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| High
Yield Debt | View All In-house Training Agendas |
| Pre-Course
Online Study |
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The Mathematics
of Bonds |
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Bond Valuation
Basics |
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Yield Curve and
Term Structure Analysis |
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| Post-Course
Online Study |
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Bond Volatility
- Duration and Convexity |
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What are Credit
Derivatives? |
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Convertible Bonds |
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| This course provides participants with a comprehensive
understanding of the different kinds of high yield securities
(bonds, loans, structured and securitised products), issuer
and investor concerns, valuation and risk concepts. |
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- Corporate Bonds
- The nature of corporate debt instruments
- Bonds
- Loans
- Security
- Market liquidity
- Secured, unsecured and subordinated bonds
- Investor security
- Borrower flexibility
- Pricing
- Corporate bond investors
- Positioning of high yield debt in conventional
portfolios
- Specialist funds
- Concepts of diversity
- Corporate balance sheet and leverage
- Rationale for high yield debt issuance
- Comparison to equity issuance
- Shareholder return
- Bond risks
- Correlation between interest rate and
credit risks
- Impact of market cycles and perceptions
- Default Risk
- The incidence of default:
- How often do borrowers default?
- Where can statistics be found and what
can be gleaned from the numbers?
- Loss in the event of default: Understanding
of what might be lost if default happens
is just as important as a prediction of
the probability of it happening
- Bondholder rights on default:
- Market for high yield debt is partly driven
by that most unpredictable commodity: sentiment
- How does this fit in with real economic
indicators?
- Market and economic cycles:
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- High Yield Bonds
- Bond characteristics
- Equity-like nature of high yield debt
- Investment performance
- Features of high yield debt
- Special coupon structures
- Resettable coupons
- Step-ups
- Repayment options
- Callable and puttable bonds
- Poison puts
- Mandatory partial redemptions
- Private placements: What are the ‘pros
and cons’ of private versus public
issuance?
- Convertible bonds
- Syndicated Loans
- Revolving facilities
- Term loans
- Loan documentation
- Market liquidity
- Structured Products
- Collateralised debt obligations
- Credit derivatives
- Structured notes/credit-linked notes:
Medium-term notes issued by bank and investment
bank borrowers but with credit risk linked
to other borrowers are used by some investors
to obtain tailored access to certain risks.
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