MiFID II - Debt Instruments (FR) - lifelong-learning.lu

À qui s'adresse la formation?

The persons concerned by the Training Programme are all persons placed under the authority of a professional (or acting on his behalf) subject to prudential supervision by the CSSF, i.e. individuals providing investment advice (“Advisory profile”) or information (“Information profile”) on financial instruments, investment services or ancillary services to clients.

Durée

8,00 heure(s)

Langues(s) de prestation

Prochaine session

Contacter l'organisme

Objectifs

This module is part of the MiFID II Certification.

Contenu

Based on the ISO definition for debt instruments specifying that a debt instrument is a financialinstrument evidencing monies owed by the issuer to the holder on terms as specified, the contentof this module on debt instruments focuses on:

Main characteristics of debt instruments (based on ISO 10962)

Types of debt instruments - Bonds, convertible bonds, bonds with warrants attached, medium-term notes, money market instruments, structured instruments, mortgage- backed/asset-backed securities, municipal bonds
Attributes of debt instruments - Type of interest, guarantee, redemption method, form (bearer/registered), subordination
Pricing of debt instruments - Factors impacting price (e.g., ratings, yield, supply & demand), calculating the price of a debt instrument, different types of yield
Factors influencing the performance of a debt instrument - Spread against a benchmark (e.g., a government bond), ratings, strength of currency, market interest rates, inflation
Costs associated with transactions and services involving a debt instrument - Brokerage, exchange fees, transaction fees, custody fees
Structure of the market for debt instruments
Types of markets (regulated, OTC, MTF, OTF, SI) - Government bonds traded on regulated exchanges, corporate bonds traded on stock exchanges, Eurobonds traded over the counter, OTC debt instruments (e.g., collateralised debt obligations), use of MTF, OTF, SI for debt instruments
Primary and secondary markets - Descriptions of primary and secondary markets for Eurobonds, government bonds, corporate bonds
Market players - Primary market: Lead managers, syndicate members, listing agents, CSDs/ICSDs, exchanges; Secondary market: Brokers/dealers, regulated markets (e.g., exchanges), OTC, MTF, OTF, SI, paying agents, fiscal agents, CSDs/ICSDs, custodians, depositaries

Financial instruments as investments

Market practice - Primary market - On an exchange, OTC; Secondary market - On an exchange, OTC, transaction chain of securities processing; bond lending/ borrowing, repurchase agreements; CSDs/ICSDs, custody, corporate actions (e.g., coupon payments), redemptions (including early redemptions)
Main risks - Default risk, spread risk, settlement risk, migration risk, liquidity risk, interest rate risk, foreign exchange risk, operational risk
Tax aspects - Withholding tax, capital gains tax, tax reclamation
Market forces that impact performance - Interest rates, inflation, currency rates, rating agencies, market liquidity
Understanding instrument’s performance - Changes in interest rates, duration, ratings, bond indices, variable-rate bonds
Documentation related to the instrument - Prospectus, programme description, pricing sheet

Informations supplémentaires

Experienced professional specialists selected on the basis of their in-depth knowledge of marketsand financial products under MiFID rules I and II, and ESMA criteria.

Course material: English

Assessment and Certification: English or French