuation process providing participants with an opportunity to develop and enhance their business valuation skills
9-12 Jul 2012 (Miami, United States)
24-27 Sep 2012 (New York, United States)
21-23 May 2012 (New York, United States)
5-7 Nov 2012 (New York, United States)
This three-day course has been designed to provide participants with an overview of the private equity industry and the investment process throughout the different stages of a company’s growth. It explains the investment process, objectives, financial instruments and negotiation options from the point of view of both the investor as well as the business owner.
14-16 May 2012 (Miami, United States)
Este curso interactivo de tres días ha sido diseñado para ofrecer a analistas de Mercado y a Directores Financieros de empresas e instituciones financieras una serie de bloques constructivos para comprender en profundidad la administración de riesgos de liquidez y riesgo de mercado, así como los lineamientos de Basila en esos riesgos.
23-27 Apr 2012 (New York, United States)
10-13 Dec 2012 (New York, United States)
Bankers, investment managers, company executives and professionals in all corporate functions and in organizations servicing corporate need to have a current understanding of the financial issues that affect the process of launching an IPO. This program is designed to enable participants to become proficient in their understanding of the IPO process. It covers a broad spectrum of topics which are designed to ensure that participants are equipped with the financial skills necessary to understand how IPOs are arranged, managed, priced and distributed
11-13 Apr 2012 (Port of Spain, Trinidad and Tobago)
This training course is designed to provide delegates with a concrete understanding of all aspects of foreign exchange. Participants will learn how to identify and manage foreign currency exposure, how the foreign currency markets work and how to be an effective player in these markets. This intensive course uses a balance of lectures, workshops, case studies and discussions.
23-27 Apr 2012 (New York, United States)
Company valuation is used for the purposes of investment, M&A or as part of internal measures of financial control. It is extensively applied when companies issue new shares, divest operations or acquire other companies. The rapidly growing private equity industry is also dependent on solid analysis. There are many different approaches to the analysis and valuation of companies and it is paramount to know when and how to apply what method. It is also essential to understand that company analysis is not an absolute science but also based on interpretation and judgment. This highly practical course will lead you quickly from the basics through to the more advanced valuation methodologies and modeling techniques
11-13 Apr 2012 (New York, United States)
24-27 Jul 2012 (Miami, United States)
24-27 May 2012 (New York, United States)
The workshop is designed to use Excel exercises, as well as Bloomberg and Reuters screenshots, to teach a mastery of the different products and the risks associated with them. In addition, the workshop uses computer models for trading and risk management simulations for cash and derivatives products.
17-21 Sep 2012 (New York, United States)
This course covers all stages of the company’s financial development from inception (venture capital) to equity raising by an IPO, then expansion by M&A and the associated financing (including bank financing and bond issues) and appropriate risk management techniques (hedging) through to maturity (possible LBO candidate) and finally decline and financial distress