Bonds

À qui s'adresse la formation?

Tout public

8,00 heure(s)

After this course, you will understand the operating principles and organisation of the bond market having analysed:

The source and development of fixed income securities
The players and parties involved
The new market organisation including the requirements of MIF 2 (MIFIR/MIFID 2)
The basic characteristics of bonds (physical presentation, nominal value, issue price, redemption price…)
The main explanatory variables encountered
How to issue bonded debt (types of issue, mechanisms, prospectus and regulatory aspects …)
The rights and obligations of the bond issuer and holder
The risks involved in a bond investment and solvency criteria
The basic elements and characteristics of the various types of bonds (fixed rate, variable rate, hybrids…)
The principles and methods used to establish a FAIR bond price
Problems encountered in measuring bond yields
How to structure and interpret a bond rates curve and what conclusions to draw from it from a structural and economic point of view

Traditional products: fixed and variable rate bonds
Hybrid products: convertible and reverse convertible bonds, bonds with warrants, indexed bonds…

BASIC CHARACTERISTICS OF THE PRODUCT AND ISSUE CONTRACT
TYPES OF PLAYERS AND OTHER PARTIES INVOLVED IN THE BOND MARKET
DESCRIPTION OF DISINTERMEDIATION, INTERNATIONAL DEVELOPMENT AND DEVELOPMENT IN THE BOND MARKET
MIFIR AND MIFID I AND II IMPACT AND CONSTRAINTS IN TERMS OF MARKET ORGANISATION AND TRANSPARENCY
PRINCIPLES OF BOND PRICING
PRACTICAL ASPECTS OF AND PROBLEMS INVOLVED IN MEASURING A BOND YIELD
THE BOND RATES CURVE: HOW IT WORKS AND INTRODUCTION TO ANALYSIS