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BOOK NOW PUBLIC COURSES •Course Advanced Overview Blockchain and Digital Currency Technology • Advanced Debt Restructuring • Anti Money Laundering - Financial Crime Compliance • Asset Based Lending • Bond Documentation • Commercial Real Estate Debt Finance • ISDA DOCUMENTATION • Drafting & Negotiating Issues in Real Estate Finance Documentation • IFRS 9 - The Latest Updates • Negotiating ISDA Master Agreements • Negotiating & Issuing High Yield Bonds • Advanced Negotiation & Structuring Issues in Real Estate Finance Term Sheets • Securitisation - The Structures, Legal Analysis and Documentation • Structured Trade and Commodity Finance • Advanced Trade Finance Training •Course Fundamentals Content of International Trade Finance • Structuring & Negotiating Mezzanine, PIK, Second Lien and Unitranche • The Regulation & Compliance Course for UK Financial Services • Unitranche & Alternative/Direct Lending • Latest Basel IV Regulatory Requirements • Letters of Credit • Trade Based Money Laundering (TBML) & Sanctions Compliance

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BOOK NOW PUBLIC COURSES •Course International Overview Trade Finance Masterclass • Initial Coin Offerings - An Introduction

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BOOK NOW IN-HOUSE COURSES Course Overview • The Roles and Responsibilities of the Money Laundering Reporting Officer • AML Investigations • AML & KYC: The Crime Prevention Compliance Course • Advanced Credit Derivatives • Advanced Credit Risk Training • Advanced Equity Derivatives • Advanced Financial Analysis Training • Advanced Foreign Exchange Derivatives Training • Advanced Interest Rate Derivatives • Advanced Risk Management Training for Private Bankers • Advanced SWAPS Course • Aircraft Financing: Leasing & Financial Evaluation • Bank Card Business • Bankers’ Challenges in Electronic Banking, Management Perspectives • Banks Financial Statements Analysis - Basic •Course Banks Content Financial Statements Analysis - Advanced • Bond Derivatives Course • Cashflow Forecasting: A 2 Day Course • Credit Derivatives • Credit Risk Training - Introduction • Cybercrime and Financial Services • Cybercrime:An Overview for Non-FinTech Managers • Derivatives Pricing Training • Emerging Market Bank Modelling & Valuation • Emerging Market Debt Analysis • Enterprise Risk Management (ERM) • Examination of Documents Under Documentary Credits • Financial Statement and Analysis: A 3 Day Course • Financial Crime Prevention Compliance • Fixed Income Portfolio Asset Allocation • Forbearance To book this course or find out more, please click the “Book” button Advanced Negotiation Issues in M&A Brochure Content Date: Location: London Price: .....+VAT

BOOK NOW IN-HOUSE COURSES Course Overview • Fund and Portfolio Management • Fundamentals of Loan & Transaction Structuring • Futures, Options and Structures Products Training • Housing Finance - Risk and Opportunities • IFRS Accounting for Real Estate • Infrastructure Project Finance Course • Invoice Discounting (Domestic & International) - A Two Day Workshop Style Course • Islamic Finance • Islamic Finance - Introduction • Islamic Retail Banking Course • Know Your Customer • Management Information Systems (MIS) for Banking • Modelling for Credit Risk Training • Operational Risk • Practical Understanding of Current Debt Markets • Preparing and Reviewing the ICAAP •Course Private Content Banking & Wealth Management • Real Estate Finance for Commercial Lenders - Investment Lending • Real Estate Finance for Commercial Lenders - Residential Development • Repo and Securities Lending • Retail Banking - Introduction • Retail Credit Risk Management • Retail and Commercial Banking Delivery Channel Masterclass • Risk Management • Treasury Products • Client Relationship Management • Fraud & Financial Services • Agribusiness • Agribusiness Investment Modelling To book this course or find out more, please click the “Book” button Advanced Negotiation Issues in M&A Brochure Content Date: Location: London Price: .....+VAT

BOOK NOW IN-HOUSE COURSES Course Overview • Risk and Products of the Treasury Function • Risk in Trade Finance and Trade Finance Products • Senior Managers & Certification Regime and Its Impact on Training & Competence Obligations • The Debt Finance Training Course • The Distressed Disposals Training Course - Key Negotiating Aspects • The Latest Basel III Regulatory Requirements • The Project Finance Course • The Shariah Compliant Investments Course • Trade Finance Sales • Training & Competence Obligations • Project Finance Modelling - A 3 Day Programme • Funds Transfer Pricing • Contemporary Challenges in the Asset Liability Management in Banks • Commodities Markets •Course Life ContentCycle of a Security • Securities Settlement and Global Custody • OTC Derivative Products, and their Life Cycle Beyond the Trade • Selling Derivative Solutions • Hedge Funds and Alternative Investments • Real Estate Investement & Management - South Africa • Real Estate Investement & Management - Hong Kong • Real Estate Investement & Management - UAE • Real Estate Valuation - South Africa • Real Estate Valuation - Hong Kong • Real Estate Valuation - UAE

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BOOK NOW IN-HOUSE COURSES Course Overview • Introduction to Financial and Banking Markets • Agribusiness • Understanding Commodities and Commodity Trading • Risk & Capital Management Under Basel III & IFRS 9 • Securitisation & Structured Products: Upcoming Regulatory Changes • Real Estate Modelling • Cryptocurrencies

Course Content

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web: redliffetraining.com email: [email protected] phone: +44 (0)20 7387 4484 Advanced Blockchain and Digital Currency Technology Date: 11 June 2018 Location: London Standard Price: £795 +VAT Membership Price: £636 + VAT

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Course Overview

Developments in FinTech are transforming financial services with blockchain and distributed ledger technology at the forefront. Both The Wall Street Journal and The Economist have described it as technology that could change the world. However, the application of the underlying technology goes well beyond financial services. Blockchain allows the creation of bespoke digital currencies to support commercial transactions which can be linked to smart contracts. The immutable nature of blockchain allows the provenance of transactions, goods and services to be recorded indefinitely. The cryptographic ecosystem supporting blockchain is perfect for managing the protection, distribution and monetisation of content for Media and Entertainment businesses. Digital currencies allow the tokenisation of service delivery and from Manufacturing, through to Healthcare, use cases for this nascent technology abound.

The underlying blockchains and cryptography provide technical solutions that are novel and clever, which are very different to the way current technology operates. Importantly, because they remove the need for trusted supplier intermediaries, they offer solutions which are potentially more competitive than traditional IT solutions.

This course provides a grounded and sector relevant introduction to blockchain and related digital currency technology. Starting from first principles, the course approaches the technology froma number of different perspectives providing foundational knowledge that will enable delegates to return to their own organisations with a clear understanding of how this important technology impacts the bottom line.

This course is a comprehensive guide to understanding and using blockchain technology, assisted through practical demonstrations and examples. It also includes an introduction to digital currency trading. It will leave people with real sense of its full potential.

Participants will:

■■ Be introduced to why is blockchain so important and how is blockchain used ■■ Get an overview of how organisations work and operations and technology ■■ Have explained to them what is money and how does it acquire value ■■ Gain an understanding of the banking and payments infrastructure including the advent of the internet and the case for digital money ■■ Be introduced to the history of blockchain and digital currencies ■■ Get an overview of how blockchains and digital currencies work including the cryptographic primi- tives and the transactions and Consensus protocols ■■ Have explained to them cryptocurrency trading including and digital currency companies ■■ Master the regulatory, tax and compliance

Course Content • Operations and technology • Technology architecture | Centralised vs. Background and Introductions distributed • Supply and purchase Overview ■■ How money works ■■ Why is blockchain so important? • What is money and how does it acquire val- ■■ How is blockchain used? Sector examples ue? ■■ Market dynamics • Banking and payments infrastructure • Central banking and regulation Context • The advent of the internet and the case for digital money ■■ How organisations work • Front-to-back office business processing THE EMERGENCE OF DIGITAL CURRENCIES | Goods and services AND BLOCKCHAIN

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Regulatory, Tax and Compliance History of Blockchain and Digital Currencies ■■ Regulatory framework ■■ Tax treatment ■■ The first digital currency ■■ Money laundering - KYC and AML • The world pre-bitcoin • The challenge of digital money | Sending Use Cases and receiving money online • Bitcoin and why study it? ■■ Corporate Structures • The emergence of blockchain from Bitcoin • Functional transformation and sector review • Digital currencies - Bitcoin, Ether, Ripple, • Business model disruption Dash, Litecoin, Zcash, Monero etc • Commercials and buying digital currencies • Hard forks and soft forks • Tokenised utility - SIA, REP, GNO, GNT, BAT

How Blockchains and Digital Currencies Workshop Session: How could your work? organisation employ this technology?

■■ Cryptographic primitives ■■ Application • The hash function | SHA 256 and exam- • Opportunity Assessments ples • Proof of Concept • Digital signing • Strategies • Public / private key infrastructure • The concept of identity and wallets The Future: Where next for blockchain and ■■ Transactions and Consensus Protocols digital currency technology? • Blockchain, transactions and consensus; proof of work, proof of stake ■■ Vision and Opportunities • Sibil Attacks and Byzantine Fault Tolerance ■■ Barriers

The Blockchain Game - Teams Compete to Recap and Close Mine their Own Digital Currency

■■ Decentralized applications, open software and smart contracts • Ethereum, and EOS • Examples and their application

Market Overview

■■ Currency Segmentation • An overview of digital currencies • Market trends • Initial Coin Offerings and capital raising

Digital Currency Trading Exercise

■■ Cryptocurrency Trading • Introduction to digital currency trading • Digital currency exchanges • Example trading indicators - MACD, Mov- ing Averages, Relative Strength • APIs • Cyber security ■■ Corporate Structures • Digital currency companies • Governance • The DAO and Ethereum

To book this course or find out more, please click the “Book” button AdvancedAdvanced Negotiation Debt IssuesRestructuring in M&A Date: 20-21 Nov Date:2018 Location: London Standard Price: £1,300 +VAT Location: London Price: .....+VAT Membership Price: £1,040 +VAT

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Course Overview

In a low interest rate environment, bankers and financiers are under increased pressure to undertake more corporate business at higher returns, but at the same time ensuring a low risk weighting. Given that the business climate remains uncertain and volatile, the risk for bankers of developing problem loans through their lending activities, is therefore increasing.

This course has been designed for bankers and financiers to develop a holistic, applied approach to early problem loan workout through a range of different techniques currently applied in UK and international finance. It aims to provide the attendee with a comprehensive overview of the challenges of problem loan workout and with an insight into some of the key methods than can be implemented to assist in the recovery of their financial exposure.

By offering a range of different case studies, financing scenarios and potential solutions to workshop case studies, the attendees will be able to develop a broad applied overview of debt restructuring techniques. This is particularly important in an area of finance where ‘one size fits all’ solutions are not possible and where the financier needs to be open minded, flexible and quick to react to changing circumstances.

The programme draws from the experience of a range of different high profile debt restructuring case studies as well as the experience and project work of the trainer’s 23 year experience in debt structuring, restructuring and problem loan workout. A number of the case studies used during the course are those that have been undertaken directly by the trainer.

The course is highly interactive, with the course attendees working in project teams. They will be required to work in their project teams in devising solutions and providing recommendations to the rest of the delegates who will cross examine their proposals in a credit committee environment.

During the second day of the programme, the attendees will use forecast cash flow analysis as part of the strategic business review for the restructuring candidate. A knowledge of the working of CourseMicrosoft Content excel with therefore be an advantage for the attendees. Course Objectives

Participants will: ■■ Fundamental concepts in early problem loan workout ■■ Early Warning Signals in spotting potential problem loans ■■ International classifications of problem loans ■■ The fundamental methods and application of successful restructuring and rescheduling ■■ The key methods that can be applied to successfully restructuring debt facilities ■■ The aims of the problem client ■■ Application of international frameworks to management the restructuring process ■■ The importance of believing the restructuring strategy and the need for the independent busi- ness review ■■ The use of forecast cash flows in identifying the key risks of the recovery strategy and in as- sessing the client’s ability to honour its debt service going forward. ■■ The use of the ‘Standstill’ process in controlling the credit recovery process ■■ The application of the Standstill Agreement and the cooperation of the other creditors ■■ Key security and guarantees required in securing the lender’s position

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Course Content BOOK NOW

CourseDay 1 Overview problem loan, providing recommendations for how a lender could seek to improve those Session 1 risks and protect itself from potential risk crystallisation. Introduction to Debt Restructuring – Key drivers Session 3

■■ Non-performing loans and the challenges Identifying work out solutions versus faced by bankers insolvency solutions ■■ When to recognise the non-performing loan ■■ How to deal with problem clients that have ■■ The importance of understanding whether the not defaulted problem loan can be ‘worked out’ as a going ■■ Introduction to a framework to deal with concern covenant breaches ■■ The importance of and belief in the recovery ■■ Review of common reasons for company strategy default and the creation of non-performing ■■ Using cash flow forecasts to believer the busi- loans ness plan and recovery strategy ■■ Understanding the attitude of problem cli- ■■ Expectations of financial performance and -fi ents and the difference between ability to nancial covenants under the recovery strategy pay and willingness to pay ■■ Deciding whether to leave the borrower in col- ■■ When to restructure / reschedule and when lateral possession or not to accelerate. ■■ Application of the Butler Matrix ■■ The IFC framework for problem loan resolu- Workshop – Advanced discussion of tion different alternative scenarios in dealing ■■ The use and application of sensitivity analysis with loans in default and covenant breaches in understanding the strength of the compa- from case study examples. ny’s recovery plan. Session 2 Case Study Workshop – During this session, the delegates will be given a case study Early Warning Signals of potential distress project complete with forecast financial projections designed by management. Having ■■ Review of key financial EWS applied the Butler and IFC frameworks to ■■ Danger levels of different financial cove- the case study, the delegates will use the nants in different industries excel financial model provided by the trainer, ■■ EWS derived from the financial statements to undertake a sensitivity analysis of the Course■■ Identification Content of the manipulation of the forecasts financials. The aim will be for the financial statements attendees to assess whether they believe the ■■ Using univariate and multivariate frame- company’s recovery strategy and its ability to works to identify financial distress honour the restructured loan’s debt service ■■ Application of the Z Score to distressed sce- going forward. narios to identify potential failure ■■ Review of the IFC’s classification and check list of Early Warning Signals Session 4 ■■ The importance of identifying key external factors affecting corporates Different restructuring and recovery ■■ The application of GNPESTEL model to ex- methodology ternal risk analysis ■■ Systemic risk and its impact on problem ■■ The concept of automatic stay and protection loans of the going concern from other creditors ■■ Identifying defects and mistakes committed ■■ Administration by the company ahead of time ■■ Receivership ■■ Management risk and its impact on corpo- ■■ Liquidation rate recovery ■■ Automatic stay in administration ■■ Interrogating problem management and ■■ Different rescue procedures understanding gaps and areas for improve- ■■ Cram down of creditors ment ■■ Position and rights of management ■■ The role, power and limitations of the lender ■■ Personal liability of directors in restoring management effectiveness ■■ Ranking and claims of creditors ■■ Strategic risk and its impact on the problem ■■ Time limits of filing claims client ■■ Introduction to Standstill Agreements and controlling the banking syndicate Workshop – Delegates in their project teams will analysis the EWS and external and qualitative risks facing a case study

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Case Study Workshop – During this session Agreement, if required. A selected team will Coursethe attendees Overview will review a new case study asked to present their restructuring solution and review the potential application of the to the rest of the delegates. different recovery methodology discussed during the session. The delegates in their project groups will also assess how they need to engage with other creditors and assess the drafting of a standstill agreement for the problem loan restructuring. Day 2 Session 1 Implementing the Restructuring process

■■ Understanding different stakeholder objec- tives ■■ Creating the restructuring team ■■ The 10 point plan for effective restructur- ing ■■ The case for and against a moratorium ■■ Mediation ■■ Workout arrangements and responsibilities within the lending institution ■■ Protecting security throughout the workout ■■ Financial projections and sustainable cash flow and debt ■■ The importance of the Independent Busi- ness Review ■■ Negotiations and pricing the workout Session 2 Workshop – Having reviewed the implementation process and the various worked examples developed during Coursethe session, Content in their project teams the attendees will review a new major new case study problem loan complete with financial forecasts in an excel financial model. In order to assess whether they would proceed with the restructuring, the attendees will draft the Scope of Works for an Independent Business Review as part of their initial analysis Sessions 3 & 4 Final Case study - Implementing the restructuring process in practice.

Final Case Study Workshop – Using a new case study, the attendees working in their project teams, will provide a complete restructuring / workout solution to the problem loan on the basis of the information covered during the course. They will required to identify the key EWS inherent in the problem loan, review the sensitivity of the forecast financial projections in the excel model and propose a schedule of the restructured loan. The team will also include terms of a Standstill

To book this course or find out more, please click the “Book” button Anti Money LaunderingAdvanced - Financial Negotiation Crime Issues Compliance in M&A Date: 30-31 Oct Date:2018 Location: LondonLocation: Standard London Price: Price: £1,050 .....+VAT + VAT Membership Price: £840 + VAT

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Course Overview

Background The cost for anti-money laundering compliance in both banking and non-banking institutions is increasing at an exponential rate. Financial crime is becoming highly sophisticated while the global financial ecosystem and regulators are playing catch-up to technology.

Despite tremendous global coordination efforts by the Financial Action Task Force (FATF) on money laundering since its establishment in 1989, less than 1% of the global volume is detected according to the UN. The root cause however lies in the fact that the financial system and regulations are antiquated with today’s sophistication of financial crime and technological opportunities.

Day One - will cover the different development in the market that modifies the process of money laundering and helps doing the compliance function differently.

Day Two - adopts a practical approach to financial crime prevention and cautions on the different pitfalls in financial crime.

Who Should Attend: Officers from both financial and non-financial industries;

1. Banks, Insurance companies, Trusts, Offshore management companies, Investment Companies, Leasing companies, Construction companies & Real Estate agencies, Money changers, IT industry, Gaming Industry, those dealing in precious stones, Stock brokers, Consulting firms, Business owners, Private hospitals, Importers/Exporters, Internet based businesses, and all organisations wishing to limit their money laundering exposure risk.

2. Key players focussing on Financial Crime Prevention measures and establishing a robust systems to combat financial crimes i.e Regulatory bodies, Investigators / Fraud Examiners, Tax officers, Govt officers, Good Governance, Consultants, Risk and Compliance professionals, MLROs, Internal/External auditors, Senior managers and Top management, IT officers, Accountants/Solicitors and other professionals involved in the prevention of financial crimes. Course Content Course Content ■■ Legitimate but Potentially high risk Structures Case study: The Interaction Between the Methods of Money Laundering: Risk-Based Approach and Management of ■■ Banks - (Case study) High-Risk Clients ■■ Insurance companies - (Case Study) Money Laundering Regulations 2017 ■■ Offshore Vehicles - (Case Study) ■■ Changes ■■ Trusts - (Case Study) ■■ General risk assessment ■■ Investment Companies - (Case Study) ■■ Risk mitigation policies ■■ Money changer - (Case study) ■■ Level of due diligence ■■ Other vehicles behind money laundering ■■ Reliance on third parties ■■ Making dirty money clean ■■ PEPs ■■ Predicate Crimes ■■ New Criminal Offence ■■ Office for Professional Body Anti-Money Laun- Financial Crime Prevention Practices and dering Supervision (OPBAS). Effectiveness of KYC Policies Risk Based Approach ■■ CDD, KYC & IDV ■■ What does this mean ■■ Sanctions ■■ How should it work ■■ Customer Due Diligence. ■■ What are the key differences ■■ Politically Exposed Persons ■■ Enhanced Due diligence – what does this ■■ KYC: Specific Identification & Verification mean Issues. New emerging trend worldwide to fight ■■ Suspicion & Escalation. financial crime ■■ Managing Methods of Money Laundering ■■ Distributed Ledger Technology ■■ Blockchain Technology

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Course Content BOOK NOW ■■ Identifying these companies and the asso- ciated names. Course■■ Uses/Effects/Advantages Overview in different sectors Case Studies -private/ Govt /Para-statal Bodies ■■ Best Practices Worldwide Specific Identification & Verification Issues Application of Distributed Ledger ■■ Trust nominee and fiduciary accounts Technology & Blockchain KYC Solutions ■■ Corporate vehicles ■■ Electronic KYC solutions ■■ Introduced business ■■ DLT & Blockchain ■■ Client accounts opened by professional ■■ Trust technology intermediaries Case Studies – Three separate case ■■ Non face to face customers studies to illustrate the methodologies/ ■■ Introduced business risks Terrorist Financing Bulk cash smuggling and mobile ■■ Differences and Similarities between ML technologies and TF ■■ Money laundering risks to banking institu- ■■ Detecting TF tions. ■■ Informal Value Transfer Systems ■■ Money Laundering risks to other non bank- ■■ Charities / Non-Profit Organisation ing institutions / Govt Sectors ■■ Methodology of bulk cash smuggling Suspicion & Escalation ■■ Red flags which institutions should monitor. ■■ What must banks have in place ■■ Why mobile technology poses the next big ■■ An effective escalation process money laundering threat. ■■ Concern ■■ Suspicion Case studies – several to illustrate the ■■ Access & Process risks ■■ Communication lines Sanctions – Brief Overview ■■ Suspicious Activity Reports / Suspicious ■■ Who sets them & why are they set Transaction Report ■■ Who is impacted, What are they ■■ The importance of a direct link ■■ OFAC ■■ Whistle blowing ■■ How should an institution screen for them Course Content Risk Based Approach to Managing ■■ Can we adopt a risk based approach when Methods of Money Laundering tolerance is zero? ■■ Case study on: A Piecemeal Approach to Electronic AML Solutions Financial Crime ■■ Benefits ■■ Case study on: Failure to Connect the ■■ Functional components Dots Across Systems ■■ Internet Banking ■■ Case study on: Cost Driven to the Detri- ■■ Internet Casinos ment of Prevention ■■ Prepaid Cards and E-Cash ■■ Case study on: Doing Too Little Too Late ■■ Case Study on:Neglecting Organizational Deerisking and AML in the Financial Sector Behavior Changes ■■ Impact of de-risking ■■ From banks to non-banks Cyber Risks – New Technologies ■■ The Panama Papers fallout ■■ Internet Banking ■■ Shell companies identified ■■ Internet Casinos ■■ Trusts ■■ Prepaid Cards and E-Cash ■■ Bearer Bonds & Securities Open Forum Talking Points- ■■ The inherent risks in doing international ■■ AML Policies and Procedures - What is the business difference and why are they important? ■■ Processing international ■■ Probability of an offence crystallising ■■ Preparedness of financial institutions to ■■ Risk of not reporting show examiners that there’s a robust due ■■ Understanding what ML & TF is - dispelling diligence and investigation process in place the myths!

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Course■■ Government Overview and other Sanction risk in practice ■■ Understanding the difference between KYC - ID&V - CDD ■■ Profiling customers - what does it mean?

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Course Content

To book this course or find out more, please click the “Book” button Asset Based Lending Date: 05 Oct 2018 Location: London Standard Price: £675 +VAT Membership Price: £540 + VAT

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Course Overview

Asset based lending (“ABL”) has been a well established part of the financing environment in the U.S. for many years and has seen increasing volumes globally. Despite this ABL has struggled to gain the same level of acceptance here for three reason; first, a lack of familiarity, if not confusion, with the product; second, borrower’s reluctance to abandon their traditional-bank led facilities and last, the dated perception of the product. These headwinds are abating and 2015 has seen record issuance in Europe as borrowers, both corporate and PE, are increasingly recognizing the multiple benefits of ABL, not least the increased flexibility and reduced cost vis-à-vis RCFs.

In practice the credit markets adopt two distinct approaches to a credit decision: a cash-flow based approach and an asset-based approach which includes asset based lending. Most lenders are familiar with the former but not the latter. Moreover, ABL is often confused with other asset-related financing techniques especially asset-backed lending and asset finance. In simple terms ABL is a form of secured lending where loans are advanced against specific assets. The main focus is on working capital, although ABL also extends to hard assets such as plant, machinery and equipment, real estate and, more rarely, intangibles.

This programme provides practitioners with a practical toolkit to understanding ABL from the perspective of borrow, advisor, supporting professional and lender. It covers the key assets to which ABL is applied and the typical terms and conditions applied to each class. It also identifies the pros and cons in each asset class such, for example, retention of title in the case of inventory and ineligible items in the case of accounts receivable.

In the U.S. market ABL is frequently used along-side with other forms of lending (especially high yield bonds) and this is partly true of Europe, however, thus far inter-creditor have inhibited these structures from evolving in Europe although these problems have been addressed by asset based lenders who are adopting an increasingly borrower-friendly approach in order to gain market share. For the same reason ABL are also more willing to up their ABL facilities with cash-flow based facilities

The programme will include a number of hands-on cases illustrating ABL in practice which will provide a practical angle to the topic and reinforce the learning experience.

Course Content

Introduction ABL in in tandem with other funding sources ■■ Two approaches to the credit decision ■■ ABL and traditional senior (bank) loan facili- • Cash-flow based lending ties • Asset based lending ■■ ABL & high yield bonds (q.v. review of Algeco ■■ Asset based lending defined and compared Scotsman) with other asset-related finance techniques ■■ ABL & Unitranche • Asset-backed lending • Asset Finance compared Key intercreditor issues for the ABL ■■ Comparison of funding options ■■ Security – resolving the conflict over compet- • TLB vs. HYB vs. Cash flow vs. RCF ing claims for collateral ■■ Which types of business are suitable for ABL • Review of various approaches ■■ Which types of firms are not suitable for ■■ Enforcement Standstills – resolving conflicting ABL agendas with other lenders ■■ Two key concepts in ABL ■■ Option to purchase – does it help • The “borrowing base” ■■ Consents & Waivers • “Headroom” Case: Review of key conflict issues between ■■ Use and application of ABL ABL and other funders • M&A • Restructuring Financing accounts receivable (“AR”) • General corporate purposes ■■ The basic approach • Other To book this course or find out more, please click the “Book” button Asset Based Lending Continued

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■■ Loan vs. debt purchase structure • Confidential Invoice discounting Real Estate • Disclosed Invoice discounting ■■ What types of property qualifies • Full service Factoring ■■ Advance rates ■■ Key differences between discounting and ■■ Valuation issues factoring ■■ Key terms of the facility ■■ The key benefits of ABL • Margins, amortisation & tenors ■■ Critical legal issues for lenders ■■ Pros & cons of using ABL vs. specialist lenders ■■ Key accounting issues – off-balance sheet or ■■ Legal issues – taking adequate security not requirements • Recourse vs. Non-recourse • Credit insurance – key issues and tips Other matters - overview ■■ Ineligible AR – review of typical ineligibles ■■ Intangible Assets - Rationale for leveraging ■■ Other typical limits intangibles (unlocking hidden value) • Permitted territories • What types of intangibles qualify • Permitted currencies ■■ Cash flow (top-up) loans • Debtor concentrations • Typical terms • Export concentrations • Potential pitfalls for the parties ■■ Typical Reserves ■■ Calculating the advance Case: Create a funding structure using ABL

Case: Calculate the effective Advance rate Documentation: Overview of a typical term on AR sheet ■■ Review of main headings Inventory financing ■■ Security package ■■ What types of inventory qualify ■■ Information & Reporting requirements • Finished goods ■■ Financial covenants • WIP • why and when • Raw materials / Commodities ■■ Operational undertakings • Typical list of ineligible stock • “Dilution” defined ■■ Calculating the Advance ■■ Reps and Warranties – typical • Gross Orderly Liquidation Value ■■ Events of Default • Net Orderly Liquidation Value ■■ Fees and charges (one size does not fit all) • Reserves ■■ The lender’s approach to margin, fees and ■■ Typical reserves charges • Prescribed part ■■ Other costs and expenses • Employees ■■ Exit / termination fees • Preferential creditors • “Typical” fees – review various options • Landlord’s “distraint” • Typical triggers ■■ Retention of title issues – “simple” vs. “all • Issues for Borrower’s to consider (potential monies” pitfalls) ■■ Key risks for the lender ■■ Specific issues with “branded” products

Plant, Machinery & Equipment ■■ What types of PME qualify ■■ Key concerns for the lenders • Ability to sell & relocation ■■ Advance rates ■■ Pros and cons of other forms of funding (leasing, vendor finance) ■■ Key terms of the facility • Margins, amortisation & tenors ■■ Funding PME on a revolving (inventory) basis ■■ Legal issues – Taking adequate security • Plating (why it isn’t always an option)

To book this course or find out more, please click the “Book” button Bond Documentation Advanced Negotiation Issues in M&A Date: 08 Mar 2018, 18 Sep 2018 Location: London Standard Price: £695 +VATDate: Location: LondonMembership Price: : £556 .....+VAT +VAT

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Course ObjectivesOverview Participants will: ■■ Be introduced to the international capital markets, the ICMA and the key features of bonds. ■■ Get an overview of the plain vanilla listed securities, including the four stages of a bond issue. ■■ Have explained to them the bond documentations with the payment obligations and mechanics, including bond trustees and bondholder meetings. ■■ Gain an understanding of the prospectus directive (PD) with the PD regulations and key provi- sions. ■■ Learn about the EU and UK regulatory frameworks.

Background of the trainer

Trained as a lawyer, the trainer has over 19 years experience in international banking and structured finance transactions, including real estate finance, loans, leverage finance, debt capital markets, securitisation, structured products, repos, derivatives and financial regulatory and compliance. She has been actively involved in the creation of innovative award winning structured transactions and negotiating complex financings. She has advised global institutions such as Credit Suisse, Citigroup and Goldman Sachs and spent many years practicing law at Allen & Overy LLP, Linklaters and Sidley Austin Brown & Wood in multiple jurisdictions including London, New York, Hong Kong, Singapore etc. She holds a Law LL.B (Hons) degree from University College London and has worked in the Finance Know-how team at Clifford Chance. She is an author and now runs her own business advisory, training and legal consultancy.

Course Overview

This Bond Documentation course provides an overview of debt securities and bond trading. It is relevant for in-house lawyers and private practice lawyers alike as well as bankers, bond Coursetraders involvedContent in anything from the day to day business such as the usual plain vanilla bonds to the more complex heavily negotiated transactions involving structured securities or unusual assets. This course will also be relevant to the Operations and Documentation teams involved in bond transactions from time to time, structurers, compliance personnel as well as accountants who advise clients on bond trades. The first part of this course sets the scene by giving an introduction to the international capital markets, the categories of securities and characteristics of plain vanilla bond securities. We then cover the 4 stages of a bond issue and look at stand-alone vs programme-based bond issues. We go through the various aspects of due diligence that is required followed by a review of the bond documentation overview. In this part we cover the key parties and documents involved, the payment obligations and mechanics and the terms and conditions of the bonds. We discuss in detail the subscription agreement, the representations, warranties, covenants, conditions precedent and the key areas of negotiation. We discuss the events of default and the role of the trustee followed by legal opinions, ratings and the issues around the clearing and settlement of bonds.

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Course Content

Course Content

• Trust Structure Introduction ■■ Payment Obligations ■■ The International Capital Markets • Bullet vs Amortising ■■ The ICMA • Call/Put Options ■■ 4 Categories of Securities • Spens Clause ■■ Key Features of Bonds • Failure to Pay ■■ Key Concepts ■■ Payment Mechanics • Fungibility • Paying Agent and Credit Lines • Negative Pledges • Calculating Fixed and Floating Rate Inter- • Custody est • Subordination • Day Count Fractions ӹӹLegal • Withholding Tax and FATCA ӹӹStructural ■■ Terms and Conditions of Bonds ӹӹContractual ■■ Representations and Warranties ӹӹ Trust Subordination ■■ Covenants ӹӹ Contingent Debt Subordination ■■ Events of Default • Bearer vs Registered Bonds ■■ Bond Trustees and Bondholder Meetings • Global vs Definitive Bonds ■■ Subscription Agreement • Temporary vs Permanent Global Notes • Key Terms • CGN vs NGN Structure • Key Areas of Negotiation ■■ Legal Opinions Plain Vanilla Listed Securities • Issues to be covered ■■ 4 Stages of a Stand-alone Bond Issue • Reliance ■■ Programme-based Note Issue • 10b-5 Opinions ■■ Due Diligence ■■ Credit Rating of Bonds • Purpose and Scope ■■ Clearing and Settlement of Bonds • Legal due diligence ■■ Selling Restrictions • Accounting and financial due diligence • EU • Business due diligence • US • Process • Other Jurisdictions

Overview of Bond Documentation ■■ Parties Involved ■■ Main Documents • Fiscal Agent Structure

To book this course or find out more, please click the “Book” button Commercial Real Estate and Debt Finance Advanced Negotiation Issues in M&A Date: 29 Nov 2018 Location: London Standard Price: £575 +Date: VAT Location: LondonMembership: Price: £460 .....+VAT + VAT

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CourseBackground Overview of the trainer The Trainer has over 40 years’ experience in banking, finance and financial training. He has had practical banking experience with major banks in the areas of corporate credit analysis, Corporate Banking Relationship Management and Commercial Real Estate Debt Finance. The trainer was subsequently involved in Commercial Real Estate Financial Advisory business with a then newly formed financial services subsidiary of one of the world’s largest Real Estate advisory firms. The Trainer has almost 25 years’ financial training experience in about 60 countries focused on large scale Corporate Credit Analysis, Corporate Banking and Structured Debt Finance (Project, Infrastructure and Real Estate Finance). He holds an MSc Real Estate Investment and Finance degree from the University of Reading (2014). The trainer has worked with participants in a wide range of job functions and experience from Commercial and Investment Banks, Development Finance Institutions, Export Credit Agencies, Public Sector organisations and large corporates.

Course Overview Commercial Real Estate is a major investment Asset Class, represents a very substantial portion of corporate assets and provides collateral and credit support for a huge volume of bank and Capital Markets financings, ranging from lending to the SME sector to Commercial Mortgage Backed Securitisations. Risks: Commercial Real Estate values are very sensitive to the underlying economic fundamentals as well as the financial markets. Additionally Commercial Real Estate values and performance are also influenced by specific factors such as the quality of the Real Estate, lease terms, tenant risk, market sector and geographic focus making it essential to understand the specifics of each Commercial Real Estate Asset. Objectives of the training: By the end of this course, participants will be able to: ■■ Assess the key risk issues in Commercial Risk and risk mitigation techniques; overview of developments in the Commercial Real Estate markets ■■ Macroeconomic cycles…what can be learned from past economic cycles? ■■ Recent developments and issues arising from the “credit crisis” ■■ Key risks and mitigants in Commercial Real Estate Financings Course Content Exercise: Review of a commercial real estate financing to identify key credit risks and potential mitigants

Principles of Commercial Real Estate Valuation ■■ Summary of Commercial Real Estate valuation methods and how the different methods can influ- ence value • Comparable buildings • Capitalisation of yields • Open Market Values • Discounted cashflow valuation methods ■■ Occupational lease terms – examples from selected markets, and how this affects value ■■ Yields in Commercial Real Estate Valuations • Initial yields • Reversionary yields • Equivalent yields ■■ Development vs investment financings, and factors to consider in valuation assumptions

Exercise: Calculating and sensitising Commercial Real Estate Finance valuations using discounted cashflow techniques

Commercial Real Estate Companies and Investment vehicles ■■ Typical types of Commercial Real Estate investment companies and their approach • Developers • Trading companies • Investment companies ■■ Real Estate Investment Trusts (REIT) vs non REIT To book this course or find out more, please click the “Book” button Course Title CommercialAdvanced Real Negotiation Estate and Issues Debt Finance in M&A Date: Location: London Standard Price:Continued...... + VAT Membership Price: .... + VAT BOOK NOW

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Course OverviewContent

Debt financing choices for Commercial Real Risk and risk mitigation techniques; Estate transactions and debt structuring overview of developments in the issues Commercial Real Estate markets ■■ Macroeconomic cycles…what can be learned Financing choices from past economic cycles? ■■ Private debt financing choices ■■ Recent developments and issues arising from • Development vs investment financings the “credit crisis” • Asset specific financing ■■ Key risks and mitigants in Commercial Real • Secured vs unsecured debt Estate Financings • Senior vs subordinated / mezzanine debt • Sale and leaseback transactions Exercise: Review of a commercial real • Capital markets financings estate financing to identify key credit risks • Use of hybrid financings – convertible bonds and potential mitigants ■■ Commercial Mortgage Backed securitisations – review of a Commercial Mortgage Backed Principles of Commercial Real Estate Securitisation Valuation ■■ Summary of Commercial Real Estate valua- Case Study: participants review and tion methods and how the different methods sensitise a financial model with a view to can influence value developing an acceptable debt structure for • Comparable buildings a Commercial Real Estate project • Capitalisation of yields • Open Market Values Risk and return in Commercial Real Estate • Discounted cashflow valuation methods Finance – the equity investors’ perspective ■■ Occupational lease terms – examples from ■■ Principles of evaluating investments – dis- selected markets, and how this affects value counted cashflow methods, NPV and IRR ■■ Yields in Commercial Real Estate Valuations ■■ Value creation – the development process; • Initial yields active Real Estate management; financial • Reversionary yields market influences Course• Equivalent Content yields ■■ Risk and return – Commercial Real Estate ■■ Development vs investment financings, and Finance vs other asset classes factors to consider in valuation assumptions ■■ Use of Equity vs. Subordinated Debt

Exercise: Calculating and sensitising Case Study: sensitising a financial model Commercial Real Estate Finance valuations for a Commercial Real Estate project to using discounted cashflow techniques illustrate the sensitivity of equity related returns to key assumptions Commercial Real Estate Companies and Investment vehicles Debt structuring issues and risk mitigation ■■ Typical types of Commercial Real Estate in- techniques vestment companies and their approach ■■ Use of covenants and developing a covenant • Developers package • Trading companies • Debt Service Coverage measures (interest • Investment companies and debt service coverage) ■■ Real Estate Investment Trusts (REIT) vs non • Asset Coverage measures (Loan to Value REIT ratio and “top up” requirements) ■■ Commercial Real Estate Funds • Development vs. investment financings – ■■ What are the key elements of a creditworthy completion and cost overrun undertakings Commercial Real Estate company – principal ■■ Third party credit support elements in credit rating Case Study: participants review the key Exercise: Review of key aspects of the elements of a summarised Term Sheet financial statements of a Commercial Real Estate Company or REIT

To book this course or find out more, please click the “Book” button ISDA DOCUMENTATION Date: 10 Oct 2018 Location: London Standard Price: £625 +VAT Membership Price: £500 + VAT

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Course Objectvies

Participants will: ■■ Get an overview of what derivatives are, including the aspects and the types of risks hedged ■■ Be introduced to how derivatives are traded ■■ Have explained to them the different types of derivatives including swaps and equity & credit deriviatives ■■ Learn about ISDA documentation with ISDA definitions and ISDA Credit Support Annexes and Credit Support Deeds ■■ Be appraised of the financial collateral regulations and pertinent

Course Overview

THIS COURSE IS PART 1 OF A TWO PART COURSE, THE SECOND PART IS TITLED “NEGOTIATING ISDA MASTER AGREEMENTS”. It is highly recommended that participants attend Part 2 of this course after attending this Part 1 as the content in Part 2 is a follow up from Part 1 and covers all the salient issues related to ISDA documentation that can not be covered in Part 1 due to time contraints.

Part 1 of this course provides full coverage of the important aspects of derivatives trading. It is relevant for in-house lawyers and private practice lawyers alike, traders and bankers involved in complex structuring involving swaps, ISDA documentation teams, operations teams that book ISDA trades, compliance personnel responsible for ensuring that all regulations relating to ISDA transactions are complied with as well as accountants who advise clients on swap transactions.

The first part of this course sets the scene by giving an introduction to derivatives; what they are, why they are used, who uses them and how they are traded. We then go through the various types of derivative products in the market showing the potential of the use of derivatives in a wide range of product sectors. We also cover the claims for mis-selling of swaps under and the relevant claims and case law under English law.

The second part of the course covers the workings of the derivatives market and the trade association, ISDA. We then go through the ISDA documentation framework including coverage of the ancillary ISDA documentation. We then cover the pertinent issues in ISDA documented trades such as netting, mark to market valuations, negative interest rates, events of default and early termination to name a few. We will then discuss how to document derivatives in loan transactions and cover some English law cases.

The third part of the course will cover the upcoming EU regulatory changes effecting derivatives with a timeline on what to expect when. We will go through how the banks and law firms should prepare for such changes with practical guidance where appropriate.

Additionally, we will also cover off some of the more pertinent US regulatory changes that will impact derivatives trading in the UK. We then round of with a discussion on the implications of Brexit on derivatives transactions and documents. Please note that this section is subject to change depending on the time of the year this training course is delivered as per the regulations and guidance that are published from time to time.

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Introduction: Derivatives overview ӹӹMisrepresentation Act 1967 ӹӹTort – Negligence What are derivatives? ӹӹTort - Fraudulent ■■ Legal concerns: ӹӹImplied • Gaming laws • Contractual Estoppel • Insurance laws • Limitation ■■ Types of risks hedged: ■■ Case law • Currency risk • Interest rate risk ISDA Documentation • Commodity risk • Weather risk Introduction • Inflation risk ■■ The ISDA • Mortality risk ■■ Architecture of the ISDA documentation ■■ Credit Risk – Regulatory capital and balance • 1992 multi-currency cross-border version sheet treatment • 1992 local currency – single jurisdiction ■■ Synthetics version • 2002 version How are derivatives traded? ■■ Summary of the ISDA documents and proto- ■■ Over the counter (OTC) cols ■■ Exchange traded ISDA Protocols Types of derivatives ■■ What is an ISDA Protocol? ■■ Swaps ■■ Procedure for Adherence • Interest Rate Swaps ■■ Protocol documentation • Interest Rate Caps • Interest Rate Floors ISDA Definitions • Interest Rate Collars ■■ 2006 ISDA Definitions • Currency Swaps ■■ 2005 ISDA Commodity Definitions ■■ Options ■■ 2014 ISDA Credit Derivatives Definitions • Strike price ■■ 2011 ISDA Equity Derivatives Definitions • Call Option ■■ 1998 FX and Currency Option Definitions • Put Option • European Style Option Pertinent Issues: • American Style Option ■■ Mark to market valuations and Netting • Bermudan Style Option • Insolvency ■■ Forwards and Futures • Section 6(e) ■■ Equity derivatives ■■ Early Termination and Events of Default ■■ Credit derivatives • Steps to be taken • Reference Entity • Commercial considerations • Reference Obligations • Netting legal opinions • Credit Events • ISDA’s 2017 Netting Memo on enforceabil- ■■ Swaptions ity fo close-out netting provisions in China ■■ Total Return Swaps for US and UK law governed ISDA agree- ■■ Commodity derivatives ments ■■ Property derivatives ■■ ISDA 2014 Collateral Agreement Negative ■■ Interest Protocol Mis-selling of Swaps Claims under English ■■ Tax Law • Tax representations and undertakings ■■ Economic climate since 2007 • Tax event ■■ s166 FSMA Review • FATCA ■■ Types of Claims ■■ Counterparty issues • Breach of Statutory Duty – s138D FSMA: • Legal capacity FCA COBS rules • Limitations in constitutional documents • Contract – Advisory relationship • Tort – Duty of care Case law • Misrepresentation ■■ Hammersmith & Fulham

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■■ Credit Suisse International v Stichting • Expands definitions Vestia Groep ■■ Timeline of implementation

Documenting Derivatives in Loan US Reforms Transactions ■■ Dodd Frank Act ■■ Key Features of a Structured Loan • Title VII ■■ Loan and ISDA Documentation • US Person ■■ Events of Defaults ■■ FATCA ■■ Additional Termination Events • Information reporting ■■ Specified Entities • Withholding tax ■■ Notional Reductions • Affected parties ■■ Collateral • Payments affected in derivatives trades

Regulations

EMIR ■■ Purpose • Increase stability • Standardisation • Risk mitigation ■■ Scope of EMIR • Counterparties • CCPs • Trade repositories • Exemptions ■■ Outline of obligations imposed • Clearing obligation • Reporting obligation • Risk mitigation requirements • New Margining Requirements • 2016 Variation Margin Protocol • ISDA SIMM ■■ Timeline of implementation

MiFID II and MiFIR ■■ Purpose • Transparency • Oversight ■■ Scope • Regulated trading venues ӹӹOTFs ӹӹMTF • Broadens scope of MiFID ■■ Impact on derivatives • Trading on regulated markets • Information to investors • Limits on commodity trades • Level 2 measures ■■ Timeline of implementation

MAD II ■■ Purpose • Replaces MAD • Extends market abuse regime ■■ Scope • Includes spot commodities

To book this course or find out more, please click the “Book” button Drafting & Negotiating Issues in Real Estate Finance Documen- Advanced Negotiation Issues in M&Atation Date: 29 June 2018, 18 Oct Date:2018 Location: LondonLocation: StandardLondon Price: Price: £695 .....+VAT + VAT Membership: £556 + VAT

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Course Overview

THIS COURSE IS PART 2 OF A TWO PART COURSE, THE FIRST PART IS TITLED “ADVANCED NEGOTIATIONS & STRUCTURING ISSUES IN REAL ESTATE FINANCE TERM SHEETS”. It is highly recommended that participants attend Part 1 of this course prior to attending Part 2 as the content is a follow up from Part 1 and will not be repeated or summarised again in Part 2 due to time contraints.

This course provides full coverage of the important aspects of drafting and negotiating real estate finance documentation. It covers topics from drafting or negotiating the REF Facility Agreement, the Security Documents, the Hedging Documents to a discussion around the issues related to Intercreditor Arrangements and Legal Opinions.

It is relevant for in-house lawyers and private practice lawyers alike and bankers involved in complex structuring involving real estate finance and real estate finance documentation, lending/ banking documentation teams, structurers, commercial real estate origination teams including originators, the sales team, commercial real estate investors, developers and borrowers as well as accountants who advise clients on real estate finance transactions.

Initially we set the scene by going through the property related issues around due diligence and covenant of title. We then go through the key parties and documents involved in a typical real estate finance transaction. We then cover the drafting and negotiating points involving the REF Facility Agreement, including the drawdown mechanics, conditions precedent, representations and warranties, covenants and events of default.

We then cover the Security Documents and discuss the issues around taking security, perfection and enforcement of security and cross-border security. The Intercreditor Arrangements are discussed including the key provisions for negotiation, cure rights etc. followed by the coverage of the ISDA Master Agreement provisions to be aware of when drafting and negotiation real estate finance documentation. Course Content Additionally, we will cover legal opinions and discuss what banking lawyers should consider for specific FATCA drafting.

Course Content

Property Due Diligence ■■ Other Parties: ■■ Purpose • Investment Finance ■■ Scope – Materiality • Development Finance ■■ Investigation of Title ■■ Certificate of Title Key Documents ■■ Warranties, Indemnities & Disclosure ■■ Facility Agreement ■■ Due Diligence Questionnaire ■■ Duty of Care Agreement ■■ Due Diligence Report ■■ Property Documentation ■■ Report on Title Covenant of Title ■■ Certificate of Title ■■ Full Title Guarantees ■■ Security Documents ■■ Limited Title Guarantees ■■ Valuation Report ■■ Subject to and actual knowledge ■■ Insurance Report ■■ Environment Report Key Parties Involved ■■ Borrower entities ■■ Syndicate of Lenders To book this course or find out more, please click the “Book” button Drafting & Negotiating Issues in Real Estate Finance Documen- Advanced Negotiation Issues in M&Atation Continued...Continued...

BOOKBOOK NOWNOW Course Content Course Content ӹӹFor Lender Drafting or Negotiating a REF Facility ӹӹFor Borrower Agreement ■■ Events of Default ■■ Conditions Precedent • Standard Events of Default • For Investment Finance • Compulsory Purchase ӹӹValuation & Survey • Major Damage ӹӹInsurance • Headlease ӹӹTitle • Insolvency of Significant Tenant ӹӹSecurity • Abandonment ӹӹManagement • Completion ӹӹTax • Step-in Agreements • Additional CPs for Development Finance • Common Negotiating Points ӹӹInsurance – for additional parties ӹӹMaterial Adverse Effect ӹӹDevelopment Documentation ӹӹThresholds – Cross Defaults etc. ӹӹSecurity ӹӹQualifications ■■ Prepayments & Cancellations • Mandatory Prepayments Drafting or Negotiating the Security • Change of Control Documents • Break costs ■■ The Security Package ■■ Interest Provisions ■■ Covenants • Interest Periods ■■ Taking Security • Hedging • Land • Calculation of Interest • Shares • Default Interest • Bank Accounts ■■ Valuation Provisions • Fixed vs Floating Charge • Definitions • Contractual Rights • Costs • Insurance Policies • Representations • Development contracts and collateral war- ■■ Bank Account Provisions ranties • Rent Account ■■ Perfection of Security • Deposit Account ■■ Enforcement • Disposal Account ■■ Cross Border Security • VAT Account • General Account Intercreditor Arrangements • Retention Account ■■ Key Provisions for Negotiation ■■ Representations & Warranties ■■ Priority of Payments • For Investment Facilities ■■ Other Rights ӹӹTitle ӹӹLegislation Documenting Derivatives in Loan ӹӹSecurity Transactions ӹӹUse & Condition ■■ ISDA Master Agreement and Schedule ӹӹ Reports ■■ Events of Defaults • For Development Facilities ■■ Additional Termination Events ӹӹOn the Development ■■ Specified Entities • On the Development Documentation ■■ Notional Reductions • When made and by whom ■■ Collateral • Qualifications • Common Negotiating Points Legal Opinions ӹӹFor Lender ■■ What legal opinions should cover ӹӹFor Borrower ■■ Foreign Legal Opinions ■■ Covenants • Information Covenants • Financial Covenants • Property Covenants • Development Covenants • General Covenants • Common Negotiating Points

To book this course or find out more, please click the “Book” button Advanced IFRS Negotiation 9: The Latest Issues Updates in M&A Date: 20 June 2018, 18 Oct 2018 Date: Location: London Standard Price: £625 + VAT Location:Membership London Price: Price: £500 .....+VAT + VAT

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International Financial Reporting Standard 9 (“IFRS 9”) is the accounting standard for financial Courseinstruments, Overview which defines the classification, measurements and impairment of financial instruments. It is designed to make annual reports more meaningful to investors as well as simplify how auditors implement the rules and introduce safeguards to limit credit losses. In July 2014, after several years of delay, the accounting regulators published the final text of IFRS 9. This combines revised versions of previously published sections with the first publication of the final and most controversial impairment section. IFRS 9 will become effective in 2018. Through a mix of lecture and case studies, the workshop will equip participants to achieve a detailed understanding of the latest IFRS 9 standard, both for financial assets, liabilities and derivatives, including: ■■ The classification and measurement of financial instruments; ■■ The new impairment methodology based on expected losses; ■■ The fair value of financial liabilities and deterioration of institutions’ own credit; ■■ The different types of hedge accounting and the recent IFRS changes.

Course Content markets or observable model input • Level 3 based on unobservable but signifi- Session 1 - Introduction cant inputs to the overall value ■■ What is IFRS 9? How does it differ from IAS 39? Case Study #1: participants will be presented ■■ What are financial assets and financial lia- with a few financial instruments and will bilities? classify them in their relevant categories ■■ IFRS 9 history and implementation over- Case Study #2: participants will compute view on Excel the impact on balance and P&L for different types of debt & equity instruments Session 2 – Financial Assets Classification & Measurement Session 3 – Financial Assets Impairments Course■■ Presentation Content of the three different catego- ■■ Applies to amortized cost and FVTOCI manda- ries tory fixed income instruments • Amortised Costs; ■■ Incurred losses (IAS 39) has been replaced by • Fair value through Profit & Loss (FVTPL); expected losses (IFRS 9) • Fair value through Other Comprehensive ■■ Three stages process to determine impair- Income (FVTOCI) ments ■■ Accounting treatment determined by (i) • Stage 1: “12-month expected credit loss- business model (ii) nature of cash flows es” with effective interest rate on gross on ■■ Decision tree to decide on classification of gross carrying amount financial instruments • Stage 2: “life-time expected credit loss- ■■ Balance sheet and P&L calculation of a bond es” with effective interest rate on gross on at amortized cost gross carrying amount • Based on the Internal Rate of Return • Stage 3: “life-time expected credit losses” (IRR) of future cash flows with effective interest rate on gross on am- • Treatment of fees in the IRR calculation ortised costs ■■ Balance sheet and P&L calculation of a bond ■■ Accounting treatment for financial instruments at FVTPL and FVTOCI already impaired when acquired • Effective interest rate method for inter- ests (same as amortised costs) Case Study #3: participants will assess • Unrealised gain based on NPV at current the credit deterioration of a Greek bond throughout the crisis and its different stages yield of future cash flows ■■ Reminder on determining fair value Session 4 – Financial Liabilities & Own Credit • Level 1 based on unadjusted quoted ■■ Financial liabilities at amortised cost or FVTPL price ■■ Own credit deterioration reduces institutions’ • Level 2 based on quoted price in inactive

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Course Content

liabilities ■■ Liability reduction due to rating down- grade to be now classified in OCI Case Study #4: participants will assess the impact on credit deterioration on institutions’ own bonds

Session 5 – Hedge Accounting ■■ Qualification for hedge accounting ■■ Different types of hedge accounting, same as IAS 39, except for time value of money and forward points in foreign exchange forward • Cash flow hedge • Fair value hedge • Net investment hedge for foreign sub- sidiaries ■■ Accounting treatment for time value of money for options: a two-step process through OCI ■■ Accounting treatment for foreign currency forward points in OCI ■■ IFRS 9 hedge accounting more closely aligned to risk management policy • Removal of hedge effectiveness criteria (80% to 125%) • Extends eligibility of risk component to include non-financial items • Permits aggregate exposure that in- cludes a derivative to be eligible hedged item • Group of items and a net position (e.g. assets & liabilities or forecast sales & purchases) hedged collectively as group

Case Study #5: participants will classify a few hedging transactions in their relevant categories

Case Study #6: participants will value an interest rate swap accounted for as a cash flow hedge

Case Study #7: participants will review and assess different hedge scenarios including risk component hedging, aggregate exposures and net position

To book this course or find out more, please click the “Book” button NEGOTIATING ISDA MASTER AGREEMENTS Advanced NegotiationDate: 20 Apr Issues2018, 11 inOct M&A 2018 Date: Location: London Standard Price: £625 +VAT Location: London Price: .....+VAT Membership : £500 +VAT

BOOK NOW Course Overview CourseTHIS COURSE Overview IS PART 2 OF A TWO PART COURSE, THE FIRST PART IS TITLED “ISDA DOCUMENTATION”. It is highly recommended that participants attend Part 1 of this course prior to attending Part 2 as the content is a follow up from Part 1 and will not be repeated or summarised again in Part 2 due to time contraints.

Part 2 of this course covers pertinent issues related to the drafting, negotiating and understanding of the ISDA Master Agreements. This course is relevant for: 1. Lawyers both in private practice and in-house, 2. Traders, Bankers and Structurers involved in transactions involving swaps, CDSs, options, swaptions etc., 3. Operations teams involved with swaps, EMIR reporting etc., 4. ISDA documentation teams who typically draft and negotiate ISDA Master Agreements and trades, and 5. Accountants who advise clients on swap transactions.

In this course we cover the ISDA documentation framework. A detailed clause by clause analysis is then undertaken of the 2002 ISDA Master Agreement followed by a comparison analysis between the 1992 and the 2002 ISDA Master Agreements. We will undertake a detailed analysis of the ISDA Schedule including any EMIR Regulation related language. The key negotiation points relevant in negotiating an ISDA Agreement will be covered off including the questions to ask depending on who you act for. We will then discuss the CSA, the Financial Collateral Regulations relating to the CSA specifically and the ancillary ISDA documentation. We will go through in detail the settlement netting and close-out netting and the calculations involved including how swaps are valued. We will cover off the Events of Default and Termination Events operative provisions, procedural timelines and checklists outlining the notice requirements, legal, commercial and operational points to tick off the list. We then cover off some case law and amendment to the ISDA Master Agreement.

The final part of the course will be an Interactive Group Case Study involving the documenting an ISDA Schedule and key issues to consider. COPIES OF THE 2002 ISDA MASTER AGREEMENT AND THE ACCOMPANYING ISDA SCHEDULE WILL BE PROVIDED TO ALL PARTICIPANTS AS PART OF THIS COURSE

Course Content Course Content ISDA Documentation Agreements • Events of default provisions Introduction and Architecture of ISDA ӹӹGrace periods Documentation – See Part 1 of this course ӹӹScope of the credit support default ӹӹBreach of agreement ISDA Master Agreement ӹӹSpecified Transactions ■■ Detailed clause by clause review (2002) ӹӹCross default provisions • Single Agreement ӹӹMerger without assumption ӹӹCherry picking • Termination Events • Netting legal opinions ӹӹScope of Illegality ӹӹGoverning law on insolvency ӹӹForce Majeure • Conditions Precedent ӹӹGrace periods • Withholding tax ӹӹTax event upon merger • Representations • Methodology of calculating payments on • Undertakings early termination • Events of Default ӹӹFirst Method • Termination Events ӹӹSecond Method • Early Termination ӹӹMarket Quotation • Transfer ӹӹLoss • Multi-branch Parties ӹӹSet-off • Waiver of immunity ӹӹUnpaid amounts ӹӹArbitration clauses ӹӹClose-out amount ■■ Comparison of ISDA 2002 and 1992 Master

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CourseCourse Content Overview

Case law Schedule to ISDA Master Agreement

■■ Parts 1 to 5 – Negotiating points ■■ Section 2(a)(iii) ■■ EMIR related amendments • Lomas and others v JFB Firth Rixson Inc. • Relevant EMIR Protocols: and others ӹӹ2013 EMIR Non-Financial Counterparty • ISDA Amendment Representation

ӹӹ2013 Reporting Protocol ӹӹ2013 EMIR Portfolio Reconciliation, Dis- GROUP CASE STUDY: Participants to work pute Resolution and Disclosure Protocol in small groups to draft and negotiate ӹӹAdherence Letters with another group a first draft of the ӹӹSuggested EMIR Related Amendments ISDA Schedule to the 2002 ISDA Master Agreement in accordance with the client ISDA Confirmation instructions provided in the case study ■■ Process on how trades are done pack ■■ EMIR reporting

• 2013 EMIR Reporting Protocol COPIES OF THE 2002 ISDA MASTER • Grey area AGREEMENT AND THE ACCOMPANYING ISDA SCHEDULE WILL BE PROVIDED TO ISDA Credit Support Annexes and Credit ALL PARTICIPANTS. Support Deeds ■■ Legal opinions ■■ English law deeds and annexes ■■ New York law annexes ■■ 1995 ISDA Credit Support Annex ■■ Close-out netting ■■ Valuation agent ■■ Eligible Credit Support ■■ Haircuts and Valuation Percentages Course Content Financial Collateral Regulations ■■ Title transfer ■■ Ring fencing ■■ Close-out netting on insolvency

Netting and Valuation ■■ Settlement Netting ■■ Close-out Netting ■■ Calculations ■■ Mark to market valuations – How Swaps are Valued

Events of Default and Termination Events ■■ Step to follow on Early Termination ■■ Conditions Precedent ■■ Timeline – summary of process ■■ Checklists • Contractual terms breach • Events of Default and Termination Events • Legal, commercial and operational consid- erations • Early Termination Procedures

To book this course or find out more, please click the “Book” button Negotiating & Issuing High Yield Bonds Advanced NegotiationDate: 1 Jun 2018,Issues 20 Novin M&A 2018 Location: London Standard Price: £695 +VAT Continued... Membership : £556 +VAT

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Course Content

Course Objectives

Participants will: ■■ Learn who is issuing HYB and why? Understand the size of the market, and what these bonds look like when they are issued. ■■ Understand how deals are brought to market, allowing for market conditions and examine the documentation, which is key to the deals value. ■■ Gain an understanding of the key terms, such as Pledges, Maintenance Covenants and Equity Cures. ■■ Appreciate the latest trends in the market and why they are happening. For example, why in- vestors are excepting the move to Cov-Light deals, despite them not offering the same protec- tion as investors insisted on in the past. ■■ Have explained to them all the main terminology used in HYB deals and just as importantly in what context they are used. ■■ Will look at recent issues to highlight the main points discussed in the programme, and to illus- trate the terminology discussed.

Course Overview ■■ The High Yield Bond Market reached a record of €75bn issuance in 2017. This year has so far shown no signs of slowing down. Selecta Group, the Dutch incorporated food and drinks vending machine provider, started 2018 with two large issues, already equalling some of the largest deals of 2017. Both bonds were issued on the 1st February this year. Selecta issued two 6 year bonds; a €765 m 5.875% fixed and a €365m floater paying 3 month Euribor + 537.5 bp.

The HYB market is complex with detailed jargon and documentation. This course is designed to demystify the terms used in negotiating and issuing. We use real life examples to explain the issues in an easy to understand way. We will look in to the latest trends and explain the motivations and outcomes behind recent changes affecting the market, such as the deterioration of covenants and investor protection.

The programme is designed to give participants an in depth understanding of the High Yield Bond Markets and how deals are negotiated and issued. Delegates will understand how the market operates, seeing who is issuing and who is bringing the debt to market. We will look at recent “real life issues” as examples.

Course Content

• What are the current Credit Spreads in the Market for High Yield Bonds Overview of High Yield Bonds ■■ The Role of AFME ■■ Size of the Market / Market Growth • Association for Financial Markets in Europe ■■ Examples of High Yield Bonds • Focus on promoting transparency and li- • A look at real bonds in today’s market quidity in the high yield market place • How affective are AFME? ■■ Credit Ratings ■■ Fallen Angels • The Ratings Agencies ■■ Private Equity Issuance • Investment Grade v High Yield Debt ■■ Recent New Issues ■■ Current Credit Spreads • Case study: We look at recently issued

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Course Content

High Yield Bonds from the market • Shareholders curing a covenant breach by • What is being issued and why? injecting further equity funding. ■■ The Major Bookrunners • Case study: we look at an Equity Cure • Ranking of Lead Managers / Global Capital Sample Clause and discuss the meaning and • Life Cycle of an Issue jargon. ■■ Origination / Syndication / Underwriting / • Post Default Alternatives Distribution Toggle Notes Pricing a High Yield Bond Issue ■■ Deferred payment ■■ From the Government curve ■■ PIK ■■ From the Mid Swap curve • Interest Rate Swaps Overview Case study: Transaction Execution – the pre- • Where Mid swap rates come from launch task time line from week 1 through to ■■ Duration Risk week 6. We discuss all the steps that must • Market risk of a bond be taken before we can bring an issue to ■■ What impact do changing interest rates market. have? ■■ Case study: we look at the pricing of the Exercise: Delegates look at a recent issue recent issues of prospectus and examine the risk / reward • Aston martin ratio. Class discussion: Should we invest, • Selecta Group what are the risks?

The Documentation ■■ Pledges • Negative Pledges ■■ Early redemption / Callable and Puttable bonds • Examples are used to show the impact for investors of call and put options imbedded in to bonds ■■ Events of Default • Seizing Collateral • Recovery Rates ■■ Cross Default ■■ Risk Factors • Case study: We look at an example of a High Yield Bond and discuss the “Risk Fac- tors” listed in the documentation.

Covenants ■■ EBITDA as a constituent of Covenants ■■ Maintenance Covenants ■■ Case study: we look at examples of cove- nants and their impact • Carve Outs • Baskets • Breach of Covenant ■■ Covenant Erosion • Impact on the market of these recent developments • Cov- Loose (leverage only financial main- tenance) • Cov Light (Springing Leverage)

Equity Cure ■■ Recent provision changes allowing the com- pany to receive equity capital and the impact on investors

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Course Content

■■ Aggressive EBITDA add-backs ■■ Ratio definitions applied differently leverage vs other corporate actions ■■ Flexibility for Limited Conditional Acquisi- tions ■■ Narrower numerators for leverage ratios ■■ Enhanced Basket flexibility for Leverage & EBITDA grower caps ■■ Upfront “free & clear” basket credit in build- up basket ■■ Asset sales available for dividends ■■ Looser Affiliate transactions ■■ Equity clawbacks – what market ■■ Redemption & Special optional redemption/ non-call diluted

Call Protection: Change of Control and Equity Claw ■■ The “historical” change of control (CoC) position • The “portability” issue – the 3 variations on the standard CoC position ■■ Standard call protection (absent CoC) – Fixed vs FRNS ■■ “Equity Claw” • Investor issues • Issuer matter

Intercreditor Issues (LMA SSRCF) ■■ Overview of key provisions ■■ Assumed Funding Structure ■■ Security Structure ■■ Ranking ■■ Payment waterfall ■■ Restricted Payments ■■ Enforcement

Specific Issues re: Junior (PIK) Notes ■■ Specific issues relating to Junior notes ■■ Review of Veralia PIK Notes (using Report from Debt Explained) ■■ Review of Schaffler PIK (using Report from Debt Explained) ■■ Review of key differences in PIK covenant packages vs Senior Secured Notes cove- nants ■■ Intercreditor issues in PIK deals

Included in the Appendices ■■ Overview of the issuance process • Initial preparation • Preparation phase • Targeting the investors (framing the is- sue) • Execution phase ■■ The Pricing discovery process

To book this course or find out more, please click the “Book” button Advanced Negotiation & Structuring Issues in Real Estate Finance Term Advanced Negotiation Issues in M&ASheets Date: 28 Jun 2018, 17 Oct Date:2018 Location: LondonLocation: London Standard Price: Price: £695+VAT .....+VAT Membership: £556 +VAT

BOOK NOW BOOK NOW Course Overview Course Overview THIS COURSE IS PART 1 OF A TWO PART COURSE, THE SECOND PART IS TITLED “DRAFTING & NEGOTIATING ISSUES IN REAL ESTATE FINANCE DOCUMENTATION”. It is highly recommended that participants attend Part 2 of this course after attending this Part 1 as the content in Part 2 is a follow up from Part 1 and covers all the salient issues related to real estate finance documentation that can not be covered in Part 1 due to time contraints.

This course covers the various methods of investing in Real Estate Finance including the various structures used and negotiating the real estate finance term sheets including discussions relating the bidding process and issues to consider relating to leveraged deals, large loan portfolio sales and/or acquisition of distressed assets including exit strategies and/or bridge take-outs.

It is relevant for in-house lawyers and private practice lawyers alike and bankers involved in negotiating real estate finance term sheets, complex structuring involving real estate finance, leverage finance or acquisition finance, securitisation particularly CMBS, lending/banking documentation teams, structurers, commercial real estate origination teams including originators, the sales team, commercial real estate investors and borrowers as well as accountants who advise clients on real estate finance transactions or structured transactions with an element of commercial real estate finance.

Whilst this is not a fully fledged course on Leverage Finance or Acquisition Finance, this course is also relevant to private equity houses, investors, commercial banks, wealth fund managers and hedge funds involved in loan portfolio sales backed by commercial real estate including sale and purchase of distressed assets.

We start off this course setting the scene by discussing the various methods of investing in real estate finance and go on to cover the various typical structures including the key features of theOpco/ Propco structure, REITs, Investment Finance and Development Finance. We discuss term sheets in general, the binding and non-binding terms and the points of negotiation from a lender’s perspective, a borrower’s perspective and some general points to bear in mind when drafting. We cover the key elements of a real estate finance term sheet – LMA version.

For those of you likely to be involved in submission of bids for purchase of loan portfolios backed by real estate, we cover aspects of the bidding process in detail including commitment letters/mandate Courseletters or Content the softer highly interest/confident letters, the heavily negotiated clauses and points, due diligence and the various documents and ancillary documents to be agreed. We map out the timeline and finish off this section by discussing distressed assets sale and acquisition.

Additionally, we will cover the various exit strategies used for bridge finance take-out and/or to get further financing including full syndication, securitisation and tap issues to aiser more financing.

We will undertake an Interactive Group Case Study during this course whereby participants will be placed into various groups to negotiate the terms of financing and a term sheet for a real estate finance transaction. Complimentary materials will be provided to all participants.

Course Content

Methods of Investing in Real Estate • Structure & Key Features ■■ Real Estate Investment Structures – Types • Security Package of Finance • Collateral Warranties and Guarantees • The Lending Structure • Drawdown, Repayment & Prepayment ӹӹInvestment Finance • Interest • Structure & Key Features • Bank accounts • Security Package & Guarantees • Flexible Financing Arrangements • Drawdown, Repayment & Prepayment • Islamic Finance Structures • Interest • Sale and Leaseback • Bank accounts ӹӹOpco/Propco Structures ӹӹDevelopment Finance • Ring fencing

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Course Overview • Syndication Loan Portfolio Sale • Bridge take-out ■■ The Bidding Process • REITs • Commitment Letters ӹӹForm of a UK REIT • Highly Interested/Confident Letters ӹӹThe conditions • Due Diligence ӹӹBreach • Documents ӹӹRingfence • Negotiations ӹӹProperty Rental Business ӹӹMAC clause ӹӹTax treatment ӹӹMarket Flex clause • Property Derivatives ӹӹClear Market provision • China Real Estate Market Compared to • Reliance Letters the US • Legal Opinions • Reports and Audits Term Sheets ■■ Timeline ■■ What is a Term Sheet ■■ Acquiring Distressed Portfolios ■■ Reasons for having a Term Sheet ■■ Process and Timing Exit Strategies/Bridge Take-out ӹӹDuty to negotiate in good faith ■■ Syndication • Case law ■■ Securitisation • Binding terms ■■ Negotiation Guidelines • Borrower’s perspective • Lender’s perspective • General points to bear in mind

Real Estate Finance Term Sheet - LMA ■■ Section 1 – Senior Facility Terms • Security • Repayment, Prepayment & Cancellation Course• Bank Content Accounts • Representations & Warranties • Undertakings • Events of Default • Conditions Precedent ■■ Section 2 – Mezzanine Facility Terms • Bank Accounts • Cross Defaults • Costs and Expenses ■■ Section 3 – Intercreditor Agreement Terms • Security Ranking • Payments & Cure Periods • Security Enforcement • Waterfall

Group Case Study: Participants will work together to negotiate the terms of financing and a term sheet for a real estate finance transaction. Groups will be assigned different roles e.g. banker, sponsor, lender, seller). What’s the best deal you can negotiate?

To book this course or find out more, please click the “Book” button Securitisation: The Structures, Legal Analysis and Documentation

Date: 25 Sep 2018 Location: London Standard Price: £625+VAT Membership Price: £500 + VAT

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Course Objectives

Participants will: ■■ Be introduced to the basics of securitisation, including its definition, the special purpose ehicle,v the credit rating process and profit extraction. ■■ Get an overview of the different types of securitisation ■■ Have explained to them the underlying assets due diligence ■■ Master the risk factors including the risk profile of the asset pool and regulatory considerations. ■■ Gain an understanding of the security & priority of payments. ■■ Learn about the key documents including the asset sale and purchase agreements, the deed of charge and the cash management agreement. ■■ Be appraised of the securitisation litigation cases.

Course Overview

This Securitisation course is designed to provide an extensive coverage of the important aspects of securitisation, the popular structures in the market, the legal opinions analysis and documentation. This course is relevant for in-house lawyers and private practice lawyers alike and bankers involved in structured finance, from the documentation teams, structurers, sales teams to compliance personnel monitoring such transactions as well as accountants who advise clients on securitisation or structured finance transactions. This course will also be of relevance to asset managers, portfolio managers, hedge funds and investors such as wealth funds, pension’s funds, insurance companies looking to invest or be involved in structured finance and securitisation. The course sets the scene by giving an overview of securitisation. The reason why securitisation is frequently referred to as ‘rocket science’ is due to the number of areas of law that are involved and the interplay of the various different types of regulations and case law. It is one of the most document intensive transaction amongst all the structured finance transactions and involves dealing with a multitude of issues simultaneously in order to bring the deal to a close. We go through the different types of securitisation structures in the market and cover the pertinent issues to consider when undertaking due diligence of the underlying assets. We further cover the risk factors that are typically disclosed to investors and various regulatory considerations. We then undertake an analysis of the security package, the priority of payments (waterfalls) and enforcement options on event of default. We cover off issues relating to enforcement and restructuring securitisation transactions. Additionally we will cover off the key documents in a typical securitisation transaction with coverage of the closing mechanics, payments flows, ancillary letters, conditions precedent, stock exchange listing and the crucial searches to be undertaken on closing. We will go through the legal opinions that require to be delivered and what each legal opinion should cover. Regulatory issues and the upcoming regulatory changes affecting this area along with an analysis of the key features and structure of the various Structured Products are covered on the course titled: “Structured Products & Upcoming Regulatory Changes”.

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Introduction: Securitisation Overview • Regulation S Offerings (Reg S) ■■ Definition – What is securitisation? • Regulation 144A Offerings (144A) ■■ Relevant Areas of Law Involved • US 10b-5 Legal Opinions ■■ Basic “True Sale” Structure ■■ Assignability of Assets ■■ Special Purpose Vehicle (SPV) • Novation • Bankruptcy Remoteness • Assignment • Permitted Activities ӹӹContract that is Silent re: Assignability • Limited Recourse ӹӹLegal Assignment ӹӹPECOH – Post Enforcement Call Options • Notice of Assignment Holder • s136 Law of Property Act 1925 Require- ӹӹThe Taxation of Securitisation Companies ment Regulations 2006 (SI 2006/3296) • Case law: Van Lynn Development Limit- ӹӹCase law: ARM Asset Backed Securities ed v Pelias Construction Co. (1969) 1 QB S.A. (2013) EWHC 3351 (Ch) 607 • Non-Petition ӹӹEquitable Assignment Risks • Orphan Trust Structure ӹӹRisk Mitigation • Accounting Treatment of SPV • Trustee’s Power of Attorney • Offshore SPV Jurisdictions • Warranties ■■ Key Parties Involved • Restrictive Covenants ■■ Benefits of Securitisation • Charge & Control over Receivables Ac- • For Originator count • For Investors ■■ Assignability of Foreign Assets ■■ Tranching, Subordination & Payment Water- • Declaration of Trust fall ■■ Re TurcanDon King Productions Inc. v Warren ■■ Credit Rating Process ■■ Barbados Trust Company Limited v Bank of ■■ Credit and Liquidity Enhancements Zambia • Overcollateralisation • Small Business, Enterprise and Employ- • Subordinated Tranches ment Act 2015 (SBEEA) • Subordinated Loan • Sub-participation • Retained Spread • Synthetic Structures • Liquidity Facilities ■■ Validity & Enforceability • Insurance • Consumer Credit Act 1974 and 2006 (CCA) ■■ Liquidity Support • Unfair Contract Terms Act 1977 (UTCA) ■■ Hedging • Unfair Terms in Consumer Contracts Regu- ■■ Servicing lations 1999, SI 1994/3159 (UTCCR) ■■ Profit Extraction • Regulated Contract Example: Residential Mortgage Loan Types of Securitisation ■■ Confidentiality Restrictions ■■ True Sale ■■ Asset Representations ■■ Synthetic ■■ Whole Business Risk Factors ■■ Trade Receivables ■■ Disclosure Requirements & Market Standard ■■ Residential Mortgage Backed Securitisation ■■ Risk Profile of Asset Pool (RMBS) • Legal/Structuring Risk ■■ Commercial Mortgage Backed Securitisation • Credit Risk (CMBS) • Rate Risk ■■ Master Trusts • Currency Risk • Concept of Bare Trust • Political Risk • Waterfalls ■■ Regulatory Considerations • Drawdowns ■■ Covered Bonds Security & Priority of Payments • Structure ■■ The Security Package • Regulations ■■ The Secured Creditors ■■ Priorities of Payment – Waterfalls Underlying Assets Due Diligence ■■ Events of Default ■■ US Securities Act of 1933 Requirements ■■ Enforcement Methods

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■■ Problems with Enforcement

The Key Documents ■■ Prospectus or Base Prospectus (for Pro- grammes) ■■ The Asset Sale and Purchase Agreement ■■ The Servicing Agreement ■■ The Deed of Charge ■■ The Cash Management Agreement ■■ The Swap Agreements ■■ Subscription Agreement ■■ Note Trust Deed ■■ Liquidity Facility Agreement ■■ Legal Opinions • What should be covered • Tax Opinion • Foreign Legal Opinions

To book this course or find out more, please click the “Book” button StructuredAdvanced Trade Negotiation and Commodity Issues Finance in M&A Date: 24-25 Sep 2018 Date: Location: London Standard Price: £1,050+ VAT Location:Membership London Price: Price: £840 .....+VAT + VAT

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Course OverviewObjectives

Participants will:

■■ Be introduced to what is meant by structured trade and commodity finance ■■ Learn about the markets, the softs, oils & gas and LME ■■ Explore the grain, mean and tropical markets alongside new participants in those markets ■■ Get to grips with emerging markets and the risks alongside how strucutred approaches assist and what a “good” collateral is ■■ Expand knowledge on pre-finance and the risks relating to grower/producer finance ■■ Gain an understaind of the green clause and red clause credits ■■ Master the key documentation as a risk mitigant ■■ Learn about financing commodities, structures and risk management ■■ Analyse warehousing and asset backed structures, warehouse receipts and WRF structues ■■ Explore the collateral management and different types of insurance ■■ Review mining, oil and gas finance alongside liquified natural gas.

Course Overview

Commodity markets have seen unprecedented price fluctuations in recent times making the sector much more challenging. The course will attempt to deal with these challenges but ultimately the whole sector remains inherently more risky than it was. Trade Finance remains the engine at the heart of global economic growth with China still probably the most important participant. Commodity Finance sits at the heart of this trade dominated by oil and gas which according to some estimates, accounts for as much as 70% of all commodity trade. The impact of both Brexit and The Trump presidency are very hard to predict and both the short and medium term outlooks remain uncertain which is not helpful. Most markets are “holding their breath”. Similarly we have just seen the latest “agreement” by OPEC and others (primarily driven by Saudi Arabia) to restrict production and hopefully boost oil prices. Early signs show it is working but will it last? Structured Trade and Commodity finance can mean many things and many banks will have their own Courseparticular Contentdefinition. Generally speaking it is an activity dedicated to the financing of high-value supply chains. Every loan is tailor-made to client, transaction and region. They tend to be more long-term – sometimes up to five years. Structured trade finance usually refers to the financing of cross-border commodity flows (and as such is most commonly known as structured commodity finance). Structured commodity finance encompasses several different methods of finance for producers and traders of goods and commodities, including: Trading in commodities often involves dynamic and fast-moving commodity markets, often with counterparties in emerging market territories. Risk mitigation and the ability to swiftly devise structures to make available financing of transactions are keys to success. Whilst ongoing innovations and technological developments make the market more transparent this can be a high risk area for the uninitiated or unprepared. As a commodity banker, trader or even a producer, a flexible and creative approach, balanced by an appropriate degree of caution, will minimise risks. This course will highlight the key concepts involved in commodity trading with elements drawn from real situations. It will also cover liquidity issues and lightly traded commodities.

To book this course or find out more, please click the “Book” button StructuredAdvanced Trade Negotiation & Commodity Issues Finance in M&A ContinuedDate:

Location: London Price: .....+VAT BOOK NOW Course Content BOOK NOW ■■ Charter-party contracts and contracts of af- Introduction Course Overview freightment ■■ What do we mean by structured trade ■■ Voyage time and trip transfers ■■ What is commodity finance ■■ Shipper/charterer and vessel owner obliga- ■■ Categories of Commodities tions ■■ Commodity Pricing – Volatility ■■ Loading & discharge of cargo ■■ The exchanges and their influence ■■ The rise of techniques to manage risk Financing Commodities ■■ Participants ■■ Commodity contracts ■■ Current Trends ■■ Risk analysis of commodity flows ■■ Risk analysis of key parties The Markets ■■ The importance of document control – “follow ■■ The softs. the doggy!” ■■ Oil & Gas ■■ Logistics & the value chain ■■ LME ■■ The grain markets - the meat markets and Structures the tropical markets in coffee , cocoa, ■■ Pre-export finance sugar, etc ■■ L/C, SBLC and other structures ■■ Biofuels.- Ethanol ■■ Tolling ■■ New participants in the market ■■ Inventory finance & CMA’s ■■ Over / under supply ■■ Asset backed finance ■■ Traditional hedging techniques ■■ Countertrade structures ■■ The availability of data and access to the markets Risk Management ■■ The concept of price insurance ■■ Risk mitigation ■■ Electronic platforms. ■■ Exchange traded commodities ■■ The rise of the indexes ■■ Links between cash & futures markets ■■ Exchange Traded Funds ■■ Delivery to and from terminal markets ■■ Cash flow acceleration Emerging Markets ■■ Off balance sheet considerations ■■ The risks ■■ Countertrade structures ■■ Political & Economic Risks and mitigants ■■ Problems with MMTD transactions ■■ Performance and operational risk and miti- gants Warehousing ■■ Credit & Bank risks and mitigants ■■ Asset backed structures Course■■ Price ContentRisk ■■ The business case for warehousing ■■ IForged, fraudulent or illegal contracts ■■ Warehouse receipts ■■ Documents of title ■■ WRF structures ■■ Markets & Players ■■ Raising finance against warehouse backed ■■ Risk analysis of a commodity transaction securities ■■ How structured approaches assist ■■ Problems with pledges over inventory, physi- ■■ What is “good” collateral cal dispossession ■■ Legal requirements Pre-Finance ■■ Fraud, misrepresentation and similar issues ■■ The risks relating to grower/producer fi- ■■ WH receipts – a document of title, or just a nance receipt ■■ Green Clause Credits ■■ Risk mitigation ■■ Red Clause Credits ■■ Ownership issues Collateral Management ■■ Licenses, export quotas, foreign currency ■■ Liability of collateral managers controls ■■ Collateral Management Agreement (CMA) ■■ Problems with non delivery ■■ Negotiating CMA documents ■■ SBLC’s ■■ Reviewing components of the CMA ■■ Prefinance versus prepayment ■■ Tolling finance ■■ Limited Recourse v unlimited recourse ■■ Performance and country risks ■■ Non-delivery issues/problems Key Documentation as a Risk Mitigant ■■ Financiers priorities ■■ Transport documents ■■ Insurance solutions ■■ MMTD & BoL’s ■■ Documents representing goods Insurance ■■ Title, negotiability, endorsement ■■ Marine insurance ■■ Incoterms

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■■ ICC/A/B/C contingency cover Course■■ Security Overview – assignment v loss payee Oil & Gas Finance ■■ Political and country risk ■■ The energy complexes ■■ Contract frustration ■■ Crude oil market ■■ Asset confiscation ■■ Buying oil on Wall Street ■■ Credit insurance ■■ The role of the .majors ■■ Legal problems ■■ The supply demand equation ■■ Breach of warranty ■■ State intervention ■■ Failure to act appropriately to mitigate in- ■■ The exploration and extraction of oil sured losses (acting as if uninsured) ■■ Trading in crude oil. ■■ Heating oil and gasoline Price Risks ■■ Gas market ■■ Chinese influence ■■ Price risk management LNG – Liquified Natural Gas ■■ Price discovery exchange ■ The energy complexes ■■ Traded versus OTC ■ ■ The growth of the LNG debt market ■■ Cash and futures markets ■ ■ LNG liquefaction finance: ■■ Contracts to hedge ■ ■ LNG regas finance ■■ Bank v customer requirements/benefits ■ ■■ LNG ship finance Mining Finance ■■ Recent trends: • Financing of integrated LNG chains ■■ Concept of the business • Changing downstream markets and trading ■■ The cost to bring to market semi-finished material patterns • Increasing flexibility in LNG sales and -fi ■■ Inhospitable locations nancing contracts ■■ Financing new mines ■■ The lead/lag time for production ■■ Technical developments and reworking older mines ■■ The issue of current and future price projec- tions ■■ Trading issues, hedging ■■ Borrowing and Lending Course Content

To book this course or find out more, please click the “Book” button AdvancedThe Advanced Negotiation Trade Finance Issues inCourse M&A Date: 14-15 Nov Date:2018 Location: London Standard Price: £1,050+VAT Location: LondonMembership: Price: £840 .....+VAT + VAT

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Course Overview

Trade Finance has been “re-discovered” yet remains a little mysterious. It is a product that has always generated strong revenues- often non funds based – and traditionally has exceptionally low credit losses (on a portfolio basis). Most global banks are able to apply very low probability of default ratios and usually lose as much to fraud as to actual credit losses. The major general challenge to trade finance in recent times has been the impact of Financial Crime Compliance and Sanctions. Whilst credit losses and hence credit risk is low, FCC risk is very high because of the increasing tendency for global trade to pass through more than one country, use different modes of transport, use different currencies and transit through some regions where money laundering controls are not as strong as in others. This makes the audit trail very challenging. This is not a course about FCC but as trade finance is reckoned to be the main driver for money laundering, it needs to be understood. To compound matters, many global banks have reduced their correspondent banking networks by up to two thirds – often based on the Transparency International CPI. This means it is becoming increasingly likely that more than two banks are involved in a transaction, causing delays in processing and frustration for the client. Sight LC’s can take 10-15 working days to be processed when there are two to three advising banks. Of course this has created opportunities for confirmation activities – provided FCC clearance is obtained. Another challenge of trade finance is the tendency for banks to re-invent the wheel by using impressive sounding and not always easy to define marketing names to describe “new” products which are not actually new. “Buyer centric supply chain solution” actually is the sexier name for reverse factoring.

This practical two day advanced level course will concentrate on what is happening in the market right now leaving delegates with a clear and working knowledge of how trade finance is undertaken in the real world, what actually happens and what are the implications for all parties concerned. A good working knowledge and familiarity with International Trade finance is required to derive the maximum benefit from this course.

Course Content Course Content Day One: ■■ Under/over invoicing and variations The Current Market Place ■■ Documentary fraud ■■ Recent evolution and current develop- ■■ PEPS ments ■■ Sanctions ■■ The challenge of emerging markets ■■ Risk mitigation, management and trans- ■■ The challenge of China fer ■■ Brexit ■■ President Trump Case Study/Exercise ■■ New products ■■ The traditional three bands of clients: Traditional Risks – The Critical Issues Global and Large Corporate, MME’s, the ■■ Understanding, identifying and manag- rest! ing risk ■■ Understanding trade finance at a funda- ■■ Credit risk, Market risk & Operational mental level.’ risk ■■ Typical users of Trade Finance products ■■ Sovereign, Political / Country risk and services ■■ Institutional risk / Bank risk Financial Crime Compliance & ■■ Corporate and other critical risks Sanctions ■■ Importer and Exporter’s risk ■■ Understanding the risk based approach ■■ Other risks in the transaction and how to ■■ Impact on Trade Finance mitigate them (transport risk, warehous- ■■ TI, CPI and its impact ing, force majeure, etc.) ■■ FATF ■■ Risk mitigation, management and trans- ■■ DDD and the need to obtain a clear line fer of sight across the value chain ■■ Money laundering methodologies Case Study/Exercise ■■ Ghost payments and variations

To book this course or find out more, please click the “Book” button AdvancedThe Advanced Negotiation Trade Finance Issues inCourse M&A ContinuedDate: Location: London Price: .....+VAT BOOK NOW Course Content BOOK NOW ■■ Negotiation under letters of credit ■■ Discounting of deferred payment L/C, Review of Key Products acceptance credits (with or without re- Course■■ How Overviewdoes the customer analyse his risk? course) ■■ Which products does he use and why? ■■ Payment in Advance Case Study/Exercise ■■ Open Account ■■ Collections – Outward & Inward / Clean Controlling Credit Exposure – & Documentary Formulating a Limit ■■ Letters of Credit (covered in more detail ■■ Understanding and explaining the trade below) cycle ■■ Risks and opportunities ■■ The use of time lines ■■ Control possibilities ■■ Assessing and appreciating funding gaps Case Study/Exercise Case Study/Exercise

Supply Chain Management & Finance Day Two: ■■ The origins of SCM and what does it mean in practice Structuring Finance for the Trader ■■ Understanding the issues in SCM – “the ■■ Analysing the trade flows tug of war” between supplier & buyer ■■ Assessing facility size and structure ■■ Bringing about a “balance” between par- ■■ Specific lending with identifiable maturity ties for effective processing dates ■■ Understanding about movement of ‘in- ■■ Appreciating and controlling sources of formation’ ,’goods’ and ‘cash’ repayment ■■ Supply Chain Finance Main SCF models: Case Study/Exercise accounts payable - centric, accounts receivable, BPO Effective Use of Collections for Short- ■■ Review the risk aspects of SCF Term Finance ■■ Using collections as financing opportuni- Case Study/Exercise ties ■■ Identifying and mitigating risks ■■ Maintaining control Letters of Credit (L/Cs) ■■ Traditional L/C’s Supporting the Trader ■■ The four contract concept ■■ Using the goods as collateral ■■ Confirmations ■■ Assessing the value of goods Course■■ Red ClauseContent ■■ The value of pledges and trust receipts ■■ Green clause ■■ The need for structured lending ■■ Revolving L/Cs ■■ Evergreen Case Study/Exercise ■■ Transferable L/Cs ■■ Back to Back L/C structures Warehousing of Goods ■■ Warehouse location Case Study/Exercise ■■ Management assessment ■■ Legal frameworks Standby Letters of Credit ■■ Obtaining and retaining title and control ■■ History and origin ■■ Risks and responsibilities of Collateral ■■ The dominant trade finance product Managers ■■ Uses ■■ Cost versus control ■■ Risk management Case Study/Exercise ■■ Issue and assessment ■■ Pricing International Demand and Contract ■■ Understanding the applicability of ISP98 Guarantees / Bonds and UCP 600 for standbys Scope and Application – an introduction (suretyship v. ■■ Fraud and unfair calling demand guarantee) Indemnities versus guarantees Case Study/Exercise Different types - Bid, Performance, Advance payment, Warranty and Retention bonds Export Finance issues Rules governing guarantees and bonds ■■ Looking at the big picture Legal jurisdiction and expiry date issues ■■ Understanding the purpose of borrowing ■■ Country risk issues Value of using URDG 758 – ICC Rules for demand guar- ■■ The reality of title and control antees

To book this course or find out more, please click the “Book” button AdvancedThe Advanced Negotiation Trade Finance Issues inCourse M&A ContinuedDate:

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Course Content BOOK NOW Impact of non-bank competitors – COFACE, Euler ■■ Overview – when to use ■■ Pitfalls and complications CourseHermes Overview ■■ Possible structures and Time manage- Case Study/Exercise ment

Receivables Financing Syndications ■■ Mechanics of Factoring and Invoice Dis- ■■ When to syndicate counting ■■ Lead or participant role ■■ Forfaiting – an important adjunct to the ■■ The completion from capital markets – TF mechanism high yield bonds ■■ Role of Credit Insurance ■■ Selling down exposure ■■ Mechanics of Securitisation ■■ Impact of quasi-governmental agencies ■■ FCC risks ■■ Risk/reward analysis Case Study/Exercise Case Study/Exercise The Commodity Sector and its Players Course Conclusion and Review / ■■ History and origins of the commodity in- Feedback dustry ■■ Understanding the nature of ’commodi- ties’ ■■ Analysing the players – growers / produc- ers; traders and end-users ■■ Financing of commodities ■■ Looking beyond the balance sheet ■■ Available documentation – taking and retaining title ■■ Commodity futures, options and deriva- tives ■■ Hedging – a critical process in commodity finance ■■ Role and function of the exchanges ■■ Main risks in the commodity trade (mar- ket, fraudulent practices, legal issues, recent legal cases) Course Content Countertrade

To book this course or find out more, please click the “Book” button FundamentalsAdvanced of International Negotiation IssuesTrade Finance in M&A Date: 13 Nov Date:2018 Location: London Standard Price: £625 + VAT Location: London Price: .....+VAT Membership: £500 + VAT

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Course OverviewObjectives

This 1-day course which will assist participants to identify customer needs and recommend appropriate product solutions, as well as assess various risks to both bank and customer in international trade transactions.

Through the use of trainer led sessions and the use of case studies they will be able to explain and identify ways of mitigating the underlying risks associated with trade finance transactions and carry out the processes involved in documentary collections, documentary letters of credit and guarantees.

The purpose and application of the various International Chamber of Commerce (ICC) rules and practices used in international trade will be covered.

Participants will have an introduction to core trade finance products.

The course is highly interactive and centres around the use of a variety of case studies, predominantly based on actual files and ICC opinions.

This is a foundation level course which can be supplemented by our Advanced Trade Finance, Letters of Credit and Trade Based Money Laundering & Sanctions courses.

Background of the Trainer

The trainer is a leading trade finance practitioner and trainer with almost 40 years banking experience. Prior to taking early retirement, he was responsible for the risk management of the UK trade book for a top international bank, with whom he had spent his whole banking career as a CourseRelationship Content Manager, Credit Risk Approver, Trade Finance Manager and latterly their Trade Portfolio Risk Manager.

He has provided training to banks globally on trade and receivables finance, risk mitigation, AML and sanctions compliance, is ACIB qualified and has completed the ICA Certificate inrade T Based Financial Crime Compliance issued by the University of Manchester Business School.

Course Content

Introductions porter/Exporter in the use of Incoterms ■■ Trainer & participants 2010 ■■ What do you know? • Principal methods of settlement ■■ Aims and objectives. ■■ General Risk Considerations ■■ Course context. • Trade finance products vs open account • Financial Crime Compliance - AML, CFT What is Trade Finance? and Sanctions ■■ Benefits of trade finance to businesses • Know Your Customer (KYC) and Cus- and banks tomer Due Diligence (CDD) ■■ Introduction to the trade cycle • Correspondent Bank risk ■■ Incoterms 2010 • Counterparty risk • Summary of terms • Credit risk • The advantages/disadvantages to Im-

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Case Study: Short exercise to check a) to consider the needs of an Courseunderstanding Overview of Incoterms application. exporter or importer and suitability of using Documentary Collection in a cross- Key characteristics of Commercial border transaction and / or Documents used in international trade b) to check understanding of the ■■ Invoices (commercial, tax, customs, con- collections procedure and the practical sular, pro-forma invoice) application of the URC 522 ■■ Marine/Ocean Bills of Lading • Title, transfer Documentary Letters of Credit • Control of goods (transferable B/L v. ■■ Principal parties (buyer, seller, issuing straight consigneed) bank, advising bank, confirming bank) • Delivery considerations ■■ Benefits to importers and exporters of ■■ Other forms of transport document Documentary Letters of Credit • Multimodal Transport Document ■■ Relationship between buyer, seller and • Air Transport Document banks • Road, Rail or Inland Waterway Trans- port Documents ■■ Advantages / disadvantages of letters of • Non-negotiable bills of lading credit ■■ Insurance Policy/Certificate ■■ Risk factors re issuing letters of credit ■■ Other certificates (Certificate of Origin, ■■ The autonomy of letter of credit operations Inspection Certificate, Phytosanitary, etc) (Independence Principle) ■■ Bills of exchange ■■ Importance of the application form (legal issues) Exercise - using examples of commercial ■■ Instructions to issue/amend credits documents to help participants to ■■ Workability of the credit understand their technical content, the ■■ Jurisdiction significance and importance of particular documents. Introduction to the International Chamber of Commerce UCP 600 Rules: Core Trade Products ■■ Structure and obligations under letter of ■■ Import / Export Documentary Collections credit; ■■ Letters of Credit ■■ Availability of credits, expiry date and Course■■ Guarantees Content place for presentation ■■ Availability by payment, deferred payment, Import / Export Documentary Collections acceptance, deferred payment standard for ■■ Principal parties (buyer, seller, presenting examination of documents; dealing with bank, remitting / collecting bank) discrepant documents, waiver and notice ■■ Benefits to importers and exporters of of refusal; Documentary Collections ■■ Relationship between principal and banks Examination of documents ■■ Role of banks (incl. correspondent banks / ■■ Key elements of the main articles of UCP agency arrangements) 600 ■■ Legal and practical issues re the duties of ■■ The standard for examination of docu- the banks involved in handling collections ments: “no conflict” rule – article 14 ■■ Conditions for release of documents ■■ Processing non-compliant documents as ■■ Areas of risk: Nominated/Confirming Bank • Usance collections ■■ Processing non-compliant documents as • Partial payments Issuing Bank • Avalisation (so rare would exclude) ■■ Risks arising from non-adherence to UCP • Release of goods on trust 600 ■■ Procedures for Protest of Bill of Exchange ■■ Legal cases and ICC Banking Commission (B/E) and underlying risks opinions ■■ Complexities of the ICC Uniform Rules for ■■ DOCDEX – dispute settlement mechanism Collection (URC 522) of ICC for trade finance ■■ Analysing irregularities in documents Case Studies International Standard Banking Practice ISBP 745 (2013 Rev) To book this course or find out more, please click the “Book” button FundamentalsAdvanced of International Negotiation IssuesTrade Finance in M&A ContinuedDate:

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■■ What constitutes an “alteration” or “ad- ■■ Extend or Pay demands Coursedition” Overview to a document, when and how ■■ Expiry and Cancellation Uniform Rules for should these be authenticated? Demand Guarantees 758: main principles, ■■ How should documents be signed, if this is URDG 758 guarantee sample wording, not explicitly stated in the credit? sample clauses ■■ How should one handle typing errors on documents regarding the name and ad- Case Study to review guarantees which dress, different addresses of same compa- caused a loss to the bank. Discuss the ny, etc.? practical application of URDG 758 and potential for use in local banking practice Advising, confirming, reimbursing credits and legal jurisdictions. ■■ Obligations and Risks associated with the Advising Bank, Nominated Bank, Confirm- Financial Crime Compliance ing Bank ■■ Consituent parts (money laundering, ter- ■■ The use of the Bill of Exchange in Letters rorist financing, sanctions breaches) of Credit ■■ Current examples ■■ Application of the Uniform Rules for Bank- ■■ An introduction to the nature of compli- to-Bank Reimbursement ICC 725 ance risk in cross border transactions ■■ Assignment of procceds ■■ Why are international trade transactions increasingly a target for abuse? Case Studies ■■ The consequences of non-compliance (for a) to consider the needs of an banks, corporates and individuals) exporter or importer and suitability of ■■ Risk assessment from FCC perspective using a Letter of Credit in a cross-border transaction and / or Case Study: Participants work in groups to consider the needs of various SMEs b) to check understanding of the and to identify the appropriate product collections procedure and the practical solution. application of the UCP600 ■■ ■■ Summary of day’s learning Other forms of Letter or Credit ■■ Opportunity to refresh clarify key points, CourseA review Content of the purpose, procedure and clarify risks associated with: ■■ Review main learning points. ■■ Irrevocable / revocable ■■ Usance credits ■■ Transferable Credits ■■ Back-to-Back Credits ■■ Red and Green Clause Credits ■■ Revolving / Reinstatement Credits ■■ Standby Credits ■■ Synthetic Credits

Guarantees ■■ Types of guarantees: • Tender/bid bonds • Advance payment guarantees • Performance bonds • Retention money guarantees • Warranty Guarantees (Maintenance guarantees) • Bail bonds • Payment guarantees • Indemnities/counter guarantees ■■ Risk Assessment (including risk weighting) ■■ Wording of Guarantees ■■ Demand under guarantees: issues

To book this course or find out more, please click the “Book” button Structuring & Negotiating Mezzanine, PIK, Second Lien Advanced NegotiationAnd Issues Unitranche in M&A Date: 10 Jul 2018, 27 Nov Date:2018 Location: LondonLocation: StandardLondon Price: Price: £725 .....+VAT + VAT Membership Price: £580 + VAT

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Course Overview

Credit markets continue to provide copious amounts of liquidity across the funding spectrum from senior debt through second lien, mezzanine and PIK-style instruments driven by traditional funding sources and a significant increase in capital formation from alternative lenders. Although unitranche continues to comprise the most popular offering from alternative lenders, these funds adopt an eclectic approach to credit and are willing to provide established junior products such as mezzanine and PIK either in conjunction with senior debt or to complement their unitranche offering. The Second Lien market experienced a resurrection in July 2014 (after a nascent period post 2007) but, according to S&P, is expected to experience a renaissance in 2017, for a number of reasons. The appeal to borrowers is first, the ability to increase leverage from 2L to fund higher purchase price multiples; second, reduced public disclosure and need for credit ratings; third, lower pricing than senior/ mezzanine structures and finally, is easier to restructure in distress than high yield bonds. Lenders are keen to take the product as it provides higher margins than senior debt, includes some level of call protection, provides additional investment opportunities (given the relative dearth of senior paper) and is structured differently to first generation deals, so providing greater protection in distress. Mezzanine continues to face pressure from other cheaper products (2L in larger deals and unitranche in smaller deals), Despite this, global mezzanine funds have raised very large amounts of capital over the last year (GSO, Highbridge, Prudential and Crescent together raised nearly $20 billion). Competition from competing forms of capital means it is less likely these funds will be deployed in entirely conventional structures so these lenders have had to evolve new strategies to deploy their funds although there remains demand for the traditional senior / mezzanine structure. Despite the decline in mezzanine issuance, mezzanine continues to exert a strong influence on other junior debt products as many direct lenders had their roots in mezzanine and have been willing to apply the practices in that market to direct lending (e.g. the use of PIK and warrants) PIK itself continues to find a place in the sun for a wide range of purposes including LBOs and the €3.6 billion Schaeffler multi-tranche PIK in late 2016 (up-scaled from €2.5 billion) evidenced strong demand for that product notwithstanding the miserly pricing (275bps on the 5 year Euro). Many of these deals now tend to be issued in note, rather than loan, form. In current market conditions, PIK is expected to remain popular as lenders chase returns up the risk/reward curve. European direct lending funds reportedly have c $17 billion of capital to deploy. Unitranche continues to be the most dynamic product in that market however the offering has splintered from the original- classical structures to more structured bespoke products embracing a wider range of more complex structures including dual unitranche, first-in/ first-out. Banks, unwilling to be left on the sidelines, Coursehave also Contentproved willing to fund both the bank-led facilities as well as some of the unitranche itself. The recent £475 million unitranche financing Bridgepoint’s acquisition of Zenith illustrates that direct lending can compete with head-on high yield bonds whilst the recent redemption of Soho Houses’ high yield bonds, with a £275 million unitranche, reinforces that notion. The large amounts of dry powder available to funds coupled with stiff competition from the traditional senior/junior loans has compressed pricing so lenders have had to find innovative/alternative ways of deploying their funds. Despite this, the recent ECB leverage guidance is expected to hamper banks and boost direct lending in general. Whilst junior debt offers attractive returns, this is not without risk and the lesson from the credit crisis is that these providers invariably ended up receiving little or nothing in distress (e.g. Imo Carwash, Stabilus). Against this background, junior lenders have sought ways to mitigate these risks and have been assisted by an updated LMA Intercreditor (2012). However, many, more sophisticated providers have sought other ways to improve their position, for example through the appointment of their own Facility and even Security Agents, although this is not without controversy. This programme examines the range of junior debt loan products available in the market, their use and application, the typical terms and conditions, market pricing and returns. The program also considers the various techniques junior lenders can adopt to structure their credit ab initio (via Intercreditor issues), how they can monitor their credit thereafter (and have advanced warning of impending distress) and finally how they can maximise recovery in distress. The course is highly practical and interactive and will include case studies which will first, require participants to devise appropriate junior debt structures and second, to consider the various Intercreditor and other matters which can protect their position in distress. The programme will review the impact of the draft ECB guidance on leveraged transactions. A model will be provided in advance of the programme and participants will be required to bring a laptop to the course with that model loaded.

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Course Content

Introduction to the junior debt spectrum ■■ The onward march of direct lenders in Europe ■■ Overview of the market • Market trends ■■ The role of direct lenders • Recent developments ■■ Review of the various products ■■ Where and how its used • Mezzanine ■■ Review of different “unitranche” structures • PIK, PIYC & Toggles • Classic product • Second Lien • Clubbed • Unitranche • Dual tranche • Structured Structuring parameters – how much senior • First out / last out and how much junior debt ■■ Interaction with bank led finance & impact on ■■ Typical approaches to gauging debt capacity bank lenders / capital structure ■■ “Typical” terms & leverage ■■ What are the key criteria to consider ■■ “Typical” pricing • Multiples vs Capital approach • Cash coupon • Key ratios (covenants where relevant) • PIK used to right-size the debt • Warrants ■■ How Jurisdiction can affect debt capacity ■■ Other tools for achieving the target IRR (and how to mitigate) ■■ Leverage – how much and impact on returns ■■ Call protection Types of Mezzanine: use and key issues • Why it matters to lenders ■■ Main features of the mezzanine • Hard vs soft call protection ■■ European vs US vs Asian mezzanine ■■ Pros & cons vs other types of products ■■ Warrantless mezzanine – return structure • Senior / junior (mezz/2L) • Fixed vs floating rate • High Yield Bonds • Cash pay • PIK Intercreditor issues & Agreement Among • Redemption premia – stepped vs linear Lenders (“AAL”) ■■ Other tools for achieving the target IRR ■■ Typical inter-creditor issues for junior debt • OID to enhance returns • Enforcement standstills • Using Libor/Euribor floors • Turnover – why and where this matters • Fees • Option to purchase - Practical issues • Call protection - hard vs soft call protec- ■■ Key issues in distress tion • Information rights ■■ Key issues for warranted mezzanine • Why going on the Board may not help • Key issues & pitfalls for warrantless mezz • Costs in distress • Dealing with recaps & refinancing • Valuation in distress (q.v. IMO Carwash) • The order of priority vis-a-vis PE loan • Release of collateral (q.v. European Directo- notes ries) ■■ Other variants of mezzanine ■■ The role of the Agents - how and why it mat- • Senior mezzanine ters in distress • Junior mezzanine • Appointing a separate Facility Agent • Hybrid mezzanine • Appointing a separate Security Agent – key issues to consider Second Lien ■■ Use and application Draft ECB Guidance on Leveraged ■■ Market trends / recent deals Transactions ■■ Documenting the 2nd Lien - composite or ■■ Which lenders are affected separate facility agreement ■■ Which deals are affected ■■ “Typical” terms, leverage, pricing and call ■■ EBITDA calculation protection ■■ Ramifications for market players ■■ Pros and cons of 2L vs unitranche, high yield bonds ■■ Other tools for achieving the target IRR PIK (PIYC, PIYW, Toggles) ■■ Pay-in-Kind (PIK) generally ■■ Different types PIK • PIYW • Toggle • PIYC ■■ “Typical” terms, leverage and pricing ■■ Call protection - hard vs soft call protection ■■ Market trends / recent deals Unitranche & direct lending products

To book this course or find out more, please click the “Book” button RegulationAdvanced & Compliance Negotiation for UK Financial Issues Services in M&A Date: 12 Oct 2018 Date: Location: London Standard Price: £625 + VAT Location:Membership London Price: Price: £500 .....+VAT + VAT

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Course Overview

This introductory/intermediate workshop style course is suitable for both beginners as well as those wishing to hone up or refresh existing skills. The scale of regulation can seem both bewildering and confusing. This one day interactive workshop is designed to explain the process in clear and easy to follow steps. It starts with an overview of UK financial services regulation and compliance. It reviews the central pieces of UK legislation,including important secondary legislation. It also examines how the EU has influenced development, especially regulation & compliance and will continue to do so whilst Brexit discussions remain at what still seems to be a very early stage. We will also discuss the role of the FCA in detail including the changes introduced by the Senior Managers Regime which is now live in the banking sector and will be extended to all regulated firms by 2019. There will be an explanation of the workings of the FCA’s Handbook and regulatory processes. We will understand how to use the FCA website to research and analyse areas of the rules and their application in respect of UK regulation and compliance issues. We will also look at several important and topical areas of the regulatory framework and how these are being treated under current regulation & compliance requirements.

Course Content

Background to UK financial services European and international influence on regulation & compliance regulation & compliance ■■ Overview - The evolving scope of regulat- ■■ Brexit ed activities and the regulator ■■ The European regulatory structure ■■ FPC, PRA & FCA – all change on April 1 ■■ The implementation and impact of EU Direc- 2013 tives ■■ Role of compliance ■■ Passporting Course■■ The Contenthandbook - FCA & Rulebook - PRA ■■ Significant EU directives ■■ Types of regulated firms ■■ Global regulatory influences ■■ Types of regulation Overview of FCA’s Handbook and regulatory Core elements of the present regulation and compliance approach and compliance framework ■■ High level standards ■■ The Financial Services and Markets Act ■■ Principles for businesses / The Fundamental 2000 (FSMA) Rules ■■ The Financial Services Act 2012 ■■ Statements of principle for approved persons ■■ The regulatory structure ■■ Senior management arrangements systems ■■ The role of the Financial Conduct Author- and controls ity (FCA) ■■ Training and Competence Sourcebook ■■ The role of the Prudential Regulatory Au- ■■ Business standards thority (PRA) ■■ Conduct of Business Sourcebook (COBS) Structure of handbook Money Laundering Regulations 2017 ■■ Topical issues ■■ Changes ■■ General risk assessment The Approved Persons Regime ■■ Risk mitigation policies ■■ Definition of Approved Person ■■ Level of due diligence ■■ FCA procedure ■■ Reliance on third parties ■■ Statements of Principle for Approved Persons ■■ PEPs ■■ Code of Practice ■■ New Criminal Offence ■■ Approved Persons & the Remuneration Code ■■ Office for Professional Body Anti-Money Laundering Supervision (OPBAS).

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Course Content

Senior Manager Regime ■■ Overview ■■ Key changes ■■ Risk Maps ■■ Accountability Statements ■■ Certified Persons ■■ Systems & control functions

Financial products – regulation & compliance ■■ Accepting customers ■■ Financial promotions ■■ Advising and selling ■■ Product disclosure ■■ Dealing and managing ■■ Customer reporting ■■ Prudential standard ■■ Capital Requirements Directives (CRD) – overview only

Client Assets Sourcebook ■■ Custody ■■ Client money

Redress ■■ Dispute resolution (complaints) Compensation

Financial Crime ■■ Insider dealing (CJA 1993) ■■ Market manipulation (S 89-91 FSA 2012) ■■ Market abuse (S 118 FSMA) ■■ Market Abuse Directive II / Regulation ■■ Money laundering ■■ Proceeds of Crime Act 2002 (as amended) ■■ Money Laundering Regulations 2007 ■■ SYSC rules on financial crime ■■ JMLSG guidance

Future ? ■■

To book this course or find out more, please click the “Book” button Unitranche & Alternative / Direct Lending Date: 19 June 2018, 09 Nov 2018

Location: London Standard Price: £675 +VAT Membership Price: £540 + VAT

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Course Overview

Direct lending in general, and unitranche in particular, continues to make significant inroads across Europe. The offering has received a further boost from the relaxation on direct lending in France, Germany and Italy whilst the ECB guidance on leveraged transactions, which is expected to come into effect mid 2017, will hamper bank lending providing further impetus to direct lenders.

Initially unitranche structures competed mainly with traditional senior/junior structures; however, the ability and willingness of direct lenders to lend increasingly larger amounts means the offering now competes with the high yield bond market as evidenced by the recent £475m unitranche backing Bridgepoint’s acquisition of Zenith. At the smaller end, direct lenders are providing increasingly smaller tranches with Beechbrook’s €7.1m unitranche and equity co-invest indicating that all but the smallest deals are now within reach.

Geographically, direct lending continues its advance inside the three main markets (UK, France and Germany) while Scandanavia, Italy, Spain and Ireland are all seeing strong growth and demand for the product. Unitranche recently appeared on the radar in Asia in the shape of the $480m unitranche backing Carlyle’s bid for Australian based pharma company, iNova, so the product seems set to grow in those markets too.

Unitranche continues to evolve as a highly bespoke product offered in a wide variety of forms including; clubbed, bifurcated, “dual-tranche” and even junior unitranche, all of which seem to beg the question of whether the term ‘unitranche’ adequately describes these various structures. Direct lenders are being forced to develop a wider range of strategies and products in an effort to differentiate their offering from other providers and some are increasingly willing to offer undrawn facilities as part of the financing (q.v. the £50 million undrawn capex line provided by Goldmans as part of unitranche financing for Zenith).

Some funds have elected to ride the risk curve in search of higher yields whilst others have gone back to their roots in the mezz market and are using equity to enhance returns; a few are creating mezz funds through the back door. Traditional bank lenders, initially slow to recognise the challenge from thise new providers, have developed various strategies to partner up with direct lenders and are willing and able to provide the “first out” portion of unitranche.

Documentation continues to adapt to the myriad of structures in the market but liquidity in high yield bond market and the syndicated loan market is also having an impact on terms in the mid-to-larger unitranche-style deals.

The complex nature of these structures means that Intercreditor issues have become a key negotiating area for lenders and borrowers, however, the evolution of US-style clubbed (and syndicated?) deals has introduced a further complication via the introduction of the Agreement Amongst Lenders between the parties in some deals although some practitioners question whether these AALs are necessary.

Last, direct lender’s hurdle rates have prevented them from targetting more traditional, unleverage credits leaving a funding gap in the 400–550 bps space. With this in mind, capital formation is taking place to address this, hitherto, neglected sector of the market although providers are having to find other, traditional ways of meeting their target returns; such as warrants.

On the restructuring front, Unitranche has avoided the landmines so far. However the volume of issuance over the past few years means that defaults have occurred with ICG’s investment in Courtepaille the most high-profile restructuring to date but market chatter suggests other deals are already experiencing distress. The course considers how the market has and will address these issues.

Participants will receive various models (including a professionally designed LBO model which measures debt capacity and exit returns) along with a market report from Debt Explained on trends in the loan market.

The programme will review the impact of the draft ECB guidance on leveraged transactions and its potential impact on direct lending

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Direct Lending – review of lenders and the ■■ Bilateral vs. Clubbed unitranche market ■■ Unitranche vs Senior+Mezz/2L vs SSHYB ■■ Introduction to direct lending & unitranche ■■ Bond structure ■■ Overview of the basic unitranche product • Rationale, use and application in other EU ■■ The direct lending market in Europe – where jurisdictions does it fit in? ■■ Interaction with the bank-led facilities - RCF, ■■ Reviw of direct lending fundraising Acquisition, Capex ■■ The changing landscape of direct lending providers Facility size and leverage ■■ Review of market trends and developments ■■ Facility size and application – how small or in direct lending large can it go? ■■ Impact of the ECB guidance on leveraged ■■ Leverage ratios transactions • Is there a typical range? • Comparison with separate senior/junior Direct lending vs other forms of financing facilities - senior/mezz and senior /2L ■■ Direct lenders approach to the unitranche ■■ Tenor – what’s market • Are all lenders the same ■■ Bullets vs amortising – impact on the deal • What do they want • General approach pricing & terms Role play: Traditional senior / mezz vs Uni- ■■ The borrower’s perspective tranche structure ■■ Direct lending vs traditional bank-led finance ■■ Unitranche vs Senior / junior structures Margins & Call protection (mezz/2L) ■■ Where’s the market now - current trends • Pros and cons ■■ Approach to margin ratchets - ■■ Direct lending vs High Yield Bonds ■■ Other margin protection measure – OID and ■■ Pros and cons floors ■■ Review of Zenith ■■ Structuring the coupon • Cash vs PIK & Warrants How are traditional bank lenders respond- ■■ Warrants – which investors want these and ing? why? ■■ Can traditional bank lenders work with funds • Why these matter to investors ■■ Banks and direct lenders – creating a symbi- • Key issues for lenders (information, rep- otic relationship resentation) ■■ Three ways banks can stuucture their rela- • Issues for borrowers tionships with direct lenders ■■ Hard vs. soft call-protection • Formal JV - pros and cons • Why it matters • Framework agreements - - pros and cons • “Typical” terms • Ad-hoc - - pros and cons ■■ Other stratagies banks can adopt to retain Terms where unitranche differs from market share “standard” LMA terms ■■ Permitted actions Review of Unitranche and direct lending • M&A structures – past, • Additional borrowing, security & guaran- present, future? tees ■■ Overview of direct lending spectrum • Permitted payments (to equity) ■■ “Original” Unitranche – the US product ■■ Cash sweeps ■■ European Unitranche - The “classic” struc- • Approach of the funds ture • What about the banks ■■ “Structured” unitranche ■■ Covenants generally • Review of recent deal structures • Guarantor coverage • Bifurcated unitranche ■■ Financial maintenance covenants • “Dual” tranche unitranche • Standard LMA? • Parallel unitranche • Cov-lite vs cov-loose • “Junior” unitranche • Springing covenants • JV structures • Aggressive borrower-friendly terms - • Syndicated unitranche EBITDA add-backs

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Use and application for non-sponsored corporate deals senior? ■■ Review of the US market examples ■■ Deciding which aspects go in the ICA or the ■■ European examples – deals we have seen AAL ■■ A viable option for corporate deals – what’s ■■ Amendments and Waivers changed • What is controlled and by whom ■■ Pros and cons of using unitranche in corpo- • Dual consent structures – a viable solu- rate deals tion? ■■ “Typical” use and application for European ■■ Enforcement and Standstill issues corporates • Who is the “Instructing Group” – what happens in dispute Documentation • Reconciling the unitranche and the RCF ■■ Overview of the loan structure tensions ■■ MA precedents as a point of departure • Reconciling tensions in split unitranche ■■ Documenting bifurcated deals: who is the • Standstill periods lender of record? – various approaches ■■ The concept and application of “Material ■■ Hedging facilities Events of Default” • Who provides this • What does it cover • Ranking (always first?) • When does it matter • Handling large RCFs • Are there other solutions ■■ Voting issues & thresholds ■■ Problems when things go wrong • The traditional LMA approach • How will dual or bifurcated structures af- • Will it work in clubbed or dual tranche fect Schemes of Arrangement deals • Potential problems with “class” where • Is it time for a change? lenders are in both RCF and unitranche • When unanimous consent is no longer Collateral & Security unanimous ■■ Collateral in the UK & Europe ■■ Financial assistance ■■ Separate Facility agents – are they neces- sary? ■■ Separate Security Agents – why and how

Transferability, Assignment and Portabil- ity ■■ Transferring / selling post completion • Who is the Lender of Record – does it matter ■■ Methods of selling down - impact • Assignment • Sub-participation • Other structure methods ■■ What borrower controls might apply Role play: Borrower vs lenders – negotiat- ing selected aspects in the term sheet

Inter-creditor issues and Agreements Among Lenders (“AAL”) ■■ Who are the Lenders of Record – pre and post sell-down? ■■ Who are the parties to the ICA ■■ Who are the key parties to the AAL • Should the Borrower be a party to the AAL - Pros and cons ■■ What is the “typical” ranking ■■ Hedge facilities – are they always super

To book this course or find out more, please click the “Book” button Latest Basel IV Regulatory Requirements Date: 19 Oct 2018 Location: London Standard Price: £695 + VAT Membership Price: £556 + VAT

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Course Overview

Basel III is a global regulatory framework on bank capital adequacy, stress testing, and market liquidity risk. It was developed in response to the deficiencies in financial regulation revealed by the global financial crisis of 2007–08. Basel III, which is currently implemented until 2019, is intended to strengthen bank capital requirements across the world and avoid another systemic banking crisis.

Basel IV is a contested term describing the latest 2016 to 2017 changes made to the Basel accords. Regulators simply consider it as an extension to the Basel III reforms.

This session provides participants with a detailed tour and review of the Basel accords issued by the Bank for International Settlement (BIS) and the ever-evolving regulation stemming from Basel II and Basel III proposals and the Capital Requirements Directive IV (CRD IV) in Europe. Through a mix of lecture and case studies, the workshop will equip participants to achieve a detailed understanding of Basel guidelines, specifically on the following technical topics:

■■ Components of Tier I and Tier II instruments; ■■ Computation of Risk Weighted Assets (credit risk, market and operational risk); ■■ The ever-evolving minimum capital ratios; ■■ The impact of TLAC and MREL; ■■ Leverage, LCR and NSFR ratios.

Participants will be required to bring a laptop to the course.

Course Content bank to compute Tier I and Tier II capi- Session 1 - Introduction tal ■■ Overview of the regulatory banking frame- work Session 3 – Required Capital and Risk ■■ Global rules for local implementation Weighted Assets ■■ From Basel I to Basel IV ■■ Overview of credit, market, counterparty and ■■ Capital Requirements Directive IV (CRD operational risks IV) ■■ Definition of Risk Weighted Assets (RWAs) ■■ The 3 Pillar approach ■■ Credit risk weighted assets ■■ Stress testing of European banks • Basel I / II approaches ■■ Vickers' report in the UK • Basel III - standardised to foundation and advanced approach Session 2 – Available Capital • Understanding PD, EAD, and LGD ■■ From accounting equity to common equity ■■ Counterparty risk weighted assets Tier 1 • Expected Positive Exposure (EPE) ■■ Overview of key accounting adjustments • Credit valuation adjustment (CVA) • Goodwill and intangibles ■■ Market risk weighted assets • Non-controlling interests • Normal distribution and Value at Risk (VaR) • Deferred taxes • Basel 2.5 and stressed VaR ■■ Hybrid securities: preference shares, sub- ■■ Operational risk weighted assets ordinated debt, mandatory and contingent • Standardised to advanced approach convertibles ■■ Tier 1 classification: impact of Basel III on Case Study: participants will calculate the the design of qualifying hybrids unexpected losses of a simple portfolio of a ■■ Tier II instruments European bank

Case Study: participants will reconcile Case Study: participants will assess the VaR an IFRS book equity of a European

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Course Content

of a single and two-assets portfolio

Case Study: participants will reconcile the operational RWAs to its historical net banking income

Session 4 – Minimum Capital Ratios ■■ Minimum capital ratios: from Basel II to Basel III ■■ Tier 1 and total capital ratios ■■ Minimum and buffers above minimum: con- servation and countercyclical buffers and buffer for systemically important banks ■■ Impact of Basel III: phasing in of Basel III requirements ■■ Global/Domestic Systemically Important Banks (G-SIBs and D-SIBs) ■■ Total Loss Absorbency Capital (TLAC) ■■ Minimum Requirement for own funds and Eligible Liabilities (MREL)

Session 5 – Leverage and Liquidity Ratios ■■ Back-stop leverage ratio ■■ Liquidity coverage ratios (LCR) ■■ Net stable funding ratios (NSFR)

Case Study: participants will calculate and comment on those 3 ratios for a European bank

Session 6 – Basel IV Latest ■■ A standardised floor of 72.5% of the re- quirement based on Standardized approach ■■ A simultaneous reduction in Standardised risk weights for low risk mortgage loans ■■ Simplication of internal-based models ■■ Higher leverage ratio for G-SIBs

To book this course or find out more, please click the “Book” button Advanced NegotiationLetters Issues of in Credit M&A Date: 11 Jun 2018, 15 Oct 2018 Date: Location: London Standard Price: £625 +VAT Location:Membership London Price: Price: £500 .....+VAT +VAT

BOOK NOW Course Overview Course Overview Despite increasing movement to unstructured open account trading, there is still a place for Trade Finance, and, in particular, Letters of Credit which are widely used by small and medium sized enterprises, in the import and export of goods and services.

This 1-day course will provide a firm foundation to participants new to the workings of Letters of Credit, as well as reinforcing and consolidating the knowledge of those participants who already have some general Trade Finance experience. Through a better understanding of the nature and mechanics of Letters of Credit, participants will be better placed to identify customer needs and recommend appropriate solutions.

Included in the course are practical sections covering documentation, the regulatory environment and the implications of Financial Crime Compliance. These include the various International Chamber of Commerce (ICC) rules and practices and a high-level oversight into anti-money laundering (AML), Countering the Financing of Terrorism (CFT) and Sanctions considerations.

The course will use case studies and interactive class discussions, encourage delegates to question and test their knowledge at each stage of the course. Course Content

Documentary Letters of Credit Introductions ■■ Principal parties (buyer, seller, issuing bank, ■■ Trainer & participants advising bank, confirming bank) ■■ What do you know? ■■ Benefits to importers and exporters of Docu- ■■ Aims and objectives. mentary Letters of Credit ■■ Course context. ■■ Relationship between buyer, seller and banks ■■ Advantages / disadvantages of letter of credit What is Trade Finance? ■■ Risk factors re issuing letters of credit ■■ Benefits of trade finance to businesses and ■■ The autonomy of letter of credit operations banks Course Content (Independence Principle) ■■ Introduction to the trade cycle ■■ Importance of the application form (legal ■■ Incoterms 2010 issues) • Summary of terms ■■ Instructions to issue/amend credits • The advantages/disadvantages to Import- ■■ Workability of the credit er/Exporter in the use of Incoterms 2010 ■■ Jurisdiction • Principal methods of settlement ■■ General Risk Considerations Introduction to the International Chamber • Trade finance products vs open account of Commerce UCP 600 Rules: • Financial Crime Compliance - AML, CFT ■■ Structure and obligations under letter of cred- and Sanctions it; • Know Your Customer (KYC) and Customer ■■ Availability of credits, expiry date and place Due Diligence (CDD) for presentation • Correspondent Bank risk ■■ Availability by payment, deferred payment, • Counterparty risk acceptance, deferred payment standard for • Sanctions clausing examination of documents; dealing with • Operational risk discrepant documents, waiver and notice of • Credit risk refusal; Case Study: Short exercise to check ■■ Key legal decisions (Santander v Paribas, CIC understanding of Incoterms application. v CMB) Core Trade Products Key characteristics of Commercial ■■ Import / export Documentary Collections Documents used in international trade ■■ Letters of Credit ■■ Invoices (commercial, tax, customs, consular, ■■ Guarantees pro-forma invoice)

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BOOK NOW ■■ Marine/Ocean Bills of Lading Advising, confirming, reimbursing credits • Title, transfer ■■ Obligations and Risks associated with the Course• Control Overview of goods (transferable B/L v. Advising Bank, Nominated Bank, Confirming straight consigneed) Bank • Delivery considerations ■■ The use of the Bill of Exchange in Letters of ■■ Other forms of transport document Credit • Multimodal transport document ■■ Application of the Uniform Rules for Bank-to- • Air transport document Bank Reimbursement ICC 725 • Road, Rail or Inland Waterway transport ■■ Assignment of proceeds documents • Non-negotiable / draft bill of lading Case Studies a) to consider the needs of ■■ Insurance Policy/Certificate an exporter or importer and suitability ■■ Other certificates (Certificate of Origin, of using a Letter of Credit in a cross- Inspection Certificate, Phytosanitary, etc) border transaction and / or b) to check ■■ Bills of Exchange understanding of the collections procedure and the practical application of the UCP600 Exercise - using examples of commercial documents to help participants to Other forms of Letter or Credit A review of understand their technical content, the purpose, procedure and risks associated the significance and importance of with: documents. ■■ Usance credits ■■ Transferable Credits Examination of documents ■■ Back-to-Back Credits ■■ Key elements of the main articles of UCP ■■ Red and Green Clause Credits 600 ■■ Revolving Credits ■■ The standard for examination of docu- ■■ Standby Credits (vs Guarantess) ments: “no conflict” rule – article 14  ■■ Synthetic Credits Processing non-compliant documents as Nominated/Confirming Bank Other considerations ■■ Processing non-compliant documents as ■■ Acceptance Issuing Bank ■■ Discounting ■■ Risks arising from non-adherence to UCP ■■ Aval Course600 Content ■■ Factoring ■■ Legal cases and ICC Banking Commission ■■ Forfaiting opinions ■■ DOCDEX – dispute settlement mechanism Financial Crime Compliance of ICC for trade finance ■■ Consituent parts (money laundering, terrorist ■■ Analysing irregularities in documents financing, sanctions breaches) ■■ Current examples International Standard Banking Practice ■■ An introduction to the nature of compliance ISBP 745 (2013 Rev) risk in cross border transactions ■■ What constitutes an “alteration” or “addi- ■■ Why are international trade transactions in- tion” to a document, when and how should creasingly a target for abuse? these be authenticated? ■■ The consequences of non-compliance (for ■■ How should documents be signed, if this is banks, corporates and individuals) not explicitly stated in the credit? ■■ Risk assessment from FCC perspective ■■ How should one handle typing errors on documents regarding the name and ad- Case Study: Participants work in groups dress, different addresses of same compa- to consider the needs of a business and to ny, etc.? identify the appropriate product solution. ■■ Detailed practices when working with different trade documentation (e.g. doc- ■■ Summary of day’s learning uments not covered by UCP, packing ■■ Opportunity to refresh clarify key points, clar- lists, weight lists, beneficiary certificate, ify non-negotiable sea waybill, analysis in- ■■ Review main learning points. spection, health, phytosanitary, quantity & quality certificates)

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Course Overview

Whilst trade and commodity finance is low in credit risk it exposes banks to high compliance risks.

Banks who have failed to implement adequate Financial Crime Compliance programmes and training have incurred fines, reputational damage and faced the potential loss or suspension of their ability to operate in certain currency markets or jurisdictions. This 2-day course for personnel who are involved in Trade Finance, including bank auditors, compliance officers, operations managers and relationship directors, provides an explanation of the operation of the methods of payment and financing used in international trade and commodity transactions and the nature of associated compliance risks.

The course covers all aspects of Financial Crime Compliance (including the regulatory framework) with particular regard to Trade & Commodity Finance (principles and products), Correspondent Banking, International Payments, Global Cash Management, their associated compliance risks and the suspicious money laundering / sanctions violation activity red flag indicators of each.

Through attending this course participants will be able to identify compliance risk features in core product areas and key aspects from an audit and compliance risk perspective. The course uses a range of typologies, exercises and case studies to enable the participants to consider transactions and identify the key risk compliance features, areas of due diligence and further information required to make a risk-based assessment

Course Content

Day 1 laundering ■■ Money laundering and terrorist financing Introductions Course■■ Trainer Content & participants Case study concerning the involvement ■■ What do you know? of, and consequences for, an international ■■ Aims and objectives. bank which transferred money arising from ■■ Course context. drug smuggling across three continents.

Financial Crime Compliance Countering the Financing of Terrorism ■■ Consituent parts (money laundering, ter- (CFT) rorist financing, sanctions breaches) ■■ Key differences between CFT and AML ■■ Current examples ■■ The importance of due diligence and fo- ■■ An introduction to the nature of compli- cussed screening ance risk in cross border transactions ■■ Why are international trade transactions Case study concerning the involvement increasingly a target for abuse? of, and consequences for, an international ■■ The consequences of non-compliance (for bank which was identified as having banks, corporates and individuals) processed funds used to finance terrorism.

Anti-Money Laundering (“AML”) Sanctions ■■ What is money laundering? ■■ What are sanctions? ■■ Why is money laundered? ■■ Why are they imposed and what is their ■■ How is money laundered? intended impact? ■■ The key stages of money laundering; ■■ Who imposes them and on whom are they placement, layering, integration imposed? ■■ Customer Due Diligence (CDD) ■■ What is the difference between a trade em- ■■ The risk-based approach to anti-money bargo and financial sanctions? ■■ Examples of sanctions imposed in recent

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Course Overview ■■ years • Adequacy of AML and sanctions compliance ■■ The relevance of due diligence and screen- procedures ing • Nature of respondent’s business • Client base Case study on sanctions breaches • Shell banks concerning a major UK corporate. • Direct access accounts • Downstream correspondents Financial crime also relates to:- • Correspondent network rationalisation ■■ Bribery & corruption ■■ Tax evasion Exercise; due diligence and risk ■■ Proliferation considerations

Facilitation of money laundering Financial Institutions - as customers: ■■ Complexity ■■ Compliance risk assessment framework; key ■■ Three stages of money laundering components ■■ Financial products vs open account ■■ Due diligence and risk assessment ■■ Co-mingling ■■ Unacceptable customers ■■ Cash ■■ Monitoring activity – warning signals, red ■■ Fraud flags, Financial Action Taskforce (FATF) recom- ■■ Smuggling mendations. ■■ Transfer pricing, etc. ■■ Capital Flight International Payments / SWIFT Messaging ■■ Foreign Exchange ■■ The mechanics of cross border funds transfers and nature of the payment instruction Examples of legitimising the ■■ Parties; remitter, originator bank, receiving movement of illicit monies. a) bank, beneficiary, cover/reimbursing bank the use of over-inflated invoicing ■■ What is SWIFT? representing “management charges ■■ What is the function and operation; b) misrepresentation of invoice value, ■■ Understanding the use and role of SWIFT “MT” Coursemultiple Content invoicing and false description of message types in payments and trade trans- goods actions ■■ Compliance risk; Correspondent banking • Correspondent bank ■■ What is the role of a correspondent bank? • Message abuse ■■ Why is correspondent banking fundamental • Inappropriate use of message types to cross border money flows? ■■ Message stripping ■■ The counterparty compliance risk of using ■■ Methods of international bank transfer: Correspondent Banks • Direct and serial processing method (the ■■ The use and operation of Nostro, Vostro use of SWIFT MT 103) and Loro accounts • Cover method (the use of SWIFT MT103 ■■ Correspondent banking infrastructure; plus SWIFT MT202 COV) • Message authentication; • The compliance risk implications of SWIFT • Provision of payment, trade and treasury MT202 services; ■■ Value dating • Cash management ■■ Key compliance risk zones: ■■ Risk profile of remitting, receiving and re- • Message information imbursement parties in cross border trans- • Originator; ownership, jurisdiction actions • Beneficiary; ownership, jurisdiction ■■ Know your customer; the impact of ”KYCC” • Nature and value of payment – ordinary ■■ Key compliance risk zones: course of business? • Ownership and control • Screening – designated persons – sanc- • Jurisdiction tioned countries? • Quality of jurisdictional regulatory and ■■ The compliance risk exposure of US dollar supervisory framework transfers

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Course Overview ■■ High risk customers requiring payment Trade Finance services ■■ Red flag suspicious activity indicators Trade Transactions ■■ Principal parties and associated risks Global Cash Management ■■ Objectives of principal parties ■■ Examples of global cash management ■■ Understanding the trade cycle (concentration/pooling, zero and target ■■ Additional risks of trading internationally balancing) ■■ Parties; corporate structures, pool partici- Description, function and operation: pants and banks ■■ The nature and purpose trade finance ■■ Key compliance risk: ■■ What trade finance is and why it is required • Pool participants; ownership, jurisdic- Why trade finance carries high compliance tion risk • Nature of business ■■ High risk components (e.g.) • Correspondent/partner banks ■■ Trade finance compliance risk characteristics; • Origin and nature of funds • Counterparties – “know your customer’s • Co-mingling of legitimate and illicit customer” monies • Parties; different roles of banks; fragment- ■■ Monitoring activity – warning signals ed bank involvement ■■ Compliance risk profile • Transactions; complexity & banks deal in documents – validation? Case study re corporate group cross • Negotiable instruments border cash concentration arrangement • Involvement of third parties (agents, carri- used to disguise illicit funds (from a ers, etc) subsidiary) and recirculation through • Jurisdictions / role of finance in cross bor- apparent trade purposes der abuse

Managing Risk Comparison between international ■■ Risk Assessment and due diligence payments and documentary trade finance in Course■■ Know Content your customer (KYC) the compliance risk environment: ■■ Red Flags and responsibilities ■■ Automated screening ■■ Identifying suspicious activity ■■ Message stripping ■■ Regulatory environment ■■ Manual based due diligence ■■ Counterfeiting Trade based money laundering (TBML) Video / discussion on CDD, KYC, etc. ■■ Definition ■■ FCA Thematic Review Case study on the cost of non-compliance ■■ Increasing focus of criminal activity re AML and sanctions violation ■■ Compliance considerations ■■ Risk mitigation (KYC; KYCC; information ■■ Summary of day’s learning screening; document checking; red flags; ■■ Opportunity to refresh clarify key points, etc.) clarify ■■ Common methods of trade based money ■■ Review main learning points. laundering

Preparation for day 2 Core Trade Finance Products Day 2 ■■ Open Account Trading ■■ Trade cycle ■■ Review of principal considerations re Fi- ■■ Incoterms nancial Crime Compliance ■■ Risk considerations (counterparty, credit, ■■ Key learning points form Day1 FCC) ■■ Any questions / thoughts which have arise ■■ Products overview ■■ Introduction to Day 2 ■■ Compliance risk assessment (bank controlled payment/reimbursement)

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Course Overview Case study to identify unusual features of a Case study; the assessment of a business letter of credit request and identify the red transaction, requiring identification of flag suspicious activity characteristics potential risk issues Bank Guarantees Documentary collections ■■ What are bank guarantees? ■■ What is a documentary collection? ■■ Principal parties ■■ What is the purpose of a documentary ■■ The characteristics of “on demand” uncondi- collection? tional guarantees ■■ Principal parties and roles ■■ Autonomy and the independence principle ■■ Document requirements and purpose ■■ Types and use of guarantees in trade (bid, APG, ■■ Types; sight (DP), usance (DA) performance) ■■ URC522 ■■ Direct, indirect and counter guarantees ■■ Compliance risk assessment; ■■ Transferable guarantees; key compliance risks • Remitting bank due diligence aspects • Collecting bank due diligence ■■ Foreign laws and usage ■■ General compliance risk and vulnerability to Case study on the assessment of a criminal abuse potential AML / CFT / sanctions breach ■■ Structuring guarantees to reduce compliance documentary credit transaction, risk exposure requiring identification of key compliance ■■ URDG 758 risk issues and the need for further information to make a risk-based Case study to consider the compliance risk assessment aspects of a request for a transferable letter of guarantee and the further information Documentary Letters of credit required to undertake due diligence; use of ■■ What is a letter of credit? additional information to identify unusual ■■ What is the purpose of a letter of credit? features and consider an appropriate course ■■ Principal parties and roles of action ■■ Other considerations:- Course• The Content independence principle Non-core Trade Products and processes • Application process • Workability Forfaiting ■■ Different types of letter of credit (overview) ■■ What is forfaiting? • Irrevocable / revocable ■■ Principal parties • Unconfirmed / confirmed ■■ Primary and secondary forfaiting transactions • Transferable (parties and operation, ■■ How to establish debt instrument authenticity compliance risk) ■■ The importance of due diligence; is there an • Standby underlying trade transaction? • Revolving • Back to back Commodity Finance • Synthetic ■■ Characteristics of commodity finance ■■ Trade documentation; vulnerability to ■■ Key compliance risk zones : abuse and compliance risk • Emerging markets/high risk jurisdictions ■■ UCP 600 • Commodity traders (nature and vulnerability ■■ Compliance risk assessment; issuance, to compliance risk) presentation of documents, payment; • Value and existence of goods Issuing / advising / negotiating bank; the ■■ Syndicated facilities (due diligence on other importance of LC availability lenders/participants) ■■ Red clause / sanctions clausing ■■ Pre-export & pre-payment finance (high risk ■■ Payment terms environment) ■■ LC confirmation; financial engagement and • Key compliance risk aspects/deployment of responsibility; discounting risk mitigation ■■ Warehouse financing • Parties

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Course Overview • Key compliance risk aspects/deployment ■■ Red flags of risk mitigation techniques ■■ Fraud • The use and vulnerability of warehouse receipts & role of collateral managers ■■ Summary of day’s learning ■■ Tolling ■■ Opportunity to refresh clarify key points, ■■ Key compliance risk considerations clarify ■■ Review main learning points. Case study re the use of commodity based pre-payments to disguise the movement Conclusion & next steps for action of laundered funds

Receivables finance ■■ What is receivables finance? ■■ Compliance risk vulnerabilities of financing open account transactions ■■ Forms of receivables finance: • Full factoring • Confidential invoice discounting • Specific insured receivables finance • Reverse factoring ■■ The use of receivables finance in the con- text of trade finance

Payables finance / Supply Chain Finance ■■ What is payables finance and when is it used? ■■ Principal parties ■■ Types of payables finance; description, op- eration and parties: Course• Pre-shipment Content payables finance (suppli- er-led) • Approved payables finance (buyer-led)

COMPLIANCE CONSIDERATIONS ■■ Trade based money laundering character- istics ■■ Vulnerability of cross border transactions to fraud ■■ Information screening ■■ Document checking ■■ Red flags

Mitigating Risk ■■ Know your customer and your customer’s customer ■■ Understand the trade cycle and what is ‘ordinary business’ ■■ Compare and contrast ■■ Is the complexity of the transaction neces- sary? ■■ Follow the money ■■ Apply common sense ■■ Ask the right questions ■■ The importance of first line of defence

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Course Overview

Day One Despite increasing movement to unstructured open account trading there is still a place for Trade Finance particularly for small and medium sized enterprises.

Day one will provide a firm foundation to participants new to the concepts of trade finance, as well as reinforcing and consolidating the knowledge of those participants who already have experience. In learning how to identify customer needs participants will be better placed to recommend appropriate product solutions.

In addition, the course will help participants to identify and assess various risks to both bank and customer in international trade transactions, as well as being able to explain and identify ways of mitigating the underlying risks associated with trade finance transactions.

Included in the course are practical sections covering documentation, core products, documentary collections, documentary letters of credit and contract guarantees, as well as the importance of the various International Chamber of Commerce (ICC) rules and practices and a high-level oversight into Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Sanctions considerations.

Days Two and Three Trade Finance has been “re-discovered” yet remains a little mysterious. It is a product that has always generated strong revenues- often non funds based – and traditionally has exceptionally low credit losses (on a portfolio basis). Most global banks are able to apply very low probability of default ratios and usually lose as much to fraud as to actual credit losses.

The major general challenge to trade finance in recent times has been the impact of Financial Crime Compliance and Sanctions. Whilst credit losses and hence credit risk is low, FCC risk is very high because of the increasing tendency for global trade to pass through more than one country, Courseuse different Content modes of transport, use different currencies and transit through some regions where money laundering controls are not as strong as in others. This makes the audit trail very challenging. This is not a course about FCC but as trade finance is reckoned to be the main driver for money laundering, it needs to be understood.

To compound matters, many global banks have reduced their correspondent banking networks by up to two thirds – often based on the Transparency International CPI. This means it is becoming increasingly likely that more than two banks are involved in a transaction, causing delays in processing and frustration for the client. Sight LC’s can take 10-15 working days to be processed when there are two to three advising banks. Of course this has created opportunities for confirmation activities – provided FCC clearance is obtained. Another challenge of trade finance is the tendency for banks to re-invent the wheel by using impressive sounding and not always easy to define marketing names to describe “new” products which are not actually new. “Buyer centric supply chain solution” actually is the sexier name for reverse factoring.

This practical two day advanced level course will concentrate on what is happening in the market right now leaving delegates with a clear and working knowledge of how trade finance is Courseundertaken Content in the real world, what actually happens and what are the implications for all parties concerned.

A good working knowledge and familiarity with International Trade finance is required to derive the maximum benefit from this course.

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Course Overview Core Trade Products Day One ■■ Import / Export Documentary Collections ■■ Letters of Credit Introductions ■■ Guarantees ■■ Trainer & participants ■■ What do you know? Import / Export Documentary Collections ■ Aims and objectives. ■ ■■ Principal parties (buyer, seller, presenting bank, ■■ Course context. remitting / collecting bank) ■■ Benefits to importers and exporters of Docu- What is Trade Finance? mentary Collections ■ Benefits of trade finance to businesses and ■ ■■ Relationship between principal and banks banks ■■ Role of banks (incl. correspondent banks / ■■ Introduction to the trade cycle agency arrangements) ■ Incoterms 2010 ■ ■■ Legal and practical issues re the duties of the • Summary of terms banks involved in handling collections • The advantages/disadvantages to Importer/ ■■ Conditions for release of documents Exporter in the use of Incoterms 2010 ■■ Areas of risk: • Principal methods of settlement • Usance collections ■■ General Risk Considerations • Partial payments • Trade finance products vs open account • Avalisation (so rare would exclude) • Financial Crime Compliance - AML, CFT and • Release of goods on trust Sanctions ■■ Procedures for Protest of Bill of Exchange (B/E) • Know Your Customer (KYC) and Customer and underlying risks Due Diligence (CDD) ■■ Complexities of the ICC Uniform Rules for Col- • Correspondent Bank risk lection (URC 522) • Counterparty risk Case Studies a) to consider the needs of an • Credit risk exporter or importer and suitability of using Case Study: Short exercise to check Documentary Collection in a cross-border understanding of Incoterms application. transaction and / or b) to check understanding of the collections Key characteristics of Commercial Course Content procedure and the practical application of the Documents used in international trade URC 522 ■■ Invoices (commercial, tax, customs, consular, pro-forma invoice) Documentary Letters of Credit ■ Marine/Ocean Bills of Lading ■ ■■ Principal parties (buyer, seller, issuing bank, • Title, transfer advising bank, confirming bank) • Control of goods (transferable B/L v. ■■ Benefits to importers and exporters of Docu- straight consigneed) mentary Letters of Credit • Delivery considerations ■■ Relationship between buyer, seller and banks ■ Other forms of transport document ■ ■■ Advantages / disadvantages of letters of credit • Multimodal Transport Document ■■ Risk factors re issuing letters of credit • Air Transport Document ■■ The autonomy of letter of credit operations (In- • Road, Rail or Inland Waterway Transport dependence Principle) Documents ■■ Importance of the application form (legal is- • Non-negotiable bills of lading sues) ■ Insurance Policy/Certificate ■ ■■ Instructions to issue/amend credits ■ Other certificates (Certificate of Origin, -In ■ ■■ Workability of the credit spection Certificate, Phytosanitary, etc) ■■ Jurisdiction ■■ Bills of exchange Exercise - using examples of commercial Introduction to the International Chamber of documents to help participants to Commerce UCP 600 Rules: understand their technical content, the ■■ Structure and obligations under letter of credit; significance and importance of particular ■■ Availability of credits, expiry date and place for documents. presentation ■■ Availability by payment, deferred payment, ac

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Course Overview ■■ Back-to-Back Credits ■ ceptance, deferred payment standard for ex- ■ ■■ Red and Green Clause Credits amination of documents; dealing with discrep- ■■ Revolving / Reinstatement Credits ant documents, waiver and notice of refusal; ■■ Standby Credits ■■ Synthetic Credits Examination of documents ■■ Key elements of the main articles of UCP 600 Guarantees ■ The standard for examination of documents: ■ ■■ Types of guarantees: “no conflict” rule – article 14 • Tender/bid bonds ■■ Processing non-compliant documents as Nomi- • Advance payment guarantees nated/Confirming Bank • Performance bonds ■■ Processing non-compliant documents as Issu- • Retention money guarantees ing Bank • Warranty Guarantees (Maintenance guaran- ■■ Risks arising from non-adherence to UCP 600 tees) ■■ Legal cases and ICC Banking Commission • Bail bonds opinions • Payment guarantees ■■ DOCDEX – dispute settlement mechanism of • Indemnities/counter guarantees ICC for trade finance ■■ Risk Assessment (including risk weighting) ■ Analysing irregularities in documents ■ ■■ Wording of Guarantees ■■ Demand under guarantees: issues International Standard Banking Practice ■■ Extend or Pay demands ISBP 745 (2013 Rev) ■■ Expiry and Cancellation Uniform Rules for De- ■■ What constitutes an “alteration” or “addition” mand Guarantees 758: main principles, URDG to a document, when and how should these be 758 guarantee sample wording, sample claus- authenticated? es ■■ How should documents be signed, if this is not Case Study to review guarantees which explicitly stated in the credit? caused a loss to the bank. Discuss the ■■ How should one handle typing errors on practical application of URDG 758 and documents regarding the name and address, potential for use in local banking practice different addresses of same company, etc.? and legal jurisdictions.

Course Content Advising, confirming, reimbursing credits Financial Crime Compliance ■ Obligations and Risks associated with the ■ ■■ Consituent parts (money laundering, terrorist Advising Bank, Nominated Bank, Confirming financing, sanctions breaches) Bank ■■ Current examples ■ The use of the Bill of Exchange in Letters of ■ ■■ An introduction to the nature of compliance Credit risk in cross border transactions ■ Application of the Uniform Rules for Bank-to- ■ ■■ Why are international trade transactions in- Bank Reimbursement ICC 725 creasingly a target for abuse? ■ Assignment of procceds ■ ■■ The consequences of non-compliance (for banks, corporates and individuals) Case Studies a) to consider the needs of ■■ Risk assessment from FCC perspective an exporter or importer and suitability of Case Study: Participants work in groups to using a Letter of Credit in a cross-border consider the needs of various SMEs and to transaction and / or identify the appropriate product solution.

b) to check understanding of the collections ■■ Summary of day’s learning procedure and the practical application of ■■ Opportunity to refresh clarify key points, clar- the UCP600 ify ■■ Review main learning points. Other forms of Letter or Credit A review of the purpose, procedure and risks associated with: ■■ Irrevocable / revocable ■■ Usance credits ■■ Transferable Credits To book this course or find out more, please click the “Book” button InternationalAdvanced TradeNegotiation Finance Issues Masterclass in M&A Date: continued... Location: London Price: .....+VAT

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Course Overview Review of Key Products Day Two ■■ How does the customer analyse his risk?

■■ Which products does he use and why? The Current Market Place ■■ Payment in Advance ■■ Recent evolution and current developments ■■ Open Account ■■ The challenge of emerging markets ■■ Collections – Outward & Inward / Clean & Doc- ■■ The challenge of China umentary ■■ Brexit ■■ Letters of Credit (covered in more detail below) ■■ President Trump ■■ Risks and opportunities ■■ New products ■■ Control possibilities ■■ The traditional three bands of clients: Global Case Study: Showing how clients sometimes and Large Corporate, MME’s, the rest! see the world of risk in a different way to ■■ Understanding trade finance at a fundamental bankers. level.’ ■■ Typical users of Trade Finance products and Supply Chain Management & Finance services ■■ The origins of SCM and what does it mean in practice Financial Crime Compliance & Sanctions ■■ Understanding the issues in SCM – “the tug of ■■ Understanding the risk based approach war” between supplier & buyer ■■ Impact on Trade Finance ■■ Bringing about a “balance” between parties for ■■ TI, CPI and its impact effective processing ■■ FATF ■■ Understanding about movement of ‘information’ ■■ DDD and the need to obtain a clear line of ,’goods’ and ‘cash’ sight across the value chain ■■ Supply Chain Finance Main SCF models: ac- ■■ Money laundering methodologies counts payable - centric, accounts receivable, ■■ Ghost payments and variations BPO ■■ Under/over invoicing and variations ■■ Review the risk aspects of SCF ■■ Documentary fraud Case Study: Showing how Reverse Factoring ■■ PEPS works and how both Buyer Centric and Seller ■■ Sanctions Centric models are being employed. ■■ Risk mitigation, management and transfer Course Content Letters of Credit (L/Cs) Case Study: Delegates will be asked to ■■ Traditional L/C’sThe four contract concept consider a real case to identify FCC risks and ■■ Confirmations suggest how they may have been managed ■■ Red Clause and mitigated ■■ Green clause ■■ Revolving L/Cs Traditional Risks – The Critical Issues ■■ Evergreen ■■ Understanding, identifying and managing risk ■■ Transferable L/Cs ■■ Credit risk, Market risk & Operational risk ■■ Back to Back L/C structures ■■ Sovereign, Political / Country risk Case Study: Showing how different types of ■■ Institutional risk / Bank risk LC’s are used, why this is the case and what ■■ Corporate and other critical risks difference it makes to the risk profile. ■■ Importer and Exporter’s risk ■■ Other risks in the transaction and how to mit- Standby Letters of Credit igate them (transport risk, warehousing, force ■■ History and origin majeure, etc.) ■■ The dominant trade finance product ■■ Risk mitigation, management and transfer ■■ Uses

■■ Risk management Case Study: An example using three different ■■ Issue and assessment payment methods. Delegates will be asked ■■ Pricing to identify and explain what type of client ■■ Understanding the applicability of ISP98 and would choose one in preference to the other UCP 600 for standbys two and why, to illustrate risks in reality. ■■ Fraud and unfair calling Case Study: Using a standby in practice

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Course Overview ■■ Cost versus control Export Finance issues Case Study: Warehousing in practice using a ■■ Looking at the big picture real example. ■■ Understanding the purpose of borrowing ■■ Country risk issues International Demand and Contract ■■ The reality of title and control Guarantees / Bonds ■ Negotiation under letters of credit ■ ■■ Scope and Application – an introduction ■■ Discounting of deferred payment L/C, accept- (suretyship v. demand guarantee) ance credits (with or without recourse) ■■ Indemnities versus guarantees Case Study: Delegates are asked to consider ■■ Different types - Bid, Performance, Advance how to fund an export order using different payment, Warranty and Retention bonds types of contract arrangements. ■■ Rules governing guarantees and bonds ■■ Legal jurisdiction and expiry date issues Controlling Credit Exposure – Formulating a ■■ Value of using URDG 758 – ICC Rules for de- Limit mand guarantees ■ Understanding and explaining the trade cycle ■ ■■ Impact of non bank competitors – COFACE, ■■ The use of time lines Euler Hermes ■■ Assessing and appreciating funding gaps Case Study: Using these in practice. Case Study: Using time lines and facility plotting to spot double finance and identify Receivables Financing the actual funding gaps and customer needs. ■■ Mechanics of Factoring and Invoice Discount- ing Day Three ■■ Forfaiting – an important adjunct to the TF mechanism Structuring Finance for the Trader ■■ Role of Credit Insurance ■ Analysing the trade flows ■ ■■ Mechanics of Securitisation ■ Assessing facility size and structure ■ ■■ FCC risks ■■ Specific lending with identifiable maturity Case Study: A real example showing how dates this makes a huge difference to working ■■ Appreciating and controlling sources of repay- capital. ment Course Content Case Study: An example of a medium size The Commodity Sector and its Players business using structured finance. ■■ History and origins of the commodity industry

■■ Understanding the nature of ’commodities’ Effective Use of Collections for Short-Term ■■ Analysing the players – growers / producers; Finance traders and end-users ■ Using collections as financing opportunities ■ ■■ Financing of commodities ■ Identifying and mitigating risks ■ ■■ Looking beyond the balance sheet ■ Maintaining control ■ ■■ Available documentation – taking and retain- ing title Supporting the Trader ■■ Commodity futures, options and derivatives ■ Using the goods as collateral ■ ■■ Hedging – a critical process in commodity ■■ Assessing the value of goods finance ■ The value of pledges and trust receipts ■ ■■ Role and function of the exchanges ■ The need for structured lending ■ ■■ Main risks in the commodity trade (market, Case Study: How to use goods as security for fraudulent practices, legal issues, recent legal a trade deal. cases) Case study: A large scale commodity deal Warehousing of Goods and how it can be funded at an acceptable ■■ Warehouse location level of risk ■■ Management assessment ■■ Legal frameworks Countertrade ■ Obtaining and retaining title and control ■ ■■ Overview – when to use ■ Risks and responsibilities of Collateral Manag- ■ ■■ Pitfalls and complications ers ■■ Possible structures and Time management

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Course Overview Syndications ■■ When to syndicate ■■ Lead or participant role ■■ The completion from capital markets – high yield bonds ■■ Selling down exposure ■■ Impact of quasi-governmental agencies ■■ Risk/reward analysis Case Study: A syndicated deal.

Course Conclusion and Review / Feedback

Course Content

To book this course or find out more, please click the “Book” button Initial Coin Offerings – An Introduction Advanced Negotiation Date:Issues 20 June in M&A 2018 Date: Location: London Standard Price: £695 + VAT Location:Membership London Price: Price: £556 .....+VAT + VAT

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Course Overview

Developments in FinTech are transforming financial services with blockchain and distributed ledger technology at the forefront. Both The Wall Street Journal and The Economist have described it as technology that could change the world. However, the application of the underlying technology goes well beyond financial services. Blockchain allows the creation of bespoke digital currencies to support commercial transactions which can be linked to smart contracts. It also creates the facility to raise capital, operating in similar fashion to crowd sourcing, debt and equity capital raising events. The nature of the technology also permits the creation of novel relationships between the coins themselves, their utility, and the funds raised. The ICO could herald a new era of ‘Digital’ Corporate Finance.

The underlying blockchains and cryptography supporting the coins provide technical solutions that are novel and clever, and are very different to the way the current capital raising markets operate. They offer new frameworks to define the relationship between suppliers, customers, stakeholders and potentially the regulators.

Starting from first principles, the course firstly establishes a basic understanding of blockchain and digital currency technology, which is vital for any project contemplating an ICO. Building on this knowledge, the course systematically works through the different components required for a successful ICO from First Concept, Whitepaper, Coin Economics, through to Regulatory, Legal and Marketing aspects.

This course is a one day introduction to the basic principles of an ICO project, starting with the foundations associated with bitcoin and blockchain. It will provide delegates with a first understanding of the steps required to execute a successful coin offering.

Course Content

Market Overview Background and Introductions ■■ Currency Segmentation Course Content • An overview of digital currencies Overview • Market trends ■■ Cryptocurrency Trading ■■ Bitcoin, Blockchain and ICOs • Introduction to digital currency trading • Digital Currency exchanges THE EMERGENCE OF DIGITAL CURRENCIES AND BLOCKCHAIN The Initial Coin Offering ■■ Overview History of Blockchain and Digital • Origin and history of Initial Coin Offerings Currencies • What good looks like - Examples ■■ The first digital currency • Market Review • Bitcoin and why study it? ■■ Coin Concept • The emergence of blockchain from Bitcoin • Why are ICO’s different? • Digital currencies - Bitcoin, Ether, Ripple, • The Offering: Capital Raising vs. Utility Dash, Litecoin, Zcash, Monero etc • Security vs. Coin • Token Definition, Utility, Rights and Design How Blockchains and Digital Currencies • Blockchain Protocol • Market Review work? ■■ The Whitepaper ■■ Cryptographic primitives • Authorship • The hash function • Sections • Public and private keys • Review ■■ Transactions and Consensus Protocols • Design and Branding • Blockchain, transactions and consensus; ■ Legal and Regulatory Compliance proof of work, proof of stake ■ ■■ Planning • Marketing Strategy and Branding

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Course Content

• The Project Team • Budget • Management • Governance • What happens Post Sale? • Cyber Security • KYC, AML, Privacy, Confidentiality and Pol- icies • Contingency Planning - What can go wrong? ■■ Stakeholder Mapping and Advisory Team • Incentive Structures • Disclosure • Governance ■■ Token Economics, Pricing and Use of Proceeds • Number of Coins and Rationale • Pricing Models • Budgets and Use of Proceeds ■■ Communications Strategies and Channels • Community Management • Policies ■■ Financial Governance, Accounting and Digital Asset Custody ■■ Pre-Sale and ICO Execution

Example ICOs

The Future: Where next for ICOs? ■■ Vision and Opportunities ■■ Barriers

Recap and Close

To book this course or find out more, please click the “Book” button The Roles and Responsibilities of the Money Laundering Reporting Officer (MLRO) A In-house or via Live Webina

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Course Overview

Background As far as AML is concerned, the buck stops with the MLRO. This is a key position within any financial services firm. When it comes to the identification, detection, escalation, reporting, managing and training of staff on Anti Money Laundering procedures it is the personal responsibility of the MLRO to ensure this all happens as effectively and efficiently as possible. In most jurisdictions it is a mandatory role. The MLRO should have a degree of seniority and authority within the business to drive policy decisions and actions. He/she should have undergone sufficient level of training and hold suitable qualifications and experience. Arrangements should be in place for when the MLRO is absent.

This one day workshop is designed to explain fully the roles and responsibilities of an MLRO. The workshop will be highly interactive and discussion, debate plus the swapping of “war stories” will be actively encouraged.

Course Length Case Study In addition to numerous case studies and examples, there will be a a course long case study, involving investigations and escalations to illustrate the learning points fully.

Who Should Attend: MLRO’s and all staff working within a compliance function especially those charged with AML escalations/investigations. Members of the internal audit function. Senior managers and top management would also derive considerable benefit from attending as they are the ultimate risk owners.

Course Content

The Role of the MLRO: ■■ Primary, secondary and on-demand compli- ■■ CDD and ongoing monitoring ance ■■ Reporting processes ■■ The Compliance Officer’s Activities – and the ■■ Keeping records support required ■■ Internal controls ■■ AML/CTF risk assessment Case Study/Example ■■ Training of staff ■■ Communication of AML/CTF policy and is- Internal Systems & Policies Including sues within the business Implementing an Effective Compliance Framework and a Monitoring Programme Case Study/Example ■■ Analysing legal and regulatory rules ■■ Identifying risks The Initial Risk Assessment and Identifying ■■ Creating an internal AML/CTF policy and Evaluating Key Risks ■■ Designing control and procedures ■■ Country risk Assessment ■■ Generating management information ■■ Institution’s risk assessment ■■ Creating an effective compliance culture ■■ Adopting the Risk Based Approach ■■ Monitoring ■■ How the MLRO, Compliance Officer, Chief Risk Officer, Internal Audit and the Board Case Study/Example should co-ordinate ■■ What makes an effective Compliance Of- Compliance and Corporate Governance ficer? ■■ How does the MLRO contribute to Corporate ■■ Accountability of the Compliance Officer Governance and help manage risk ■■ Interdependencies with other control func- ■■ Reporting to the Board and Board oversight tions ■■ Creating an effective reporting/escalation pro-

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cess Other Regulatory Risks ■■ Working with all levels of management to ■■ Information Security and Data Protection ensure training provided is suitable for the ■■ Market Abuse and Insider Dealing business on a risk based basis ■■ Bribery and Corruption ■■ Dealing with Regulators ■■ Sanctions ■■ Dealing with the NCA ■■ …and other types and Risks in on-shore and ■■ Submitting regular (minimum annual) off-shore Banking MLRO reports to the Board Case Study/Example Case Study/Example Accounting for People Risks in Risk Keeping up with “The Rules” and Management the ever changing risks Surrounding ■■ Understanding the importance of human Compliance and Financial Crime error in procedures-driven environments Prevention ■■ Common human factor problems ■■ Issues in Compliance • Steep authority gradients ■■ Issues in Anti-Money Laundering (AML) • Reliance vacuums and Combating Terrorist Financing (CTF) • Dominant individuals ■■ Issues in Fraud ■■ Identifying and addressing human factor ■■ Issues in Identity Theft issues ■■ Issues in Phishing ■■ Developing an effective compliance culture

Case Study/Example Case Study/Example

Managing the Risk of Money Laundering Potential Criminal Abuse of Private ■■ Offshore Issues, PEPs and EPs Banking Services, Trusts and Corporate ■■ Know Your Client (KYC) and Identification Services companies & Verification (ID&V) ■■ Offshore companies and corporate services ■■ Annual reviews analysed ■■ High risk clients ■■ Offshore trusts and trustee services ana- ■■ Monitoring systems lysed ■■ Testing procedures ■■ The criticality of fiduciary duty ■■ Understanding commercial rationale Case Study/Example ■■ AML trust and company vulnerabilities ■■ Examples of abuse Course Evaluation of Internal Reports ■■ Disclosure & Escalation Conclusion – Open Forum and Wrap Up ■■ Whistleblowing process ■■ Requesting consent ■■ Reminding staff about tipping off ■■ Escalating to the NCA ■■ Obtaining further information ■■ Identifying the reasons for suspicion ■■ Documenting decisions not to report ex- ternally ■■ Submitting/Escalating SAR’s ■■ Policing the process ■■ Reporting past practices which recent re- ports indicate could now me money laun- dering ■■ Policing the notice period following an SAR ■■ Policing moratorium periods imposed by the NCA

Case Study/Example

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Bank analysts and anti-money laundering (AML) investigators reviewing customer transactions have an important, but often overwhelming, job. Banking professionals tasked with alert resolution, performing periodic reviews on high-risk accounts, and conducting investigations during a look-back transaction analysis consider myriad variables.

Increasing budget constraints, deadlines, and volumes of information make it challenging for analysts to address all factors for each investigation. But failure to consider key factors could result in incomplete analyses, regulatory criticism, or other enforcement actions.

In the current regulatory landscape, financial institutions are facing a new avew of regulatory scrutiny with no signs of slowing down; in fact, numerous recent government inquiries (especially OFAC) have uncovered anti-money laundering (AML) and sanctions violations at several financial institutions and have resulted in billions of dollars in fines and look-backs for breaches in AML and sanctions programs.

All financial institutions can be required to perform extensive reviews of transactions and communicate any suspicious activities to their regulators with accuracy and speed.

This course considers the challenge of AML investigations and how to meet them. It is based around two large case studies which will enhance the learning experience.

Who Should Attend Risk Managers, Internal Auditors, Compliance Officers, External Auditors, Consultants and suppliers and all financial personnel involved with the risk and compliance function.

Knowledge Pre-Requisites Some knowledge of AML processes and investigations would be helpful.

Course Content

quirements Session 1: Introduction ■■ AML Basics the role of the investigation team Session 3: PIOUS – Streamlining the ■■ Investigations structures Investigation Process ■■ Investigation practices ■■ What patterns, if any, do you notice in the ■■ STR’s and the escalation process transaction activity? (PATTERNS) ■■ Sanctions ■■ What is the ultimate source of the funds? (IN) ■■ Tax evasion ■■ What is the ultimate destination of the ■■ Bribery & Corruption funds?(OUT) Other financial crimes ■■ Are there any unusual transactions? (UNUSU- AL) Session 2: Typical Requirements of the ■■ Does the activity rise to the level of suspi- AML Investigation Function cious? (SUSPICIOUS) ■■ Conducting historical transaction reviews in ■■ Putting this together in practice response to regulatory inquiries ■■ ■■ Supplementing Know Your Customer (KYC) Session 4: Two major case studies to due diligence illustrate the learning points. ■■ Performing data and trend analysis ■■ Data mapping around transactions and ac- Session 5: Course Wrap Up and Open Forum count activities ■■ Recovering and extracting forensic data END ■■ Conducting substantiation checks of investi- gation procedures and SAR procedures ■■ Implementing post-regulatory action re-

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Course Overview

Financial Crime Compliance and Regulatory Compliance are probably at the top of nearly every Financial Institution’s risk review process and have become the key strategic imperatives for all board members. The reputational damage and not to mention the fines imposed for non-compliance are huge concerns.

It is fair to say that banks are being micro-managed by regulators in this area and are being set exceptionally high standards for compliance.

Financial institutions are required to focus increasingly on Financial Crime Prevention measures and must have robust systems in place to combat them.

This includes detailed policies, clear lines of defence, robust CDD processes, a risk based approach, clear accountabilities and above all effective staff training and awareness throughout the organisation.

None of this is difficult but it is costly, time consuming and involves putting in place procedures and systems to deter, detect and protect the institution from being used by criminals.

This course has been designed to deliver best practice guidelines for any institution by drawing on cutting edge experience of what the world’s leading financial institutions are doing, have done and must still do. It covers the minimum requirements, the ideal requirements and considers the impact of imminent legislative and best practice changes.

Who Should Attend? All staff with client facing responsibilities especially those where financial crime is a real and active risk. Risk and compliance professionals and members of the internal audit function. Senior managers and top management would also derive considerable benefit from attending.

Methodology:Course Content Workshop style with participation from delegates actively encouraged.

Course Content

Introduction: Canadian Bank & HSBC ■■ What is Financial Crime ■■ Predicate Crimes: The Money Laundering Cycle • Money Laundering ■■ Placement, Layering, Integration • Terrorist Financing ■■ How does this work in practice • Evading Sanctions ■■ Transaction profile • Tax Evasion ■■ Important KYC framework • Bribery & Corruption ■■ Operating guidelines • Fraud • Proliferation Who sets the rules and who publishes best ■■ What are financial institutions required to practice guidelines? put in place – overview ■■ FCA ■■ What is CDD, KYC, IDV. ■■ UN ■■ Who is responsible for FC Compliance? ■■ EEC ■■ Best Practice/Poor practice ■■ USA ■■ Lessons from recent scandals, including ■■ BIS – Basel Standard Chartered, BNP Paribas, Lebanese ■■ UK Treasury

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Course Content

■■ Local Jurisdictions ■■ UBO issues ■■ Best Practice Guidelines ■■ Source of Wealth issues • FATF ■■ Annual Review issues • Wolfsberg Group ■■ Imminent changes • Tranparency International • JMLSG Specific Identification & Verification Issues • Egmont Group ■■ Trust nominee and fiduciary accounts ■■ Corporate vehicles What must Institutions have in place? ■■ Introduced business ■■ The regulatory landscape ■■ Client accounts opened by professional inter- ■■ Rules and Instructions mediaries ■■ Three lines of defence ■■ Non face to face customers ■■ Escalation process ■■ Correspondent banking ■■ Consent and Tipping Off ■■ Introduced business ■■ Risk based due diligence ■■ Non face to face customers

Sanctions – Brief Overview Trade Finance & Wealth Management - ■■ Who sets them & why are they set Overview ■■ Who is impacted ■■ High risk Areas ■■ What are they ■■ Specific Issues ■■ OFAC ■■ Typologies ■■ How should an institution screen for them ■■ KYCC, KYCCB & KYCCBC

Risk Based Approach Constructing the FCC Framework ■■ What does this mean ■■ Policies ■■ How should it work ■■ Roles and Responsibilities ■■ What are the key differences ■■ Senior Management and M.I. requirements ■■ Enhanced Due diligence – what does this ■■ The MLRO (or equivalent) challenge! mean ■■ Risk Assessments and Procedures ■■ Suspicious transactions Customer due diligence ■■ Suspicion & Escalation ■■ KYC – getting to know the customer ■■ What must banks have in place ■■ IDV – checking what they say ■■ An effective escalation process ■■ Ultimate Beneficial Ownership ■■ Concern ■■ PEP’s ■■ Suspicion ■■ Source of Wealth ■■ Access & Process ■■ Review process ■■ Communication lines ■■ Remediation process ■■ Suspicious Activity Reports ■■ The importance of a direct link Essential Elements of KYC Standards ■■ Whistle blowing ■■ Customer acceptance policy ■■ Customer identification Implementing and Managing the Total FCC ■■ General identification requirements framework ■■ The role of supervisors ■■ Due diligence (on-going) ■■ Guidelines for opening accounts ■■ Annual Review ■■ Qualitative data ■■ Record keeping ■■ Joint accounts ■■ Training ■■ Minor accounts ■■ Monitoring ■■ KYC for existing accounts ■■ Reporting ■■ Questions/Feedback/Discussion Politically Exposed Persons ■■ Definition – formal The Future ■■ Definition in practice ■■ The FCA Style ■■ Why are they a special case ■■ The impact of FATCA ■■ Mandatory high risk ■■ 4th EU Money Laundering Directive

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Credit Derivatives attracted strong interest from the investment and banking community over the past 20 years and has been used extensively by banks, mutual and hedge funds, as well as by individual investors. The credit derivatives ability to easily mitigate, transfer or disseminate credit risk has had an essential role in its development, generating considerably growth over the past decade from an estimated $4.5 trillion notional amount in 2004 to an estimated $12 trillion notional amount in June 2016.

Whether it is for arbitraging or for hedging purposes, or for managing economic or regulatory capital, credit derivatives, in their different instrument types and in combinations, have been used successfully both to reduce credit risk and to enhance yield by gaining credit exposure.

This course gives participants the opportunity to gain a comprehensive insight into the credit derivatives market and expand their knowledge on all aspects of structuring, pricing, risk management and trading credit derivatives instruments. The course will enable attendees to find out how experts price and hedge credit derivative instruments to enhance portfolio returns, and understand how to maximize investment or risk mitigation opportunities offered by credit derivatives.

Participants will be provided with the skills and techniques necessary to work with different credit derivatives and get acquainted with the pricing and risk management of credit derivatives.

Objectives By the end of this course, participants will be able to: ■■ Define the key credit derivative products, including some of the more complex products such as Single Tranche Synthetic CDOs, Credit Spread Options etc. ■■ State the key issues regarding the processing of credit derivative products and their applications ■■ Analyse the risks and rewards of different structures and transactions ■■ Determine the advantages and disadvantages of a number of more complex transactions ■■ Understand the legal aspects and the documentation ■■ Have a thorough understanding of the pricing ■■ Measure market risk in credit default swaps

Methodology Teaching methodology will include discussions, casework and exercises. Participants will participate fully in activities which will ensure understanding and learning.

Participant profile Persons working or having worked in the field of the derived credits and possessing robust bases on credit products. Ideally the participant should have 24 months experience in Treasury and/or Capital Markets.

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Course Content Day 1 ■■ Transactions for different user groups: • Bank, Introduction and recap of basic • Insurance company, products and applications • Corporates ■■ Overview of market • Funds and hedge funds • Basic products descriptions Case Studies: Putting it all together : • Q&A session worked examples by participants ■■ Current market developments • Market size and growth Day 2 • Instruments used • Central Counterparty use Legal and Documentation ■■ Structural changes in the Credit Deriva- ■■ Legal environment and documentation in tives market the credit derivatives market • Impact of new regulations ■■ Recent developments • Risk issues ■■ ISDA CDS Standard model ■■ Discussion of product range and appli- ■■ Standardisation of termination dates cations ■■ Analysis of actual Credit Events ■■ Single name ■■ Mechanics of the fixed coupon and upfront • The mechanics payment model • Concept of credit event ■■ Detailed analysis of 2014 Definitions • Payout computation ■■ Key differences with the 2003 Definitions ■■ Correlation trading ■■ Matrix supplement • The impact of correlation ■■ General standardized coupons pricing • Practical computation aspects approach ■■ Current challenges facing the market ■■ The use of Master Confirmations ■■ Settlement and valuation procedures Exercises, multiple choice Q&A – recap ■■ Novation protocols on basics ■■ Outstanding issues ■■ Necessary changes for tailor-made trans- Complex Credit Derivatives actions ■■ Beyond single name products ■■ Credit Linked Notes - CLNs Case study: analyzing and correcting a • The use of SPVs - Special Purpose single name CDS term sheet Vehicles • The mechanics of the structure Pricing single obligor credit derivatives • Legal issues ■■ Examination of the pricing of single oblig- ■■ Nth Loss and Nth Default or credit derivatives • Correlation impact ■■ Pricing links with credit spreads. • Pricing advantages ■■ Relationship with asset swaps and Float- ■■ Complex products structuring ing Rate Notes - FRNs • Adding more credit-linked underly- ■■ 2 main theoretical approaches ings ■■ The firm value approach • Increasing the number of reference ■■ The reduced form approach entities ■■ Calibration of model to market prices • Re-allocating the risk into different ■■ Worked example – valuing a credit default tranches swap ■■ CDOs and Synthetic CDOs ■■ Single Tranche Synthetic CDOs. Case study: valuing a credit linked note ■■ Credit Spread Options – discussion of the correct solution ■■ Capital Structure Arbitrage ■■ Index Products ■■ Pricing basket credit derivatives • Link with ETFs - Exchange Traded ■■ Pricing of multi-obligor credit derivatives Options ■■ A firm’s value basket model • I-Traxx and other indices ■■ A reduced form (copula) basket model ■■ Risk Considerations ■■ Case study: valuing a first to default bas- • Correlation volatility ket swap • Jump risk ■■ Discussion of the correct solution ■■ Documentation issues User Application ■■ Valuation of a Collateralised debt Obliga- ■■ Risk management tion - CDO ■■ Trading applications ■■ The key role of the equity piece ■■ Investment practicalities ■■ Mezzanine, senior tranches and risk issues ■■ User rationale: ■■ Pricing issues for CDO tranche • Line and limits management ■■ The correlation cascade • Risk management • Capital and balance sheet Case studies: important considerations • Trading strategies for running a credit derivatives business • Investor benefits To book this course or find out more, please click the “Enquire Now” button Advanced Credit Risk Training In-House or via Live Webinar

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Methodology:

The training will be run as a highly interactive workshop session, with detailed examples and case studies. Delegates are free to bring their own cases/examples to the sessions. Delegate participation will be actively encouraged.

Knowledge Pre-requisites:

Ideally, at least a working knowledge of credit risk in a banking environment

Course Content

Session 2: The Basel II/III agreements Day 1: Basel III and its Impact on Credit Risk ■■ Improving risk & asset management ■■ Aligning regulation and economic realities Most major banks are now compliant with ■■ The technical challenges from a bank/regula- the capital requirements of Base IIII and are tors’ point of view preparing – some better than others – for the ■■ How much capital is sufficient capital full impact of the liquidity, leverage and long ■■ The 3 pillar regulatory structure term funding source provisions. In addition the Case Study/ Practical Example impact on credit risk management has been very significant. Session 3: Basel III in more depth

Almost all banks find their regulators are ■■ An overview of the new requirements refusing to allow them to model credit risk ■■ The new minimum capital requirement at an advanced level for regulatory capital ■■ Model Generated DDF & CCF allocation purposes and the regulatory ■■ Capital conservation buffer preference is shifting towards a more broad ■■ Countercyclical buffer based standardised approach and quantitative ■■ Counterparty credit risk leverage measures. This is unsurprising given ■■ Liquidity risk management – LCR and NSFR that during the Banking Crisis the once mighty ■■ Timeline and transitional arrangements Royal Bank of Scotland Group managed to ■■ Leverage Ratio generate $2trillion of assets on a capital base Case Study/ Practical Example of only $50bn despite having a CAR of circa 8%. 40 times the capital base was not what Session 4: Basel & Credit Risk regulators expected! As a consequence, we are in danger of moving back towards Basel 1. ■■ The Basel approaches to credit risk ■■ The risk management of credit risk This one day session examines the impact of ■■ The role of the credit committee current regulatory thinking on credit risk. ■■ The use of rating agencies ■■ Default risk using historic information Session 1: Introduction ■■ Corporate credit assessment ■■ Company risk assessment ■■ Basel and its evolution ■■ Basel & model risk ■■ Vickers – the separation of retail from other ■■ Stress testing banking Case Study/ Practical Example ■■ The Senior Managers Regime ■■ GSIFI’s/GSIBS and domestic SIBS

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Course Content There is a detailed description of credit risk Session 5: Risk Adjusted Performance analysis, showing how it can be managed by an organisation and explores the key components Measurement (RAPM) underlying the process. Some challenging case ■■ Optimising the management of financial re- studies and exercises are used widely to ensure sources the training is interactive and practical. ■■ Economic Profit and Economic Value Added (EVA) Introduction to Analysis ■■ Return on Capital – RAROC, RORAC and RA- ■■ What is Credit Analysis RORAC ■■ Managing credit analysis ■■ The challenges of enterprise-wide implemen- ■■ Setting the objectives and goals of the credit tation analyst team Case Study/ Practical Example ■■ Detailed approach to credit analysis, including individual, sector and portfolio risk Session 6: The Revised Standardised Ap- ■■ Predicting, managing and trading through proach to Credit Risk Credit Cycles ■■ Understanding and employing data derived ■■ What is it, when will it impact banks? from probability of default, loss given default ■■ Exposures to Banks and expected loss data ■■ Exposures to Corporates ■■ Setting the parameters for system analysis ■■ External Credit Risk Assessment Approach Case Study/ Practical Example (ECRA)

■■ Risk weight table for bank exposures under Session 1: Advanced Credit Analysis the SCRA ■■ Exposures secured by real estate ■■ The SLOP Approach ■■ Other Retail ■■ Balance Sheet Analysis ■■ Investments in equity or regulatory capital ■■ Connected/Counterparty/Group/Systemic/Cor- instruments issued by banks or securities related Exposures firms ■■ P & L Analysis ■■ Risk weight add-on for exposures with cur- ■■ Cash flow analysis rency mismatch ■■ Budgets, projections, forecasts ■■ Defaulted exposures ■■ Ratio analysis ■■ Credit Risk Mitigation ■■ More sophisticated credit tools Case Study/ Practical Example ■■ DCF & PDV Case study/ Example to illustrate the above Session 7: Instead of Basel IV – What Changes are Likely Session 2: Assessing Refinancing Risk

■■ Senior Manager Responsibility ■■ When should we refinance ■■ Bond Bail In ■■ Forfaiting ■■ More Ring Fencing ■■ Securitisation ■■ Leverage/Gearing ■■ The cash flow waterfall ■■ Hybrids as Capital ■■ Warranties, terms, conditions Practical Examples ■■ EBITDA & other key ratios ■■ Security Session 8: Wrap Up and Open Forum ■■ Pricing Case study/ Example to illustrate the above Day 2: Advanced Credit Analysis – including IFRS 9 Session 3: Credit Enhancement Methods

This session will enable delegates to manage ■■ Due diligence process and enhanced credit and employ the tools used in credit risk & credit appraisal techniques analysis to assess individual, sector and portfolio ■■ Credit Scoring models credit risks. It develops the understanding, ■■ Collateral – the various forms implementation and employment of a ■■ Asset Backed Lending comprehensive framework to assess the critical ■■ Insurance Options risk factors affecting corporate borrowers. ■■ Securitisation

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Course Content ■■ Existing definition of an NPL ■■ Provisions and interest suspense Case study/ Example to illustrate the ■■ The impact of IFRS 9 above ■■ Whole of loan life provisioning ■■ Complying with IFRS 9 Session 4: Creating Cash Flow Ring-Fenc- ■■ The impact of IFRS9 ing Structures Case study/ Example to illustrate the above ■■ What do we mean by ring fencing ■■ What structures work best Session 9: Wrap Up and Open Forum ■■ Documentation requirements ■■ Notice of assignment Day 3: Syndicated Lending ■■ The challenge of multi banking ■■ Policing the process – regular reviews are A syndicated loan is usually a large loan offered essential by a small syndicate or club of banks – often ■■ Escrow Accounts, Pool Accounts, Designated relationship banks. There are normally two accounts primary drivers. First the banks concerned feel the exposure is too big for them to accommodate Session 5: Parent & Subsidiary Rating Link- alone, secondly the client wants to spread the age business around its relationship bankers so as not to treat one or more of them unfairly. ■■ Ratings generally ■■ Parent company ratings This session considers the importance of this ■■ Group ratings type of lending to usually larger clients and the ■■ Subsidiary ratings mechanics and techniques involved. ■■ How to link the two ■■ Best or worst case approach Introduction ■■ Cross, upstream and downstream guaran- tees ■■ Overview of market definitions, market statis- ■■ Letters of comfort tics and transaction timetable Case study/ Example to illustrate the ■■ Offer documents – the term sheets and intro- above duction to documentation ■■ The debt market in the context of the capital

markets spectrum with case study Session 6: Sovereign Risk & Sovereign ■■ Rating process and clarification Debt

■■ How do we measure Sovereign debt Session 1: Primary market Dynamics from ■■ External ratings agencies Pre-Mandate to Mandate Award including ■■ Building an internal model Pricing ■■ International sources ■■ Types of sovereign debt ■■ Yield and average life calculations for the loan ■■ Unusual treatment of Treasury Bills by Basel market III ■■ Term sheets – assessment from borrower’s Case study/ Example to illustrate the viewpoint ■■ Evaluating alternative debt solutions with case above study ■■ Pricing a new transaction: sources of informa- Session 7: Company Valuation for Acquisi- tion tion Finance & Distressed Debt Situations ■■ Yield calculations using case studies Case study/ Example to illustrate the above ■■ How do we value a company ■■ Cash flow methods ■■ Profitability methods Session 2: Credit analysis ■■ Balance sheet methods ■■ Price earnings methods ■■ Assessing prime mandates ■■ Assessing participating mandates ■■ Valuing distressed debt ■■ Senior versus junior participations Case study/ Example to illustrate the ■■ Credit assessment – the theory above ■■ Credit assessment – the practice ■■ Risk Reward Considerations Session 8: NPLs & IFRS 9 Case study/ Example to illustrate the above

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Course Content Case study/ Example to illustrate the above Session 3: Portfolio Management, Market Players, Secondary Markets Day 4: Project Finance ■■ Portfolio management ■■ Capital constraints – commentary and defini- A text book definition of Project Finance reads: tions relating to Basel ■■ Types of investors in the primary and sec- “The raising of finance on a Limited Recourse ondary loan markets basis, for the purposes of developing a large ■■ Market makers and characteristics of the capital- intensive infrastructure project, where secondary loan market the borrower is a special purpose vehicle and ■■ Structures and secondary pricing repayment of the financing by the borrower ■■ Comparative pricing, restrictions on trading will be dependent on the internally generated and structural complications cashflows of the project” ■ Secondary pricing case study ■ ■■ The documentary process – confirmations, transfers and completion of a trade This session examines the role and availability of project finance in the current market place. This ■■ Regulations and codes of conduct Case study/ Example to illustrate the is not a mathematical course although we must above consider projections, cash-flows and balance sheet analysis to an appropriate level. Instead, we Session 4: Evaluation Techniques to Posi- will concentrate on the main principles including tion the Syndicated Loan Market in Debt a thorough review of the roles of the different Capital Markets parties in the transaction, an examination of the four different phases of the project, the risks ■■ Basic principles in all their various guises, the methodology ■■ How to evaluate a specific loan behind the construction of the cashflows and the ■■ The debt capital markets techniques deployed in their evaluation. We also ■■ The banks position in that market examine the structure of the transaction, the legal ■■ Using global or international bank partners and documentation aspects, the essential due ■■ Pricing considerations diligence procedures and most importantly the Case study/ Example to illustrate the source of repayment above Session: Project Finance Overview Session 5: The Importance of Syndicated Loans to Clients ■■ Bidding alternatives in preparing the mandate ■■ Contrast with other forms of limited recourse ■■ Why syndicate financing ■■ Who to syndicate with ■■ The rationale for using project finance and ■■ The importance of syndicate partners trends ■■ Disclosed versus non disclosed syndication ■■ Who is involved ■■ Securitisation/Selling down – when is this ■■ Syndication or sole sources possible. ■■ Third party interests Case study/ Example to illustrate the ■■ Government interests above ■■ PPI schemes Case study/ Example to illustrate the above Session 6: Other Key Issues Session 1: Project Finance Refresher ■■ Bidding alternatives in preparing the man- date ■■ Definitions & Principles ■■ To dissect a term sheet from a borrower’s ■■ Suitable Lending policies perspective ■■ Suitable projects ■■ To review market-clearing pricing trends ■■ Syndication & Participation ■■ The latest legal/documentation issues for ■■ Risk/reward syndicated loans ■■ Credit Implications ■■ To develop a syndicated loan transaction Case study/ Example to illustrate the above strategy and present a personalized syndica- tion analysis Session 2: Project Costs ■■ To mitigate syndication risks ■■ Quality & Accuracy of estimates

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Course Content loan portfolio and restructuring system that ■■ What is a cost plan; preparation and limita- identifies winners from losers and delivers real tions prospects of higher recoveries. The emphasis is ■■ Provisional sums, allowances & contingen- on the practical as well as the theoretical with cies numerous examples and case studies throughout ■■ Dealing with exclusions the course as well as in depth discussions so that ■■ Value engineering delegates can pool their experiences and learn ■■ When to walk away from both mistakes and successes Case study/ Example to illustrate the above Introduction: What goes wrong and how to spot and prevent it Session 3: Funding ■■ The “big five” causes of debt servicing difficul- ■■ Cashflows before after and during comple- ties tion ■■ The importance of initial data gathering ■■ Equity or quasi equity investment ■■ Early signs and how to spot them ■■ Debt versus equity ■■ Systems/strategies for monitoring potential ■■ Co-funding & contingent agreements problems ■■ Covering funding shortfalls ■■ Risk/reward considerations ■■ Appropriate debt structure and terms ■■ Security and when to call/enforce it ■■ Managing exposure and maximising secu- Example using archive case, followed by rity debrief and discussion. ■■ Dealing with problems Session 1: Introduction to loan workout, pol- Session 4: Ownership Structures icy & restructuring

■■ What type of structure ■■ Loan Grading ■■ Considerations in selecting a structure ■■ Loan Review – Assessing survival ■■ Project finance structures ■■ Bankruptcy/Insolvency option ■■ Special Purpose Vehicle (“SPV”) ■■ Work out strategies ■■ General and limited partnerships ■■ Planning the process ■■ Joint Ventures ■■ Setting up procedures ■■ Responsibilities Session 5: Sources of Funding ■■ The case for legal action and how to manage it ■■ Options Example using FGB archive case, followed by ■■ Types of equity and debt ■■ Methods of obtaining finance debrief and discussion. ■■ Structure of capital markets ■■ International issues Session 2: Reaction To Default or Imminent Default Session 6: Other Key Topics ■■ When is it worth intervening ■■ Funding sources & credit criteria ■■ Facing up to the situation, both bank and bor- ■■ Case studies, risk profiles and structuring rower protocols ■■ Syndicated Loans ■■ Simulate, arrange and document project ■■ Multi banked clients financings ■■ Multi layered relationships – several services ■■ Construct a project finance cash flow model provided ■■ Capitalise on the new horizons for projects ■■ Proportionality ■■ The danger of “personalising” collections and funding sources ■■ Taking a commercial, non-emotive view ■■ WIIFM? Session 7: Wrap Up and Open Forum Example using archive case, followed by Day 5: Problem Loans & Distressed Debt debrief and discussion. Restructuring Session 3: Initial Steps This session is designed to hone the skills ■■ Immediate action required to manage and operate a credit and ■■ Liquidation versus non liquidation

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Course Content which the company operates ■■ Ditto Bank Receiver versus client as Receiver ■■ Initial analysis: the use of liquidation models ■■ Syndicated and multi banked loans to assess each stakeholder’s economic interest ■■ Excel work out models ■■ To restructure the balance sheet of a highly ■■ Options for lender & borrower leveraged company ■■ Cost benefit analysis and risk reward consider- ■■ How the bank’s collateral performs when the ations borrower is in distress ■■ Systemic considerations ■■ Strategic, national , political or reputational Workshop Conclusion, Wrap Up & Open Fo- issues rum Example using archive case, followed by debrief and discussion.

Session 4: Assessing the Prospects of Suc- cess

■■ Will restructuring help/work ■■ Creating a repayment model ■■ Stress testing the models ■■ Sensitivity analysis ■■ Valuation of distressed assets including secu- rity ■■ Going versus gone concern analysis ■■ Making provisions ■■ Setting benchmarks ■■ Developing a bankers cash flow Example using archive case, followed by debrief and discussion.

Session 5: Remedial Management

■■ Systems, process, control, monitoring & imple- mentation ■■ Evaluation, strategies, alternatives. ■■ Dealing with the terminally ill ■■ Valuing security, current, on-going and future ■■ Making provisions ■■ Interest suspense Example using archive case, followed by debrief and discussion

Session 6: When to give up

■■ Basic considerations ■■ Risk/reward ■■ The dangers of personalising the process ■■ Signs that it is hopeless ■■ Public/moral duty versus cost ■■ Recording write offs ■■ Managing write offs ■■ The role of external agencies Example using archive case, followed by debrief and discussion

Session 7: Other Key Topics

■■ Identify what is causing borrowers problems and provide the most appropriate and cost effective solution ■■ To provide solutions unique to the sector in To book this course or find out more, please click the “Enquire Now” button Advanced Equity Derivatives In-House or via Live Webinar

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Course Overview

This programme has been designed to provide a thorough overview of equity derivatives products, pricing, risk management and applications. We will use real life case study examples to illustrate the techniques and strategies that are used by both “buy side” and “sell side”.

Participants will require laptops with MS Excel for the exercises and case studies.

The broad objectives of the programme are:

■■ To provide a complete understanding of the properties and risk profiles of equity derivative products. ■■ To provide participants with a thorough understanding of the applications of equity derivatives so that they have the ability to advise their clients on strategies that may be used to meet spe- cific investor requirements. ■■ To provide participants with a thorough understanding of pricing techniques used in equity de- rivatives. This will give participants a good understanding of whether prices quoted are fair. ■■ To provide participants with a thorough understanding of the risk management processes and techniques used in equity derivatives. This will allow participants to explain risk reward expecta- tions to investors and better manage risks in their own portfolios. ■■ To provide participants with a thorough understanding of the trading and investment strategies and techniques used in equity derivatives. This will allow participants to match products to their market expectations and risk profiles. ■■ To explain to participants how collateral management works through the process of VaR, mark- ing positions to market and margin management. This will give prime brokers a better under- standing of the role of collateral in risk reduction. It will also allow fund managers to plan for future cash flow movements in their funds and keep liquidity requirements to a minimum.

Course Content

Content A short recap of the properties Who might use equity derivatives and and risk/reward profiles of equity why? This module examines the uses of the derivative products? products by both traditional fund managers and hedge funds. ■■ Derivative Products • Futures ■■ Derivative Products ӹӹStock Index Futures • Stock index futures ӹӹSingle Stock Futures ӹӹUsed by traditional fund managers to • Options hedge portfolio risk and change asset ӹӹSingle Name Stock Options allocation ӹӹStock Index Options ӹӹUsed by macro hedge funds to speculate ӹӹPath Dependent Options on future value of the stock market ӹӹWarrants • Single Name Equity Options • Swaps ӹӹUsed by both traditional fund managers, ӹӹEquity Swaps equity long shorts and hedge funds for: ӹӹVariance Swaps ӹӹDirectional trading ӹӹHedging of risk Exercise for Module 1 ӹӹPlacing risk into a collar ӹӹYield enhancement Participants will be asked to explain the • Stock Index Options properties and risk reward profiles of a ӹӹUsed by both traditional fund managers and hedge funds for: series of equity derivative products.

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Course Content stock price risk ӹӹDirectional trading • Vega ladders for volatility risk ӹӹPortfolio hedging • Phi and rho for interest rate and dividend ӹӹVolatility trading risk • Equity swaps • Theta for the impact of time decay ӹӹUsed by both traditional fund managers and hedge funds for: Exercise for Module 4 ӹӹDirectional trading ӹӹPortfolio hedging Participants will be provided with a set ӹEquity pairs trading ӹ of market asset prices, interest rates, volatilities and dividend expectations and Exercise for Module 2 will be asked to project the expected profit or loss (risk) for various products as a result Participants will be provided with a of changes in market conditions. For this series of market expectations and trade exercise participants will be given a risk criteria and be asked to choose an equity analytics programme for options. For Delta derivative product to use, giving their 1 products they will expand the model that reasons and expected outcomes over a they built in Module 3 to incorporate “what range of asset prices at maturity. if” scenario analysis. How are equity derivatives priced? This Trading Strategies. This module discusses module examines pricing of the products. how to choose a strategy to fit a market expectation. ■■ Futures contracts by a combination of • Buying the underlying asset • Financing the purchase of the underlying ■■ Equity delta 1 products assets • Directional strategies • Receiving dividends on the underlying • Pairs trading – long short asset ■■ Options ■■ Options using a variant of Black-Scholes • Directional trading • Volatility trading Pricing model which requires inputs for: • Spread trading • Stock price • Income enhancement • Interest and dividend returns • Stock price volatility ■■ Equity Swaps, by calculating the present Exercise for Module 5 value of the future cash flows from the underlying equity and the interest funding Participants will be provided with a series of costs market expectations and trade criteria and be asked to choose a strategy to use, giving Exercise for Module 3 their reasons and expected outcomes over a range of asset prices at maturity. Participants will be provided with a set of market asset prices, interest rates, volatilities and dividend expectations and will be asked to price various products. For this exercise participants will be given Life cycle of a trade and collateral a pricing model for options but will be management including examples of mark to expected to build their own pricing model market. This module provides an in-depth for the Delta 1 products. analysis of risk and collateral management to ensure that participants understand how risk is reduced. Day 2 ■■ Trade execution How are equity derivatives risk managed? • Request for quote from the buy-side • Price construction from the sell-side ■■ Equity Delta 1 instruments ■■ Mark to market for single stock and indices • VaR • Changes in stock price ■■ Options • Dividend income and financing cost (carry) • Delta and gamma silos for underlying ■■ Mark to market for futures and equity swaps To book this course or find out more, please click the “Enquire Now” button Advanced Equity Derivatives Continued...

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Course Content • Changes in stock price • Dividend income and financing cost (carry) • Changes in interest rates • Passage of time ■■ Options • Change in stock price • Changes in volatility • Changes in interest rates and dividend • The passage of time

Exercise for Module 6

Participants will choose one of the strategies from Module 5 and calculate the VaR and initial collateral requirement and haircut and then execute the strategy. They will then mark the strategy to market and manage the collateral over these two marks. One of the marks will be for a profitable market movement and the other for a losing market movement. They will then close the trade out and calculate the final profit or loss and manage the close out of the strategy and the return of the collateral.

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Course Overview

Understanding financial statements and forecasts used to analyse and value businesses is fundamental to the role of any analyst or investor. Unfortunately companies at times have incentives to manipulate their reported results (for better or worse) that are not aligned with investors in the business.

This course helps the participants to understand firstly, the main types of manipulation that take place in practice (including recent public company examples), then looks at how these types of manipulation can be identified and an assessment of the quality of a company’s financial reporting arrived at through the use of analytical techniques.

The course deals with numerous accounting issues and provides the latest state of accounting under IFRS and US GAAP.

This course is run in an interactive, participative format, where participants learn by doing. The key concepts covered in the main teaching sessions are punctuated and illustrated by detailed case and modelling work.

The approach has been designed to equip participants to put key concepts into practical use immediately.

By the end of this course participants will understand:

■■ The key methods used to manipulate financial statement and forecasts ■■ How to analyse historic financial statements using advanced ratio analysis to assess the quality of the financial reporting and the financial health of the business ■■ How to analyse and assess financial forecasts using different accounting issues

Much of the course work involves Excel modelling and analysis, equipping participants with the tools to analyse financial models:

■■ Building up from partially-complete models ■■ Working with integrated financial statements ■■ Running scenarios, iterating and optimising

Each participant should bring a lap top with USB port to the course to facilitate modelling work

Course Content

Common forms of manipulation and fraud – Day 1 income statement Accounting overview – where manipulation and fraud commonly take ■■ Revenue recognition issues place • When is a sale not a sale • Accounting rules governing revenues ■■ Conditions that may result in accounting • Earning revenue – principal or agent? manipulation • The problems with long term contracts • Incentives and pressures to manipulate ■■ Abnormal sales growth, the Symbol effect • Opportunity ■■ Revenue recognition red flags • Attitude of management Case study – The participants analyse a Case study – Analysing the conditions for case company’s accounting for revenue fraud – Enron and suggest adjustments to correct manipulation

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Course Content Common forms of manipulation and fraud – balance sheet Case study – Symbol Inc ■■ Long life assets ■■ From revenue to EBIT • What does an asset cost? • Increasing income from one off events ■■ Amortisation and depreciation issues • Misleading classifications • Asset lives and depreciation rates • Capitalising interest ■■ Manipulation of cost of goods sold Case study – The participants analyse a • Cost deferral and impairments case company’s accounting for PPE and ■■ Inventories, growth vs sales and valuation Intangibles for manipulation issues ■■ EBIT manipulation red flags ■■ Off balance sheet financing • Accounting for leases – the operating lease Case study – Enron red flags disappears • Treatment of leases for valuation purposes ■■ Other income statement issues • Liability calculation ■■ Shifting current expenses to a later period • Balance sheet adjustments • Identifying capitalisation issues • Treatment effects on financial ratios ■■ Pension accounting – income statement and Case study – Thomson Research balance sheet issues • Accounting for pensions ■■ Techniques to hide expenses or losses • Correct allocation of costs – EBIT or not • Which liability and effect on valuation ■■ Shifting current income to a later period • Treatment effects on financial ratios ■■ Shifting future expenses to an earlier period Day 3 Case study – Xerox Common forms of manipulation and fraud – Day 2 balance sheet (continued) Evaluating the quality of financial ■■ Financial instruments – recognition and valu- reporting – ratio analysis ation • The after effects of the financial crisis – new ■■ Quantitative tools used to assess financial accounting rules for financial instruments reporting quality • Fair vs historic cost – assessment and ef- ■■ Dupont analysis fects on valuation • ROE and ROCE analysis • Treatment effects on financial ratios • Extended Dupont analysis ■■ Further ratio analysis Case study – The participants analyse a case • Working capital and asset based analysis company’s accounting for various balance • Assessing divisional performance • Credit based analysis sheet items and suggest adjustments to • Altman z scores correct manipulation • Accruals based analysis ■■ Foreign currency issues – translation and Case study – The participants analyse the transaction effects case study company and produce the first • Which currency to use set of ratios to assess the quality of the • Calculation of translation effect • Implications for valuation financial reporting to identify where the • Treatment effects on financial ratios accounts may have been manipulated Case study – The participants analyse a case Case study – The participants analyse a company’s accounting for various balance case company’s accounting for further sheet items and suggest adjustments to income statement issues and suggest correct manipulation adjustments to produce a “clean” set of historic numbers

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Course Content

Common forms of manipulation and fraud – cash flow

■■ Picking up the trail – earnings vs cash ■■ Operating vs other cash flows – improving cash conversion ■■ Manipulating working capital for cash flow • Receivables • Payables ■■ Accounting for cash and the quality of cash holdings • Does the cash exist? • Polly Peck and Cyprus

Case study – The participants analyse a case company’s accounting for various cash flow statement items and suggest adjustments to correct manipulation

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Course Overview

This programme has been designed to provide a thorough overview of FX derivatives products, pricing, risk management and applications. We will use real life case study examples to illustrate the techniques and strategies that are used by both “buy side” and “sell side”.

Participants will require laptops with MS Excel for the exercises and case studies.

The broad objectives of the programme are:

■■ To provide a complete understanding of the properties and risk profiles of FX derivative prod- ucts. ■■ To provide participants with a thorough understanding of the applications of FX derivatives so that they have the ability to advise their clients on strategies that may be used to meet specific hedging, trading and structuring requirements. ■■ To provide participants with a thorough understanding of pricing techniques used in FX deriva- tives. This will give participants a good understanding of whether prices quoted are fair. ■■ To provide participants with a thorough understanding of the risk management processes and techniques used in FX derivatives. This will allow participants to explain risk reward expectations to investors and users and better manage risks in their own portfolios. ■■ To provide participants with a thorough understanding of the trading, hedging and investment strategies and techniques used in FX derivatives. This will allow participants to match products to their market expectations and risk profiles. ■■ To explain to participants how collateral management works through the process of VaR, mark- ing positions to market and margin management. This will give prime brokers a better under- standing of the role of collateral in risk reduction. It will also allow fund managers to plan for future cash flow movements in their funds and keep liquidity requirements to a minimum.

Course Content

Exercise for Module 1 Day 1 Participants will be asked to explain the A short recap of the properties and risk/ properties and risk reward profiles of a reward profiles of FX derivative products? series of FX derivative products.

■■ Derivative Products Who might use FX derivatives and why? • Futures This module examines the uses of the ӹӹOutright Forward Contracts products by both corporations, traditional ӹӹNon Deliverable Forwards fund managers and hedge funds and high ӹӹCurrency Futures net worth individuals. • Options ӹӹConventional Currency Options ■■ Derivative Products ӹӹBarrier Options • Currency Futures and Outright Forwards ӹӹWarrants • Swaps ӹӹUsed by corporations to hedge translation and transaction FX exposure ӹӹFX Swaps ӹUsed by traditional fund managers to ӹӹCurrency Swaps ӹ

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Course Content Exercise for Module 3 hedge FX risk in portfolios and change currency asset allocation Participants will be provided with a set of ӹӹUsed by macro hedge funds to spec- spot prices, interest rates, volatilities and ulate on future value of the currency will be asked to price various products. pairs For this exercise participants will be given • Currency Options and Barrier Options a pricing model for options but will be ӹӹUsed by corporations, traditional fund managers, and hedge funds for: expected to build their own pricing model for ӹӹDirectional trading the Delta 1 products. ӹӹHedging of risk ӹӹPlacing risk into a collar Day 2 ӹӹYield enhancement ӹӹVolatility trading How are FX derivatives risk managed? • FX swaps ӹӹUsed by banks and corporations for: ■■ FX Delta 1 instruments ӹӹAsset allocation • VaR ӹӹFinancing mismatched loan and deposit ■■ Options books • Delta and gamma silos for underlying FX • Currency swaps price risk ӹӹUsed by high grade issuers in a bond • Vega ladders for volatility risk and swap structure • Phi and rho for interest rate risk • Theta for the impact of time decay Exercise for Module 2 • Second order Greeks for portfolio manage- ment Participants will be provided with a series ӹӹVanna, vomma, charm, vera and DvegaD- of market expectations and trade criteria time and be asked to choose an FX derivative • Special risks associated with barrier options product to use, giving their reasons and ӹӹInverting volatility expected outcomes over a range of spot ӹӹPin risk prices at maturity. Exercise for Module 4 How are FX derivatives priced? This module examines pricing of the products. Participants will be provided with a set of spot prices, interest rates, volatilities and ■■ Futures and Outright Forward contracts by market expectations and will be asked to a combination of project the expected profit or loss (risk) • Buying the base/pricing currency and for various products as a result of changes selling the pricing/base currency in market conditions. For this exercise • Financing the position with currency repo participants will be given a risk analytics • Deriving the fair forward price by the programme for options. For Delta 1 products maturity cash flows (interest rate parity) they will expand the model that they built in • By using swap points that are traded Module 3 to incorporate “what if” scenario in the market as a product in their own analysis. right ■■ Options using a variant of Black-Scholes Trading Strategies. This module discusses Pricing model which requires inputs for: how to choose a strategy to fit a market • FX spot rate expectation. • Two sets of interest rates • Implied volatility ■■ FX delta 1 products ■■ Currency Swaps by decomposing into: • Directional strategies • An exchange of principal • Two interest rate swaps ■■ Options • A basis swap • Directional trading • Volatility trading • Spread trading • Income enhancement

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Course Content

Exercise for Module 5

Participants will be provided with a series of market expectations and trade criteria and be asked to choose a strategy to use, giving their reasons and expected outcomes over a range of spot prices at maturity.

Life cycle of a trade and collateral management including examples of mark to market. This module provides an in- depth analysis of risk and collateral management to ensure that participants understand how risk is reduced.

■■ Trade execution • Request for quote from the buy-side • Price construction from the sell-side ■■ Mark to market for futures, outrights and FX swaps • Changes in spot price • Financing cost (carry) • Changes in interest rates • Passage of time ■■ Options • Change in spot price • Changes in volatility • Changes in interest rates • The passage of time

Exercise for Module 6arket and manage the collateral over these two marks. One of the marks will be for a profitable market movement and the other for a losing market movement. They will then close the trade out and calculate the final profit or loss and manage the close out of the strategy and the return of the collateral.

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Course Overview

This programme has been designed to provide a thorough overview of interest rate derivatives products, pricing, risk management and applications. We will use real life case study examples to illustrate the techniques and strategies that are used by both “buy side” and “sell side”.

Participants will require laptops with MS Excel for the exercises and case studies.

The broad objectives of the programme are:

■■ To provide a complete understanding of the properties and risk profiles of interest rate deriva- tive products. ■■ To provide participants with a thorough understanding of the applications of interest rate deriva- tives so that they have the ability to advise their clients on strategies that may be used to meet specific hedging and trading requirements. ■■ To provide participants with a thorough understanding of pricing techniques used in interest rate derivatives. This will give participants a good understanding of whether prices quoted are fair. ■■ To provide participants with a thorough understanding of the risk management processes and techniques used in interest rate derivatives. This will allow participants to explain risk reward expectations to investors and traders and better manage risks in their own portfolios. ■■ To provide participants with a thorough understanding of the trading and hedging strategies and techniques used in interest rate derivatives. This will allow participants to match products to their market expectations and risk profiles. ■■ To explain to participants how collateral management works through the process of VaR, mark- ing positions to market and margin management. This will give prime brokers a better under- standing of the role of collateral in risk reduction.

Course Content ■■ Swaps • Interest Rate Swaps Day 1 • Currency Swaps • Overnight Index Average Swaps A short recap of the properties and risk/ • Basis Swaps reward profiles of interest rate derivative • Inflation Swaps products? Exercise for Module 1 Participants will be asked to explain the ■■ Derivative Products • Futures and Forwards properties and risk reward profiles of a ӹӹSTIR Futures series of interest rate derivative products. ӹӹBond Futures ӹӹForward Rate Agreements (FRAs) Who might use interest rate derivatives and ■■ Options why? This module examines the uses of the • Interest Rate Options on: products by both traditional fund managers ӹӹSwaps – Swaptions and hedge funds. ӹӹShort Term Interest Rates ӹӹCaps and Floors ■■ Derivative Products ӹӹOptions on STIR and Bond Futures

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Course Content • Amortizing the surplus or deficit cash flows ■■ STIR futures and FRAs over the contract period ӹӹUsed by hedgers to change short term • By deriving forward rates from the interest interest rate risk from fixed to floating rate swaps curve or vice versa ӹӹUsed by macro hedge funds to specu- ■■ Options using an option pricing model which late on the future direction and level of requires inputs for: short term interest rates • Long and short term yield curves ■■ Bond futures • Interest rate price volatility ӹӹUsed by fund managers to manage • Time to maturity duration risk and hedge against future changes in the shape of the government Exercise for Module 3 yield curve ӹӹUsed by macro hedge funds to specu- late on future direction and level of long Participants will be provided with a set of term interest rates and the shape of the interest rates and volatilities and will be yield curve asked to price various products. For this ■■ Interest Rate Options exercise participants will be given a pricing • Used by companies, traditional fund model for options but will be expected to managers, banks and hedge funds for: build their own pricing model for the Delta 1 ӹӹHedging of interest rate risk products. ӹӹDirectional trading ӹӹPortfolio hedging Day 2 ӹӹVolatility trading ӹIncome enhancement ӹ How are interest rate derivatives risk ӹӹ Interest Rate Swaps • Used by companies, traditional fund managed? managers and hedge funds for: ■ Delta 1 products ӹӹHedging of interest rate risk ■ • VaR ӹӹDirectional trading • Duration, convexity and DV01 ӹӹPortfolio hedging • Default risk, recovery rates, credit spreads ӹӹCurve trades and CS01 ӹӹAsset and liability management ■■ Inflation swaps ■■ Options • Used by companies to hedge against • Delta and gamma silos for underlying inter- future inflation risk est rate risk • To trade future expected levels of infla- • Vega ladders for volatility risk tion • Theta for the impact of time decay ■■ Asset swaps • Used by investors to access floating rate Exercise for Module 4 returns from fixed rate securities Participants will be provided with a set of Exercise for Module 2 interest rates, credit spreads and volatilities and will be asked to project the expected Participants will be provided with a series profit or loss (risk) for various products as a of market expectations and trade criteria result of changes in market conditions. For and be asked to choose an interest rate this exercise participants will be given a risk derivative product to use, giving their analytics programme for options. For Delta reasons and expected outcomes over a 1 products they will expand the model that range of interest rates at maturity. they built in Module 3 to incorporate “what if” scenario analysis. How are interest rate derivatives priced? This module examines pricing of the Trading and hedging strategies. This module products. discusses how to choose a strategy to fit a market expectation. ■■ Futures contracts by a combination of • Supply and demand in the market ■■ Interest rate swaps • Theoretical arbitrage pricing by buying • Interest rate directional trades the long interest rate • Carry trades • Selling the short interest rate • Steepeners and flatteners • To book this course or find out more, please click the “Enquire Now” button Advanced Interest Rate Derivatives Continued...

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Course Content • Butterflies • Hedging interest rate risk • Converting assets and liabilities from fixed rate to floating rate ■■ Options • Directional trading • Volatility trading • Spread trading • Income enhancement

Exercise for Module 5

Participants will be provided with a series of market expectations and trade or hedge criteria and be asked to choose a strategy to use, giving their reasons and expected outcomes over a range of interest rates at maturity.

Life cycle of a trade and collateral management including examples of mark to market. This module provides an in- depth analysis of risk and collateral management to ensure that participants understand how risk is reduced.

■■ Trade execution • Request for quote from the buy-side • Price construction from the sell-side ■■ Mark to market for futures and interest rate swaps • Changes in interest rates • Passage of time ■■ Options • Change in interest rates • Changes in volatility • The passage of time

Exercise for Module 6

Participants will choose one of the strategies from Module 5 and calculate the VaR and initial collateral requirement and haircut and then execute the strategy. They will then mark the strategy to market and manage the collateral over these two marks. One of the marks will be for a profitable market movement and the other for a losing market movement. They will then close the trade out and calculate the final profit or loss and manage the close out of the strategy and the return of the collateral.

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Course Overview

This course aims to cover the portfolio levels issues in the various divisions of the Banks. Primary focus will be on the corporate lending arena and in the private bank leading on to the credit risk management relating to industry, and country risks.

Participants will cover credit risk management techniques as department heads of syndication teams, sector-heads etc. Emphasis will be on practical issues relating to arriving at credit policies in a bank. The concepts and methodologies developed in advanced IRB ( Internal risk Rating Based- approach) capital requirements of Basel 2 will be covered.

The course seeks to cover the credit risk management in various stages of growth of the Bank, the different approaches taken in the corporate, consumer and private bank, the techniques involved in managing a merger between banks and the steps taken in managing the recovery situation when there are significant bad debts.

Course Content

Day One Portfolio credit risk

Introduction ■■ Syndicated deals ■■ Managing the credit risk ■■ Convergence of Capital Measurement and ■■ Stress Testing Capital Standards ■■ Valuing the portfolio ■■ Banking Securities and financial Subsidiaries ■■ Securitised deal ■■ Insurance Entities ■■ Commercial Entities - big industrial Groups Day Two

Minimum Capital Requirements Corporate, Sovereign and Bank Exposures

■■ Regulatory Capital ■■ Derivation of Probability of Default (PD), Loss ■■ Risk-Weighted Assets Given Default (LGD), Exposure at Default ■■ Constituents of Capital- Tier 1, Tier 2 and (EAD) Tier 3 ■■ Correlation ■■ Detailed Analysis for the various products ■■ Maturity Adjustments ■■ Risk Weights for Specialised Lending Credit Risk ■■ High Volatility Commercial Real EstateCap- ital Requirement for Hedged and Unhedged ■■ Standardised Approach Exposure ■■ Treatment of off balance Sheet items ■■ Advanced Credit Mitigation Techniques Ratings Approach ■■ Dealing with the principles behind the math- ematics ■■ IRB Model ■■ Guarantees and Derivatives ■■ External Rating Model ■■ Product and Facility rating ■■ Efficiency vs Risk ■■ Group Study: Example of defining the rating model for housing loans, credit cards, SME loans, property development loans. Use of Excel and Power Point necessary for pres- entation

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Course Content

Preparation of Credit policy

■■ Participants are expected to bring their banks credit policies for discussion ■■ Organisation Structure ■■ Delegation of Authority ■■ Checks and Balances ■■ Flow of Credit request ■■ Real strength of collective decision making ■■ Main constituents in arriving at a Credit Policy of a Bank ■■ Dynamic monitoring

Restructuring Assets

■■ Provisioning ■■ Estimate of Hair-cuts ■■ Determinants ■■ Value of distressed asset ■■ Managing debt equity swaps, credit deriva- tives etc ■■ Investigative auditing

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Course Overview

This course, aimed as it is at those dealers, sales, middle office and support staff who alreadyve ha a good basic knowledge of swaps, will enhance and deepen the understanding of this successful group of products. Participants will leave having a level of comfort that they can cope with these products on a day-to- day basis and that they understand their pricing and usage.

In addition, delegates will understand the market environment and product limitations and liquidity issues.

Course Content

Review of Swap Pricing Asset Swap Packages

■■ Relationship between swaps, Government ■■ Using swaps to create enhanced-return in- yields, and the “Libor” concept. vestment vehicles ■■ Issues in cross-currency swaps vs IRSs. ■■ Tax efficiency aspects ■■ Documentation issues. Advanced Swap Constructions The Zero-Coupon Curve ■■ Quanto (differential) swaps ■■ Creation of the zero-coupon curve and its ■■ Total return swaps uses in pricing swaps ■■ Other exotic swaps ■■ Isolation of forward yield curves ■■ Use in pricing forward start swaps and Caps, Floors & Collars swaptions ■■ Basic option pricing concepts Marking to Market ■■ Application to the long-term yield curve and thus to swaps ■■ Prudent marking to market. ■■ Relationship of caps, floors and collars to ■■ Liquidity issues. swaps ■■ Uses of the zero-coupon curve. ■■ Unwinding swaps, “tear-ups, and assign- Trading Strategies in Swaps ments ■■ The risk/reward profile Traditional Swap Variations ■■ The concept of the efficient frontier. ■■ Arbitraging the market; traditional and model ■■ Construction and pricing of swap variations based. ■■ Forward start swaps ■■ Amortising and accreting swaps (and roller coasters) ■■ Currency swaps without exchange of princi- pal ■■ Marking these products to market and li- quidity.

Short-Date Swaps

■■ SONIAs, EONIAs ■■ Pricing mathematics

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Course Overview

The course is designed to support middle- and senior-level employees dealing with financial models from different sources, to enable them to assess risk, profile debt and sensitise modelled data for use in aircraft finance evaluations.

Aims The principal aim of the course is enable participants to assess the cash flow profile, returns and risks in a financing proposal, and use these skills to support credit approvals, documentation and reviews. This will be done by reviewing the principles behind the buy vs lease decision, and using tools to highlight areas of risk and to perform sensitivity analysis.

Methodology The learning methods used are a combination of the didactic and practical; the principles will be discussed with the aid of examples and new learning cemented effectively through practical exercises. Suggested solutions to each exercise will be provided and discussed, and participants will be encouraged to review their work independently. As the time available is very limited, each section will not be covered in depth, but supporting materials will be available for further in-depth learning and post-training refreshing.

Participants will:

■■ Briefly revise financial mathematics ■■ Learn about the lease against buy decision ■■ Learn about maintenance reserve accounts ■■ Work through advantages and disadvantages of lease vs buy ■■ Understand risk profiles ■■ Gain an appreciation of leveraged leasing ■■ Gain an understanding about evaluating options in aircraft finance

Participants will require a laptop with a USB port.

Course Content calculate NPV, IRR; then add the effect of a Session 1 - Introduction & Course residual value and a given tax rate Objectives ■■ Brief review of aircraft financial evaluations Session 3 – The Lease vs Buy Decision for and their objectives Aircraft Finance ■■ Cash flow Session 2 – Brief Revision of Financial ■■ Tax issues Mathematics ■■ Certainty of cost ■■ Principles of time value of money ■■ Weak vs strong balance sheets ■■ Opportunity cost ■■ Alternative investments ■■ NPV & IRR - what do they mean? ■■ Strategic reasons ■■ Use of residual values ■■ Impact of tax on financial calculations Session 4 – The Lease vs Buy Analysis for Aircraft Finance Exercise – from a given set of cash flows, ■■ How to work out the cost of finance

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Course Content Exercise – from previous exercises, perform ■■ Calculating cash flows a risk analysis using the above format ■■ Tax–deductibility of payments ■■ Capital allowances for taxation Session 9 - Wrap-Up ■■ Applying financial maths to calculate and analyse the cash flows ■■ Overall review ■■ Key points to re-iterate Exercise – from a given set of criteria, ■■ Final questions and issues to discuss perform a lease vs buy analysis

Session 5 – Maintenance Reserve Accounts in Aircraft Finance ■■ Principle underlying concept of MRAs ■■ Cash flow impact of MRAs ■■ Timing of payments

Exercise – from the previous calculations, add an MRA into the calculation and re- calculate the results

Session 6 – Evaluation of Aircraft Finance Proposals ■■ Sensitivity analysis ■■ Set up and tools that make the analysis eas- ier ■■ Cash available for debt service (“CFADS”) and free cash flow (“FCF”) ■■ Ratios used by banks: • Debt service coverage reserve ratio (“DSCR”) • Interest cover ratio (“ICR”) • Lease payment cover ratio • Debt to EBITDA ■■ Exposure vs value calculations

Exercise – from a pair of given cash flows and debt profiles, calculate the above ratios and contrast the two deals

Session 7 – Leveraged Leasing in Aircraft Finance ■■ Use of debt and 3rd-party participation ■■ Transfer of capital allowances to 3rd parties

Example - review an example of a leveraged lease

Session 8 – Risk Analysis in Aircraft Finance

■■ Identifying critical risks ■■ Using probabilities to assess risk ■■ Quantifying risk ■■ Calculating weighted average risk values ■■ Example of a risk model ■■ Statistical techniques – eg Monte Carlo anal- ysis

To book this course or find out more, please click the “Enquire Now” button Bank Card Business In-House or Live Webinar

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Course Overview

Objectives

In Retail Banking, the bank card business is very important in Europe.

Reducing use of cash and cheques, improving security using the chip technology, developing new payment methods (card based or network money) everything is changing at a very high speed. The card business, be it debit or credit card, is also a commercial matter for improving client services and client satisfaction, an excellent technique in order to improve commissions charged and so the ROI.

This seminar aims at highlighting important issues in retail banking about the existing and new payment methods, with a main stress on bank cards.

Factual cases will be studied and discussed.

Methodology The seminar is interactive including presentations and transfer of information, exchange of views, practical cases and experience.

Who Should Attend All bank executives; Central Bankers, Bank and finance Supervision Departments, Financial Markets Authorities, Other Financial Regulatory authorities, Audit firms and departments; Bank Association and other professional bodies related to the financial markets. Executives of financial departments of companies linked to the banking world.

Course Content The value chain in electronic payments Day 1 ■■ description of components of the chain Introduction ATM ■■ optimisation of the components ■■ new developments ■■ Atm’s offering a lot of new banking services POS Discussion ■■ existing and new cards Prudential approach in bank card business Strategic choices and new trends Powering multibrand cards ■■ Risk management ■■ Cross border aspects ■■ protect the image of the bank with distinc- ■■ Risk policy tive branding ■■ Laws and legislation ■■ ■■ E-money: New payment methods? (Possibilities, Services, costs, demo)

■■ Card based payments ■■ Network money Mobile payments ■■ Peer to peer payments ■■ Friends to family payments ■■ Social networks and their payments

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Course Content

Day 2

The client and the marketplace Case study and Hand over

Marketing and commercial trends Training (needs , organisation and content) Management ■■ what will the future bring us ■■ what new services are to be expected Action ■■ Technical staff Commercial staff in developing countries ■■ Staff in Auditing and Controlling ■■ what is happening in Africa? ■■ Back Office staff Clients ■■ what developments do we find in India ? ■■ how does Brazil do mobile banking ? New Discussion model of competition ■■ who are the new competitors Operations (overview, description and ■■ what exceptional services do they offer examples)

Hold back the invisible enemy Threads ■■ Transactions Cost of operation

■■ types of dangers General summary ■■ identify the loopholes ■■ phishing, spoofing and whaling Safeguards ■■ Sources of information ■■ for every thread there is a safeguard ■■ Conclusion ■■ Security policy ■■ define a security policy ■■ examples of models of security policies

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Course Overview

Objective

Banking on the Internet and on mobile devices (electronic banking) is nowadays already an everyday tool for millions of persons. Operating direct on the stock exchanges is no more limited to experts. Even wallets are turning out to be used more electronically.

Banking over the mobile phone (mobile banking) starts to be nowadays a usual tool for many persons. Getting your account balance via alerts, making micro-payments in shops or to friends, creating savings for the unbanked customers, … A lot is moving fast for financial (e.g. banks) and nonfinancial agents (e.g. telecoms) in these new channels.

This can generate a lot of questions:

■■ What are the risks of these new developments and how to tackle them? ■■ What type of new legislation do regulators create? ■■ Who are these online banking clients? ■■ What are the commercial and technical challenges for the future? ■■ What about the security of electronic banking?

This seminar aims at highlighting important issues in banking on the Internet. Factual cases will be studied and discussed.

Methodology

The seminar is interactive including presentations and transfer of information, exchange of views and experience, working on practical cases.

Target Group

All bank executives; Central Bankers, Bank and finance Supervision Departments, Financial Markets Authorities, other Financial Regulatory authorities, Audit firms and departments; Bank Association and other professional bodies related to the financial markets. Executives of financial departments of companies linked to the banking world.

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Course Content • Costs • Demo Day 1 ■■ Peer to peer payments • Possibilities Introduction • Services • Costs • Demo ■■ What is electronic banking about? ■■ Friends to family payments ■■ The IT role in the banking industry Day 2 Examples and demo cases Compliance and risk management in Channels in turmoil e-banking ■■ From web 2.0 to web 3.0 internet banking ■■ Risk management ■■ From ebanking to social media (payments • typical internet risk and banking) • influence on the global banking risk • Possibilities ■■ Fourteen principles for a sound risk manage- • Services ment • Costs • examples from the BIS ■■ Risk policy ■■ Web 3.0 without banking intervention • how to establish a risk policy • Disintermediation • international examples and cases • Challenges ■■ Laws and legislation • Benefits and dangers • in Europe and USA • worldwide legislation ■■ Upgraded ATM’s • legislation or self-regulation? • Possibilities ■■ Balance between risk and user-friendliness • Services • acceptable risk • the Y generation Compliance ■■ Payment tools in shops (Point of Sales) • E-banking • Existing and new cards • Integration into global bank approach • No cash anymore? The client and the marketplace Challenges and pitfalls ■■ New model of competition ■■ How to challenge and handle the technical • who are the new competitors limits • what exceptional services do they offer • evolution of the technology ■■ New clients: convert members into clients • acceptance by the end users • from visitors to members ■■ The internet community helping to develop • from members to clients services ■■ New Products: buying all types of insurances • social media offering financial services on the Internet • scale effect and viral evolution • aggregators to present information • offers through the internet channel through Multichannel optimization banks ■■ New Promotion/ Communication: ■■ Advice in branches • Using SMS as promotional tools ■■ Operations and brokerage in web banking ■■ combine transactions and promotions ■■ Information in m-banking • The screens network as communication ■■ Synchronisation between the channels channel ■■ revolutionary communication tools in branches New payment methods and on hot spots

■■ Card based payments ■■ Network money ■■ Mobile payments • Possibilities • Services

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Course Content

Day 3

Hold back the invisible enemy

■■ Threads • types of dangers • identify the loopholes • phishing, spoofing and whaling Safeguards • for every thread there is a safeguard Se- curity policy • define a security policy • examples of models of security policies

Case study and Hand over

From banking back office towards back office 2.0

■■ Transactions ■■ Cost of operation ■■ Corporate ebanking (marketplaces)

Electronic banking, IT and mainframe

■■ Interfacing ■■ Release management ■■ New mobile tools ■■ Sharing/specialising content

The future: mobile banking

■■ Which services to specialise in? • step 1: getting information • step 2: transactions execution • step 3: savings and investments • new services ■■ Interaction with the other banking channels ■■ Macro and micro payments ■■ Smartphone or Tablet?

General summary

■■ Sources of information ■■ Conclusion

To book this course or find out more, please click the “Enquire Now” button Banks Financial Statement Analysis - Basic In-House or via Live Webinar

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Course Overview

This training allows participants to develop an initial understanding of banks’ financial statements. Specifically, through a mix of lecture, case studies and Excel modelling, the workshop will equip participants to:

■■ Review the accounting of banks’ financial statements; ■■ Understand the banking book and introduce the new IFRS 9 loan loss impairment methodology; ■■ Analyse the accounting treatment of financial instruments including amortised costs, FVTPL (Fair Value though Profit & Loss) and FVTOCI (Fair Value through Other Comprehensive Income); ■■ Review IFRS shareholders’ equity and the reconciliation to CET1 (Common Equity Tier I), Tier I and Total Capital; ■■ Analyse the key banking ratio including growth, performance, asset quality, liquidity and capital ratios.

Course Content

Session 3 Session 1 Financial Instruments Introduction to Financial Statement Analysis for Banks ■■ Amortised Costs ■■ Fair value through Profit & Loss (FVTPL) ■■ Balance sheet ■■ Fair value through Other Comprehensive In- ■■ Income statement come (FVTOCI) ■■ Cash flow statement ■■ Accounting treatment determined by (i) busi- ■■ Statement of change in shareholders equi- ness model (ii) nature of cash flows ty/comprehensive income ■■ Decision tree to decide on classification of financial instruments Case Study #1: participants will review Barclays’ financial statements Case Study #2: participants will be presented with a few financial instruments Session 2 and will classify them in their relevant categories The Banking Book ■■ Balance sheet and P&L calculation of a bond ■■ Types of banking books at amortized cost • Mortgages • Based on the Internal Rate of Return (IRR) • Credit cards of future cash flows • Personal loans • Treatment of fees in the IRR calculation • SME loans ■■ Balance sheet and P&L calculation of a bond • Corporate loans at FVTPL and FVTOCI • Syndicated loans • Effective interest rate method for interests ■■ On balance sheet or securitised (same as amortised costs) ■■ Amortised cost methodology • Unrealised gain based on NPV at current ■■ Credit Issues and collateral yield of future cash flows ■■ Non-performing loans ■■ Introduction to loan loss impairment under Case Study #3: participants will compute on IFRS 9 and the three stages Excel the impact on balance sheet and P&L of a bond under amortised costs and FVTPL

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Course Content

Session 4

Shareholders’ Equity

■■ IFRS shareholders’ equity and treasury shares ■■ Common Equity Tier 1 (CET1), Tier 1, Tier 2 and Total capital • Key reconciliation items from IFRS Book Equity to CET1: minority interests, de- ferred tax, changes to investment portfo- lio, etc.

Case study #4: Review Barclays’ Shareholders Equity to Tier I reconciliation

Session 5

Bank Ratios

■■ Growth ratios • Loans and deposits • Assets and RWAs • Revenues and costs ■■ Performance ratios • Net interest income, net interest expense and net interest spread • Cost to income ratio • Return on equity, return on assets, return on RWAs ■■ Asset quality • NPL ratio • NPL coverage ■■ Liquidity ratios • Loan to deposit • Liquid asset to short-term wholesale fund- ing ■■ Capital ratios • CET1 ratio • Total capital ratio

Case study #5: Compute all ratios on Barclays’ latest financial statements

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Course Overview

This training allows participants to build a structured approach to the analysis of banks’ financial statements. Specifically, through a mix of lecture, case studies and Excel modelling, the workshop will equip participants to:

■■ Review the accounting and valuation of banks’ financial statements; ■■ Understand the banking book and the new IFRS 9 treatment for loan loss impairment using the expected loss methodology; ■■ Analyse the accounting treatment of financial instruments including amortised costs, FVTPL (Fair Value though Profit & Loss) and FVTOCI (Fair Value through Other Comprehensive Income); ■■ Review trading and hedging of derivatives under the new IFRS 9 rules; ■■ Analyse financial liabilities at amortised cost and FVTPL including fair aluev for own credit; ■■ Understand IFRS shareholders’ equity and the reconciliation to CET 1 (Common Equity Tier I), Tier I and Total Capital.

Course Content

Session 1 Session 3

Introduction to Financial Statement Loan Loss Impairment Analysis for Banks ■■ Incurred losses (IAS 39) has been replaced ■■ Balance sheet by expected losses (IFRS 9) ■■ Income statement ■■ Three stages process to determine impair- ■■ Cash flow statement ments ■■ Statement of change in shareholders equi- • Stage 1: “12-month expected credit loss- ty/comprehensive income es” with effective interest rate on gross on gross carrying amount Case Study #1: participants will review • Stage 2: “life-time expected credit losses” Barclays’ financial statements with effective interest rate on gross on gross carrying amount • Stage 3: “life-time expected credit losses” Session 2 with effective interest rate on gross on amortised costs The Banking Book Case Study #2: participants will assess the ■■ Types of banking books credit deterioration of a loan • Mortgages • Credit cards Session 4 • Personal loans • SME loans • Corporate loans Financial Instruments • Syndicated loans ■■ On balance sheet or securitised ■■ Amortised Costs ■■ Amortised cost methodology ■■ Fair value through Profit & Loss (FVTPL) ■■ Credit Issues and collateral ■■ Fair value through Other Comprehensive In- ■■ Non-performing loans come (FVTOCI) ■■ Accounting treatment determined by (i) busi- ness model (ii) nature of cash flows ■■ Decision tree to decide on classification of financial instruments

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Course Content • Group of items and a net position (e.g. as- Case Study #3: participants will be sets & liabilities or forecast sales & purchas- presented with a few financial instruments es) hedged collectively as group and will classify them in their relevant ■■ Accounting treatment for time value of money categories for options: a two-step process through OCI ■■ Accounting treatment for foreign currency for- ■■ Balance sheet and P&L calculation of a bond ward points in OCI at amortized cost • Based on the Internal Rate of Return (IRR) Case Study #7: participants will review of future cash flows and assess different hedge scenarios • Treatment of fees in the IRR calculation including risk component hedging, aggregate ■■ Balance sheet and P&L calculation of a bond exposures and net position at FVTPL and FVTOCI • Effective interest rate method for interests Session 6 (same as amortised costs) • Unrealised gain based on NPV at current Financing: Debt and Equity yield of future cash flows ■■ Fair value assessment ■■ Financial liabilities at amortised cost or FVTPL • Level 1 based on unadjusted quoted price • Own credit deterioration reduces institu- • Level 2 based on quoted price in inactive tions’ liabilities markets or observable model input • Liability reduction due to rating downgrade • Level 3 based on unobservable but signifi- to be now classified in OCI cant inputs to the overall value ■■ IFRS shareholders’ equity and treasury shares ■■ Common Equity Tier 1 (CET1), Tier 1, Tier 2 Case Study #4: participants will compute and Total capital on Excel the impact on balance sheet and • Key reconciliation items from IFRS Book P&L of a bond under amortised costs and Equity to CET1: minority interests, deferred FVTPL tax, changes to investment portfolio, etc. ■■ Overview of calculating risk weighted assets Session 5 (RWAs): credit risk RWA, counterparty risk, market risk and operating risk Derivatives Case study #8: Review Barclays’ ■■ Trading and hedging Shareholders Equity to Tier I reconciliation ■■ Hedge accounting: fair value, cash flow and net investment ■■ Netting derivative assets and liabilities ■■ Qualification for hedge accounting • Cash flow hedge • Fair value hedge • Net investment hedge for foreign subsidi- aries

Case Study #5: participants will classify a few hedging transactions in their relevant categories

Case Study #6: participants will value an interest rate swap accounted for as a cash flow hedge

■■ IFRS 9 hedge accounting more closely aligned to risk management policy • Removal of hedge effectiveness criteria (80% to 125%) • Extends eligibility of risk component to include non-financial items • Permits aggregate exposure that includes a derivative to be eligible hedged item To book this course or find out more, please click the “Enquire Now” button Bond Derivatives In-House or via Live Webinar

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The aim of this course is to provide participants with an understanding of bond derivatives, their applications, who uses them and why. It addresses products that hedge interest rate risk, currency risk and credit default and credit spread risk.

By the end of this course, participants will be able to understand the key concepts of interest rate, currency, credit default and spread risk.

They will also gain an appreciation of which derivative contract is used to hedge which risk and under which circumstances it is used. Additionally, participants will learn about the issuer and/or investor motivations and risk profiles of a variety of structures.

Course Content using either a currency swap or a basis swap – a traditional bond and currency swap Risk and the need for bond derivatives ■■ Investors who have cash to invest and: ■■ Bonds and risk profile issues • Want to make a floating rate investment linked to LIBOR but find that only fixed ■■ The usefulness of bond derivatives and how coupon bonds are available – a traditional they address risk asset swap ■■ Interest rate risk • See that the credit spread on the cash ■■ Currency risk. bond is trading higher than the corre- ■■ Credit default and spread risk sponding credit default swap – a negative basis package Types of Bond Derivatives ■■ Investors that do not need to own the asset but want to take a leveraged view on: ■■ Interest rate derivatives • Default risk implied by the market by buy- • Government bond futures and options on ing or selling a CDS bond futures • Credit spreads widening or narrowing rel- • Government bond options ative to current market spreads by buying • Calls and puts on yields and prices or selling the CDS • Yield and price collars • The return available for assuming the • Interest rate swaps credit risk on a non-publicly traded asset – • Options on interest rate swaps a total return swap • Payers and receivers swaptions ■■ Traders and hedge funds that want to take • Swaption collars a view on the interest rate or credit spread curve by transacting one of the following ■■ Currency derivatives strategies: • Cross currency swaps • A carry trade by buying long term risk and • Basis swaps financing short term. • A steepening of the curve by paying fixed ■■ Credit risk derivatives at the longer end of the curve and receiv- • Credit default swaps ing fixed at the shorter end of the curve – • Total return swaps a curve steepener • A flattening of the curve by receiving fixed Who uses the markets and why? at the longer end of the curve and paying This module explores the market fixed at the shorter end of the curve – a participants and their objectives curve flattener

■■ Issuers who need to raise cash and may Risk metrics and management issue • Fixed coupon bonds but want to raise This module examines and explains the risk floating rate debt – a traditional bond and metrics that are used to quantify and manage swap risk of bond derivatives • Debt in a currency that they do not need but swap into a currency they do need

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Course Content

■■ Delta 1 products • Interest rate sensitivity • Duration • Convexity • DV01 and maturity ladders • Credit risk management • Default probability • Spread sensitivity and CS01 • Time decay and theta • Interest rate sensitivity of mark to market on positions • Collateral management • Central counterparties or bi-lateral risk? • Acceptable collateral and haircuts • Mark to market and margin calls • The impact of fails ■■ Option products • Delta and Gamma – describe sensitivity to asset price changes • Vega, skews and maturity ladders for vola- tility sensitivity • Theta for the passage of time ■■ Value at Risk (VaR) • Historical simulation • Monte Carlo simulation • Stress testing

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Course Overview

The implications of Basel III regulations on banks is widely debated, but what is less appreciated is the impact that Basel III is having on companies. In particular, new liquidity standards will change how certain deposits are valued by banks. Specifically, banks must now make assumptions about the stability, as well as acceptable liquidity sources and levels for each deposit type. These changes could impact the rate of return banks are able to offer on a company’s long-term investment cash.

Companies will therefore need to rethink how they invest surplus cash to obtain acceptable yields, while maintaining the liquidity and level of security they require. Additionally, companies must make sure their cash flow management and forecasting moves cash through the company efficiently and predictably in order to facilitate efficient use of surplus cash.

For these reasons corporate bankers are under increasing pressure to ensure that they can assess the impact of risk crystallisation events on their client company’s cash and working capital management and in particular their ability to honour their debt service from future net operating cash flows.

This highly applied and interactive two day course, aimed at corporate bankers, corporate relationship managers and credit risk analysts at lending institutions, provides a holistic approach to cash flow forecasting through the use of financial modelling and sensitivity analysis. Using cash flow forecasts and cash flow statements we will apply risk analysis to assess how companies can manage their cash flows and honour their debts in an increasing volatile business environment. We will also assess how using discounted cash flow forecasts can provide estimates of client companies’ enterprise values.

Participants will be required to bring a laptop with Excel to the course.

Course Content ■■ Shareholder remuneration Day 1: Importance of cash flow analysis Exercise: constructing a simple cash flow AM: Strategy as driver of forecasts/ statement from income statement and purpose of cash flow statements balance sheet

■■ Mission & vision statements, objectives, How cash flow differs from earnings tactics ■■ What is a cash flow forecast ■■ Non cash items ■■ Why cash flows matter, to managers and to ■■ Accruals and funding debt and equity providers ■■ Cash inflows and outflows (sources and uses) ■■ Why cash flow analysis reveals more than ■■ Timing differences income statement and balance sheet ■■ Forms of cash flow statements Exercise: contrasting cash flow with ■■ Distinguishing cash flows from operations, earnings using example investing and financing PM - Elements of sources and uses Exercise: examining sample cash flow statements ■■ Profits (EBITDA, net income) ■■ Adjustments to reported profit Cash flow statement as linking together ■■ Asset conversion cycle income statement and balance sheet • Receivables and inventory • Payables and other ■■ Profits as starting point ■■ Investment and acquisitions ■■ Development of fixed assets ■■ Disposals ■■ Management of working capital ■■ Funding ■■ Funding choices ■■ Shareholder remuneration To book this course or find out more, please click the “Enquire Now” button Cashflow Forecasting: A 2 Day Course Continued...

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Course Content

• Dividends PM – Constructing and interpreting a • Share buybacks cash flow forecast in excel using sample corporate Exercise: analyzing sources and uses of funds for a corporate ■■ Starting from income statement and balance sheet Day 2: Cash flow and funding analysis ■■ Deriving financial ratios ■■ Running scenarios and sensitivities AM: Considering funding and return requirements Exercise: completing cash flow forecast

■■ Returns on capital Identifying cash flow problems ■■ Key financing concepts: risk, return, oppor- tunity cost ■■ Red flags and early warning signals ■■ Results analysis ■■ Possible solutions to cash flow problems ■■ Financial ratios ■■ Forecasting assumptions

Exercise: calculating cash flow based Exercise: identifying cash flow problems financial ratios and evaluating solutions

Forecasting cash flows in context

■■ Debt capacity (sample exercise) ■■ Company valuation (sample exercise) ■■ Using discounted cash flow forecasts to as- sess company values. ■■ Investment decision making • NPV and IRR (sample exercise)

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Course Overview

Aims:

The Aim of this course is to provide participants with the skills and techniques necessary to understand a variety of Credit Derivatives and the terminology.

Objectives:

By the end of this course, participants will be able to:

■■ Define the key credit derivative products ■■ State the key issues regarding the processing of credit derivative products ■■ Analyse the risks and rewards of different structures and transactions ■■ Assess the roles played by the various participants from the Banks, structurers, traders, credit enhancers, rating agencies and regulators. ■■ Determine the advantages and disadvantages of a number of more complex transactions.

Methodology

Teaching methodology will include discussions, casework and exercises. Candidates will participate fully in activities which will ensure understanding and learning.

Course Content

Complex credit derivatives Day 1 Beyond single name products Products, Applications and Documentation ■■ Credit Linked Notes Introduction and recap ■■ Nth Loss and Nth Default ■■ CDOs and Synthetic CDOs Overview of market, basic products ■■ Credit Spread Options ■■ Capital Structure Arbitrage ■■ Current market developments ■■ Index Products ■■ Structural changes in the Credit Derivatives ■■ Risk Considerations market ■■ Single name vs. correlation trading This section of complex products takes ■■ Current challenges facing the market the basic Credit Default Swap and shows ■■ FRN market, review of recent transactions, how complex products can be created by relationship with CDS adding in securities, increasing the number ■■ Synthetic FRNs ( asset swaps) of Reference Entities, and re-allocating the ■■ Review GM / GMAC the downgrading and risk into different tranches subsequent spread movements This leads to a detailed section on Synthetic This module provides an overview of CDOs and Single Tranche Synthetic CDOs. current market developments focusing The section on Index Products looks in on structural changes in the market. some detail at this addition to the credit The product range and applications are derivatives market. The last part - Risk discussed as are current challenges facing Considerations - discusses the risks the market. To book this course or find out more, please click the”Enquire Now” button Credit Derivatives Continued...

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Course Content

inherent in complex credit products. ■■ Reviewing data and information available ■■ Bloomberg, Reuters, the trading platforms User applications ■■ Worked example - valuing a credit default swap Risk management and investor applications Case Study: Valuing a credit linked note

■■ Review of user rationale: line, risk, capital Introduction to Mathematics of Derivatives and balance sheet management, trading strategies and discussion of investor bene- ■■ The Greeks fits ■■ The volatility trader - how they review their ■■ Transaction examples for different user positions groups (bank, insurance company, corpo- ■■ Delta hedging and its dynamics - what are rate, funds) traders looking for ■■ Rho, theta, vega - brief overview of the im- Day 2 portance of these measures ■■ Delta and gamma Legal and Documentation Concluding questions and answers Keeping up with the developments in this complex and evolving area of structuring

■■ Analysis of actual Credit Events ■■ Detailed analysis of 2003 Definitions ■■ The use of Master Confirmations: geograph- ical variations ■■ Outstanding issues

Case Study: Analysing and correcting a single name CDS term sheet

A full understanding of credit derivatives is still very dependent on a good grasp of the legal environment and documentation. This module takes the user beyond familiarity with the Master Short Form Confirmation and looks that the necessary changes for tailor made transactions.

Putting it all together: worked examples by delegates

The Delegates work on the case studies in small teams and then present the results to the whole group.

Pricing and Valuation

Pricing single obligor credit derivatives

Examines the pricing of single obligor credit derivatives.

■■ The Ratings Agencies ■■ Credit risk and credit spreads

To book this course or find out more, please click the “Enquire Now” button Credit Risk Training - Introduction In-House or via Live Webinar

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A two to three day introductory aimed at bankers, analysts, product and client servicing and support teams wanting to gain an understanding of how credit assessment and management is developed, models created, risks assessed and mitigation techniques implemented. Participants are not expected to be modellers or quantitative analysts but a basic understanding of banking products would be helpful.

Learning Objectives Participants will gain an understanding of how to: ■■ Identify the key elements of credit risk ■■ Measure, quantify and evaluate the correlation of credit risk exposures within a portfolio ■■ Review modelling and sensitisation techniques over the main drivers of credit risk ■■ Apply credit portfolio management within the overall internal risk management and external regulatory environment

Methodology Classroom style lectures featuring use of relevant case studies. Highly interactive with delegate participation actively encouraged

Course Content ■■ Counterparty exposure from traded products ■■ Trade finance Session 1: Defining credit risk ■■ Mortgages ■■ The Basel Accords ■■ Credit cards ■■ What is credit risk? Case study/ Example to illustrate the above ■■ The different types of credit risk • Sovereign Session 4: The Basic Principles of Lending • Corporate ■■ Appraisal techniques • Retail ■■ Credit assessment for personal clients • Systemic ■■ Credit Assessment for retail clients • Counterparty ■■ Business clients ■■ Concentration risk ■■ Corporate Clients ■■ The macro environment ■■ Private Wealth Clients ■■ Expected and unexpected losses ■■ Group credit appraisal Case study/ Example to illustrate the ■■ Development finance above ■■ Project finance Case study/ Example to illustrate the above Session 2: Lending Refresher ■■ Definitions & basic lending principles Session 5: How Banks make money from ■■ Lending policies, lending strategies, lending Lending systems ■■ Price differentials ■■ Data/information collection ■■ Interest arbitrage ■■ Approvals, security, draw downs ■■ Gap and duration management ■■ Management & monitoring systems ■■ Opportunities Case Study/Exercise: Several of each ■■ Risk throughout the session ■■ Maturity mismatches ■■ Key Performance Indicators Session 3: The Credit Risk in Financial Case study/ Example to illustrate the above products ■■ Loans and overdrafts Session 6: Introduction to Credit Scoring ■■ Project finance ■■ What does credit scoring measure ■■ Construction finance ■■ SWOT analysis ■■ Private public partnerships ■■ Basic principles ■■ Government and corporate bonds ■■ Data collection, refining and perfection ■■ Equity and mezzanine debt ■■ Measuring effectiveness ■■ Credit derivatives ■■ The challenge of “refer”

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Course Content ■■ Accounting asymmetry ■■ Evaluation – back testing ■■ Advantages and disadvantages of models ■■ Additional data Case study/ Example to illustrate the above ■■ Credit scoring in practice Case Study/Exercise: Several of each Session 11: Introduction to Sensitivity throughout the session Analysis, Scenario Analysis and Stress Testing Session 7: Introduction To Credit Risk ■■ The approaches – quantitative and qualitative Strategy ■■ Why it is necessary ■■ Maximisation v optimisation strategies - en- ■■ Framework for stress testing hancing risk adjusted returns ■■ Benefits of stress testing ■■ Portfolio theory and correlation concepts Case study/ Example to illustrate the above ■■ Contagion risks ■■ Liquidity assumptions Session 12: Introduction to the Credit Case study/ Example to illustrate the Regulatory Framework above ■■ Risk-weights and risk-weighted assets ■■ Basel II and rating agencies Session 8: Introduction to Mitigating and ■■ The approaches for measuring credit risk cap- Managing Credit Risk ital – Standardised and IRB ■■ The credit time line ■■ Different types of capital – economic, market, ■■ Migration risk - doubtful debt, default and shareholder, regulatory bad debt Case study/ Example to illustrate the above ■■ Credit assessments and scoring ■■ Corporate credit scoring Session 13: Introduction to Credit Portfolio ■■ Retail credit scoring Management ■■ Diversification and portfolio management ■■ Credit portfolio management – location with- ■■ Securitisation in firm and role (advisory, decision makers, ■■ Collateral profit centre) ■■ Credit derivatives ■■ Privileged information, price-sensitive infor- ■■ Netting mation and Chinese Walls ■■ Cash flow monitoring ■■ Public private partnerships ■■ Recovery management Case study/ Example to illustrate the above Case study/ Example to illustrate the above Session 14: Lessons to be Learned From the Credit Crunch Session 9: Introduction to Measuring ■■ Reasons for the crunch Portfolio Risk ■■ Over expansion of assets ■■ Loss distributions and loss tails ■■ Securitisation ■■ Quantifying expected and unexpected losses ■■ Complex loans and structures ■■ Credit v market risks ■■ Liquidity issues ■■ Credit risk concepts Case study/ Example to illustrate the above • Probability of default • Loss given default • Exposure at default • Time to default Case study/ Example to illustrate the above

Session 10: Introduction to Credit portfolio Models ■■ Modelling approaches ■■ Volatility, correlation, VaR and Monte Carlo simulation ■■ Default models ■■ Mark to market models etc

To book this course or find out more, please click the “Enquire Now” button Cybercrime and Financial Services In-House or via Live Webinar

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Participants will:

■■ Understand the impact of cybercrime and how it threatens the financial services industry ■■ Master the key laws regarding computer misuse and fraud as well as the impact of the USA PA- TRIOT Act ■■ Be aware of how IT, physical and socially engineered methods are used to commit or facilitate cybercrime ■■ Gain a familiarity with the major fraud typologies used by cyber criminals ■■ Get to grips with the key security methods used to prevent cybercrime and learn what you can do to ensure that they are effective

Course Content

■■ The theft of an identity: Introduction • The team will place themselves in the role of identity fraudster and plan to create a ■■ The annual cost of cybercrime fake identity for use for online fraud. ■■ What is cybercrime / cyber-attack? • What method will the team use to create • Botnets this identity and to avoid detection? • Denial of service • Device theft Criminal behaviours • Hacking • Malicious code ■■ Organised crime • Malicious insiders ■■ Opportunistic crime • Phishing, vishing and social engineering ■■ Internal risks • Privilege escalation ■■ Fraud typologies • Web-based attacks • The Levy report • Zero day vulnerabilities • Emerging typologies ■■ Costs and impacts ■■ Scam risks • Consumer impacts • Accomplice / illicit behaviour scams • Impacts on firms • Bogus products and services ■■ Effects on the financial services industry as • Business targeted scams a whole • Gambling scams • Costs to industry • Identity Frauds • Regulatory impacts • Investment frauds Mini case study: A right royal hack • Money making scams • Technological scams The legal framework ■■ Cyber risks • Cyber attacks ■■ Computer Misuse Act • Cyber extortion • Section 1 offences (as amended) • Jurisdiction issues Countermeasures ■■ Fraud Act 2006 • Section 2,3 and 4 offences ■■ Behavioural controls • Secondary offences • Social Media Safety ■■ USA PATRIOT Act • Email Compliance ■■ Potential related offences • Hardware and Software Safety • Market Abuse • USB Security • Money Laundering • Remote Working Compliance • Terrorist Finances • Escalation • Theft • Safe Surfing • Bribery ■■ Behavioural economics • Heuristic learning Case study and team exercise • Biases

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Course Content

Mini case study: Your comedy character Case study and team exercise name ■■ The has been a significant data breach at your ■■ IT Countermeasures firm, discus with the team what steps you • Physical perimeter would take to determine: • Data perimeter • What has occurred? • IT perimeter • What offences have been committed? • What controls have been breached? Mitigation and prevention • What further investigations should be con- sidered? ■■ Data journey • To whom you may need to report the • Risk analysis breach? • Risk touch points • Mitigations Summary • Management information • Escalation ■■ Learning summary ■■ The role of identity confirmation ■■ Further learning opportunities • DPA process ■■ Summary of case studies • Weaknesses • The role of due diligence ■■ The role of training • Identify • Classify • Escalate ■■ Reporting requirements • FCA • ICO • New European requirements

Learning and future mitigation

■■ Root cause analysis ■■ Governance structures • Committees • 3 lines of defence • Monitoring and assurance

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Course Overview

Background

Cybercrime prevention in general and data security in particular, are now mainstream priorities for all risk functions in any institution. Recent breaches and leaks have highlighted how catastrophic a breach of either can be.

This workshop style course considers the topic from the viewpoint of a non Fintech specialist risk manager responsible for this area of financial crime and who is dealing with Fintech colleagues as part of the process. The course examines the type, frequency and methodology of cyber-attacks and what robust internal measures can be put in place to manage and mitigate them.

Methodology:

Workshop style with participation from delegates actively encouraged. Case studies will be used to supplement the learning process

Participants will:

■■ Be introduced to what is cybercrime included the basics and advanced protections to it. ■■ Get an overview of who sets the rules, such as the regulators, legal framework and best practice & the poor practice ■■ Have explained to how data is stored and accessed ■■ Gain an understanding of the operational risk factors such as the policing of emails, the compli- ance rules and enforcement and the password and other access security ■■ Be taught about the criminal with examples of recent breached and organised cybercrime.

Course Content

Introduction: ■■ Poor practice

■■ What is Cybercrime? Case study/Exercise ■■ How is it done? ■■ Examples Mitigants ■■ What are institutions required to put in place? – overview ■■ Do you actually understand how data is stored ■■ Who is responsible for cyber resilience? and accessed? ■■ How do you spot a cyber attack? ■■ Data security ■■ Basic protections ■■ Access controls ■■ Advanced protections ■■ “God” powers ■■ Cost benefit considerations ■■ Training the team ■■ Policing the system Case study/Exercise ■■ Management information

Who sets the rules? Case study/Exercise

■■ Regulators ■■ Legal framework ■■ Best practice

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CourseOperational Overview Risk Factors Learning Lessons

■■ The policing of emails ■■ Recording “near misses” ■■ Compliance rules and enforcement ■■ Root cause analysis – constructive, not a ■■ Embedding the appropriate culture witch –hunt ■■ Convincing colleagues this is a mainstream ■■ The three plus two lines of defence model risk ■■ The role of compliance ■■ Social media ■■ The role of internal auditors ■■ Surfing ■■ Password and other access security Case study/Exercise ■■ USB’s and other storage devices must be prohibited Course Conclusion ■■ Managing people risk ■■ Summary Case study/Exercise ■■ Open forum

The Clever Criminal END

■■ Typologies ■■ Examples of recent breaches ■■ Organised cybercrime ■■ Scams ■■ Examples of recent scams ■■ Identity theft ■■ Email fraud ■■ Denial of service attacks ■■ “Ransomware” ■■ Protecting against all of the above

Case study/Exercise Course Content

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Course Overview

This course has been available as a public training programme in many countries around the world in particular in London, Frankfurt and Singapore. It has also been available as an in-house programme in emerging markets.

Bond Markets and Swaps are playing ever greater role in capital markets. Questions about how to weather the current turmoil, correctly price a new bond issue and then properly value the positions over time has become an essential requirement.

Financial Derivates have played an increasingly important role since their introduction. In some markets, they actually have become the driving force behind the movements in cash markets.

Overall course aim:

To provide market participants with the necessary building blocks to understand the different products in financial markets leaving them with an excellent foundation and a comprehensive overview in order to understand and develop new structures.

This course starts with a review of the financial markets and the impact that the financial crash has had on markets, banks ability to trade and hedge positions and the pricing of financial instruments. It will also look at current regulatory issues such as Basel III and the Volcker Rule.

No course on pricing of financial instruments could be undertaken without reference to a robust yield curve, this course shows how curves are built using instrument that the institution uses to value and hedge positions. Discussions of the future of riskless interest rates and credit value adjustments will be undertaken.

The afternoon of the first day will be taken up by demonstrating how an interest rate swap is priced in the primary and secondary markets and how the correct use of an ISDA Master Agreement, CSA and collateral can mitigate use of banks own capital for credit risk purposes.

Day two commences with a short summary of the futures markets and their relationship with the interest rate swap markets.

Option pricing can at first seem complex and difficult to understand, the morning ofy da two will be used to explore how options are priced and risk managed using the Greek letters. This session will use enough mathematics to ensure that solutions are robust, but will also explain concepts in a practical manner so participants can take their newfound knowledge and apply it to their everyday trading and risk management tasks.

Exotic (path dependant) options will be explained, in particular where the pricing and risk management is similar and where it is different to conventional options.

Finally, a small number of structured products will be constructed from their building blocks to show how they are priced and risk managed. The products that will be demonstrated will include capital protected notes and yield enhancing structures.

The trainer for this course has developed a number of Excel Spreadsheet pricing and risk management tools which will be used on the course.

Where appropriate Bloomberg functionality will be referenced and explained.

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Course Content Swap Valuation in the Secondary Market Day 1 (Mark to Market):

Introduction: ■■ Swap Rates ■■ Zero-coupon Rates ■■ Overview over Financial Markets pre and ■■ Forward Rates post the financial crisis ■■ Discount Factors ■■ Cash Flows: the Underlying of any Financial ■■ PV of fixed and floating Leg Instrument ■■ Net Present Value ■■ Risk and Return Characteristics Short-term Swap Pricing: Banking Regulations: ■■ Pricing and Valuation of EONIA Swaps ■■ Capital Adequacy Requirement ■■ Understanding and pricing Basis Swaps ■■ Basel III ■■ The need for derivatives Day 2 ■■ Current developments Introduction to Futures and Options: Basics of Pricing – A refresher ■■ The History and Development of the Market ■■ Simple interest calculations ■■ Definitions ■■ Single and multiple rate compounding ■■ Over-the Counter (OTC) versus Exchange ■■ Interest and discount factors Traded Products ■■ Day/count conventions and comparative ■■ The Role of The Clearing House in both listed returns and OTC products ■■ Curve construction, blending, interpolation and splining Pricing and Valuing Futures: ■■ Building a yield curve from ■■ Deposits ■■ Basic Futures Mechanism ■■ Futures ■■ Pricing Futures through Cash and Carry Arbi- ■■ Interest Rate Swaps trage ■■ Deriving zero and forward rates from the ■■ The Value Basis swap curve ■■ The Carry Basis ■■ The Importance of Credit Interest Rate and Currency Swaps: Specialities with Futures Contracts: ■■ The Swaps Mechanism ■■ Types of Swaps ■■ Cash Settlement ■■ Physical Delivery The Principle of Swap Pricing: Introduction to Options: ■■ The Need for Forward Rates ■■ The Need for Zero-coupon Rates ■■ Definitions ■■ Calls and Puts Generic Swap Pricing: A Simple Approach to Option Pricing: ■■ Finding the Forward Amounts ■■ Discounting the Floating Leg ■■ Volatility ■■ Equalise the Floating Leg with the Fixed Leg ■■ Realised volatility of the underlying asset ■■ Discounting the Fixed Leg ■■ Implied volatility as quoted by the market ■■ Finding the Swap Rate ■■ The volatility gap range and how to read it ■■ Creating a Swap Curve ■■ The importance of implied volatility smiles and skews ■■ the “90 – 110 skew” in equities ■■ 25 delta risk reversals in FX ■■ Creating a 3D volatility surface with which to

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Course Content Course Summary: ■ Putting Financial Instruments Into Context price options and understand risk ■ ■■ Risk Management ■■ The Binomial Model ■■ The Black & Scholes Model ■■ Incorporating local volatility into the model

Risk Management and Position Control of Options

■■ Option Greeks – a must know and under- stand! ■■ Delta and Gamma for spot rate risk ■■ Gamma needs to be put into silos as Gamma is greatest at the money and loses its po- tency as the option moves into or out of the money ■■ Theta for time decay ■■ Vega/Kappa for implied volatility risk catego- rised as a change of 1% in implied volatility ■■ Volatility risk needs to time bucketed as volatility has different prices for different maturities ■■ Phi for base currency interest rate risk cate- gorised as a increase of 1% in the base cur- rency LIBOR applicable to the maturity date of the option or strategy ■■ Rho for pricing currency interest rate risk categorised as a increase of 1% in the pric- ing currency LIBOR applicable to the maturi- ty date of the option or strategy

Case Study: Managing the Risks

How to run an options book, three common methods:

■■ Delta hedging ■■ Gamma hedging ■■ Vega hedging ■■ Relative advantages, disadvantages and risks

Exotic Options:

■■ Barrier Options – pricing and hedging of: ■■ Barriers ■■ Reverse Barriers ■■ Best of two (Digital) ■■ Other types of path dependant options

The principal of Structured Products:

■■ Participation and Tracking ■■ Guaranteed Return Products ■■ Yield enhancement

To book this course or find out more, please click the “Enquire Now” button Emerging Market Bank Modelling & Valuation In-House or via Live Webinar

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This course covers the key elements of modelling and valuing the activities of an emerging market commercial bank, including the main elements of retail and commercial banking.

After an overview of the key elements of bank analysis, participants will build an integrated financial statement forecast model, projecting asset and liability balances, interest rates and spreads for key assets and liabilities, using industry best practices.

A real-world emerging market case study and financial filings will be used to extract key information. Participants will learn industry-specific forecast methodologies and apply them in a financial model.

The course will allow participants to understanding how the Basel II, 2.5 and III compliance requirements effect bank regulation, including minimum capital requirements, the supervisory review process and disclosure. The course will allow participants to calculate risk-weighted assets, tier one and tier two capital and to model a bank income statement using the balance sheet as a driver.

Once the participants have built a financial model, they will use this to value the case study bank using cash flow based and multiple based valuation techniques.

The participants will consider the type of cash flow model to be used for each case study bank, the various cash flow models that could be used and how issue such as terminal value should be treated.

The interaction with the regulatory capital requirements and how the upcoming Basel III regulations will affect capital requirements will be considered.

Case Study: The participants will use a variety of case studies and exercises during the three days, based on emerging market case study company.

Participants will be required to bring a laptop and a calculator to the course.

Course Content ■■ Analysing the components of the income The fundamentals of bank analysis statement

■■ Banking in context and corporate structure • Interest income ■■ Examine the components of the balance • Fees and commissions sheet • Income from affiliates • Liquid items – cash and deposits ■■ Performance analysis - explain the impor- • Trading items, derivatives and other short tance of key ratios: profitability, operational, term items and risk ratios • Loans and advances ■■ The CAMELs approach to bank analysis • Equity and reserves • Off balance sheet items Case Study II: Participants analyse the • Accounting and valuation issues – impact income statement of a case study company of different valuation approaches on the and calculate various key ratios for the capital base and income statement business Case Study I: Participants analyse the liquidity and maturity of a case study balance sheet

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Course Content implications on growth ■■ Projecting cash flows Building a financial institution forecast ■■ Incorporating regulatory constraints into the model model ■■ Dealing with regulatory capital ratios ■■ Overview of bank accounting & regulation ■■ Calculating minimum capital adequacy ■■ Key elements of a bank model • The balance sheet as a driver • Key elements of the income statement Case Study VI: Participants complete the • Determining economic drivers for different case company model incorporating a cash types of banks flow forecast and various regulatory ratios

Case Study III: Participants are introduced Auditing the model and sensitivity/scenario to the bank forecasting model and review analysis its structure, linking up the balance sheet and income statement ■■ Balancing the model and checking for accuracy ■■ Error-proofing techniques & sensitivity analysis Modelling different banking activities ■■ Ratio analysis – the key efficiency, operating and financial ratios for a bank ■■ Overview of the key activities in a commer- ■■ Building scenarios – the key drivers cial bank ■■ Sensitivity analysis - flexing financials and ■■ Modelling the core activities: determining the capital structure including the implications of key drivers Basel III on capital requirements • Retail banking • Consumer lending and credit cards Case Study VII: Participants build error • Commercial banking proofing techniques and scenario/sensitivity • Investment banking analysis into the case company model and • Asset / wealth management produce efficiency, operating and financial ■■ Incorporating core activities into the income ratios for the case company statement and balance sheet Case Study VII: Participants build error Case Study IV: Participants build out the proofing techniques and scenario/sensitivity case company model incorporating the analysis into the case company model and various core activities into the model produce efficiency, operating and financial ratios for the case company Commercial banks and the regulatory framework Valuing a bank

■■ Basel II compliance and its effect on bank ■■ Valuation issues – getting to intrinsic value in regulation a bank valuation • Pillar I: minimum capital requirements • Issues with a bank business model • Pillar 2: supervisory review process • Key accounting issues in the bank sector • Pillar 3: market discipline • The valuation issues surrounding regulatory ■■ Basel III and the effect on capital ratios capital ■■ Calculating risk-weighted assets ■■ Valuation issues – relative valuation tools used ■■ Calculating tier one and tier two capital in a bank valuation • The key multiples used Case Study V: Participants model risk- • Deriving multiples from fundamentals weighted assets and tier one and tier ■■ Valuation approaches for a bank – building a capital for a case company dividend discount model • Determining the number of stages to be Further issues to consider in a bank model used ■■ Debt service and income as operating or • Calculating the discount rate • Maturity phase and terminal value assump- financing expense tions ■■ Regulatory constraints on reinvestment and

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Course Content

Case study VIII: Participants build a dividend discount valuation for the case company

■■ Valuation approaches for a bank – building a residual income model • Determining the number of stages to be used • Calculating the discount rate • Maturity phase and terminal value as- sumptions

Case study IX: Participants build a residual income valuation for the case company

■■ Valuation approaches for a bank – building a cash flow to equity model • Determining the number of stages to be used • Calculating the discount rate • Maturity phase and terminal value as- sumptions • Implication of changing capital require- ments including Basel II I capital ratios

Case study X: Participants build a cash flow to equity valuation for the case company

To book this course or find out more, please click the “Enquire Now” button Emerging Market Debt Analysis In-House

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Sales of emerging market debt in hard currencies such as US dollars and euros are expected to reach more than $125 billion in 2016.

The demand for these bonds has been driven by the search for yield by asset managers in an environment of low interest rates. Emerging markets have been historically volatile in terms of performance and the market could change rapidly. The essential ingredients for understanding the risk of these investments concerns country risk analysis, interest rate risk and currency risk.

This programme will equip you with the tools to understand the risks of investing in emerging market debt and the consequences when problems arise and the debt is restructured. We will use examples of various emerging market countries to illustrate the risks and bring the topic to life.

Course Content

■■ Export and import composition and trends History of emerging market debt and what ■■ Net external debt burden to GDP and current we can learn account receipts ■■ Central bank reserves and liquidity ratio ■■ Current state of the market; issuance and ■■ Savings and investment, capital flows yields ■■ Business environment, trade and economic ■■ Attraction of the market for fixed income diversity and stability investors ■■ Political risk • Relative yield strategies ■■ International trade and political links ■■ Macro-economic slowdown effects ■■ Governance and legal system ■■ Financial and other shocks to the system • Creditor rights ■■ Balance of payment problems ■■ Rising government debt problems The rating agency approach to emerging ■■ The role of the IMF and other agencies market debt risk assessment ■■ Examples from history; Mexican peso crisis, Thai baht, Argentina before and now ■■ Rating distribution of emerging market debt ■■ China slowdown and impact ■■ Rating agency model approach ■■ Capacity and willingness to service debt Macro-economics – back to basics to ■■ FX convertibility risk understand the risks • US dollar risk versus local currency issu- ance ■■ Circular flow of income ■■ Maturity risk ■■ Public and private sector debt ■■ Country rating ceilings ■■ Government policy impact ■■ CDS, bond and equity indicators ■■ Monetary policy and the role of the central bank Sovereign default and restructuring ■■ Role of the commercial banking sector solutions ■■ Different foreign exchange regimes ■■ Purchasing power parity theory and current ■■ What constitutes a default? evidence ■■ Default and restructuring events, distressed ■■ Effect of globalisation of financial markets debt exchanges ■■ Key credit risk indicators in emerging econ- ■■ Paris club approach, IMF sponsored solutions omies ■■ Export credit agency buyer and supplier cred- it Government policy ■■ Transfer risk and country risk insurance ■■ A framework for setting country limits ■■ Fiscal policy and budgetary flexibility ■■ Sustainable debt and debt service level Short case study examples from emerging ■■ Contingent risks: pension and health care, market countries will be used to illustrate infrastructure the concepts ■■ Balance of payments To book this course or find out more, please click the “Enquire Now” button Enterprise Risk Management (ERM) In-House or via Live Webinar

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This highly interactive and workshop style course will enable delegates to discuss strategic ERM frameworks, understand the key processes for implementing an effective ERM function and how to put in place the appropriate ERM architecture. It will deal with set up, implementation, operation, management and exceptional issues and will demonstrate how this important corporate governance tool can be used to manage the risk profile across the firm. It will cover economic capital allocation, risk appetite, risk allocation, and risk budgeting and risk reporting.

Participants will:

■■ Be introduced to ERM, emergence, scope and purpose. ■■ Get an overview of the challenges to implementing and establishing an ERM programme ■■ Have explained to them the cultural challenges, including getting the right sponsor, encourag- ing collaboration and understanding multiple risk types. ■■ Gain an understanding of the components of the ERM ■■ Be appraised of exception based escalation ■■ Be taught about how to establish ERM Systems. ■■ Have an overview on portfolio risk management & ERM systems ■■ Understand risk management under ERM ■■ Be taught about optimising risk and equity allocation ■■ Get to grips with new challenges and regulatory considerations

Course Content ■■ Risk variance and co-variance ■■ Hidden correlations ■■ Complexity, collecting and transforming in- Session 1: ERM; Emergence, scope & puts from disparate sources purpose ■■ Adding narrative to data so key points can be ■■ Traditional Silo risk management understood/identified ■■ How does ERM differ Case Study - Hidden correlations ■■ Definition of risk - types Exercise - Prepare a brief board paper ■■ Consequences of failing to manage risk setting out parameters followed by debrief ■■ Internal and external drivers of risk to or- and discussion ganisations ■■ The role of the risk management function Session 3: Cultural challenges ■ The purpose and key benefits of risk man- ■ ■■ Getting the right sponsor agement ■■ Gaining acceptance throughout the firm ■ Corporate Governance and risk manage- ■ ■■ Establishing a common risk language ment ■■ Overcoming traditional silo mentality/practic- Case Study –Creating a new ERM es Discussion – What do you think of your ■■ Encouraging collaboration existing ERM process ■■ Embedding the approach ■■ Combining credit and market and operational Session 2: Challenges to implementing and risk teams establishing an ERM programme ■■ Different skill types, cultures and different ■■ Defining risk, measurement , getting relia- roles ble data, confidence level and time frame ■■ Understanding multiple risk types ■■ Chosen measurement approaches, tracking Role Play – Dealing with objections from a error, duration etc senior colleague, followed by debrief and ■■ Aggregation, distinguishing firm risks from discussion client risks ■■ Timescale challenges, amalgamating inte- grated VaR models To book this course or find out more, please click the “Enquire Now” button Enterprise Risk Management (ERM) Continued...

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Course Content ■■ Underwriting process Session 4: ERM – the components ■■ CRA and CRR ■■ Definition of equity ■■ Transfer pricing ■■ The three types of equity; regulatory, eco- ■■ Active risk provisioning nomic and actual ■■ Risk hedging strategies ■■ VaR explained ■■ Risk allocation ■■ Procyclicality Case study – A simple risk allocation ■■ Assessing the risk maturity of the business process ■■ Setting parameters ■■ Establishing report lines and responsibilities Session 9: Exception based escalation ■■ Convincing decision makers that the exer- ■■ Periodic reporting of risk and control informa- cise is more than box ticking tion Case study –Calculating the three types of ■■ Immediate escalation of risks as they arise equity ■■ Immediate escalation of controls as they fail ■■ Prioritising Exercise – Consider your department. ■■ Setting thresholds and limits Are all risk components covered? What ■■ Aggregated escalation matrix improvements would you suggest and Case study – What are the exceptions you what would you leave out. Followed by need for your department. Are they specific debrief and discussion. to you or the firm? Role play – Dealing with a fictional Session 5: Risk Appetite exception in your department. Followed by ■■ The key principles discussion and debrief. ■■ Appetite, tolerance and capacity – what do these thresholds mean? Session 10: Optimising Risk and Equity ■■ A sample RAS Allocation ■■ Defining RAS and risk limits ■■ Risk portfolio theory ■■ Using RAS as a management tool ■■ Active risk portfolio management Case study – Consider a simple RAS ■■ Stakeholder perspectives – internal and ex- Exercise –What RAS does your firm ternal require? Followed by discussion and ■■ Inter-relationships debrief ■■ Collaboration ■■ Forming an overall picture Session 6: Establishing ERM systems ■■ Multi task forums ■■ The key principles Case study – Looking from the shareholders ■■ Suggested framework, content and layout viewpoint ■■ Prudence and conservatism ■■ Period to be covered Session 11: Accountability ■■ Proportionality... how many risks? ■■ Risk control owners ■■ The ERM process from preparation to Board ■■ Departmental responsibility approval ■■ Transparent reporting ■■ Challenge and independent review ■■ Visibility ■■ Committees and their roles ■■ Fairness ■■ Sanctions Session 7: Portfolio Risk Management & Case study - What report lines would you ERM systems recommend for your department. How will ■■ Portfolio performance measures exceptions be handled? Followed by debrief ■■ Value at risk and discussion ■■ Stress testing & impacts of stress tests Role Play – Persuade a colleague who ■■ Scenario modelling and its impacts objects, to taking on this role. Followed by ■■ RAROC debrief and discussion ■■ Embedding ERM in the firm ■■ Gaining acceptance Session 12: New Challenges Case study – A sample stress test on the ■■ Regulatory changes ERM ■■ Governance and strategic risks ■■ Refreshing the profile Session 8: Risk Management under ERM ■■ Reputational risks

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Course Content

■■ Systemic risks Case study– What must be done to ensure the new ERM reacts to real challenges and not just small changes? Followed by debrief and discussion

Session 13: Regulatory Considerations ■■ Regulatory issues ■■ Auditors requirements ■■ Other Regulatory requirements Exercise – who regulates you? What does each want from an ERM? Will we deliver this? Are we meeting these expectations with our ERM? What changes if any might be made?

Session 14: Course Summary ■■ Final Exercise in role play form (as many as time permits) – convince the course direc- tor, playing a difficult CEO to implement your ERM. Followed by debrief and discus- sion.

END

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Course Overview

Advanced practical workshop on examination of documents under documentary credits, i.e. The most demanding task of the documentary credit practice. The workshop has been developed to provide very comprehensive coverage of the subject. It will explain all main aspects of examination of documents in accordance with ICC Rules – UCP 600 as supplemented by ISBP 745. The most significant recent ICC Banking Commission Opinions and DOCDEX cases will be also covered in the lectures. The workshop is very focused and practical. Participants will learn how to examine documents mainly by examining them themselves, i.e. There will be plenty of various cases studies, examples, debates on the issues. This workshop has been designed to provide comprehensive and profound knowledge in relation to examination of documents under documentary credits at advanced level, and is, therefore, a must for: ■■ Specialists in trade finance with a working experience, back office bank specialists who need to broaden their knowledge and understanding of examination of documents as per ICC rules; ■■ Bankers working in trade finance, particularly in documentary payments, bank guarantees and export/import finance departments, especially those providing respective advisory services to the customers. The workshop deals with both the standard and more advanced situations and practical issues in relation to documentary credits in accordance with best practices as reflected in ICC rules and publications. Participants will learn all relevant main UCP 600 and ISBP 745 provisions in practical manner, i.e. By applying them through various case studies and debates on the subject. Objective of the training: ■■ The main purpose of the seminar is to familiarize the participants with all main aspects of examina- tion process, standard as well as more advanced situations, problematic issues and current topics in the field of documentary credit practice with particular focus on examination of documents. ■■ ■■ The workshop will be provided in the form of case studies, examples and discussions, i.e. with ac- tive participation of all participants. ■■ ■■ Material relevant to the course will be distributed and a certificate of attendance will be delivered to all those who completed the course. Course■■ A good Content working knowledge and familiarity with documentary credits is required to derive the maxi- mum benefit from this course. About the Resource Person Your course lecturer has spent more than 25 years in international trade finance field. He is a leading international trainer and consultant in the field, well established specialist of the ICC Banking Commission. He has been active in various ICC Banking Commission activities (UCP, URDG revisions, creation of URF – rules for forfaiting, URBPO, etc.). He has lectured extensively on the subjects in more than 50 countries of the world, including the UK, Europe, MENA, Africa and Asia. He is an author of the leading best-selling book on “Examination of Documents under Documentary Credits“.

Course Content

Day 1 • Place for presentation and availability of credits Examination of documents under ■■ Main standard for examination of documents Documentary Credits in Practice • No conflict in data, • Illustration of „no conflict in data“principle, ■■ Main rules regarding examination of docu- examples, ICC Opinions ments as per UCP 600 and ISBP 745 ■■ Main general principles captured in ISBP 745 • Relationship between UCP 600 and ISBP • Corrections, alternations 745 • Issuers • Place and time for presentation as per • abbreviations UCP 600, article 6 • copies v. originals • Place and time for presentation as per • language L/C terms • misspelings, typos • signatures

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Course OverviewContent

• clean v. not clean MTD Examination of financial documents – part ■■ examination of air waybill, examples, cases 1 • names of airports • signatures ■■ examination of bills of exchange, examples, ■■ examination of road transport document, ex- cases amples, cases • tenor • specific issues with CMR • endorsements • signatures • marking, other conditions ■■ examination of railway transport document, examples, cases Examination of commercial documents – ■■ examination of inland waterway transport doc- part 2 ument, examples, cases ■■ examination of transport documents – ad- ■■ Examination of commercial invoice, exam- vanced case study ples, cases • description of goods in commercial in- Examination of insurance documents – part voice 5 • other aspects to examine ■■ examination of packing list, examples, ■■ examination of insurance policy, examples, cases cases ■■ examination of weight list, examples, cases • issuer ■■ examination of commercial documents – • insured, need for endorsement advanced case study • risk covered • insured amount, currency Examination of commercial documents – • date of issuance, no expiry certificates – part 3 • ther issues with insurance documents ■■ examination of insurance certificate, examples, ■■ Examination of inspection certificate, ex- cases amples, cases ■■ examination of insurance documents – ad- ■■ Examination of quality certificate, exam- vanced case study ples, cases ■■ Examination of phytosanitary certificate, Day 2 examples, cases ■■ Examination of veterinary certificate, ex- Examination of documents under amples, cases Documentary Credits in Practice ■■ Examination of fumigation certificate, ex- amples, cases ■■ examination of set of documents including bill Course■■ Examination Content of inspection certificate, ex- of lading, advanced case study amples, cases • discussion about found alleged discrepan- ■■ Examination of certificate of origin, exam- cies ples, cases • Description of goods in certificate of Examination of documents under origin Documentary Credits in Practice • Exporter, consignee • Origin of goods ■■ examination of set of documents including air • Issuer, certification by chambre of com- waybill, advanced case study merce or similar organization • discussion about found alleged discrepan- • Different types of certificates of origin cies ■■ Examination of certificates – advanced case study Examination of documents – more complicated situations Examination of transport documents – part 4 ■■ examination of documents under transferable credits – specific issues explained ■■ examination of ocean bill of lading, exam- ■■ examination of documents under transferable ples, cases letter of credit, advanced case study • on board notations • discussion about found alleged discrepan- • signatures cies • negotiable v. straight consigned • clean v. not clean bill of lading Examination of documents – cases, debates ■■ examination of charter party bill of lading, examples, cases ■■ is it a discrepancy or not? – various case stud- • specific issues with CP bills of lading: ies, examples more ports, transhipment ■■ questions and answers, discussion about re- ■■ examination sea waybill, examples, cases maining issues ■■ examination of multimodal transport docu- ments, examples, cases • on board notations • signatures • negotiable v. straight consigned

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Course Overview

This course:

■■ Provides an introduction to the basic principles and practice of financial accounting and report- ing ■■ Combines theoretical rigour with a strong element of everyday commercial reality and a wealth of practical detail ■■ Is slanted towards the needs of users rather than preparers

It therefore present not only a beginner’s course in bookkeeping for historic transactions, but also a primer on the objectives, conventions, methods and limitations of financial reporting, as a future-orientated aid to decision making by external stakeholders, such as equity shareholders, investment analysts, lenders, and credit risk managers;

■■ Assumes no prior technical knowledge of accounting or bookkeeping

However, participants are expected to have a general appreciation of the concept of profit and loss, and of a business or other organisation as a legal entity (referred to as “the entity” in what follows) distinct and separate from its owners or controllers

■■ Is presented at a basic level where the nuances of the differences between IFRS, US GAAP and other national accounting frameworks rarely matter

But in the interest of consistency and transparency, it is presented throughout in accordance with the principles and terminology of IFRS. This can of course be adjusted in the light of the specific situation and preference of the client.

Course Content Course Content

Regulatory environment ■■ Directors report contents and the review of the business ■■ Companies Act 2006 categories of compa- ■■ Operating and financial reviews ny and the basic framework; SME, other ■■ Other additional statements and summaries private and listed – regulatory framework and reporting obli- ■■ What is defined as ‘listed’ for different -re gations porting purposes; Companies Act, APB, ASB ■■ Review of latest proposals for strategic re- ■■ Summary of listing requirements for annual port and interim reports for Full, AIM and Plus Directors and management information listed companies ■■ IFRS/ UKGAAP options and the implications ■■ Directors’ interests, changes in directors, of joining and moving between markets loans and other transactions with directors ■■ Accounting changes – update on option to and other key reportable events move to IFRS and planned concessions for ■■ The directors’ remuneration report; legal, qualifying subsidiaries listing and accounting disclosure obligations ■■ Options within IFRS and UKGAAP Standards – including for share option arrangements – overview ■■ Proposal for high level summary remunera- ■■ Latest changes to accounting for business tion report combinations – the new test for control ■■ Corporate governance statements and the obligations of management and advisors Narrative reports Additional listed company statements ■■ Accounting policies and uncertainties – the basic requirements ■■ Segmental reporting obligations

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Course OverviewContent

• Single segment businesses; and ■■ The reliable measurement principle: trans- • Information that is commercially damag- actions and events are usually recorded ing only when and to the extent that their im- ■■ Interim reports pact can be reliably measured in financial • Required format and contents terms. This is a severely limits the ability • Variations from year end policies permit- of financial accounts to present what is ted commonly called ‘the whole picture’ of an entity Other reporting concessions and options Distinction from management accounting ■■ Related party transactions and the exemp- tion for wholly owned subsidiaries ■■ Financial accounting is primarily designed ■■ Consolidated and individual company state- to inform outsiders about the implications ments of cash flow of historic transactions and events on the ■■ Group and holding company profit and loss financial condition (balance sheet), finan- statements cial performance (income statement) and ■■ Statutory concessions and exemptions from cash position (cash flow statement) of the consolidation for example entity; ■■ Planned concession from audit for qualify- ■■ Management accounting is primarily de- ing subsidiaries signed to assist management in running the entity more profitably and efficiently, Concluding points and is therefore not confined to financial measures but contains much non-financial ■■ Future developments and plans – the future information, e.g. about the volumes and for UKGAAP (overview) make-up of goods and services, the time ■■ Key contentious issues for advisors taken by processes etc.

Objective of financial accounting and The method of financial accounting (so- reporting called ‘double-entry bookkeeping’) : CourseTo record, Content in an orderly and systematic way, historic transactions and other ■■ Financial accounting is a process that trac- events that may es • the inflow and outflow of resources (as- ■■ provide information that is relevant to the sets) into and out of the entity; amount, timing and uncertainty of the enti- • increases and decreases in the entity’s ty’s future cash flows; obligations (liabilities) to third parties; ■■ have effects on the entity that are reliably and measurable in financial terms and • the impact of a) and b) on the entity’s ■■ be useful to external stakeholders in mak- owners’ residual economic interest in it ing decisions about the future, and spe- (equity) cifically in decisions to provide financial ■■ Every transaction or other relevant event resources to the entity. impacts the entity’s resources and/or the entity’s obligations and/or the entity’s Basic conventions of financial accounting owners’ residual interest in it, in two sepa- and reporting rate ways

■■ The entity principle: the entity has definite Exhaustive practical exercises in the boundaries and is separate from its owners, basic recording of a wide range of managements, controllers and sponsors transactions and events: ■■ The accruals principle: transactions are recorded when the entity becomes a party ■■ Sales: for cash, on credit, and prepaid to them, and not when any associated cash ■■ Purchases and other direct costs incurred: flows might occur for cash, on credit, and prepaid ■■ The going concern principle: it is assumed ■■ Resources and obligations that impact that the entity will not have to liquidate or more than one accounting period (capex curtail its operations in the near future and depreciation, prepayments, accruals

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Course OverviewContent

and deferred income) An introduction to elementary financial ■■ Real estate transactions: purchases, sales, analysis sales and leasebacks, rent and other incen- tives ■■ The uses and limitations of financial ratios: ■■ Obligations that are uncertain in timing or developing simple metrics to track amount (provisions) • Operating profitability (e.g. gross and ■■ Changes in the economic value of resources operating profit, return on sales) (writedowns of inventory and receivables, • Operating efficiency (asset turnover/ revaluation of real estate and other assets) utilisation) ■■ Intangible assets and the special restric- • Overall profitability (e.g. return on capi- tions on their recognition tal employed, return on equity) ■■ Sales taxes and taxes on the entity’s own • Liquid assets and liabilities: volume and profit velocity of conversion/circulation) ■■ Reconciling external confirmations to inter- • Cash flow coverage of fixed charges nal records, e.g. bank statements • Solvency: leverage and gearing

Preparing the period-end financial statements:

■■ The income statement • Sales and direct expenses, leading to gross profit • Other operating income and expense, leading to operating profit • Finance income/expense, leading to pre- tax profit • Taxation charge for the period, leading to net income ■■ The balance sheet (components, definitions and layout) Course• Assets Content ■■ Current ■■ Noncurrent • Liabilities ■■ Current ■■ Noncurrent • Net assets • Shareholders’ equity ■■ Share capital and premium ■■ Retained earnings ■■ The cash flow statement • Method of preparation ■■ Direct ■■ Indirect • Structure ■■ Cash flow from operating activities ■■ Cash flow from investing activities ■■ Cash flow from financing activities

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Financial Crime Compliance and Regulatory Compliance are probably at the top of nearly every Financial Institution’s risk review process and have become the key strategic imperatives for all board members.

The reputational damage and not to mention the fines imposed for non-compliance are huge concerns. It is fair to say that banks are being micro-managed by regulators in this area and are being set exceptionally high standards for compliance.

Financial institutions are required to focus increasingly on Financial Crime Prevention measures and must have robust systems in place to combat them. This includes detailed policies, clear lines of defence, robust CDD processes, a risk based approach, clear accountabilities and above all effective staff training and awareness throughout the organisation.

None of this is difficult but it is costly, time consuming and involves putting in place procedures and systems to deter, detect and protect the institution from being used by criminals.

This course is divided into two sections:

■■ Day One covers the key Financial Crime Compliance (FCC) issues and ■■ Day Two adopts a practical approach to assist all staff and senior staff to comply with their obli- gations.

The course has several case studies to bring the training to life.

Target Audience

■■ All staff with client facing responsibilities especially those where financial crime is a real and active risk. ■■ Risk and compliance professionals, MLROs and members of the internal audit function. ■■ Senior managers and top management would also derive considerable benefit from attending.

Methodology

The course is in workshop style with participation from delegates actively encouraged.

Course■■ Content ■■ FCA Day One: ■■ UN ■■ EEC Introduction: ■■ USA - OFAC ■■ BIS – Basel ■■ What is Financial Crime ■■ UK Treasury ■■ Predicate Crimes ■■ Local Jurisdictions ■■ What are financial institutions required to ■■ Best Practice Guidelines put in place – overview • FATF ■■ What is CDD, KYC, IDV. • Wolfsberg Group ■■ Who is responsible for FC Compliance? • Tranparency International ■■ Best Practice/Poor practice • JMLSG • Egmont Group Who sets the rules and who publishes best practice guidelines?

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Course Content and Due Diligence What must Institutions have in place ■■ Introduced business

■■ The regulatory landscape Constructing the FCC Framework ■■ Rules and Instructions ■■ Traditional three lines of defence model ■■ Policies ■■ Escalation process ■■ Roles and Responsibilities ■■ Consent and Tipping Off ■■ Senior Management and M.I. requirements ■■ Risk based due diligence ■■ The MLRO (or equivalent) challenge! ■■ Risk Assessments and Procedures Sanctions – Brief Overview ■■ Suspicious transactions

■■ Who sets them & why are they set Suspicion & Escalation ■■ Who is impacted ■■ What are they ■■ What must banks have in place ■■ OFAC ■■ An effective escalation process ■■ How should an institution screen for them ■■ Concern ■■ Suspicion Risk Based Approach ■■ Access & Process ■■ Communication lines ■■ What does this mean ■■ Suspicious Activity Reports / Suspicious Trans- ■■ How should it work action Report ■■ What are the key differences ■■ The importance of a direct link ■■ Enhanced Due diligence – what does this ■■ Whistle blowing mean Day Two: Customer due diligence Practical Issues ■■ KYC – getting to know the customer Method of Money Laundering ■■ IDV – checking what they say ■■ Ultimate Beneficial Ownership ■■ Electronic Funds Transfer ■■ PEP’s ■■ Correspondent Banking ■■ Source of Wealth ■■ Payable Through Accounts ■■ Review process ■■ Downstream Correspondent Clearer ■■ Remediation process ■■ Concentration Accounts ■■ Private Banking Politically Exposed Persons ■■ Structuring ■■ Bank complicity ■■ Definition – formal ■■ Credit Cards ■■ Definition in practice ■■ Money Remitters & Money Exchange Houses ■■ Why are they a special case ■■ Insurance Companies ■■ Mandatory high risk ■■ Securities Broker-Dealers ■■ UBO issues ■■ Casinos & Gambling businesses ■■ Source of Wealth issues ■■ Dealers in High-Value items (Art, Jewellery, ■■ Annual Review issues Precious Metals etc) ■■ Imminent changes ■■ Travel Agencies ■■ Vehicle Sellers Specific Identification & Verification Issues ■■ Notaries, Accountants, Lawyers, Auditors ■■ Real Estate ■■ Trust nominee and fiduciary accounts ■■ Loan Back Method ■■ Corporate vehicles ■■ Import/Export Transactions ■■ Introduced business ■■ Client accounts opened by professional inter- mediaries ■■ Non face to face customers ■■ Correspondent banking – KYC requirements

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Course Content Electronic AML Solution ML Risks – New Technologies ■■ Benefits ■■ Internet Banking ■■ Functional components ■■ Internet Casinos ■■ Prepaid Cards and E-Cash Open Forum Talking Points:

ML Risks – Structures to hide BO ■■ AML Policies and Procedures - What is the dif- ference and why are they important? ■■ Shell companies ■■ Probability of an offence crystallising – using ■■ Trusts leading case studies ■■ Bearer Bonds & Securities ■■ Risk of not reporting - using real case studies ■■ Understanding what ML & TF is - dispelling the Terrorist Financing myths! ■■ Government and other Sanction risk in practice ■■ Differences and Similarities between ML and ■■ Understanding the difference between KYC - TF ID&V - CDD ■■ Detecting TF ■■ Profiling customers - what does it mean? ■■ Informal Value Transfer Systems ■■ Building and using trigger events ■■ Charities / Non-Profit Organisation ■■ What do you do if you are suspicious ■■ Recognising and handling suspicious transac- tion reports The Offences of ML/TF ■■ Human factors in money laundering risk man- agement ■■ Vulnerabilities of financial institutions ■■ Abuse of structures and financial services pro- ■■ AML/CFT obligations vider

ML/TF Typologies and Trends (Methods, Techniques, Schemes and Instruments)

■■ Attempting to circumvent client identification requirements ■■ Smurfing, using nominees and/or other prox- ies ■■ Use of a Broker account with little trading ■■ Activity of Wash Trading

Developing a Risk Rating Framework/ Criteria/ Financial Crime Analysis

Know Your Employee Program

■■ Screening

AML program

■■ Basic elements ■■ Staff Training – Who, What, How, When & Where

US Patriot Act – Sec 311, 312, 313, 319(a)&(b)

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Course Overview

The fixed-income asset class is very large in term of notional outstanding and comprises a great variety of different instruments such as corporate and government bonds, supranational and municipal bonds, mortgage-backed securities, inflation-indexed debt to name but a few.

This programme aims to give delegates an understanding of the key parameters, methods and models used in the allocation process. We will review some of the more recent developments in the fixed income portfolio management area, the risks inherent to portfolio management and the critical steps in investment policy. The programme will endeavour to discuss portfolio management theories, analyse their meaning for practitioners and compare current practice with empirical evidence of the theories. We will particularly focus on the various elements of portfolio construction, examining risk decomposition for portfolio management geared toward benchmarking, after an understanding of key risk factors related to investment policy constraints.

We will also discuss best practice in the approaches to the strategic and tactical allocation process, the practical use of the multi factor model, and the appropriateness and choice of internal or external benchmarking.

The workshop style programme uses a variety of teaching methods including relevant case studies, illustrative examples, multiple choice questionnaires and participant interaction to help attendees quickly grasp and internalise new knowledge.

Participants will be invited to discuss examples and case studies in groups in order to relate them to their own firm’s experience and gain a practical understanding of key concepts.

Course Content ■■ Political risks Introduction ■■ Event and jump risks ■■ Concentration risk ■■ Welcome, course objectives • Asset types ■■ Recent industry developments • Curve • Exchange Traded Funds - ETFs, • Sector • Smart Beta • Country • Constraint investing strategies ■■ Geographical risks • Outcome orientated funds • Political ■■ return orientated • Regional ■■ unconstrained orientated ■■ Volatility risk • The passive and active debate – 'redefin- ■■ Interest rate risk ing active management' ■■ Duration risk ■■ Alpha: manager skills or good fortune ? ■■ Refinancing risks ■■ Academic evidence ■■ Liquidity and funding risks ■■ the Fixed Income portfolio management ■■ Systemic risk exception ■■ Tracking risk ■■ Identifying and managing riks Case Study: Analysing an outcome orientated fund historical returns versus Case Study: Smart beta and risks political and macro-economic news Investment policy: review and impact Risks associated with Fixed Income portfolios ■■ Setting investment objectives ■■ How to define constraints ■■ Credit risk ■■ Establishing the investment process

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Course Content ■■ Analysis of the tracking error ■■ Setting Investment Objectives vs constraints ■■ The role of tracking error ■■ Establishing Investment Policy ■■ Beta-type measures • Scope, context and purpose ■■ Rebalancing issues • Investment, return and risk objectives • Risk Management Case Study: Calculating and analysing ■■ Selecting a Portfolio Strategy tracking errors on a portfolio return • Active • Passive • Combination Benchmarking • Dedication ■■ Defining benchmarks • Immunization ■■ Benchmarks compared with market indices • Benchmarking ■■ The « normal » portfolio approach ■■ Selection of assets ■■ Benchmark choice and investment objectives ■■ Tools to measuring fund performance ■■ Strategies for benchmark-driven fixed income ■■ The performance evaluation process portfolio management ■■ Benchmark selection process Asset Allocation Strategy: a review of the ■■ The meaning of risk factors in practice theory ■■ Risk factor cascade ■■ Enhanced indexing strategies ■■ Diversification and portfolio risk ■■ The issues with market-cap weighted indices ■■ The flaws with Markowitz assumptions ■■ The „Bum“ s and other problems ■■ Asset and portfolio risk and return ■■ The limits of conventional bond benchmarks ■■ Capital Asset Pricing Model - CAPM ■■ The use and misuse of risk-based weighting ■■ The meaning of Beta and expected return for schemes fixed Income portfolio ■■ Monitoring ■■ Duration « Beta » • active return, ■■ Definition and use of Alpha • tracking error ■■ Efficient market hypothesis - EMH • tracking difference • Weak form ■■ Separation of alpha and beta • Smi-strong • Strong form Case Study: using a benchmark to monitor ■■ EMH and active versus passive management the management of a portfolio styles ■■ The flaws in the efficient market framework Final discussion and close ■■ The key advantages of the Black-Litterman model ■■ Black-Litterman compared with the standard approach

Case Study: applications of the theories

Understanding asset allocation

■■ Asset allocation decision ■■ Link between portfolio construction and the- ory ■■ Understanding the cell-based approach ■■ The limits of the cell-based method ■■ Primary risk factors • Systematic risk factors • Idiosyncratic risk factors ■■ Multi factor modeling for portfolio construc- tion ■■ Practical risk decomposition steps ■■ Computation of the tracking error

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Course Overview

Background The global commodity crisis in general and the widespread challenges in some economies in particular have placed the finances of many economies under considerable strain. One of the earliest casualties of these twin pressures is the ability of people at all levels in the economy to meet their commitments on time. The cries of “Can’t pay? Wont pay?” were last heard in the early nineties but will be back soon. Since then, automated debt recovery systems have become the norm but in a deep recession the computer’s inability to say “maybe, tell me more” can be a major obstacle to achieving significant levels of recoveries.

Banking/lending is and always has been a people business and whilst automation is here to stay – and has a major role – it is not the only and certainly not always the best method of persuading people to meet their obligations. The modern recoveries manager needs to employ the right balance between old fashioned collection methods and automation if he is to achieve the best returns in practice. Knowing what to do and when, is the key.

Course Objectives This course is designed to provide Heads of Departments and senior staff the key skills that they require to manage the Forbearance process. The emphasis is on the practical as well as the theoretical with numerous examples and case studies throughout the course as well as in depth discussions so that delegates can pool their experiences and learn from both mistakes and successes.

Who Should Attend ■■ Heads or Mangers in Recoveries ■■ All senior and support staff involved in recoveries ■■ Heads and Managers of consumer/personal finance

Methodology Classroom style presentations using numerous case studies and practical examples as well as group Coursediscussions. Content Knowledge Pre-Requisites Some knowledge of bank lending and debt recovery systems would be an advantage but is not essential. The content of the course can and will be tailored to meet the needs and experience within each delegate group e.g. corporate, retail, consumer lending or all three!.

Course Content

ments Session 1: Introduction ■■ Time periods ■■ Lending refresher ■■ Agreement not to foreclose during forbearance ■■ What goes wrong and how to spot and pre- period vent it ■■ Resumption dates ■■ Timing ■■ Catch up arrangements ■■ Strategies, planning and procedures ■■ Loan Modification Case Study/Exercise: Several of each ■■ Management & monitoring systems throughout the session

Session 2: What is Forbearance Session 3: Forbearance Documentation ■■ Definitions – usually a short term relief Requirements measure ■■ Drafting the agreement ■■ Reduction or suspension of mortgage pay- ■■ Waiving existing defaults

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Course■■ Borrower Overview representations & warranties ■■ Strict compliance with loan documents ■■ Expiration date and early termination ■■ Fees ■■ Ratification of obligations ■■ Confirmation of security interests ■■ Release of claims ■■ Arrangements after forbearance period ■■ Catch up process

Case Study/Exercise: Several of each throughout the session

Session 4: EU Requirements ■■ Main framework ■■ Specific requirements

Session 5: When to give up ■■ Basic considerations ■■ Risk/reward ■■ The dangers of personalising the process ■■ Signs that it is hopeless ■■ Public/moral duty versus cost ■■ Recording write offs ■■ Managing write offs ■■ The role of external agencies

Session 6: Putting it all together ■■ The group will discuss, implement and con- sider the process based on examples. Course Content END

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With the introduction of the Criminal Finances Bill in 2017, firms will need to ensure that they have in Courseplace appropriate Overview procedures to ensure they do not facilitate tax evasion. Tax evasion is a fraudulent act. Depending on the nature of their fraud risks, most regulated firms will already have provision in place for the prevention and investigation of fraud. However, the methods used by fraudsters are constantly evolving. This has led to the UK legal framework placing an increasing burden upon firms to prevent certain common financial crimes. This course provides a refresher on the provisions of both the Theft Act 1968 and the Fraud Act 2006 before linking these events with the wider risks faced by firms including, reporting requirements, data security and identity theft and the corporate offences firms may commit when targeted by fraudsters. It also looks at financial crime investigation as well as the pitfalls faced by firms when they attempt to prevent, detect, investigate and report fraud, theft and tax evasion.

Course Content • Section 327, 328 and 329 offences Why fraudsters target financial • Secondary offences services firms ■■ Terrorism Act 2000 ■■ The fraud “marketplace” • Section 15, 16, 17 and 18 offences ■■ External fraud • Secondary offences • Sources of external fraud ■■ The coming of corporate offences • Subversion • Data Protection Act 1998 • Physical acts • Bribery Act 2010 • Collusion • Criminal Finances Bill 2017 ■■ Internal fraud • General Date Protection Regulation • Sources of internal fraud • Internal corruption Case study and team exercise • External corruption ■■ The training group will be presented • Facilitation and graft with a series of events and asked to • Collusion analyse them to determine: Course■■ The Contentfraud triangle • What types of methodologies may • Opportunity have been deployed against the • Pressure victims of the events? • Rationalisation • What offences may have occurred? ■■ Fraud methodologies • The Levy report Detection and prevention • Private sector fraud ■■ Product journey • Public sector fraud • Risk analysis • Recent developments in fraud ty- • Risk touch points pologies • Mitigations ■■ Distance selling risk • Management information ■■ Identity manipulation and theft • Escalation ■■ Social media manipulation ■■ The role of identity confirmation ■■ Links to organised crime and terror- • DPA process ism • Weaknesses • The role of due diligence The legal framework ■■ The role of training ■■ Theft Act 1968 • Identify • Section 1, 8, 9 and 10 offences • Classify • Secondary offences • Escalate ■■ Fraud Act 2006 ■■ Layered security • Section 2,3 and 4 offences ■■ Victim typologies • Secondary offences ■■ Perpetrator typologies ■■ Proceeds of Crime Act 2002 ■■ Profiling ■■ Transaction monitoring

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Course Overview ■■ Automation ■■ Management information Case study and team exercise ■■ Communication ■■ In a two part exercise the group will be asked to consider: Investigation and reporting • In the previous exercise, ■■ Information gathering what controls may have been ■■ Identifying suspects breached or bypassed. ■■ Vulnerable persons’ risk ■■ The group will be issued with ■■ Record keeping details from an investigation file. ■■ The role of law enforcement They will be asked to consider ■■ PEACE model of interviewing they will be asked to consider: • The role and use of the caution • What has occurred? • The role and use of recording • What offences have been com- • The role and use of notetaking mitted? ■■ Knowledge and Suspicion • What controls have been • Police and Criminal Evidence Act breached? • R v Da Silva • What further investigations • Objective test should be considered? ■■ File preparation • What initial conclusions can be ■■ Reporting drawn as to the root cause of ■■ Criminal property the events. ■■ Preserving evidence Summary Learning and future mitigation ■■ Learning summary ■■ Root cause analysis ■■ Further learning opportunities • The 5 whys? ■■ Summary of case studie • FME analysis • Ishikawa (fishbone) analysis • Operational risk model of firm Coursegoverance Content ■■ Governance structures • Committees • 3 lines of defence • Monitoring and assurance

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Course Overview

While the performance of funds in the past few years has been increasingly under scrutiny by investors, stocks, bonds and other assets such as commodities have at the same time experienced unprecedented volatility as active portfolio managers switched more frequently between risk-on and risk-off transactions. It now becomes absolutely essential to have a thorough understanding of the basics of portfolio management to be able to have a balanced view of this fast expanding industry. During this 2 day intensive course, we will define the fundamentals of portfolio management, the different types of funds available, and examine the investment process for both passive and active management. We will also look at the theories, appreciating their limitations while focussing on current best practice. The programme will include an analysis of the pros and cons of the different types of assets available, the various investment styles and allocation strategies used in practice, and the tools available to monitor fund performance. The course will examine how to choose an optimal asset mix, determine which is best suited given specific risk tolerance and constraints, and understand why and how portfolio managers can beat or match an index or a specific liability structure. This 2-day intensive training course will enable participants to:

■■ Describe the portfolio construction process ■■ Explain the tradeoff between risk and return ■■ Understand an Asset allocation process ■■ Evaluate The different styles of fund management ■■ Describe The investment process ■■ Grasp most investment products and their associated risks ■■ Differentiate between various strategies in both fixed income and equity markets ■■ Understand the use of risk controls and benchmarking ■■ Appreciate investment performance measurement tools ■■ Attribution analysis

Course Content Case Study : Correlation impact on a Day 1 portfolio

Understanding the Fundamentals of The Fund Management Process Investing ■■ Roles and responsibilities within a fund man- ■■ Investors : agement operation • requirements ■■ Planning for optimal portfolio returns • objectives • setting investment objectives ■■ Investment risk • constraints on the fund manager ■■ The diversification effect ■■ Active & passive fund management ■■ Investment returns from stocks and portfo- ■■ The active/passive debate lios ■■ Empirical evidence • historical returns • projecting returns Case Study : Going through an example of investment policy Portfolio Theory ■■ Evolution of portfolio theory Examining the Types of Investment Fund ■■ Understanding variance and their Portfolios ■■ Differentiating co-variance and correlation ■■ Pension funds ■■ Investment returns ■■ Mutual funds ■■ The benefits of diversification ■■ Unit trusts ■■ Capital Asset Pricing Model - CAPM ■■ New key regulations ■■ The flaws of the theory ■■ Tracker & index funds ■■ Best practice ■■ Exchange-Traded-Funds - ETF ■■ Hedge Funds

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Course Content ■■ Strategic allocation ■■ Other alternative funds ■■ Tactical asset decisions ■■ Currencies Understanding the different asset classes ■■ Countries ■■ Equities ■■ Sectors ■■ Bonds ■■ Stock picking ■■ Property ■■ Commodities Evaluation of Investment Performance ■■ Cash ■■ Understanding investment returns ■■ Currency ■■ Benchmarks and benchmarking ■■ Derivatives ■■ The rationale of indexing ■■ Risk-adjusted performance measurement Case Study : Performance comparisons ■■ Attribution analysis • superior stock selection • superior market timing Day 2 ■■ Global Investment Performance Standards - GIPS Analysing Equity Investment Styles ■■ Index and tracker matching ■■ Sector rotation style Case Study : Risk adjusted performance ■■ Geographic investment & diversification analytics ■■ Top down investing ■■ Bottom up investing Discussion session and closing ■■ Growth investing ■■ Value investing ■■ Momentum investing

Equity Investment Analysis ■■ Understanding balance sheet data ■■ Other key financial statements ■■ Accounting and valuation ratios

Case Study : Evaluating a quoted company from a balance sheet report

Analysing Bond Investment Styles ■■ Bond portfolio styles ■■ Index matching ■■ Liability matching ■■ Bond types ■■ Bond switching /swapping ■■ Dedication strategy ■■ Immunization strategy ■■ Cash flow matching

Bond Investment Analysis ■■ Understanding bond pricing ■■ Bond yields ■■ Duration analyisis ■■ Convexity issues ■■ Repayment risk ■■ Refinancing risk

Case Study: Comparing bond performance

The Process of Investment Allocation

To book this course or find out more, please click the “Enquire Now” button Fundamentals of Loan & Transaction Structuring In-House or via Live Webinar

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A two day interactive workshop style course, aimed at mid-level corporate bankers, analysts, product and client servicing and support teams wanting to gain an understanding of how credit assessment, loan structuring, cash flow analysis and loan covenants can be used effectively to ensure corporate client borrowing needs are matched and serviced by the appropriate bank loan facility.

Participants are not expected to be lending experts but a basic understanding of bank lending products and some lending exposures would be helpful

Learning Objectives

Participants will gain an understanding of how to: ■■ Identify the key elements of credit risk ■■ Understand the working capital cycle of a business ■■ Measure, quantify and evaluate the actual borrowing needs of the client (lend them what they need as opposed to what they want). ■■ Assess the risk of lending the client what they need ■■ Understand the difference between short, medium and long term loans and the risk profiles ■■ Analyse the cash flows – the source of our repayment over the length of our loans ■■ Select the most appropriate lending structure ■■ Decide whether security is required ■■ Select appropriate documentation and loan covenants to manage the loan ■■ Learn how ongoing management of the loan is vital (following the bank’s money)

Methodology

Highly interactive workshop style delivery with numerous Nigerian examples to illustrate the learning points. Delegate participation is expected and will be encouraged

Course Content ■■ ■■ Data/information collection Session 1: Defining credit risk ■■ Approvals, security, draw downs ■■ The Basel Accords - briefly ■■ Management & monitoring systems ■■ What is credit risk? Case Study/Exercise: Several of each ■■ The different types of credit risk throughout the session • Sovereign • Corporate Session 3: The Credit Risk of Specific • Retail Financial products • Systemic ■■ Loans and overdrafts • Counterparty ■■ Term loans ■■ How do we measure credit risk ■■ Project finance ■■ The SSA environment ■■ Construction finance ■■ Expected and unexpected losses ■■ Private public partnerships Case study/ Example to illustrate the ■■ Government and corporate bonds above ■■ Equity and mezzanine debt ■■ Credit derivatives Session 2: Lending Refresher - overview ■■ Counterparty exposure ■■ Definitions & basic lending principles ■■ Trade finance ■■ Lending policies, lending strategies, lending ■■ Mortgages systems ■■ Credit cards

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Course Content ■■ Long term finance Case study/ Example to illustrate the above ■■ Working capital finance ■■ Trade finance Session 4: The Working Capital Cycle ■■ Project finance ■■ Definition ■■ The risks ■■ Understanding the mechanics ■■ Best practice ■■ Seasonal or non recurring cycles ■■ What goes wrong ■■ The role of bank finance Case study/ Example to illustrate the above ■■ The role of the overdraft ■■ Understanding break even analysis Session 9: Understanding cash flows ■■ Understanding bankers cash flows ■■ Definitions ■■ How to lend in support of the cycle ■■ Bankers cash flow ■■ When an overdraft becomes a medium term ■■ What do we use them for loan ■■ Discounted cash flow, NPV & PDV ■■ Managing multiple cycles ■■ Are medium term cash flows useful tools Case study/ Example to illustrate the above ■■ What are the pitfalls ■■ Where does it go wrong Session 5: The Basic Principles of Lending ■■ Stress testing and scenario analysis ■■ Appraisal techniques Case study/ Example to illustrate the above ■■ Credit assessment ■■ Business clients Session 10: Introduction to Lending ■■ Corporate Clients structures ■■ Private Wealth Clients ■■ What facilities does the client need ■■ Group credit appraisal ■■ What are we prepared to lend ■■ Development finance ■■ Is this enough ■■ Project finance ■■ Matching lending to cash flow Case study/ Example to illustrate the above ■■ Matching lending to use of funds ■■ Lending cycles Session 6: Establishing the borrowers ■■ Economic cycles actual needs ■■ Management and monitoring systems ■■ What do budgets and cash flows actually ■■ Cash flow monitoring measure ■■ Recovery management ■■ Short, medium and long term funding needs Case study/ Example to illustrate the above ■■ Short medium and long term lending prod- ucts Session 11: Do we need/want security ■■ SWOT analysis ■■ Why do banks take security ■■ Basic principles ■■ Does it achieve recovery by itself ■■ Data collection, refining and perfection ■■ We do lend unsecured ■■ Evaluation – back testing ■■ Security does not improve the underlying deal ■■ Selecting the appropriate lending mix in ■■ Why take it then practice ■■ Safety net ■■ What goes wrong ■■ Risk transfer Case Study/Exercise: Several of each ■■ The importance of guarantees throughout the session ■■ Type of security ■■ Completion and perfection of security Session 7: Introduction to Credit Risk ■■ Independent and direct bank control Strategy ■■ Monitoring security post lending draw down ■■ Measuring credit risk in structured loans ■■ Best practice ■■ Portfolio theory and correlation concepts ■■ What goes wrong ■■ Contagion risks Case study/ Example to illustrate the above ■■ Liquidity assumptions ■■ The importance of time Session 12: Documentation Case study/ Example to illustrate the above ■■ What do we need ■■ Best practice Session 8: The different lending maturities ■■ The minimum ■■ Short term finance ■■ The ideal ■■ Medium term finance ■■ Covenants

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Course Content

■■ Undertakings ■■ Key clauses ■■ Managing the loan ■■ Regular scrutiny ■■ Report processes ■■ What goes wrong Case study/ Example to illustrate the above

Session 13: Following Our Money ■■ Why is this necessary ■■ How do we do it ■■ The role of the CRM ■■ The role of Credit & Risk Management ■■ Systems, Processes ■■ Best practice ■■ What goes wrong Case study/ Example to illustrate the above

Session 14: Course conclusion ■■ Summary ■■ Course win up ■■ Open forum

END

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Course Overview

This course has been available as a public training programme in many countries around the world in particular in London, Frankfurt and Singapore. It has also been available as an in-house programme in emerging markets.

Financial Derivates have played an increasingly important role since their introduction. In some markets, they actually have become the driving force behind the movements in cash markets. Obviously a foundation in this area is mandatory.

Course Content

Day 1 Pricing and Valuing Futures:

The Arbitrage Triangle: ■■ Basic Futures Mechanism ■■ Pricing Futures through Cash and Carry Arbi- ■■ Cash trage ■■ Futures and Forwards ■■ The Value Basis ■■ Options ■■ The Carry Basis ■■ The Importance of Credit Cash-based Structured Products: Specialities with Futures Contracts: ■■ FRN’s ■■ Zero-coupon Bonds and Swaps ■■ Cash Settlement ■■ Step-up Coupon Bonds and Swaps ■■ Physical Delivery ■■ Amortising Bonds and Swaps ■■ Roller-coaster Bonds and Swaps Bond Futures: ■■ Forward Starting Bonds and Swaps ■■ Exchange Delivery Settlement Price Introduction to Futures and Options: ■■ Price Conversion Factors ■■ Cheapest-to-deliver ■■ The History and Development of the Market ■■ Definitions Day 2: Options and Structured Products ■■ Over-the Counter (OTC) versus Exchange Traded Products Introduction to Options: ■■ The Role of The Clearing House ■■ Definitions Margining: ■■ Calls and Puts

■■ Trading Using Options to: ■■ Novation of Contract ■■ Initial Margin ■■ Gear up ■■ Variation Margin ■■ Speculate ■■ Intra-day Margin Call ■■ Hedge ■■ Gearing ■■ Arbitrage

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Course Content

Option Trading Strategies:

■■ Straddles ■■ Strangles ■■ Bear Spreads ■■ Bull Spreads ■■ Butterflies ■■ Risk Reversal ■■ Cylinders ■■ Put - Call Parity

A Simple Approach to Option Pricing:

■■ Volatility ■■ The Binomial Model ■■ The Black & Scholes Model ■■ The Greeks (Risk measures)

Case Study: Managing the Risks ■■ Delta-hedging your Option Positions

Description of Exotic Options:

■■ Barrier Options ■■ Knock-in and Knock out Options ■■ Lookback Options ■■ Best of two (Digital)

Option-based Structured Products:

■■ Participation and Tracking ■■ Guaranteed Return Products ■■ Yield enhancement

Interest Rate Risk Management:

■■ Arbitrage boundaries ■■ Caps, Floors and Collars ■■ Put-Call Parity for Interest Rates

Course Summary:

■■ Putting Financial Instruments into Context

To book this course or find out more, please click the Enquire Now” button Housing Finance - Risks and Opportunities In-House or via Live Webinar

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Objectives of the training

This course will provide a forum for discussion of the various financing opportunities in the Housing Finance area and some of the features of, and structuring issues related to, various instruments that provide opportunities to gain exposure to the Housing Markets.

Course methodology

Using a mixture of presentations and mini case study examples this programme will focus on the following aspects of Housing Finance

■■ Market background and some lessons from the subprime mortgage crisis ■■ Different segments of the Housing markets ■■ Credit risks associated with various Housing Finance options ■■ Key features of selected financing instruments

For participants seeking to build their knowledge of the financial modelling of Housing Finance we suggest attendance on other programmes that concentrate on financial modelling.

Who should attend? This programme will be relevant to people working for organisations involved in the analysis and structuring of large scale Housing Finance transactions such as Banks, Institutional Investors, Sovereign Wealth Funds, Government Agencies, Social Housing organisations, Private Debt Funds, Real Estate Investors, housebuilders and advisers including:

■■ Credit and Investment Analysts ■■ Debt and Equity Capital Markets origination and syndication ■■ Treasury Risk Managers in financial institutions ■■ Credit Portfolio Managers ■■ Corporate Finance personnel ■■ Corporate Treasury ■■ Legal advisers seeking to enhance their understanding of finance related topics

Participant pre – requisites

Limited practical experience of Housing Finance transactions will be assumed.

Participants should however already be familiar with the core principles of credit risk analysis and the fundamental features of debt and equity financing instruments.

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Course Content Session 3 Session 1 Overview of the Housing Finance markets Risks and opportunities in Housing Finance - debt Trends in the housing markets and implications for financing needs and risks – overview of An overview of some key characteristics of selected IMF and OECD statistics selected types of Housing Finance transaction, such as Providers of residential mortgage finance and different models for Housing Finance ■■ RMBS and tranching of the debt structure ■■ Covered Bonds ■■ Government Agencies ■■ Financings supported by Rented Housing, ■■ Private Sector Banks both private rented sector and through social ■■ Capital markets including securitisation housing providers ■■ Social Housing organisations ■■ Use of Public Private Partnerships, including ■■ Development Finance Institutions potential support from Governments and De- velopment Finance Institutions Discussion: The credit crisis in 2008 and the role ■■ Student accommodation of US Government Sponsored Entities – what were the contributing factors and what has been Exercise: Structuring a transaction the response? supported by rental properties

Session 2 Session 4

Housing Finance and credit risk…as safe as Creating a Housing Finance Fund – Equity houses? and debt funded

■■ Default statistics Participants make a recommendation on ■■ Distressed debt and overview of some ap- a Leveraged Housing Finance Fund taking proaches by governments to deal with prob- into account lem mortgage portfolios ■■ Review of elements of the history of North- ■■ Capital structure – both debt and equity ern Rock and UK Asset Resolution to illus- ■■ Expected investor profile trate the performance of the underlying ■■ Target returns from an equity perspective residential mortgage portfolios and also ■■ Structure of the portfolio some trends in the valuation of some traded ■■ Credit pricing debt instruments ■■ Fees ■■ Key elements in the credit rating of selected types of Housing Finance transactions Conclusion of the programme • Residential Mortgage Backed Securities, including risks related to both the under- lying pool of assets and specific tranches • Covered Bonds – analysis of the mortgage pool and issuing institution • Housing Associations, and how they have been funded • Housebuilders, and exposure to real es- tate cycles

Case study: Rating a Housing Association debt issue

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Course Overview

After a long period of stability, the IFRS regime for real estate assets and transactions is entering a period of rapid change and elevated uncertainty, with the imminent introduction of three major new financial reporting standards. IFRS 16 Leases, effective from 1st January 2019, substantially and controversially redraws the boundaries between operating and finance leases: IFRS 9 Financial Instruments, effective from 1st January 2018, brings all lease receivables into the scope of compulsory impairment provisioning based on expected credit losses; and IFRS 15 Revenue from Contracts with Customers, also effective from 1st January 2018, whilst retaining the basic IFRS principles for revenue recognition, calls for much more attention to be paid to the unbundling of the separate components in longer-term contracts. At the same time, continued dissatisfaction with IFRS-based numbers, specifically as a basis for cross-border intercompany comparisons, underlines the importance of the industry-specific non-GAAP performance measures developed by EPRA. This course has four principal objectives. It is intended: ■■ to give preparers and users alike a comprehensive and tailored overview of the forthcoming changes to the IFRS regime as it impacts entities exposed to the real estate sector, as investors, owner-occupiers, lessors or lessees ■■ to give preparers of accounts a firm basis for planning the practical implementation of the IFRS and EPRA reporting regimes ■■ to enable senior managers of entities exposed to the real estate sector (in whatever capacity) to modify their decision-making processes to take account of the new accounting environment, especially in those areas where the standards permit or require the exercise of significant judgement ■■ to equip investors and analysts with the necessary new knowledge and skills to make informed judgements about the financial performance, condition and prospects of entities exposed to the real estate sector The course is essentially forward-looking and is accordingly based on IFRS accounting standards as published, regardless of their EU-endorsement status or their effective dates for mandatory adoption. At every stage, the course will pinpoint the areas of continuing uncertainty and difficulty in the new standards, whether in their interpretation, application or implementation by preparers, or in their analysis by external users. The course makes extensive use of real-life comparative case studies and of fully worked examples.

Course Content Course Content lease (service) components of a contract Owned property: refresher on the (largely • Interaction between IFRS 16 and IFRS 15 unchanged) accounting requirements: • Measuring a lease IAS 16, IAS 23 and IAS 40 • Leases with variable payments • Lease modifications and options (exten- ■■ Choosing between cost model and fair value model sions, terminations) • Subleases ■■ Cost model: how to determine • Initial cost including borrowing costs and • Sale and leaseback transactions appropriate depreciation schedule • Available options and how/when to use • Identification and allocation of cost to them separable elements ■■ Detailed examination (from perspective of all • Identifying relevant indicators for impair- parties) of typical transactions whose classifi- ment review cation will change after transition to IFRS 16 • Estimating recoverable amount: ‘Value in ■■ Financial impacts use’ versus ‘Fair value less costs to sell’ • Impact of IFRS 15 and 16 on published financial statements ■■ Fair value model: • Estimating fair values (a) of unique as- • Impact of the IFRS 9 expected loss sets and (b) in illiquid markets impairment regime for all lease receivables • Setting valuation assumptions • Impact on bank covenants and on • Trading and development properties modification of financings The shifting boundary between ownership Other continuing issues (examples only) and leasing IAS 17 and IFRS 16 ■■ Rent-free periods and other incentives Overview of the key differences betweenIAS ■■ Tenants’ improvements 17 and IFRS 16 ■■ Step-up rents • ‘Right-of-use’ asset defined ■■ Disclosures, especially regarding management • Identifying a lease judgements, impairment and revaluations • Allocating consideration to lease and non- ■■ EPRA performance measures, and the EPRA- to-IFRS reconciliation

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button AdvancedInfrastructure Negotiation Project Issues Finance in M&A In-House or via Live WebinarDate: Location: London Price: .....+VAT

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CourseIn today’s Overview volatile markets there is a renewed appreciation of the relatively stable long term cash flows from infrastructure investments. An increasing part of such infrastructure is by necessity being financed on a project – or limited recourse – basis. Project Finance enables companies to raise focused, risk sharing, finance in key industries and is an increasingly important method for governments to introduce private sector skills, disciplines and funding in a range of sectors.

This programme will provide participants with an intensive overview of the following key elements of an Infrastructure Project Finance:

Business risk analysis ■■ Review of fundamentals and key drivers of project viability, motivations of the parties involved in an Infrastructure Project Finance and their approach.

Risk assessment ■■ Overview of key risks and risk allocation

Funding ■■ Principal options for governments in financing infrastructure, including PPP ■■ Debt funding sources and structuring of Infrastructure Project Finance transactions ; ■■ Project Finance vs. other corporate funding options; ■■ Understanding the equity investors’ perspective – investment appraisal techniques and links to cost of capital ■■ Capital structuring issues – debt vs. equity and influencing factors

Structuring ■■ Main commercial aspects of documentation and structuring alternatives; ■■ Covenants and credit ratios For participants seeking to focus on financial modelling, we suggest that Redcliffe Training’s Project Finance modelling courses will be more appropriate.

Target Audience CourseThis programme Content is designed for personnel working on large scale projects, with limited or no practical experience of Infrastructure Project Finance, working in organisations such as: ■■ Project developers and investors ■■ Investment banks ■■ Equipment suppliers ■■ Commercial Banks ■■ Development Finance Institutions ■■ Export Credit Agencies ■■ Infrastructure Funds ■■ Construction companies ■■ Accountancy firms ■■ Law firms ■■ Financial advisors ■■ Government and other Public Sector Agencies working on PPP and other large scale Infrastruc- ture projects

Pre course questionnaire and training methodology A pre course questionnaire will be sent to participants upon registration to help the Course Director deliver a training programme relevant to the participants’ needs.

During the training there will be one or two core case studies used. The focus of case studies and examples will be on typical areas of Infrastructure (such as Roads and Transport and Social Infrastructure (e.g. public sector hospitals and schools)

Participant existing pre - requisites

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An overview of key issues in Project Exercise: review of a case study project to CourseFinance Overview illustrate the debt financing

■■ Overview of activity in Project Finance Financial yardsticks used by equity investors ■■ Review of an Infrastructure Project Finance and the relationship of sponsors to the transaction to illustrate key aspects of the project company transaction and subsequent developments ■■ Project Finance vs. the financing of projects ■■ An overview of the main project investment ■■ Principal options for government in financ- appraisal techniques, and implications in ing infrastructure projects including PPP and terms of risk and return and capital structur- PFI ing of Project Finance transactions ■■ The Project Finance “route map” - an ■■ Understanding the equity investor’s approach overview of the key issues in evaluating and to achieving returns from the project compa- structuring a Project Finance transaction ny, including operating relationships with the project company, and cash extraction through Exercise: review of background on a core re – financing case study to identify the motivations and objectives of the main parties to the Mini exercise: calculation and comparison of project investment returns from selected projects

Risk evaluation in Project Finance Documentation and structuring issues in Project Finance ■■ Key risks – construction, operating and financial ■■ Rationale and structure of loan documentation ■■ Typical approaches to risk allocation and ■■ Key covenants mitigation ■■ Construction contracts and cost overrun ■■ Overview of the approach to a credit anal- guarantees – differing formats of construc- ysis for power projects to illustrate key tion contracts and mitigation of construction elements of a rating related risks ■■ Lessons from the past – what can be ■■ Intercreditor issues, including senior vs. sub- learned from past transactions about the ordinated debt Coursevalue Contentof forecasts ■■ Third party credit support and security issues for debt financiers, including critical commer- Exercise: participants review background cial issues in Concession agreements, offtake on a core case study project and prepare agreements, completion and cost overrun a summarised”risk assessment” based on agreements, and shareholder agreements the risks and mitigants in the project Case study - Participants review an outline Sources of debt financing in projects and summarized Term Sheet for the capital debt capacity structure, covenants, third party credit support and security for an assigned case ■■ Rationale for Project Finance vs. other debt study project financing techniques ■■ Debt capacity - Using projected cash flows as a basis for assessing debt servicing ca- pacity ■■ Export Credit Agencies and Development Banks; bank debt vs. bonds; senior vs. sub- ordinated debt ■■ Interest , foreign exchange and commodity price management issues in Project Finance ■■ Potential use of credit enhancement

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Course Overview

This practical workshop style course is designed for relationship managers and those working in sales or supporting the sales team together with colleagues from credit department, responsible for approving finance propositions.

Invoice discounting is a significant form of corporate finance widely used by small and medium sized businesses, often alongside other asset based lending such as stock finance, hire purchase, term loans and trade finance. This course is designed to give practitioners an understanding of the peculiarities of this particular form of financing relationship, the problems which commonly arise during the recovery process and practical guidance on how to deal with risk identification and mitigation.

The training can be structured to focus particularly on risk assessment, delivery, need identification, and selling opportunities. The course encourages delegates to see issues from both the client’s and the bank’s relationship manager’s viewpoint.

The aim is to provide high quality invoice discounting to the bank’s clients in a seamless and helpful manner and to assist delegates understanding of the trade flows and the precise nature of the banking risks undertaken. The course will also demonstrate the self liquidating short term nature of most trade transactions.

Methodology: The course will be run as a workshop style classroom session, with detailed examples. Delegates are free to bring their own cases/examples to the sessions.

Level of Preparedness Beginners are welcome although a very basic working knowledge and understanding of the methods of financing domestic and International Trade would be helpful.

Course Content Course Content

■■ The various forms of invoice finance Module 1: The Working Capital Cycle ■■ Notification and non-notification financing (confidential versus disclosed) ■■ The working capital cycle ■■ General Risks ■■ Overtrading ■■ General Mitigation techniques ■■ A simple cash flow exercise to illustrate the potential problems Exercise Case study to suit ■■ Different types of working capital ■■ When and how should a bank assist its Module 3: Setting up the Service: customers ■■ When should the bank decline ■■ Creating a product guidance manual ■■ Setting operational parameters Exercise: Working capital analysis ■■ The structure of the invoice finance agree- ment Module 2: Invoice discounting basics: ■■ The purpose of the power of attorney grant- ed, if used ■■ What is it? ■■ The transfer of rights ancillary to the debt ■■ The growth of invoice finance ■■ Challenges to administration charges as pen- ■■ Changes following Re Spectrum Plus Ltd alty clauses ■■ Invoice finance distinguished from lending ■■ The implications of Peekay Intermark on security Exercise Case study to suit

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Course OverviewContent

Module 4: Invoice Discounting in Practice Exercise Case study to suit

■■ Minimum/maximum size Module 7: Risk Assessment for Credit ■■ Minimum/Maximum client turnover Analysis and Application Purposes: ■■ Percentage advanced ■■ Individual invoices or a portfolio spread ■■ Creating procedural guidelines ■■ Secured or unsecured ■■ Setting parameters ■■ Commercial invoices only? ■■ Analysing the working capital flows ■■ Collection time frame – what is a normal ■■ Break even analysis time-scale ■■ Double funding risks ■■ Issues Arising out of the Assignment of ■■ Assessing facility size and structure Debts ■■ Identifying and mitigating the risks ■■ The importance of a legal rather than equi- ■■ Gearing, repayment, profitability and liquidity. table assignment ■■ Specific lending with identifiable maturity ■■ Vesting debts - when does the debt arise? dates ■■ Non-vesting debts and the prohibition ■■ Appreciating and controlling sources of repay- against assignment ment ■■ The effect of notice to the debtor, if any ■■ Security – Is the last resort in practice despite CCCPARTS Exercise Case study to suit Exercise Case study to suit Module 5: Early Engagement of Financial Crime Compliance (and sanctions if Module 8: Fraud & Conflicts with third overseas transactions involved): parties:

■■ FCC risks ■■ The distinction between warranties, guaran- ■■ Sanctions risks tees, indemnities and hybrids securities Course■■ Screening Content ■■ Conflicts with third parties, including priority ■■ Inherent risks disputes with competing assignees ■■ Mitigants ■■ Fraud and Asset Recovery ■■ Residual risks ■■ Classic frauds faced by invoice financiers ■■ CDD, EDD, Discrete DD, KYCBCBC…. ■■ Proving damage: GE Commercial Finance v ■■ Approving individual invoices versus whole Gee sales ledger ■■ The meaning and effect of the trust provisions ■■ Setting operational parameters ■■ When to rely upon the remedies of dishonest ■■ The structure of the invoice finance agree- assistance and knowing receipt ment ■■ Proprietary remedies and tracing in insolvency ■■ Freezing injunctions and search orders Exercise Case study to suit ■■ Mitigation techniques

Module 6: initial Client Assessment for Exercise Case study to suit Product Suitability: Module 9: Financing & Managing Trade Risks ■■ Guidelines in Challenging Markets ■■ Procedural instructions ■■ New versus existing customers ■■ The value chain – bank perspective versus ■■ Sales ledger review – if applicable client perspective ■■ Limit setting ■■ Structured vs. traditional trade finance ■■ Approvals – blanket and specific ■■ Risk analysis of a trade import deal looking at ■■ Risk assessment outcome • Credit risks ■■ Annual review or individual transactions • Product risks • Transactional risks

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Course OverviewContent

• Price risks • Performance risks

Exercise Case study to suit

Module 10: Charges and Fees

■■ Structure and application ■■ Individual fees or flat percentage charge ■■ Fees and interest ■■ Recourse options

Module 11: Managing the Product

■■ Manual process ■■ Automated process ■■ Audit process ■■ Roles and responsibilities ■■ Fees and interest ■■ Recourse options

Exercise Case study to suit

Module 12: What to do When it Goes Wrong

■■ A rare event – usually ■■ KPI’s and KRI’s Course■■ Warning Content signs ■■ When to intervene ■■ Who actually enforces the invoice ■■ Recourse agreements in practice – espe- cially with valuable clients ■■ Recovery procedures ■■ Enforcing security

Exercise Case study to suit

Course Conclusion and Review / Feedback

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Advanced Negotiation IssuesIslamic inFinance M&A In-House or via Live WebinarDate: Location: London Price: .....+VAT

ENQUIRE BOOK NOW NOW Course Overview Course Overview Islamic Finance has grown considerably in the last 50 years and some estimates place the amount invested at nearly $2trillion.

The huge growth in Islamic banking has placed considerable pressure on Shariah scholars who have found themselves having to both consider and rule on a complex mix of ancient and modern banking practices. This incredible growth and the extreme pressure to provide as wide a range of banking products as possible whilst staying within the true principles of Islam has led to some pressures and this is likely to continue as an increasing number of conventional banks offer Islamic services through specialized or separate subsidiaries. This course considers these pressures and the often conflicting aims of providing ever more services whilst staying faithful to Islam.

Learning Objective

This course is designed to help delegates consider in some detail the principles of Islamic Banking and Finance, the differences between Islamic and “conventional” finance and how modern day pressures can, might and are being reconciled within the Islamic code. It looks at much greater detail at the various Islamic products on offer and considers fully the key issues facing Islamic finance institutions today

Who Should Attend

All banking and finance professionals working within an Islamic financial institution and yan professionals working in the field who wish to develop their skills and understanding further.

Teaching Methodologies

Classroom lectures and interactive practical workshop format intended to affirm the learning objectives. Course Content Course Content

Session 3: Modern Islamic Retail Banking – Session 1: Principles & Development of Brief history Islamic Finance ■■ History ■■ The Islamic World ■■ Pilot schemes for Islamic banking ■■ Islam & Economic development ■■ The “Islamisation” of retail banking ■■ Development & growth of Islamic finance ■■ Problems for Islamic retail banks in Western ■■ Different sectors markets ■■ Islamic retail banking in the developing world Session 2: The Principles of Islamic finance Session 4: Islamic Law of Contracts

■■ The prohibition of Riba ■■ Wa’d - Promise. ■■ Real & notional interest ■■ Muwaada or Mua’hida Agreement - Bilateral ■■ Fixed & variable interest promise. ■■ Interest as a return ■■ Aqd’ -. Contract. ■■ Methods of Islamic investment ■■ Mudaraba Contract - Profit Sharing. ■■ Trade credit & leasing ■■ Musharaka Contract - Profit & Loss Sharing ■■ Islamic deposits contracts. ■■ Security Contracts: ■■ Wakala - Agency Contract.

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Course OverviewContent

■■ Foreign Exchange (SARF) Session 10: Islamic Asset & Fund Session 5: Islam & Takafal Management

■■ Islamic attitudes towards risk ■■ Investors’ Objectives: ■■ Muslim objections to insurance • Capital preservation. ■■ Insurance practice in Islamic states • Maximise yields. ■■ Insurance & Islamic law • Balance between liquidity & profitability. ■■ Permitted forms of insurance • Incorporation of Islamic doctrines. • Link to Sharia’a precepts & ethics. ■■ Forward cover & exchange risk • Legitimate goods. • Moral behaviour & social objectives. Session 6: Account and Deposit Gathering (“Investments” under Islam) Session 11: Islamic Bond Market (Sukuk) ■■ “Current” Accounts ■■ Conventional debt securities: ■■ Amanah ■■ Sukuk: ■■ Wadia • Investment process. ■■ Wakala • Share of assets not right to revenues. ■■ Muduraba - restricted • Profits & losses. ■■ Muduraba – unrestricted • Proof of ownership. ■■ Ideal mix • Ownership costs. • Term matches project. Session 7: Application of Funds – Detailed • Lack of guarantee. examination • subject to Sharia’a rules.

■■ Mudaraba Session 12: Course Conclusion ■■ Murabaha. ■■ Musharaka ■■ Summary Course■■ Ijara. Content ■■ Revision ■■ Istisn’a ■■ Open discussion ■■ Salam. END Session 8: Islamic Accounting Standards

■■ Equities & Investment ■■ Insurance ■■ Foreign exchange & currency ■■ Investment bond market ■■ Legal issues ■■ Others

Session 9: Corporate Governance

■■ Jurisdiction ■■ Conflicts between Sharia law, local law, international law ■■ Differences between Islamic states ■■ Which law prevails ■■ Basel and world Trade Agreements. ■■ Regulatory framework ■■ Fairness & suitability. ■■ Islamic bank issues:

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Course Overview BOOK NOW

CourseIslamic finance Overview in its modern form is barely 30 years old yet it is a rapidly growing part of the financial sector and has survived the recent global banking crisis almost untouched. The size of the market is huge and demand for Islamic services exists wherever there is a significant Muslim community.

It is reckoned that nearly 500 financial institutions in more than 50 countries practice some kind of Islamic finance and the market has been growing at more around 10-15% per annum. Latest estimates place total assets at around US$1 trillion.

The main attraction of Islamic finance is that it offers Shariah compliant banking to its clients and is the closest yet that any banking institution has managed to get to genuinely ethical and moral banking. It is underpinned by pure principles, with integrity at the forefront and a genuine sharing of profit and losses as its credo. This has all been achieved with remarkable speed and the sector’s popularity continues unabated.

This course explains in clear terms the basic principles of this increasingly important sector and shows how these and its products differ from the conventional banking models. It is designed to teach delegates the principles of Islamic Banking and to highlight the differences between Islamic and conventional banking.

It explores the different products and services commonly found in both the GCC and the Islamic market globally and it assesses the relative advantages and disadvantages of each. By the end of the course delegates will have a full understanding of the products and principles involved in Islamic Banking and how they differ from Western banking models.

Course Content

Session 1: Introduction to Islamic Banking Exercise: Describe the element of offer and ■■ History of Islamic Banking. acceptance under Sharia. Course■■ Basic Principles.Content ■■ Sharia Law Exercise: What is the difference between ■■ The Quran, Sunnah and Hadith Mua’hida and Aqd? ■■ Sources of Islamic jurisprudence ■■ The role of Islamic Scholars and the Islamic Session 3: What is an Islamic Bank Board ■■ Definition - Fatwa ■■ The meaning of Riba, Gharar, Maysir, Haram, ■■ Source of funds Halal, Fatwa. ■■ Use of funds ■■ Waqf & Zakat….. Charitable giving and chari- ■■ Contractual relationships table tax. ■■ Profit and loss sharing ■■ Banking Services. Session 2: Islamic Law of Contracts ■■ Other Services. ■■ Wa’d….. Promise. ■■ Types of Islamic Bank; wholly Islamic, win- ■■ Muwaada or Mua’hida Agreement….. Bilateral dows or branches approach promise. ■■ Aqd’….. Contract. Exercise: We will construct a typical ■■ Mudaraba Contract….. Profit Sharing. Islamic balance sheet highlighting the key ■■ Musharaka Contract…… Profit & Loss Sharing differences, especially the contractual and contracts. profit/loss sharing element. ■■ Security Contracts: • Hawala….. Transfer. Session 4: Sources of Funds – • Kafala….. Guarantee. “Investments” • Rahn….. Mortgage. ■■ Islamic current accounts ■■ Wakala….. Agency Contract. ■■ Amanah, Wakala, Wadia – what are they? ■■ Foreign Exchange (SARF). ■■ Investment accounts – Mudaraba,

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■■ Restricted and Unrestricted Mudaraba ■■ Moral behaviour & social objectives Course■■ Musharaka Overview ■■ How are investors rewarded Exercise: Taking into account all of ■■ Shareholders funds. the above, name areas where you feel ■■ Trading & Investments. investment activity is unacceptable or prohibited. Exercise: Although moral hazard probably makes this academic, consider who Session 8: Islamic Bond Market (Sukuk) bears what losses in each of the different ■■ Conventional debt securities: sources of Islamic funds • Rights not linked to assets of company • Holders do not incur damages & losses of Case study: Explain the main differences company between an Islamic bank and a • Share in financing through usurious prac- conventional bank tices • Term not necessarily same as project Session 5: Use of funds – Most common • No Sharia constraints products ■■ Sukuk: ■■ Murabaha, definition, description, exam- • Investment process ples, risks, challenges. • Share of assets not right to revenues ■■ Ijara as above. • Profits & losses ■■ Istisn’a ditto • Proof of ownership ■■ Compare each product with their conven- • Ownership costs tional banking counterparts • Term matches project • Lack of guarantee Exercise: You have a client looking to • Subject to Sharia rules replace commercial vehicles and not wishing to lay out substantial cash up Exercise: Using Dubai World as an front, how might this be achieved using example, consider how the recent Islamic banking techniques. problems might impact this important market. CourseSession Content 6: Use of funds – Less common products Session 9: Islamic Insurance (Takaful) ■ What is Takaful ■■ Mudaraba., definition, description, exam- ■ ples, risks, challenges ■■ How does Takaful work. ■ Re-Takaful ■■ Musharaka. As above ■ ■ Takaful products ■■ Salam ditto ■ ■ Takaful models ■■ Islamic mortgages ditto ■ ■■ Islamic credit cards ditto ■■ Two tier Murabaha Exercise: Takaful is a controversial subject ■■ Two tier Mudaraba amongst some scholars. Why is this? ■■ Compare each product with their conven- tional banking counterparts Exercise: What is the difference between a Mudaraba and Wakala arrangement in a Exercise: Why is Musharaka not more two tier Takaful model? popular given that it enshrines Islamic principles completely?

Session 7: Islamic Asset & Fund Management ■■ Investors’ Objectives ■■ Capital preservation ■■ Maximise yields ■■ Incorporation of Islamic doctrines ■■ Link to Sharia precepts & ethics ■■ Legitimate goods

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Course Overview BOOK NOW

CourseGlobal demand Overview for an ethical form of banking has led to a boom in Islamic banking and it is estimated that some 600 financial institutions in more than 50 countries practice some kind of Islamic finance.

The huge growth in Islamic banking has placed considerable pressure on Shariah scholars who have found themselves having to both consider and rule on a complex mix of ancient and modern banking practices, all in the last 40 years. This incredible growth and the extreme pressure to provide as wide a range of banking products as possible whilst staying within the true principles of Islam has led to some pressures and this is likely to continue as an increasing number of conventional banks offer Islamic services through specialized or separate subsidiaries. This course considers these pressures and the often conflicting aims of providing ever more services whilst staying faithful to Islam.

Learning Objective This intermediate/advanced course is designed to help delegates consider in some detail the principles of Islamic Banking, the differences between Islamic and conventional retail banking and how modern day pressures can, might and are being reconciled within the Islamic code. It looks at much greater detail at the various Islamic products on offer and considers fully the key issues facing Islamic retail banks today

Who Should Attend All banking and finance professionals working within an Islamic financial institution and any professionals working in the field who wish to develop their skills and understanding further.

Teaching Methodologies Classroom lectures and interactive practical workshop format intended to affirm the learning objectives.

Learning Pre-requisites A basic knowledge of the banking and the financial services sector in both conventional and Islamic retail markets is required. This course is not suitable for complete beginners.

Course Content Course Content

Principles & Development of Islamic Western markets Finance ■■ Islamic retail banking in the developing ■■ The Islamic World world ■■ Islam & Economic development ■■ Development & growth of Islamic Islamic Law of Contracts finance ■■ Wa’d - Promise. ■■ Muwaada or Mua’hida Agreement - Bilateral The Principles of Islamic finance promise. ■■ The prohibition of Riba ■■ Aqd’ -. Contract. ■■ Real & notional interest ■■ Mudaraba Contract - Profit Sharing. ■■ Fixed & variable interest ■■ Musharaka Contract - Profit & Loss Sharing ■■ Interest as a return contracts. ■■ Methods of Islamic investment ■■ Security Contracts: ■■ Trade credit & leasing ■■ Wakala - Agency Contract. ■■ Islamic deposits ■■ Foreign Exchange (SARF)

Modern Islamic Retail Banking – Brief Islam & Takafal history ■■ Islamic attitudes towards risk ■■ History ■■ Muslim objections to insurance ■■ Pilot schemes for Islamic banking ■■ Insurance practice in Islamic states ■■ The “Islamisation” of retail banking ■■ Insurance & Islamic law ■■ Problems for Islamic retail banks in ■■ Permitted forms of insurance

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BOOK NOW ■■ Forward cover & exchange risk • Proof of ownership. • Ownership costs. CourseAccount Overview and Deposit Gathering (“Invest- • Term matches project. ments” under Islam) • Lack of guarantee. ■■ “Current” Accounts • subject to Sharia’a rules. ■■ Amanah ■■ Wadia Course Conclusion ■■ Wakala ■■ Summary ■■ Muduraba - restricted ■■ Revision ■■ Muduraba – unrestricted ■■ Open discussion ■■ Ideal mix

Application of Funds – Detailed examination ■■ Mudaraba ■■ Murabaha. ■■ Musharaka ■■ Ijara. ■■ Istisn’a ■■ Salam.

Islamic Accounting Standards ■■ Equities & Investment ■■ Insurance ■■ Foreign exchange & currency ■■ Investment bond market ■■ Legal issues ■■ Others

Corporate Governance ■■ Jurisdiction Course■■ Conflicts Content between Sharia law, local law, international law ■■ Differences between Islamic states ■■ Which law prevails ■■ Basel and world Trade Agreements. ■■ Regulatory framework ■■ Fairness & suitability. ■■ Islamic bank issues:

Islamic Asset & Fund Management ■■ Investors’ Objectives: • Capital preservation. • Maximise yields. • Balance between liquidity & profitability. • Incorporation of Islamic doctrines. • Link to Sharia’a precepts & ethics. • Legitimate goods. • Moral behaviour & social objectives.

Islamic Bond Market (Sukuk) ■■ Conventional debt securities: ■■ Sukuk: • Investment process. • Share of assets not right to revenues. • Profits & losses.

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Course Overview

This is a highly interactive, user friendly and comprehensive workshop for both banks and other regulated institutions and practitioners alike. It covers the KYC procedures and systems that all regulated institutions must have in place and deals with the full range of clients from straightforward retail, to higher risk clients (including PEPs) and clients who use complex structures.

Course Methodology An interactive workshop style course supported with case studies and discussions.

Course Content

Introduction - The Money Laundering Cycle Politically Exposed Persons ■■ Placement, Layering, Integration ■■ Definition – formal ■■ How does this work in practice ■■ Definition in practice ■■ Transaction profile ■■ Why are they a special case ■■ Important KYC framework ■■ Mandatory high risk ■■ Operating guidelines ■■ UBO issues ■■ Source of Wealth issues What is KYC? ■■ Annual Review issues ■■ How do you really know who you are deal- ing with Specific Identification & Verification ■■ How much do you need to know Issues ■■ The CDD process is in two parts: ■■ Trust nominee and fiduciary accounts • KYC – getting to know the customer ■■ Corporate vehicles • IDV – checking what they say ■■ Complex Structures ■■ Ultimate Beneficial Ownership Course Content ■■ Introduced business ■■ Source of Wealth ■■ Client accounts opened by professional ■■ Source of Funds intermediaries ■■ Review process ■■ Non face to face customers ■■ Remediation process ■■ Correspondent banking How Should KYC be applied ■■ What is a risk based approach and why is Constructing the KYC Framework it vital ■■ Policies ■■ How do we allocate the risk category ■■ Roles and Responsibilities ■■ What does this impact ■■ Senior Management and M.I. require- ■■ EDD, KYCBCBC etc & EDD ments ■■ The MLRO (or equivalent) challenge! Who needs to be subjected to KYC? ■■ Risk Assessments and Procedures ■■ Definition of a Customer ■■ Transaction profiles Implementing and Managing the Total ■■ Important KYC framework KYC ■■ Operating guidelines ■■ Escalation ■■ Three levels of review for High, Medium Essential Elements of KYC Standards and Standard Risk clients ■■ Clear and user friendly procedures and ■■ Due diligence (on-going) guidelines ■■ Record keeping ■■ Customer acceptance policy ■■ Training ■■ Customer identification policy ■■ Monitoring ■■ Guidelines for opening accounts ■■ Reporting ■■ KYC for existing accounts - remediation ■■ Questions/Feedback/Discussion

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Course Content

Challenges with KYC ■■ Staff & Client resistance ■■ Embedding as part of the culture ■■ The role of internal audit ■■ Prevention & detection ■■ Early warning systems ■■ Controls, KPI & KRI

Future

Course Summary, Open Forum, Close

To book this course or find out more, please click the Enquire Now” button Management Information Systems (MIS) for Banking In-House or via Live Webinar

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Objective

In banks and financial institutions, the management of information systems is a unique tool in order to revitalize the business process. It will also improve the business decision making using information technologies, the final goal being to gain competitive advantage on the market

Factual cases will be studied and discussed.

Approach

The program is composed of the following chapters: 1. Introduction 2. Foundation concepts 3. Decision support systems 4. Information technologies and banking 5. An approach to computing systems and information channels 6. Development of system and strategy 7. Implementation of an MIS and handling the challenges 8. Enterprise and global management of information technology 9. Summary and conclusion

Methodology

The seminar is interactive including presentations and transfer of information, exchange of views, practical cases and experience.

Target Group

Audit and IT executives from the Central Bank, Bank and finance Supervision Departments, Financial Markets Authorities, Other Financial Regulatory authorities, Audit firms and departments; Bank Association and other professional bodies related to the financial markets. Executives of financial departments of companies linked to the banking world.

Course Content

Day 1 Day 2

Introduction Information technologies and banking Foundation concepts ■■ trends in telecommunication ■■ information systems in business ■■ the business value of telecom networks ■■ competing with information technology ■■ business use of the internet ■■ role of intra and extra nets Case studies An approach to computing systems and Decision support systems information channels

■■ business and decision support ■■ Electronic commerce applications ■■ management information systems ■■ E-commerce applications and issues ■■ online analytical processing (olap) ■■ decision support systems ■■ executive information systems ■■ knowledge management systems

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Course Content

Day 3

Development of system and strategy

■■ business systems ■■ IT systems

Implementation of an MIS and handling the challenges

■■ conceptualization ■■ assessment and design ■■ system development and implementation ■■ system maintenance & MIS audits

Enterprise and global management of information technology

■■ managing information technology ■■ managing global IT

Summary and conclusion

To book this course or find out more, please click the “Enquire Now” button Modelling for Credit Risk Training In-House or via Live Webinar

Course Overview ENQUIRE NOW

For banks and financial institutions a sea of changes has occurred in the past few years as a response to the credit crisis. A new capital adequacy framework, strengthened and specific credit risk regulations under Basel II / III, and recent innovations in the credit derivative arena are all highlighting the increasing scrutiny on credit issues.

More than ever before, financial institutions and large corporates will therefore have to be able to assess, calculate and model the embedded credit risk of assets as well as the risk generated by the use of counterparties for hedging or trading purposes.

This course is designed to provide professionals with a broad understanding of modern credit risk modelling techniques. During this training programme, participants will look in details at some of the more important models used for the pricing of default risk inherent to holding assets or embedded within credit derivatives.

The focus of the course together with the choice of exercises and examples will enable participants to understand the different stepping stones used in the design of the models in an easy ayw and the reasons why the models can be validated. Delegates will examine how different risk elements, such as interest rate, default and recovery values intertwine in those models.

Participants will be able to appreciate the credit models commonly used to calculate EAD (Exposure at Default), PD (Probabilities of Default) and LGD (Loss Given Default) as well as counterparty risk assessment models based on potential future exposure at default.

We examine recent modelling issues of funding and market liquidity, basis risk and counterparty risk, and learn the meaning and use of the different value adjustments and notions such as wrong- way risk and liquidity issues.

Methodology:

This course is highly interactive with presentations, exercises, examples, workshops and discussions. It is supported by a range of computer-based exercises to help delegates put the concepts covered into practice.

Who could benefit from this training programme?

■■ Credit Portfolio and Asset Managers ■■ Auditors ■■ Risk Analysts ■■ Credit Managers ■■ Financial Industry Regulators ■■ Financial Risk Managers

Participants will be required to bring a laptop to the course.

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Course Content ■■ CDS key issues: Day one • Over the counter (OTC) shortcomings

Definitions of parameters used for Exercise and discussion: Using an asset modelling credit risk swap to uncover market credit risk spreads. Unbundling the different risk component of ■■ Introduction to credit risk models and their an asset and using CDS to mitigate risks. parameters ■■ Credit event definition and exercise Day two ■■ Loss-Given Default (LGD), Expected Loss (EL) and probability of Default (PD) Structural Firm Asset Volatility Models ■■ Calibration of default probabilities to actual ratings ■■ Black & Scholes / Merton Option Pricing Ap- ■■ Exposure at default (EAD) proach ■■ Relationship between PD, EAD, LGD ■■ Key credit risk concepts ■■ Unexpected Loss (UL) ■■ Credit (default) risk as put option ■■ Economic capital ■■ Loss distribution Merton / KMV Model (Firm Asset Volatility ■■ Monte Carlo simulation of losses Model) ■■ Recovery rate (recovery payments) ■■ Hybrid corporate securities. Options in corpo- Workshop: Computation of theoretical rate finance credit spread for an amortizing asset ■■ Credit risk: asymmetric information and with given LGD, PD and EAD at different agency costs maturity stages ■■ Structural asset volatility (Black-Scholes / Merton) models Market based methods ■■ Structural asset volatility (Moody’s-KMV) models ■■ CDS cash flows and default risk ■■ Embedded complexities of interim cash flows • Unbundling a risky bond into default and other components Workshop: How to use various financial • Isolating underlying default risk using a instruments to replicate an option (Black & single instrument Scholes) synthetically. How to derive Credit ■■ Adding floating LIBOR-based payments Spreads from a practical point of view. • Credit spread over swap rate • Default-free money market deposit – Black-Scholes / Merton KMV Option Pricing Floating Rate Note (FRN) Approach • Final adjustment to compensate coupon reduction – Synthetic portfolio of cash flows ■■ Credit risk as a function of equity value ■■ Real world complications and hedging diffi- ■■ Cost of hedging credit default risk culties ■■ Term structure of credit default risk spread ■■ Counterparty default risk and liquidity ■■ Distance-to-default (DD) ■■ Probability of loss-given-default (PD) Exercise: Assessment of the credit spread value for an asset given the market Exercise and discussion: How to price perception of the underlying credit risk and a Credit Default Swap with the use of a CDS / bond market information structural model by looking at both the premium value and protection legs. Concept of synthetic Credit Default Swap (CDS): Basis Trades REDUCED-FORM MODELS (BASED ON INTENSITY OR TRANSITION) Part 1 ■■ Hedging / arbitraging CDS: positive and neg- Jarrow-Turnbull (JT) Reduced-Form ative basis trades Intensity Model: Applying Term Structure • Bond and structured finance issuance Models ■■ CDS “Fair Price”: asset swap “par” spread implications ■■ Stochastic term structure of default-free in-

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Course Content terest rates: ■■ Markov process for credit ratings Exercise: How to assess the cost of ■■ Stochastic maturity specific credit-risk replicating collateral account at predefined spread asset’s path ■■ Implementing a discrete-time Markov mod- el: Counterparty Credit Risk: Wrong Way Risk, • Pricing risky bonds CVA, FVA, & Liquidity Issues • Pricing options on risky bonds • Credit default swaps ■■ Counterparty contract risk exposure ■■ Wrong / right-way risk: CVA adjustment Exercise: How to price a Credit Default ■■ Wrong-way risk theoretical framework Swap with the use of a reduced-form • Expected positive exposure (EPE) approach model such as JLT and appreciate • Default intensity (PD) the implications of credit ratings ■■ Credit value adjustment (CVA) of OTC deriv- atives Day three • CDS spread (PD, LGD), EPE ■■ Risk management: counterparty credit VaR REDUCED-FORM MODELS (BASED ON ■■ Credit VaR and exposure: INTENSITY OR TRANSITION) Part 2 • Current exposure (CE) Jarrow-Lando-Turnbull (JLT) Rating-Based • Potential future exposure (PFE) Transition Matrix Technology • Credit limits – Expected exposure (EE) • Exposure-at-default (EAD) ■■ Applying Jarrow-Lando-Turnbull model • Arbitrage-free restrictions of the model Workshop: Analysing the various elements • A discrete-time model in a two-period of Counterparty Risk with a practical economy example and the hedge with a contingent ■■ Credit ratings and default probabilities: credit default swaps (CCDS) mathematics underlying the JLT model Final discussion and conclusions Workshop: How to use a reduced-form transition matrix model based spreadsheet for pricing credit derivatives.

Pricing Derivatives Contracts Under Collateral Agreements in Credit Support Annex (CSA), Credit Value Adjustment (CVA) Debt Value Adjustment (DVA), Liquidity / Funding Value Adjustments (LVA, FVA)

■■ Collateral agreements • Collateral (initial margin) • Variation margin • Maintenance margin ■■ CSA contract agreements, aggregated base, netting set, Net Present Value (NPV)

CSA Pricing: Discrete Setting

■■ Cox-Ross-Rubinstein binomial risk-neutral option pricing • Non-collateralised contingent claims, collateralised claims, and liquidity value adjustment (LVA) ■■ Liquidity value adjustment LVA: discounted NPV between risk-free rate and collateral rate

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Operational risk is one of the few risks which affect all business functions irrespective of their activities or environments. As such all business managers and team leaders have a responsibility for understanding the operational risks within their business and ensuring that they comply with their organisations policies. They are also expected to understand and implement policies and procedures which minimize the risk and to manage events when they occur. These techniques cover a multiple of disciplines ranging from people management through to data protection, many of which can improve business efficiency.

This seminar is designed to explain the fundamentals of operational risk, what it is and why it is managed, the identification and assessment process, techniques for its mitigation and management and the monitoring and reporting process.

Objectives

At the end of this seminar participants will have a basic understanding of:

■■ what operational risk is and why it is managed ■■ the regulatory requirements ■■ the activities in managing operational risk ■■ the identification and self-assessment process ■■ managing operational risk events ■■ monitoring and reporting ■■ the use of internal and external data ■■ the development and use of key risk indicators

Attendees

This seminar is designed for the front, middle and back office business functions of banks. It is intended for:

■■ business managers and team leaders who have responsibility for ensuring the business function complies with their organisations operational risk policies ■■ individuals who are responsible for implementing their organisations operational risk policies ■■ individuals who are responsible for operational risk monitoring or reporting ■■ risk managers ■■ internal and external auditors who wish to gain an understanding of operational risk ■■ business managers who are concerned about risk and controls ■■ IT and operations professionals ■■ project and change management professionals

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Course Content

■■ Industry sound practice Day 1 ■■ Risk identification, causes and classifications ■■ The challenges of implementing effective con- What does operational risk really mean and trols why does it really matter Loss data ■■ What does operational risk really mean? ■■ Defining the scope of operational risk ■■ Why collect operational risk data? ■■ Operational risk terminology ■■ Implementing a loss database – database ■■ Operational risk types technology ■■ Types of loss – financial, regulatory, soft ■■ Loss data content ■■ Risk Appetite ■■ Case study ■■ Case study ■■ The challenges of internal loss data. ■■ Defining gross loss Drivers of Operational Risk management ■■ Which reference date? ■■ Case study ■■ Why manage operational risk? ■■ External loss data ■■ The Basel II Accord ■■ Case study ■■ Calculating Operational Risk capital ■■ Case Study Building scenario analysis and stress testing ■■ The Basel III changes ■■ Other cross-border ■■ Sensitivity analysis vs. stress testing vs. sce- nario analysis Operational risk management ■■ Scenario analysis - uses ■■ Developing credible scenarios – fact or fiction? ■■ Operational risk management activities ■■ Multiple event scenarios and dependencies ■■ The operational risk framework ■■ Building scenarios and stress tests ■■ What falls under operational risk manage- ■■ Learning from past events ment? ■■ Key issues of scenario analysis ■■ Where does the ORM team fit in an organisa- ■■ Case study: building a realistic scenario – what tion? is reasonable? ■■ The three lines of defence ■■ Including stress and scenario testing results in ■■ Adopting standards capital calculations ■■ The main challenges • Cyber Crime Day 3 • Anti-money laundering & sanctions • Tax & FATCA Mitigating operational risk • Conduct risk • Case study ■■ What is operational risk mitigation? ■■ Strategic operational risk management - gov- ■■ What are inherent and residual risks? ernance ■■ Mitigation techniques ■■ Case study • People • Technology Day 2 • Processes • External events Risk identification & Assessment ■■ Identification of key controls ■■ Case study: identifying appropriate mitigating ■■ Risk logs/registers techniques ■■ Indentifying operational risks ■■ The challenges of implementing effective con- ■■ What are Risk Control and Self Assessments? trols ■■ Are RCSAs useful – what is there real value? ■■ Questionnaires vs. workshops ■■ The psychology of RCSAs ■■ Case study

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Course Content

Op risk events and their management

■■ Event management ■■ Event reporting • Internal • External • Managing reputational risk ■■ On-going monitoring ■■ Exercise

Operational risk monitoring and reporting

■■ The reporting process • Types of reports • Thresholds & escalation ■■ What gives a report value? ■■ Monitoring operational risk

■■ Key risk indicators • What are KRIs? • The role of effective KRIs • Types of KRIs • Developing and designing key risk indica- tors • Case study • Evaluating KRIs ■■ Business continuity planning vs. Disaster planning

What Next?

■■ What are the problems in practice? ■■ The ‘use test’ ■■ What next – future flashpoints?

To book this course or find out more, please click the Enquire Now” button Practical Understanding of Current Debt Markets In-House or via Live Webinar

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This course is aimed at professionals with an existing knowledge of financial markets and financial products, either with knowledge through theory, studies or direct practice.

The aim of this course is to enable participants to understand and analyse the characteristics and inherent risks of capital and debt instruments in the context of global financial markets and of its main participants

Methodology Classroom lecture style supplemented by workshops, practical exercises and up-to-date and relevant case studies.

Level of Preparedness Intermediate working knowledge of financial services industry would be helpful. Course Content Securitisation and credit derivatives Financial markets and financial products: products How they operate ■■ History and current market ■■ Corporate ■■ Types of products: ABS, MBS, CDO, CDS • Type of issuers ■■ Motivation of securitisation deals and credit • Type of products derivatives products ■■ Banks: Sell side ■■ Major actors and various markets • Major actors type of products • Role in structuring a deal Securitisation products explained ■■ Institutionals and Asset Manager: Buy side ■■ ABS – credit card, car loans, consumer loans, • Asset allocation student loans, non performing loans (NPL), • Performance and risk considerations Refinancing (plane leasing, Energy, Royalties, Industrials,…), ABCP… Theory of Pricing ■■ CDO-CBO, CLO, CDO^2, CDO (private equity, ■■ Bond pricing basics and market theory Hedge funds), emerging CDO, High Yield CDO ■■ Yield curve analysis ■■ MBS, CMBS. RMBS, REIT ■■ Spread analysis and pricing of bonds ■■ CDS, synthetic securitisations ■■ Rating analysis ■■ Specific risk products (weather derivatives, ■■ Benchmarks and Govies CAT Bonds) ■■ Swap curve ■■ Esoteric securitisation –Wholesale securitisa- ■■ Coupon tion, principal finance ■■ Reoffer ■■ Fees High Yield Bonds ■■ Overview of the market Government Securities ■■ Current Uses ■■ Gilts ■■ How issued, pricing, maturity etc ■■ Short, Medium and long term government ■■ Who can access the market debt ■■ A versatile asset class ■■ The yield curve ■■ A driver of liquidity ■■ Redemption and running yields ■■ A replacement for bank debt ■■  Duration ■■  Inverse yield curves Convertible Bonds ■■  The impact of quantitative easing ■■ What are they ■■ Who can issue them Hedging Interest Rates ■■ How are the y priced ■■ Asset swapped bond transactions ■■ Maturity and call options ■■ Default swaps and total return swaps ■■ Use as a financing tool ■■ Baskets and Indices ■■ Cost of capital considerations ■■ Basket Default Swaps ■■ Index tranche transactions Bank Capital and Debt instruments ■■ Credit/Default linked notes ■■ Basel III definitions

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Course Content

■■ Tier 1 & tier 2 ■■ Co Co’s, the new hybrid ■■ Debt issuance by bank ■■ Criteria for tier 2 inclusion ■■ Maturity ladder

The impact of current market conditions ■■ Bank deleveraging ■■ Inflation ■■ Yield curve ■■ Quantitative easing ■■ Fixed versus floating

Currency Considerations ■■ The big five ■■ PIGS & BRICS ■■ Impact on bond prices ■■ Relationship between interest rates & bonds ■■ Hedging ■■ OTC versus exchange traded

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This course is designed to prepare and review an institution’s Internal Capital Adequacy Assessment Process – ICAAP. Throughout the course the delegates will progressively construct a high level plan aimed at the preparation and review of the ICAAP.

As banks strive for value creation in a highly competitive environment they inevitably create risks. The greatest threat to an organisation is when such risks are not completely and properly identified, measured and managed leading to inadequate capital provision. In these circumstances the result will invariably be unexpected losses which, as the current financial crisis demonstrates, can erode capital to the point where banks’ very existence is threatened.

The ICAAP is the document that will describe the organisation’s approach to the assessment and management of risk and capital from an internal perspective and how risk and capital management is integrated and used in running the business over and above the minimum regulatory rules and capital requirements of Basel II. Given the significant role effective risk and capital management plays in day-to-day operations, the ICAAP invariably becomes a high profile and vitally important document for key stakeholders including the bank’s Board and regulators.

Learning Objectives Participants will gain in-depth knowledge of approaches to risk and capital management and their presentation in the ICAAP.

Who Should Attend ■■ Risk Managers ■■ Internal and Credit Auditors ■■ External Auditors ■■ Audit Directors and Managers

Methodology Classroom style lectures featuring use of real-life case studies. Each session will conclude with a discussion of the principles covered, their relevance and application to the ICAAP and the associated plan.

Knowledge Pre-Requisites Participants should have some familiarity with financial services and principles of risk and capital management.

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Course Content ■■ Conventional op risk management tools & Session 1: The Essence of Risk methods: Management • Process & control mapping ■■ Understanding risk management • Risk & control assessment processes ■■ Confidence Levels – General • Risk & control registers ■■ Confidence Levels – Banking • Loss event data – purpose • Loss events – sample definitions Session 2: The Basel II Framework • Sample Calculation of Financial Impact ■■ Basel II Overview • Sample impact categories ■■ Why regulatory capital? • Loss event capture – sample data Discussion: agree ICAAP content and plan • Basel II – loss event types • Key Risk Indicators – KRIs Session 3: Risk Based Capital and Capital • KRI – best practices Management Discussion: agree ICAAP content and plan ■■ Economic capital and profit ■■ A modern capital management framework Session 6: Is Op Risk a Measurable Risk? ■■ Components of capital management: ■■ Observations from industry leaders: investment, structuring, allocation and • Basel Committee optimisation • UK FSA Op Risk Governance Expert Group ■■ Classes of capital – Tiers 1, 2 & 3 • A Corporate Head of Operational Risk ■■ Funds Transfer Pricing – FTP • USA Advanced Measurement Approach ■■ Activity Based Costing – ABC Group ■■ Regulatory vs. economic capital A Corporate Op Risk Executive Discussion: agree ICAAP content and plan Session 7: Credit Risk Session 4: Internal Capital Adequacy ■■ Risk drivers (PD, LGD and EAD) Assessment Process (ICAAP) ■■ An evolutionary approach ■■ The key principles ■■ Standardised Approach ■■ Suggested framework, content and layout ■■ Internal Ratings Based (IRB) approach ■■ Prudence and conservatism ■■ Foundation approach ■■ Period to be covered ■■ Advanced IRB and portfolio approaches ■■ Proportionality... how many ICAAP’s? ■■ Basel II – the use test and its application in ■■ The ICAAP process from preparation to practice Board approval ■■ Procyclicality ■■ Challenge and independent review ■■ Downturn LGD vs. Through-The-Cycle LGD ■■ Capital position – suggested content and Discussion: agree ICAAP content and plan layout ■■ Regulatory & economic capital – suggested Session 8: Market Risks content and layout ■■ Definition ■■ Capital reconciliation – suggested content ■■ Basel II – trading book – two approaches and layout ■■ Value-at-Risk (VaR) and VaR methods ■■ ICAAP ‘Hot Buttons’ and regulatory feed- ■■ Typical parameters for VaR back ■■ Basel II market risk capital Discussion: agree ICAAP content and plan ■■ Back testing ■■ VaR limitations Session 5: Operational Risk Discussion: agree ICAAP content and plan ■■ Definition ■■ BIS Sound Practices Session 9: Liquidity Risk ■■ Operational risk loss distributions ■■ Definition ■■ How exposure to risk is created ■■ Asset Liability Management (ALM) ■■ The impact of operational risk ■■ Yield curves ■■ Basel II – Basic Indicator Approach ■■ BIS sound principles ■■ Basel II – Standardised Approach ■■ Sample liquidity gap ■■ Basel II – AMA Requirements ■■ Sample maturity ladder

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Course Content ■■ Critiquing a risk appetite statement submitted Discussion: agree ICAAP content and plan for Board approval Discussion: agree ICAAP content and plan Session 10: The Current Financial Crisis ■■ Unidentified, unmeasured risk is a killer! Session 16: Wrap-Up and Final Discussion ■■ Are we getting it right? ■■ ICAAP preparation... what’s the plan? ■■ Case study – the subprime fiasco ■■ Collateralised Debt Obligations - CDOs ■■ Credit Default Swaps – CDSs ■■ Understanding probabilities (copulas) ■■ Model Risk ■■ The regulatory response

Session 11: Business Risk ■■ Definition ■■ Why calculate business risk capital? ■■ Method of calculation Discussion: agree ICAAP content and plan

Session 12: Inter-Risk Diversification ■■ What is inter-risk diversification? ■■ Understanding diversification benefits ■■ Allocation of diversification benefits ■■ Standard & Poor’s view of diversification Discussion: agree ICAAP content and plan

Session 13: Other Risks ■■ Transfer risk ■■ Interest Rate Risk in the Banking Book (IR- RBB) ■■ Property risk ■■ Equity (investment) risk ■■ Foreign currency translation risk ■■ Reputational risk ■■ Securitisation risk ■■ Pension risk ■■ Settlement risk Discussion: agree ICAAP content and plan

Session 14: Stress Testing / Scenario Analysis ■■ Definition ■■ BIS – Sound Principles ■■ Key concerns ■■ Sample process ■■ Sample stress scenarios ■■ Sample outputs ■■ Stress testing single high impact events – ‘Shock Waves’ Discussion: agree ICAAP content and plan

Session 15: Risk Appetite ■■ Definition ■■ Counting down to failure... where’s the pain threshold?

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These are both exciting and challenging times for the Private Banking and Wealth Management sector. The industry continues to grow strongly with the emerging markets, notably Russia, the Middle East and Asia creating a steady stream of new high net worth individuals.

This course offers an opportunity for staff engaged in private banking / private wealth management to equip themselves with the skills to formulate innovative strategies, improve their customer relationships and effectively manage their clients’ wealth. The focus of this course is on equipping delegates to help their bank to grow and win new business, to retain and develop existing client relationships and to defend against clients leaving.

Learning Objectives ■■ Upon the completion of this training event participants will have gained an understanding of ■■ Growth and opportunities in the private banking market ■■ Private client profiling and changing characteristics ■■ Private client requirements and expectations ■■ Appealing to both macro and micro markets ■■ The challenges of investor choice ■■ Asset allocation and portfolio structuring techniques ■■ Structured products and solutions for private banking clients ■■ How to make a high quality service deliver rewards for the bank as well as the client ■■ Risk reduction and return enhancement opportunities and strategies

Course Content

Session 1: Introduction to Private clients Banking Industry ■■ Private, retail, business or a mix ■■ What is Private Banking ■■ Cash management ■■ A brief history of the industry ■■ Deposits ■■ Products & Services ■■ Loans and overdrafts ■■ Classification of the main global/regional ■■ Premium services including credit cards players ■■ Strategic tiering of bank relationships ■■ Organisation & structure of a Private Bank Case Study/Practical Example ■■ Defining roles: teamwork or superstars ■■ Cross-selling problems & solutions Session 4: Products & Development for Case Study/Practical Example Private Banking ■■ Core private bank products – the essential or Session 2: Know Your Customer, client minimum range of products profiling Process ■■ Risk profiling – green, orange and red lights ■■ KYC obligations ■■ Traditional v alternative investments & hedge ■■ PEP accounts funds ■■ AML regulations ■■ Principal guaranteed products ■■ Customer Life cycle (student loan, car loan, ■■ Outsourcing part of the investment manage- housing etc) ment – do’s & don’ts ■■ Investor life cycle – accumulate, consoli- ■■ Defending against huge competitors date, retirement. ■■ Asset Management – discretionary/advisory ■■ Client balance sheet, sources of income, ■■ Securities brokerage wealth & risk ■■ Retirement planning ■■ Clients paradigms ■■ Tax & trust advisory services ■■ Customer lifecycles in relation to sales ■■ Collective investment schemes process. ■■ Art jewellery & other investments Case Study/Practical Example Case Study/Practical Example

Session 3: Private Banking services Session 5: Client Relationship Management ■■ Difference between accounts, customers & ■■ General framework for CRM and consultative

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Course Content Session 11: Key Treasury Products in Private Banking selling skills ■■ Conventional Treasury Products ■■ Investment needs ■■ Interest rate swaps explained and construc- ■■ Interpersonal skills for selling tion examined. ■■ Converting features into benefits ■■ Cross currency swaps ■■ Concierge services ■■ Market participants and their motivations. ■■ Philanthropy ■■ Forward Rate Agreements (FRA) Case Study/Practical Example ■■ Foreign Exchange Derivatives ■■ Puts & Calls Session 6: Critical Management functions ■■ Uses of options ■■ Information technology & operating plat- Role play/case study forms ■■ Human resources & private banking Session 12: Credit Derivatives and Private Case Study/Practical Example Banking - Introduction ■■ The roles of the protection buyer and protec- Session 7: The role of the Private Banking tion seller Client Relationship Manager (CRM) ■■ Constraints of transactions ■■ CRM in general ■■ The role of the intermediaries ■■ The CRM’s perspective ■■ Forms of Credit Derivatives ■■ The client’s perspective • Credit Default Swaps (CDS) ■■ What makes a good CRM • Total Return Swaps ■■ Dealing with success & disappointment • Contingent & Dynamic Default Swaps Role play/case study Session 13: Structured Finance in Private Session 8: Marketing Private Banking Banking - Introduction Successfully ■■ Bringing borrowers and lenders together with ■■ Client needs & strategy “bespoke” structures ■■ Objection handling ■■ The development of investment vehicles using ■■ The dos and don’ts of meetings embedded derivatives ■■ Differentiation & Positioning • Structures using Special Purpose Vehicles ■■ Linking features to benefits (SPV) ■■ Negotiation versus selling • The roles of the various parties in such ■■ Planning the negotiation structures ■■ Negotiating successfully & Negotiation styles • Enhancements & risks ■■ Closing the deal ■■ Credit Linked Notes and other similar prod- ■■ Cross selling opportunities ucts Role play/case study • Mortgage Backed Securities • Collateralised Loan Obligations Session 9: Dealing with Challenging • Collateralised Bond Obligations Wealthy Clients ■■ The “problem” client Session 14: Asset & Fund Management ■■ Overcoming Client resistance ■■ Investors’ Objectives: ■■ Gaining commitment ■■ Capital preservation. ■■ Overcoming difficulties when Shariah inter- ■■ Maximise yields. venes ■■ Balance between liquidity & profitability Role play/case study ■■ Incorporation of Islamic doctrines. ■■ Link to Sharia precepts & ethics. Session 10: Essential Self Management ■■ Legitimate goods. Skills ■■ Moral behaviour & social objectives. ■■ Time management Case Study/Exercise ■■ Planning ■■ Monitoring delegated activities Session 15: Risk Management & Compliance ■■ Time out sessions in Private Banking ■■ Internal records ■■ Value at risk Role play/case study ■■ Reputational risk ■■ Client confidentiality

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Course Content

■■ Basel II and III Case Study/Exercise

Session 16: Marketing, Communications & Managing the Brand ■■ Creating & developing the brand, image & style of the Private Bank ■■ Positioning the bank, products and the peo- ple ■■ Communications, PR, sales & marketing literature ■■ Client marketing – broad brush v narrow ■■ Marketing via adverts, the web, sponsorship, annual reports

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Course Overview

This course is a thorough review of the key factors which need to be considered by lenders when funding residential and commercial investments. It considers the key issues using a variety of relevant examples and case studies to bring the session to life and ensure it is firmly rooted in real World issues.

It covers a variety of technical considerations designed to boost the knowledge of existing practitioners and sets out the key cashflow and capital value risks. It also sets out the appropriate mitigants lenders need to consider. It is appropriate for anyone working with SME and mid- corporate residential or commercial investment customers/risk.

Learning Objectives: ■■ Participants will explore the key issues facing investors and how they impact on the lender. ■■ They will consider the technical issues which can impact investment performance and value - with specific reference to key commercial investment issues and terms. The programme will also consider the role of due diligence and specifically the drivers of commercial investment valuation methodologies ■■ Delegates will also learn about the key areas of risk for the Bank and consider how they can be mitigated by effective lending policies and practices.

Course Methodology: Classroom style delivery with maximum use made of relevant mid-market UK based case studies and exercises. Highly interactive programme with delegate participation and questioning strongly encouraged and featuring throughout. The classroom session will also be boosted by a short amount of pre-course reading to provide background information and ensure all delegates have a consistent minimum level of awareness and knowledge prior to the session.

Target Audience: This course is aimed at real estate finance lenders working with UK SME and mid-market real Courseestate customers. Content The course is suitable for both Credit and relationship management staff. Some existing knowledge of the sector is desirable but not necessary, as the pre-course reading element will ensure a minimum common platform of core knowledge.

Course Content ture, sub-letting and alteration) The course will initially consider a series of • Costs: introductory issues which are relevant to ӹӹGross to Net income the investor and so impact Bank support for ӹӹCapital expenditure investment deals: ӹӹVoid holding costs ӹӹPurchaser costs including Stamp Duty ■■ Why do people invest in property: Land Tax • Alternative investment classes and op- ■■ What makes a good investment Asset (by tions. How does property stack up rela- asset class): tive to the other options? • Offices: • Classes of investors – Corporates, profes- ӹӹLocation and physical prominence sional investors and amateur / buy to let ӹӹFloorplate and specification landlords ӹӹTransport and occupier demand • Why is gearing so important to investor ӹӹFlexibility returns? • Industrial: ■■ What factors need to be considered: ӹӹTransport, local access and location • Tenure ӹӹYard and building specifications • Lease terms (including term, breaks, rent ӹӹSecurity reviews, insurance, Tenant Act, forfei- ToTo book book this this course course or find or find out outmore, more,please please click the click “ENQUIRE the “Book” NOW” button button Real Estate Finance for Commercial Lenders – Advanced NegotiationInvestment Issues Lending in M&A Continued...

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Course Content ӹӹLocal labour and population pool ӹӹAll risk yield • High Street and Shopping Centre Retail: ӹӹFactors to be considered ӹӹFoot flow and prime location • Discounted Cashflow method: ӹӹAnchor tenants ӹӹPrinciple of time value of money ӹӹFrontage and building shape ӹӹWhen used and the selection of a discount ӹӹImportance of leisure and food and factor beverage offering • Residual Appraisal: • Retail Warehouses and Out of Town ӹӹWhen used to value development opportu- Retail: nities ӹӹTransport, parking and congestion ӹӹMethodology and selection of developer management profit ӹӹFlexible units with appropriate planning • Vacant Possession values: use consents ӹӹWhen they are used ӹӹCatchment area and competition ӹӹWhat assumptions need to be made ӹӹScale ■■ Impact of specific events on valuations: • Residential: • Valuation of a rack rented property ӹӹAddress prominence and kerb appeal • Impact of over-renting (eg due to the im- ӹӹDiffering needs of different occupier pact of an RPI leases) groups – transport links, retail and • Approaching lease breaks and short leases leisure access or local schools • Tenant defaults ӹӹParking and services provided ӹӹWhat other factors do investors need Exercises: This session is facilitated using a to consider: series of short exercises and discussions to • Growth prospects – impact of economic draw out the key issues. Working in small performance and market trends (e.g. teams and presenting and discussing issues trend to greater on-line retailing or rise features throughout in young professionals renting) • Capex spend and EPCs The Lending Banker’s Perspective - we will explore • Opportunities to add value the key Bank response and strategy to both • Occupier demand characteristics residential and commercial investment lending, • Investor demand characteristics using a three step approach: ■■ Property Returns: • Income and cashflow: The Customer: ӹӹIncome and costs ■■ Strategy and Skills: ӹӹDemand • What is their motivation and are they com- ӹӹVoids mitted full time? ӹӹSustainability • What experience do they have? How rele- ӹӹCapex/maintenance requirements vant is it – location, asset class. Have they ӹӹLease terms had “through the cycle” experience? • Capital growth: • What is the range of skills for larger teams ӹӹNet income – are they complimentary? ӹӹInvestor demand • Is there any previous experience on the same scale and level of complexity? Valuation Methodologies – we will then • What if any professional qualifications/expe- examine the importance of valuations to rience do they have investment assets and the key approaches • What professional support do they have valuers use. We will consider how they available? can impact on investment performance • How strong are their rent collection and as- and Bank risk set management skills – especially for large resi investment portfolios? ■■ RICS Valuation Standards – the Red Book ■■ Cashflow: • Definition of “market value” and “mar- • How strong is their cashflow – can they ket rent” cover any voids, undertake any capex which • Measurement rules may be required? • Special Assumptions • Whose cash is it – the management or ex- • Valuation approaches and the level of ternal/3rd party investors and why does this due diligence undertaken make a difference ■■ Valuation Methods: • What other assets do they have available • Direct Capital Comparison: – if there were to be a problem could they ӹӹRelevance inject more cash. Are assets easily liquidat- ӹӹselection ed to create cash if needed? • Investment Method: • Are there any living expenses/management

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Coursecharges Content to be deducted from the cash- agreements and mortgage documentation flow? • The key investment covenants and difficul- ty in setting a traditional net rent covenant The Asset: in a low interest rate environment ■■ Cashflow and Rental Issues: • Mortgages, debentures and guarantees • Location and suitability for target market • Actions available (and sensible) on default • Demand in local market and forecast or breach changes to demand and demographics ■■ Structure and Repayment: • Lease terms and Re-let risks for commer- • Tenor cial investment assets: • Cashflow and structuring assumptions ӹӹLease length – use of an appropriate Excel model to ӹӹWAULT monitor cash ӹӹTenant strength • Interest rate protection – fixed rate or ӹӹLease breaks hedge ӹӹRent Reviews • What constitutes a viable Plan B? ӹӹLease Terms ■■ Costs for both residential and commercial Case Study: This course is closed using two assets – why the “real” costs should be as- real-life case studies. One is a residential certained wherever possible investment scheme and the other a multi-let commercial investment scheme. The Structure: ■■ Borrower Issues: Delegates are invited to consider the key • Who is the borrower – is it a sole trader, risks and their response to them. They are partnership, Corporate entity or simple asked to consider the appropriate basis SPV and what are the implications for the of Bank support and the structure which Bank? should be used to manage and control the • Is a guarantee appropriate? Bank’s risk. They should provide a clear ■■ Structure of Bank Support: recommendation and basis of support • Should we lend against capital values or cashflows? • Differences between residential and com- mercial investment loans • Suitable support levels and the key con- siderations ■■ Due Diligence: • Valuation due diligence • Legal due diligence including the report on title ■■ Capital Values • Impact of yield movements • Impact of cashflow changes ■■ Documentation and Security: • Key clauses included within bank facility

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Course Overview

This course is a thorough review of the key factors which need to be considered by lenders when funding residential development. It covers all phases from initial design and grant of planning permission, through pre-drawdown controls and due diligence, the construction and monitoring phase, through to practical completion and sale.

It covers a variety of technical considerations designed to boost the knowledge of existing practitioners and sets out the key risks and appropriate mitigants lenders need to consider. It is appropriate for anyone working with SME and mid-corporate residential development customers/risk

Learning Objectives: ■■ Participants will explore the key issues facing residential developers and how they impact on the lender. ■■ They will consider the technical issues which can arise during the construction phase, and the due diligence the Bank would undertake to help mitigate them ■■ Delegates will also learn about the key areas of risk for the Bank: - construction risk, sales risk, customer risk, cashflow risk and documentation risk and explore how they can all be mitigated by effective lending policies and procedures.

Course Methodology: Classroom style delivery with maximum use made of relevant mid-market UK based case studies and exercises. Highly interactive programme with delegate participation and questioning strongly encouraged and featuring throughout. The classroom session will also be boosted by a short amount of pre-course reading to provide background information and ensure all delegates have a consistent minimum level of awareness and knowledge prior to the session.

Target Audience: This course is aimed at real estate finance lenders working with UK SME and mid-market real estate customers. The course is suitable for both Credit and relationship management staff. Some existing Courseknowledge Content of the sector is desirable but not necessary, as the pre-course reading element will ensure a minimum common platform of core knowledge.

Course Content • Procurement methodology – self-build or third party construction management (in- The pre-Construction Phase cluding project manager, traditional build, ■■ Planning and design or design and build) • The difference between outline and full • Construction tendering and contractor planning permission selection • Planning conditions and reserved matters • Bats, newts and Romans The Construction and Monitoring Phase • Judicial review process ■■ Time and cost overruns • S106 and the Community Infrastructure • How they typically arise Levy • Borrower or contractor responsibility: ■■ Site issues: ӹӹChanges in specification • Flood risk ӹӹWeather delays • Environmental Contamination ӹӹSite problems • Rights of Light • Build cashflows • Party Walls • Contractor failure • Access issues and ransom strips • Liquidated damages clauses ■■ Procurement and Construction: • Practical completion • The development appraisal • Costings and contingencies – why fixed The Sales Phase cost contracts are desirable but hard to ■■ Pre-sales or sales off-plan really achieve ■■ Identification of the end buyer/market in the early design phases

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Course Content issues ■■ Effective marketing strategies • The role of the RM site visit ■■ What happens if sales are delayed? • Managing cost overruns ■■ What contingency options are normally ap- propriate? The Structure: ■■ Borrower Issues: Case Study: The above sessions will be • Who is the borrower – is it a sole trader, facilitated using a real-life UK case study. partnership, Corporate entity or simple SPV It will take the delegates through each of and what are the implications for the Bank? the key stages of a scheme and allow them • Is a guarantee (either for cost overruns or to explore the issues in each phase and to tie in the management) appropriate? consider the impact on the borrower (and ■■ Due Diligence: the Bank). It will consider what options • Valuation due diligence including residual and remedies may be available in each land valuation methodologies and use of circumstance and discuss the customer relevant comparables options and the Bank’s stance. • Legal due diligence including the report on title The Lending Banker’s Perspective: • Monthly IMS reporting Drawing on the first case study exercise we will ■■ Documentation: explore the key Bank approach to residential • Key clauses included within bank facility development lending, using a three step agreements and mortgage documentation approach: • The key development covenants • Actions available (and sensible) on default The Customer: or breach ■■ Strategy and Skills: ■■ Security: • What is their motivation and are they • Legal mortgages (and/or debenture) committed full time? • Use and purpose of collateral warranties • What experience do they have? How rel- ■■ Structure and Repayment: evant is it – location, asset class. Have • Tenor they had “through the cycle” experience? • Cashflow and monitoring controls • What is the range of skills for larger • Land loans and why they are much more teams – are they complimentary? risky • Is any previous experience on the same • Overdrafts and why they should not feature scale and level of complexity? • Handling time extensions • What if any professional qualifications/ ■■ Formulating a “Plan B” experience do they have ■■ What happens if things go wrong • What professional support do they have ■■ What should the Bank response be? available? ■■ What sensitivities are appropriate ■■ Cashflow: ■■ What is the normal contingency option for the • How strong is their cashflow – is all cash Bank invested up-front ahead of the Bank? • Whose cash is it – the management or Exercises: This session is facilitated using external/3rd party investors and why a series of short exercises and discussions does this make a difference to draw out the key issues and identify why • What assets do they have available – if they impose a risk on the Bank and what can there were to be a problem could they be done to help mitigate them inject more cash. Are assets easily liqui- dated to create cash if needed Case Study: This course is closed using a real- • Is some of their contribution really just life case study of a residential development “quasi” contribution eg from a planning deal of the type regularly seen by UK banks. gain uplift in land values? Delegates are invited to consider the key risks • Are there any living expenses/project and their response to them. They are asked charges to be deducted from the cash- to consider the appropriate basis of Bank flow? support and the structure which should be used to manage and control the Bank’s risk. The Asset: They should provide a clear recommendation ■■ Demand and Sales Issues: and basis of support • Location and suitability for target market • Size of units and liquidity / demand in local market • Scale of development and absorbability • Marketing ■■ Construction Issues: • Summary of Bank responses to the risks identified in the first session, specifically: • The role of the Independent Monitoring Surveyor (IMS) • The initial IMS report • Drawdown monitoring and WIP valuation

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Course Overview

This Repo and Securities Lending course provides full coverage of the important aspects of repo trading and the pertinent issues involved in Securities Lending. It is relevant for in-house lawyers and private practice lawyers alike as well as bankers and repo traders involved in anything from the day to day business as usual plain vanilla repos to the more complex heavily negotiated repo trades involving structured securities or unusual assets. This course will also be relevant to the Operations and Documentation teams involved in repo transactions from time to time, structurers, compliance personnel as well as accountants who advise clients on repo trades.

The first part of this course sets the scene by giving an introduction to repos; the development of the repo market in Europe, the legal and economic characteristics of repos, the definitions and terminology ‘jargon’ that is commonly used in the repo market and the uses and benefits of repos. We then go through the various types of repo products in the market and discuss the risks, mitigants and distinguishing characteristics of repos.

The second part of the course covers the architecture of the GMRA documentation framework. Here we will go through the key provisions of the GMRA and discuss topical issues relating to and affecting the repo market. We will go on to discuss the 3 levels of activity in the repo market followed by a detailed step by step analysis of how a repo trade is negotiated and executed. We then cover the pertinent issues in the regulation of the repo market in Europe.

The third part of the course will cover an overview of Securities Lending; what it is, the reasons for it, the parties involved in it and the advantages and disadvantages for using it. We will discuss the legal structure and the various risks involved in Securities Lending. We will then go on to analyse the GMSLA documentation and the key provisions. We will undertake an analysis of the relevant case law in this area following which we will discuss the regulations effecting Securities Lending and the upcoming regulatory changes and considerations to be aware of. We will specifically discuss the much talked about Securities Financing Transactions Regulation (SFTR), its Courserequirements Content and the timeline.

Please note that the sections on regulations are subject to change depending on the time of the year this training course is delivered as per the regulations and guidance that are published from time to time.

Complimentary materials including content filled presentation slides, the GMRA and relevant articles will be provided to all participants.

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Course Content Guidance ■■ ESMA Guidelines on repo and reverse repo INTRODUCTION: REPO OVERVIEW agreements for UCIT Funds ■■ Reasons for the GMRA The Legal and Economic Characteristics of • Recharacterisation risks Repos • Margining • Event of Default Procedures • Netting Rights ■■ Definition of a Repo • Basel III Capital Requirements ■■ “True Sale” title transfer • Operational Benefits ■■ Rehypothecation • Harmonisation ■■ Enforcement • Use in Structured Transactions ■■ Substitution • Legal Opinions ■■ Similarities to Secured Loans ■■ Cashflows The GMRA ■■ Definitions and Terminology (Jargon): • Haircuts ■■ Key Obligations under the GMRA • Income • Initial Exchange • Manufactured Payments • Income Payments • Repo Rates • Payment/delivery of Margin • Pricing Rates • Final Exchange ■■ Fungibility issues ■■ Key Provisions and Considerations: ■■ Uses of Repos: • Collateral Selection • 4 basic functions: • Events of Default ■■ Secured Financing ■■ Consequences of Failure to Deliver: ■■ Covering Long or Short positions • at start of a repo ■■ Monetary Policy Instruments • at end of a repo ■■ Creating Leverage ■■ Standard Events of Default ■■ Types of Securities used in Repos: ■■ Default Notices • Government bonds ■■ Close-out: 3 stages • High grade bonds ■■ Valuation Procedures • Credit Repos ■■ Consequential Losses ■■ Participants in the Repo Market ■■ Negative Repo Rates • Buyer’s side • Definition • Seller’s side • Circumstances when this occurs ■■ Types of Repos and similar transactions • Problems caused ■■ Distinguishing Characteristics of Repos ■■ Repo Rate Indices ■■ Risks in a Repo • STOXX GC Pooling Indices • Counterparty credit risks • The GCF Repo Index • Collateral risks • Gov PX • Transferability • The RepoFunds Rate • Collateral Management • The Repo Overnight Index Average (RONIA) • Legal Certainty ■■ Accounting Treatment of Repos ■■ Mitigation of Counterparty Credit Risks • Balance sheet treatment not aligned with • Margin Ratio legal form • Margin Collateral • Lehman Brothers’ Repo 105 and MF Global • Set off under US GAAP • IFRS REPO DOCUMENTATION ■■ Short-selling • What is it? Introduction • Essential functions • Risks of short-selling ■■ Architecture of the GMRA documentation • Uncovered short-selling and market abuse • Versions • EU Short Selling Regulations • Annexes ■■ Shadow Banking • Confirmation ■■ The Central Clearing Counterparties (CCPs) • Market Protocols and Guidelines • The functions of the CCPs ■■ 2011 GMRA Protocol • Benefits of using CCPs ■■ ICMA ERC Guide July 2015 • The Principal CCPs in Europe • Repo trading systems ■■ Securities Borrowing and Lending Code of To book this course or find out more, please click the “Enquire Now” button Repo and Securities Lending Continued...

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Course Content • Margin Thresholds • Deadlines for Margin Calls and Delivery ■■ Pro-cyclicality • Applying Haircuts to Margin Securities ■■ CSD Regulation (CSDR) • Interest Payments on Cash Margin • Application • Exemptions REGULATION OF THE REPO MARKET IN • Benefits EUROPE

Levels of Activity in the European Repo ■■ EU Financial Collateral Directive Market ■■ Short Selling Regulations ■■ EMIR ■■ Trading – How repos are trades are negotiat- ■■ CSDR (Central Securities Depositories Regula- ed and executed tion) • Direct trading ■■ MiFID II • Automated Trades ■■ TARGET-2 Securities (T2S) • ATSs • The ATSs operating in Europe SECURITIES LENDING OVERVIEW ■■ Clearing – Netting by repo parties • Uncleared trades ■■ What is Securities Lending? • Bilaterally cleared trades ■■ Reasons for Securities Lending • Multilaterally cleared trades ■■ The Parties Involved ■■ Collateral Management – Delivery and Main- ■■ Legal Structure tenance • Initial Exchange • Bilateral • Mark to market/top-up • Tri-party • Title Transfers • Voting Rights Step by Step Process of How a Repo Trade ■■ Risks is Done • Legal Risks ■■ Capacity ■■ Establish identity of counterparty – Legal ■■ Netting/Set-off Opinions Entity Identifier (LEI) ■■ Recharacterisation ■■ Establish whether parties dealing as principal ■■ Governing Law and Insolvency Laws or agent • Regulatory Risks ■■ Key economic terms and post-trade checks • Credit Risks ■■ How to quote repo rate • Market Risks ■■ How to work out Purchase Price – dirty price inclusive of haircut SECURITIES LENDING DOCUMENTATION ■■ Fixing Purchase and Repurchase Dates • For non-forward repos ■■ The ISLA • For forward repos ■■ The Global Master Securities Lending Agree- ■■ Allocating collateral and agreeing pricing ment (GMSLA) – versions ■■ Negotiating rights of substitution ■■ Industry Guidances: ■■ Interest rates and charges on late payments • SLRC – Securities Borrowing & Lending ■■ Post-trade verification process Code of Guidance ■■ Confirmation • ISLA EU Agency Lending Best Practice Paper ■■ Affirmation • UK Agency Lending Code of Guidance ■■ Recommended Delivery Size • Checklists for Lenders ■■ Partial Delivery – Exercising Mini-Close Outs ■■ Architecture of the GMSLA documentation ■■ Dealing with Negative Repo Rate issues ■■ Benefits of using a GMSLA ■■ Interest on Cash Margin ■■ Key Provisions ■■ Calculating Floating-Rate Repo Interest • Initial Exchange • Method 1 – Ultimate Day Crystallisation • Manufactured Payments • Method 2 – Penultimate Day Crystallisation • Marking to market of Collateral • Events of default ■■ Calculating Open Repo Interest • Representations and warranties ■■ Margining: • Fixing Haircut • Calculating Margin Calls • Calculating Transaction Exposure • The Price used to Value Collateral To book this course or find out more, please click the “Enquire Now” button Repo and Securities Lending Continued...

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Course Content

REGULATION OF THE SECURITIES LENDING MARKET IN EUROPE

■■ The Stock Exchange Rules ■■ RAO under FSMA ■■ The Disclosure and Transparency Rules ■■ Financial Collateral Arrangements ■■ Shadow Banking concerns

THE SECURITIES FINANCING TRANSACTIONS REGULATION (SFTR)

■■ Scope of the SFTR ■■ Exemptions from the SFTR ■■ Definition of SFTs ■■ Key Requirements of the SFTR • The Reporting Obligation • Trade Repository Registration and Super- vision • Investor Transparency • Periodical Information To Be Provided • Rehypothecation ■■ Administrative Sanctions and Measures

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Course Overview

Retail banking offers a huge range of services to a wide variety of clients and the skills needed to operate and run a retail banking operation remain many and varied.

Course Objectives This introductory/intermediate level course provides delegates with an introduction to retail banking in all its elements.

On completion of the programme delegates will have a better understanding of: ■■ What is a Bank? ■■ Deposit Taking & Savings Products ■■ Account Opening Procedures ■■ Lending Products ■■ Non Funds Based Retail Banking Services ■■ The Basic Principles of Lending ■■ Introduction to Credit Analysis ■■ The Basics of Risk Management ■■ Introduction to Debt Collection & Recovery ■■ Sources of Funding – the basics ■■ Distribution Channels – the basics ■■ An Introduction to Technology ■■ A Brief Look at The Banking Crisis ■■ A Brief Look at The Future of Retail Banking

Learning Objectives This programme is designed primarily to help recent employees and/or delegates moving into retail banking for the first time to improve their knowledge and understanding of how retail banks function.

CourseWho should Content attend? This programme is designed for those with either limited or no experience in retail banking as well as those who feel in need of a refresher in order to further advance their knowledge and understanding.

Methodology Using a mixture of structured lectures, delegate discussions and practical case studies, delegates will improve their skills by direct learning, through group discussions and by sharing their own experiences as well as those of the expert trainer. The trainer will encourage active debate at all times to ensure that delegates are able to gain the maximum benefit from the course. The case studies will be tailored to match the mix of ability and experience of the delegates attending the course ensuring that the examples all have direct and actual relevance to the group’s individual working environments

Level of preparedness A working knowledge of retail banking would be helpful but is not essential. Delegates will be encouraged to share their own experiences and to identify those areas of particular interest to them. The course can then be fine-tuned as necessary to meet the group’s actual requirements, ensuring that all delegates achieve the maximum value from the event.

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Course Content ■■ Medium & Longer Term Finance ■■ Asset finance (including Vehicles, Plant, Ma- Session 1: Review chinery etc) Objective: Setting out the basics ■■ Leasing ■■ What is a bank ■■ Mortgages ■■ The role of banks ■■ Personal Lending ■■ Type of banks ■■ Business Lending ■■ Client base ■■ Corporate Lending ■■ Services Exercise: What is the most common form of ■■ Personnel lending at your bank? Why is this? ■■ Economies of scale ■■ Management structure Session 5: Other “Non-Funds” Based Retail ■■ Regulation & reporting Banking Services ■■ Shareholders expectations Objective: To understand the different types of services available from a retail bank in Session 2: Deposit Taking & Savings addition to deposits and loans Products ■■ Safe Custody Objective: To understand deposit and ■■ Forex savings products ■■ Travel Facilities ■■ What is a deposit? ■■ Dealing Services ■■ Why do banks need deposits? ■■ Executor & Trustee services ■■ Current, Short, Medium & Long Term Depos- ■■ Investment Management its ■■ Dealing/Broking Services ■■ Pricing & advertising ■■ Insurance ■■ Retail Deposits & Business Deposits ■■ Private Banking ■■ Savings Products ■■ Wealth Management ■■ Money laundering constraints & know your ■■ Trade Finance customer ■■ Money Transmission Services ■■ Deposit protection Exercise: All Retail Banks seek to boost Exercise: What is the main difference earnings by selling additional services. between current, deposit and fixed term What is being targeted by your branch/ accounts? Which is the most attractive to department? How successful have you the bank and why? been? What would you change, if anything?

Session 3: Account Opening Procedures Session 6: The Basic Principles of Lending Objective: To understand what basic steps Objective: To consider basic lending skills are required when opening accounts ■■ People skills ■■ Know your customer requirements & money ■■ “CCCPARTS” laundering ■■ Secured lending ■■ References & Introductions ■■ Loan to value calculations ■■ Documentation ■■ Unsecured lending ■■ Current/checking accounts ■■ Loan authorisations ■■ Deposit/savings Accounts ■■ Funds release procedures ■■ Personal Accounts ■■ Control of lending ■■ Business accounts ■■ Regulatory considerations ■■ Corporate accounts Exercise: What is the most important ■■ Banks duty of secrecy consideration when granting or assessing a Exercise: You are asked to open a loan? What is the least? checking account for a new personal client. What references will you need? What Session 7: Introduction to Credit Analysis paperwork is required? Do you have to Objective: A first look at bank credit meet the client in person? Why? analysis. ■■ What to look for Session 4: Lending Products ■■ Budgets & Forecasts Objective: To understand the different ■■ Track Record types of lending products ■■ Sector & Segment Considerations ■■ Overdrafts & loans ■■ Security

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Course Content ■■ Internet ■■ The Credit Appraisal Process Exercise: To suit group requirements ■■ Applying to the Credit Committee Exercise: You have been approached by a Section: 12 – Technology – The Basics good and valued client who is looking to ■■ Importance take on a major commitment. You know ■■ Cost they will need some bank debt. What ■■ Client requirements do you want them to produce prior to a ■■ Management requirements meeting to discuss this? ■■ Regulatory Requirements ■■ Civil Service model Session 8: The Basics of Risk Management Exercise: Consider what minimum Objective: To consider the usual risks distribution channels are needed in your facing a retail bank. organisation. ■■ What is risk Exercise: Consider what minimum ■■ Types of banking risk technology is needed in your organisation. ■■ Monitoring & control ■■ Branch/Unit security Session 13: A Brief Look at the Banking ■■ Reports, limits, excesses Crisis ■■ Risk control ■■ What is it Exercise: What are the biggest risks ■■ What caused it facing your department? How are these ■■ When will it subside monitored? How are they managed? ■■ How will it affect your organisation ■■ Consequences for retail bankers Session 9: Introduction to Debt Collection and Recovery Procedures Session 14: The Future of Retail Banking Objective: Understand why loans go wrong Objective: To consider the possible ways and what to do about it. forward for the sector ■■ Why loans go wrong ■■ Traditional Definitions ■■ The five usual reasons. ■■ Generalists versus specialists ■■ Other reasons ■■ “Big Bang” theory and retail deposits ■■ Cant pay or wont pay ■■ Delivery mechanisms ■■ Early warning signs and how to spot them ■■ Costs versus service ■■ When to act ■■ Retail outlets options Exercise: To suit group requirements. ■■ Telephony ■■ Internet banking Session 10: Sources of Funding – The ■■ All inclusive banking Basics ■■ Microfinance Objective: An understanding of funding Exercise: If you could design your own retail sources available to a retail bank. bank, what would it be like? Could you make ■■ Current, Deposit and term accounts this model commercially viable? ■■ Money markets ■■ Savings & investment products ■■ Inter bank markets Session 15: Summary & Group Forum ■■ Commercial paper ■■ Liquidity crisis issues Exercise: Liquidity is the key to managing any retail bank successfully. What are the key risks in this area?

Session 11: Distribution Channels – The Basics Objective: How to operate a retail banking operation and the role of technology ■■ Distribution Channels ■■ Branch network ■■ Other organisations

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Course Overview

This is a two-day course to introduce and develop the ideas of retail credit risk and in particular credit scoring

Who should attend?

The many people in lending and other organisations who need to gain an understanding of what credit scoring is, what it can do, and how it works. They are likely to be in the credit risk function and could be working in scorecard development, scorecard monitoring and tracking, scorecard implementation, liaison with the lending operations, management information, validation and governance, scorecard strategy, management, etc.

Why should they attend?

Credit scoring is now the most common means of banks and other lenders making consumer lending decisions. This workshop explores the basics of how credit scoring works in a modern consumer lending business - the processes, the strategy, and the decisions. While there is a brief practical excursion into how the scorecards are built, the focus is on what the scorecards look like and how they need to be used and managed. The workshop is non-technical, aimed at the business user or strategist and requiring only some basic numeracy skills, such as being able to calculate percentages.

By the end of this workshop, participants will:

■■ Be able to understand what credit scoring is and why it is used ■■ Have been introduced to the typical scorecard development process and timings and what a credit scorecard looks like ■■ Have discussed a range of related data issues Course■■ Be aware Content of a range of issues to do with managing and using the scorecard, ensuring that it is operating well and is being used compliantly ■■ Understand some of the issues in setting the scorecard cut-off ■■ Have an appreciation of what is required to achieve Basel compliance ■■ Appreciate some of the challenges of risk based pricing and up-selling and down-selling

Delivery of the course is through formal lecture, classroom discussion, individual exercises, and group exercises and with lots of real examples.

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Course CourseContent Content

Risk Based Pricing Day 1 ■■ What is risk based pricing and how does it Risk work? ■■ What are the implications on the processes, ■■ What is risk? the data, and the people? ■■ What risk do we run? ■■ What are the risks in banking? Up-Selling and Down-Selling ■■ What are the risks in retail credit? ■■ Principles and objectives of up-selling and Background to Credit Scoring down-selling ■■ Credit challenges ■■ How do we lend money? ■■ What is credit scoring? Credit Scoring across the Credit Cycle ■■ Why do we use credit scoring? ■■ Differences in scorecard development ■■ Operational differences Scorecard development Managing Scorecard Developments ■■ What is the typical process? ■■ What are the key steps? ■■ Roles and responsibilities in a scorecard de- ■■ What does a completed scorecard look like? velopmentIdeas on how to manage the devel- opment Data Quality and Data Quantity

■■ Data accuracy Introduction to Basel ■■ Missing data ■■ Stability ■■ Background to Basel ■■ Fraud detection and prevention ■■ Definitions ■■ How much data do we need? ■■ Some consequences for data, validation ■■ Stress testing Scorecard Implementation ■■ Low default portfolios

■■ Pre-implementation checks ■■ Cut-off strategy ■■ Post-implementation reviews

Day 2

Monitoring, Tracking and Validation of scorecards

■■ Application profile monitoring ■■ Account performance tracking ■■ Scorecard validation

Over-ride Management

■■ Definitions of over-rides ■■ Reasons for over-rides ■■ Processing of over-rides ■■ Analysis of over-rides

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By the end of the course, delegates will be able to:

■■ Explain the strategic elements comprising Retail and Commercial Banking ■■ Define and understand in detail the integrated strategy requirements of: • Premises location and design • Delivery Channels – the different ways that customers can interact with the bank • Product creation, marketing and selling • Customer segments and experiences • Staff recruitment, training and performance development ■■ Understand the process for developing new Products from need-identification through to deliv- ery to clients ■■ Explain the vital importance of all creating, developing and enhancing all relationships particu- larly: • The relationship between the bank and its customers • The relationship between the Bank’s management and staff in delivering excellent customer service linked to achieving targets ■■ Apply the universally-accepted Change Management principles ■■ Appreciate the “International Dimension” of Retail and Commercial Banking which customers demand in today’s highly flexible market-place

Attendees

The course is suitable for all Senior Managers who require an in-depth, strategic understanding of:

■■ Retail and Commercial Banking ■■ Delivery Channels ■■ Relationship Management: Bank to Customer; Management to front-line staff ■■ Change Management

Methodology:

The course is delivered using a stimulating combination of:

■■ Slide presentations ■■ Facilitated Discussions and ■■ Exercises and Case Studies

Course Content

Module 2 – Forward Planning to create Module 1 – What is Retail and Commercial a Strategy for Retail and Commercial Banking? Banking:

■■ Preparing a definition covering: ■■ Understanding the logical process for creating • Premises a Strategy: • Products • What we want to do; when we want to do • Customers it; and how we want to do it • Staff ■■ What information do we need to gather on ■■ Discussing how Retail and Commercial the “As Is” – the current position: Banking also includes aspects of retail • What is the bank’s existing Strategy (if activity: taking ideas from shops, supermar- any)? kets etc. • How do we know how successful this exist- ■■ Discussing how Retail and Commercial ing Strategy is? Banking Strategy Management applies • How can we identify the gaps – where is across all delivery channels the shortfall in performance • What information should be gathered on the “To Be” – the preferred position in the

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Course CourseContent Content

future: ■■ What are the strategic issues around provid- • What might the constraints be – the lim- ing this access to all our customers? iting factors – to achieving success: ■■ What will happen if we choose not to make ■■ How is a Business Case prepared which one (or more) of these channels available to helps justify the emerging Strategy to the our customers? company’s Senior Management? This will focus on: Module 6: Products • Budgets • Critical Success Factors (CSFs) ■■ What are the factors in creating a product • Measurement portfolio? • Continuous Management and Assessment • Understanding all the costs related to a product: Module 3: Delivery Channels ӹӹProduction costs – including the effect on the bank’s balance sheet ■■ How do customers access our products and ӹӹMarketing costs – getting the product to services? the customers ■■ How do customers want to access our prod- ӹӹSelling costs – persuading the customer to ucts and services? buy the product ■■ Are we flexible in meeting customers’ ac- ӹӹMaintenance costs – after-sales service cess needs? ӹӹEnhancement costs – making an existing product even better ■■ What does the future look like for delivery • Understanding the profit element linked to channels? each product. How to know: ■■ The challenge created by the emerging in- ӹӹWhich products make the most money – volvement of Telecoms companies and Mo- and should be retained bile Money and the radical change this may ӹӹWhich products make the least money – make (in fact, is already making in certain or make a loss – and should be deleted parts of the world) to the execution of retail from the portfolio payments ■■ What are the factors in defining a target mar- ket for each of our products – and then link- Module 4 – Branch Premises ing that to the Premises decisions on location and design? ■■ Location of the branch • Physical location Module 6: Products (continued) • Size • Competition ■■ Marketing – How do we tell our customers • Customer traffic what we sell? Creating a Marketing Plan in- • Other factors such as availability of public cluding factorssuch as: transport and of car-parking • Our product portfolio – differentiating be- tween target markets Module 4 – Branch Premises (continued) • Branding – making our bank identifiable in a consistent way ■■ Design of the branch: • Advertising – using all available (or re- • What should be included – what can be quired) advertising media such as: excluded? ӹӹTV, Radio and Cinema • What factors will entice customers in – ӹӹNewspapers, Magazines and Flyers what will turn customers away? ӹӹBillboards, Posters and Direct Marketing • How should we move customers around • Merchandising – linking all the advertising inside the branch? What is customer and product literature consistently traffic management? • How can we display our goods in the out- Module 7: Campaign Planning and let – our products – in the most advanta- Merchandising geous way ■■ Creating and Integrating Campaigns Module 5: Other Delivery Channels • Ensuring that each Campaign complements activity – and doesn’t compete with it ■■ What other Delivery Channels do our cus- • Creating and publishing (internally) an in- tomers expect us to offer to them tegrated Campaign Plan

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Course CourseContent Content

• Developing a process whereby depart- ■■ Integrating People, Processes and Technology ments use their Business Cases to “bid” ■■ The Service : Profit Chain for space and time to attract customers’ ■■ Obtaining and Handling Customer Information attention • • Building the Campaign for maximum ef- Module 10 – Customer Demands: fect using the media outlined previously ■■ Merchandising: ■■ Stakeholder (Customer) Management • Again building on the learning to ensure: ■■ Stakeholder Engagement ӹConsistency – of message ӹ ■■ Satisfying Stakeholders’ Demands ӹӹConformity – to company standards for literature and language Module 11 – People Management ӹӹUniformity – helping customers to navi- gate our literature ӹӹLegality – ensuring no contraventions of ■■ Creating and delivering an excellent Customer any “customer protection” legislation Experience ■■ Understanding Ourselves and Others Module 8: Relationship Management: Bank ■■ Effective Communication to Customers ■■ Motivation at Work • How do I get the very best from each cus- ■■ Who are our customers – and what do they tomer interaction? expect from us? • What do I need to do differently to ensure that my customers only want to deal with ■ Different types of customers – and their ■ me? separate requirements: ■■ Team Building • Mass Retail – want fast, efficient and -er • The stages of Team Building ror-free access to products and services • The inevitable effects on performance lev- • Mass Affluent – in addition to fast -effi els through these stages cient and error-free access to products • and services want a more-personal ser- vice: a feeling that they are “special” Module 11 – People Management • Small / Medium-sized Enterprises (SMEs) (continued) – a more-personal service feeling that their non-personal business is important ■■ Coaching to the bank • Ensure clarity on what exactly Coaching is • and how it is used Module 8: Relationship Management: Bank • Link “Coaching” as a discipline to improving to Customers (continued) individual and team performance (or ana- lysing and rectifying under-performance) • Understand how learning shared can eas- ■ How do we differentiate between the differ- ■ ily be transferred into a “commitment to ent types of customers? Actually… Should action” we differentiate between different types of ■■ Coaching customer or should we treat them all the • Introduction to the GROW model same…? • Consideration of all the factors required in ■■ Defining the experiences we want our cus- effective Coaching tomers to enjoy when they contact us • Introducing the House of Change: under- ■■ How do we deliver these different experi- standing the need sometimes to make ences? things worse before they can get better ■■ What differences in staff and staff training ■■ Building Rapport are required? ■■ Handling Conflict • • What causes conflict? Module 9 – Customer Relationship • The Phases of Conflict Handling Management: • Thomas-Kilmann’s Five Conflict-Handling Modes – and how to apply them ■■ The importance of Customer Relationships • Bridging the Gap ■■ The benefits of developing a Customer Rela- tionship Management Strategy ■■ A Customer Relationship Management framework

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Course CourseContent Content

legislation Module 12: Selling Skills ■■ International aspects of: • Customer Service ■■ Understanding the product(s) • Overseas Premises ■■ Spotting a customer’s buying signals • Product Development ■■ Upselling Skills: what else do my customers • Money Transmission need…? • Foreign Exchange • …and Import / Export for SMEs ■■ Negotiating ■■ When is not selling anything at all the best thing to do? • Module 13 – Staff Performance Management:

■■ Creating Goals and Objectives ■■ Managing Under-Performance ■■ Performance Discrepancies ■■ Managing Performance Standards ■■ Feedback as a tool of Performance Manage- ment

Module 14: Relationship Management: Managers to Staff

■■ What is a “Way of Working”? What does it include? ■■ How do we measure Staff Performance? • Goal and Objective Setting • Managing against those Goals and Objec- tives • Staff Development and Performance Management • Motivation: how do we get the best from our staff? • Delegation: how can we give our staff the chance to develop their own initiative to deal with customers

Module 15: Change Management

■■ Understanding “Change” as a concept ■■ The 9 Change Principles – and putting them into practice ■■ Embedding the change ■■ The emotional responses to change: how do staff receive, understand and implement the required change

Module 16: The International Dimension

■■ Who are our International Customers? ■■ Do we (should we?) treat them differently from our domestic customers? ■■ Extra issues of Know Your Customer (KYC), Identification & Verification (ID&V) and the international aspects of Financial Crime

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Course Overview

At the end of the course delegates should be comfortable with the need for, and the techniques of, risk identification and quantification.

They will understand the various roles of management, front office, middle office & support within an organisation’s treasury.

They should also be conversant with the concepts of control that are used to contain treasury risk within the parameters defined by the organisation.

Course Content

Risk Management Defined Setting Limits

■■ The roles of the treasurer, management, ■■ Counterparty related support and middle office ■■ Market related ■■ The historic development of risk manage- ■■ Simplicity vs accuracy ment ■■ The development of new technology. Interest Rate Exposure Analysis

Aspects of Risk ■■ Gap analysis ■■ Duration and convexity: their uses as a ■■ Credit / counterparty measure of risk exposure. ■■ Normal market risk ■■ The validity of yield curve analysis ■■ Abnormal market conditions ■■ The zero-coupon curve. ■■ Hidden exposures ■■ “Omega” risk analysis Course■■ Product Content liquidity ■■ Basis risk ■■ House liquidity risk ■■ Overview of VAR techniques

Concepts of Control Foreign Exchange Exposure Analysis

■■ Defining and measuring the risk - through- ■■ Transaction risk ■■ Pre-transaction (budget) risk out the organisation. ■■ Translation risk ■■ Traditional methods of control ■■ Economic risk, including competitor risk ■■ Integrated control concepts. ■■ Banking book vs trading book ■■ Central Bank guidelines ■■ Case studies comparing traditional methods and newer techniques ■■ Accounting and regulatory issues. ■■ CAD / BIS issues

Defining the Strategy

■■ Risk tolerance ■■ Hedging needs ■■ The principle of efficient frontiers

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Course Overview

Participants will gain an overview of the capital and treasury markets globally and within the City of London especially.

They will also obtain an understanding of the market players and their imperatives, a familiarity with the major product types and their uses and a level of comfort with financial terminology and jargon.

The seminar will also cover credit derivatives in a reasonable degree of depth, and participants will gain an appreciation of the risks transferred by these products (and the residual risks that are not).

In addition, delegates will appreciate the uses of credit derivatives for corporate financing structures and the circumstances in which they might be utilised for hedging risk, both from a client standpoint and from that of the corporate banker.

From the risk management area they will also become comfortable with the need for, and the techniques of, risk identification and quantification, including understanding, the various roles of management, front office, middle office & support within an organisation’s treasury.

They should also be conversant with the concepts of control that are used to contain treasury risk within the parameters defined by the organisation.

Course Content ■■

Treasury Products Risk Management Course Content ■■ Overview of the Financial Markets ■■ Risk management defined ■■ Short Term Money Market ■■ Aspects of risk ■■ Bond Markets ■■ Concepts of control ■■ Bond Variations in Overview ■■ Defining the strategy ■■ Treasury Products - Foreign Exchange ■■ Setting limits ■■ Derivative Instruments ■■ Interest rate exposure analysis ■■ Foreign exchange exposure analysis Credit Derivatives

■■ The concept of credit derivatives ■■ Credit derivative structures • Default swap • Credit linked note • Total return swap • Spread future • Spread option • Cross guarantee (default swap combo). • Other structures ■■ Practical issues

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ENQUIRE BOOK NOW NOW Course Overview Course Overview Trade Finance remains the engine at the heart of global economic growth with China still probably the most important participant. Commodity Finance sits at the heart of this trade dominated by oil and gas which according to some estimates, accounts for as much as 70% of all commodity trade. Global trade is reckoned to be worth $40 trillion and growing.

Trade finance is an interesting risk paradox. It has always been a business area where credit losses are typically very low (mainly fraud in practice), fee income opportunities are high and some of the products are very efficient users of capital. On the other hand it is a very high risk area for Financial Crime. It is estimated that as much as $2trillion is laundered annually, much of it using trade finance. Regulators and law enforcement agencies believe that if it is made as difficult as possible to launder money through banks, this could help stifle crime. Banks are expected to do their bit and this is having a significant (but manageable) impact in most banks. With trade typically transiting several countries, with different regulations and different regulatory standards, it is very difficult to manage the risks with precision. This remains a product offering that is watched very closely by regulators and policed ruthlessly (when it comes to sanctions) by OFAC.

This practical two day trade finance course is designed for relationship managers and those working in sales or supporting the sales team together with colleagues from credit department, responsible for approving trade finance propositions. It concentrates on risk identification and mitigation as well as how to explain the wide range of the Bank’s Trade finance services. It focuses particularly on risk assessment, delivery, need identification, and selling opportunities. The course encourages delegates to see issues from both the client’s and the bank’s relationship manager’s viewpoint.

The aim is to provide high quality trade finance services to the bank's clients in a seamless and helpful manner and to assist delegates understanding of the trade flows and the precise nature of the banking risks undertaken.

The course will also demonstrate the self-liquidating short term nature of most trade transactions. CourseA clearer Content understanding of the actual banking risks should mean profitable business and earnings opportunities will arise as a natural consequence. The course encourages trade finance specialists to become user friendly general practitioners, rather than specialist custodians of knowledge, which can sometimes be the case from the client’s viewpoint. All clients want value for money services. This course aims to encourage delegates to deliver it.

Methodology: The course will be run as a workshop style classroom session, with detailed examples. Delegates are free to bring their own cases/examples to the sessions.

Level of Preparedness: Beginners are welcome although a very basic working knowledge and understanding of the methods of financing International Trade would be helpful.

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Course Content ■■ Migration techniques BOOK NOW Trade Finance Overview ■■ Risk/reward consideration ■■ Commercial tug of war Course■■ Historical Overview evolution and current developments in the market place ■■ Avoiding unhelpful retrospective advice ■■ Principles of trade Finance Case Study – How can the bank assist when ■■ Parties to a transaction there is no obvious role? ■■ Roles, obligations, interests ■■ Typical users of Trade Finance products and Risks inherent in Open Account Trading: services ■■ Definition and explanation ■■ Payment mechanisms ■■ Risks ■■ Trends – Migration to open account ■■ Mitigation techniques ■■ Risk Ladder and review of traditional trade ■■ Migration techniques products ■■ Risk/reward consideration ■■ Commercial tug of war Risk – The Critical Issues ■■ Granting buyer/supplier credit ■■ Understanding, identifying and managing risk Why is it any different to domestic trade ■■ Risk ladder and trade products Case Study - how do we fund this client ■■ Sovereign, Political / Country risk preferred method of trade? ■■ Institutional risk / Bank risk ■■ Corporate and other critical risks Risks Inherent in Collections - Clean & ■■ Importer and Exporter’s risk – delivery, quali- Documentary: ty, payment etc ■■ Definition and explanation ■■ Risk mitigation, management and transfer ■■ Risks ■■ Risk migration versus commercial necessity ■■ Mitigation techniques ■■ Managing risk within open account trade ■■ Migration techniques Case Study – the impact of risk on trade ■■ Risk/reward consideration – the often differing bank & client’s ■■ Commercial tug of war perspectives ■■ Granting buyer/supplier credit What is the real point of a clean collection Review of Key Products Case Study – Imports are easier to fund using ■■ The challenge to banks of disintermediation collections than exports – discuss? ■■ How does your customer analyse his risk? ■■ Which products does he use and why? Risks Inherent in Letters of Credit: Course■■ Cash inContent Advance - summary ■■ Definition and explanation ■■ Open Account – summary - the biggest risk ■■ Risks challenge for seller and the bank ■■ Mitigation techniques ■■ Collections – summary - Outward & Inward / ■■ Migration techniques Clean & Documentary ■■ Risk/reward consideration ■■ Letters of Credit - summary - (covered in ■■ Commercial tug of war detail below), import and export ■■ Do we need 100% security cover? When and if ■■ Risks and opportunities – bank versus client will this be relaxed perceptions ■■ Marketing possibilities and opportunities Letters of Credit (L/Cs) - Additional Case Study – how does your client choose to Mechanisms: trade – what would you prefer? ■■ Transferable L/Cs ■■ Revolving L/Cs Regulatory and Trade Conventions and Their ■■ Evergreen L/Cs Role in Risk Migration: ■■ Standby L/Cs ■■ Incoterms - the list ■■ Back to back structures (brief intro) ■■ Incoterms the impact ■■ L/C & Bill Discounting ■■ UCP 600 ■■ Avalised bills ■■ URC Case Study – This is by far the easiest and ■■ URDG safest trade instrument for clients and the banks. With the exception of Standby Risks inherent in Payment in Advance: L/C’s why do conventional L/C’s account for ■■ Definition and explanation less than 15% of all trade? ■■ Risks ■■ Mitigation techniques

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Course Content vance payment , Warranty and Retention BOOK NOW bonds Financing & Managing Import Trade Risks ■■ Risk Migration – the challenge of unexpired Coursein Challenging Overview Markets bonds/guarantees ■■ The value chain – bank perspective versus ■■ Opportunity spotting client perspective ■■ Standby L/C’s (SBLCs) as Risk mitigators ■■ Structured vs. traditional trade finance Case Study – a construction client’s needs ■■ Risk analysis of a trade import deal looking at Receivables Financing and Risk Migration • Credit risks ■■ Mechanics of Securitisation • Product risks ■■ Factoring and Reverse Factoring • Transactional risks ■■ Mechanics of Factoring and Invoice Discount- • Price risks ing • Performance risks ■■ Role of Credit Insurance Case study example – consider a Case study – example hypothetical case Introduction To Innovations In Risk STF – Risk Management in Financing Management and Migration Export STF ■■ Silent confirmations ■■ Prepayment ■■ Silent Payment Guarantees ■■ Pre-export ■■ CTN options ■■ Pre shipment ■■ Purchase and sales ledger options ■■ Post shipment ■■ Bank Assisted Open Account ■■ When do sales actually become debtors ■■ Securitising funds flows, future flows, receiva- ■■ The reality of title and control bles and inventories Case Study – L/C backed STF is easy to Case study – How to use these techniques to fund. How do we handle Open Account? establish a base relationship with a target • client Risk Assessment For Credit Analysis and Application Purposes: Advisory Services ■■ Analysing the trade flows ■■ Core offerings ■■ Break even analysis ■■ Trade intelligence ■■ Assessing facility size and structure ■■ Payments & collections ■■ Identifying and mitigating the risks Course Content ■■ Trouble shooting ■■ Gearing, repayment, profitability and li- ■■ Progress chasing quidity. ■■ Translation and exposure risks ■■ Specific lending with identifiable maturity ■■ Counter party risks dates ■■ Export & import specialist advice ■■ Appreciating and controlling sources of ■■ Credit insurance repayment ■■ Other services ■■ Security – Is the last resort in practice de- spite CCCPARTS Introduction to ECA’s – Risk Transfer From Case Study - How can we re-learn short the Bank to insurance Sector term TF skills and trade cycles and move ■■ Credit Insurance away from the omnibus overdraft? ■■ Political Risk Insurances ■■ ECA structures Effective Use of Collections for Short- ■■ Intermediation by ECA’s Term Finance ■■ UK Government Schemes ■■ Using collections as financing opportunities ■■ Identifying and mitigating risks Commercial & Risk Q&A ■■ Maintaining control Course Conclusion and Review / Feedback Case Study – example

Introduction to International Demand and Contract Guarantees / Bonds ■■ URDG758 ■■ Scope and Application – an introduction ■■ Different types - Bid, Performance, Ad-

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The new Senior Managers Regime (SMR) became live in March 2016 and is the regulatory Courseresponse Overview to the Credit Crunch. It is designed to encourage individuals to take greater responsibility for their actions and make it easier for both firms and regulators to hold individuals to account.

A key element of the SMR is the new Conduct Rules which replace the Statements of Principle for Approved Persons in Banks, Building Societies, PRA designated Investment Firms and Credit Unions. The Conduct Rules define the expected standards of behaviour for individuals and seek to drive positive behaviours. The rules are also intended to act as a deterrent by providing a framework by which regulators can take enforcement action against individuals who breach the rules. These Conduct Rules cover most individuals carrying out regulated activities within the banking industry. As a result firms are required to ensure their staff subject to Conduct Rules are notified of the rules that apply to them and to ensure that those persons understand how the rules apply to them.

The Regime has set clearer expectations of the behaviour of both senior and more junior employees and replaces the Approved Persons regime a licensing regime operated by regulated firms themselves. The ultimate goal is to enable regulators to apportion blame to individual senior managers if things go wrong and to take disciplinary action against them. This concept of Individual Accountability will have important implications for all governance structures.

Statement of Responsibilities is a key change. This document will define the scope of the senior person’s responsibilities and potential liability. A great deal of care will be needed in drawing these up and maintaining them over time.

A similar regime, the Senior Insurance Managers Regime (SIMR), has also come into force for the insurance sector.

Whilst the Approved Persons regime continues to apply to the wider financial services industry outside of banking and insurance, the intention is for a version of the new regimes to be extended to all financial services firms in 2018/19.

This course will cover all the obligations relating to the Senior Persons Regime and those for competence, including ideas on how to devise an effective T&C regime, and how to assess competence and ensure it is maintained. Course Content

Course Content ■■ Introduction ■■ Who is a Senior Manager The Current Regulatory Regime ■■ Criminal Record Checks Treasury, BoE & FSA become FPC, PRU and ■■ Regulatory references FCA from 1.1.13. ■■ SMR Misconduct Certifications ■■ Whistleblowing ■■ Reasons for the change ■■ Statement of responsibilities ■■ Dual regulation ■■ Responsibility Map ■■ Intrusive regulation ■■ Certification of staff by SMR’s. ■■ Conduct risk ■■ New duty of Responsibility ■■ New criminal offence – Reckless Miscon- The Existing Approved Persons Regime – in duct place till 2018/19 ■■ Appropriate SMR handover ■■ Other relevant impacts ■■ The Fit and Proper Test ■■ Summary ■■ Definition of Approved Person ■■ Statements of Principle for Approved Persons Competent Employees Rule Competent ■■ Significant Influence Functions Employees and the Principles for Busi- ■■ FCA procedure ness

The Senior Managers Regime ■■ Principle 6 – ‘A firm must pay due regard

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Course Content

to the interests of its customers and treat them fairly’ ■■ Principle 2 – 'A firm must conduct its busi- ness with due skill, care and diligence'. ■■ SYSC 5 requirements ■■ Record keeping ■■ Recruitment and HR procedures ■■ Assessing and maintaining competence ■■ Remuneration

Open Forum

END

To book this course or find out more, please click the “Enquire Now” button Advanced Negotiation Issues in M&A The Debt Finance Training CourseDate: Location:In-House London or via Price: Live .....+VATWebinar

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Course Overview

This programme has been designed to provide a thorough review of debt financing principles, markets and products. We will use real life case study examples to illustrate the financing techniques and products throughout the programme.

Participants will require laptops with MS Excel for the exercises and case studies.

The broad objectives of the programme are:

■■ To provide a complete review of debt financing theory and debt products ■■ To identify funding requirements both short and long term ■■ To explain asset based financing ■■ To explain the real world use of debt financing techniques using current examples ■■ To explain yield curves, debt pricing in the primary and secondary markets ■■ To explain measures for risk management in debt instruments including interest rate and credit spread sensitivity (duration and convexity) ■■ To demonstrate how interest rate and foreign exchange risk can be managed using derivatives ■■ To explain the world of securitisation post 2009

Course Content ■■ Debt versus equity • Advantages and disadvantages Day One: • Relative costs Course Content ■■ Cash flow forecasting The objective of Day-1 is to ensure that ■■ Long and short term financing participants understand why and how companies borrow money, the effect that Case study: Writing the first year’s business borrowing money has on the financial plan and cash flow statement. statement of the company and the role that the bank plays in the process. It Module 2 explores the instruments that are also covers sources of finance, products available to raise finance and will provide used and investors together with their recent examples of products. The following objectives and expectations. products will be explained:

This module introduces participants to ■■ Fixed and Floating Rate Bonds customer funding needs, why they arise • How to choose between fixed and floating rate and their nature. • The bond and swap concept • Raising finance in a third currency and ■■ Principles of debt finance swapping into a desired currency • Linking finance and corporate strategy ■■ Convertible Bonds • Cost of capital and risk • Types of convertible • Theory of optimal capital structure ■■ Conventional ■■ Start-up capital ■■ Mandatory • How to calculate the amount • Advantages for issuers and investors • Where to get it • Pricing a convertible bond ■■ Working capital • How convertible bonds exist after issue • Banks • Asset swaps • Peer to peer lenders • The call component

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Course Content BOOK NOW ■■ Yield curve construction • The government bench mark curve Course■■ Commercial Overview Paper • The forward curve and the likely path of • Commercial paper programmes rates in future • The dealer panel ■■ The likely cost of money for the borrower for • Pricing, investing and liquidity new bond issues ■■ Project Finance ■■ How credit spreads are set • an overview of project financing. • Loss given default • a typical project finance structure • Expected default probability • the parties and their objectives • Implied default probability • the key issues for lenders ■■ How to decide whether to issue a fixed coupon ■■ Bank Loans bond or an FRN • The typical bank loan • Your view of expected future interest rates • Security and covenants compared to the forward curve • Maturity and spreads ■■ Pricing a bond in the secondary market ■■ Syndicated Loans • Which interest rate to use • What are syndicated loans? • Which credit spread to use • How are they structured and sold? • Building a discount factor • Who invests in syndicated loans? • Cash flow mapping and discounting future • The advantages of syndication versus cash flows self-negotiated loans ■■ Private Placements Case study: Understanding yield curves, • What are private placements? forward rates and credit spreads and pricing • Who invests in private placements and a corporate bond why? • How are private placements structured ■■ Government bond risk management and sold? ■■ Macaulay and Modified duration ■■ The Repo Market • Definition and understanding • The government bond repo market • Applications • The corporate bond repo market • DV01 the key to trading, hedging and risk • Classic repo management • Central clearing, collateral, haircuts and mark to market ■■ Maturity ladders and portfolio management • Why use repo and reverse repo? ■■ How banks and portfolio managers run their portfolios CourseCase study: Content Issuing a corporate bond ■■ Convexity • Calculating ■■ In this exercise delegates will undertake • Applications the roles of the participants in a corporate ■■ The complete view of risk bond syndication and will: • Maturity ladders • Liaise with investors to obtain orders • Duration and convexity • Place orders into the selling syndicate • DV01 • Create and manage the “book of inter- est” Exercise – Budgeting interest rate risk in a • Calculate the allocation and pricing for company book building • Allocate the bonds and calculate the ■■ Basic hedging tools for currency and interest cost of funds for the issuer rate risk management • Interest rate swaps Day Two: • 90 day LIBOR Futures • Swaptions The objective of Day-2 is to ensure that • FX Outright Forwards participants understand yield curves and • FX Options how to interpret them. Once participants • Currency Swaps are familiar with yield curves they will ■■ Types of exposure learn how to manage currency and • Interest rate risk interest rate risk. Finally, participants • Currency risk will learn about securitised products. ■■ Transaction ■■ Translation ■■ Economic ■■ Examples of how to hedge each type of risk

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Course Content BOOK NOW

Courseusing Overviewderivatives Case study: hedging interest rate and FX transaction exposure using derivatives

Asset Securitisation

■■ Structure of a typical securitisation deal • The Asset pool • The Special purpose vehicle • The Capital Structure ■■ Types of securitisation • Residential mortgage backed securities • Auto loans • Credit card receivables • Collateralised loan obligations • Covered bonds ■■ Structure properties • Weighted average ratings factors (WARF) • Historical default probabilities and re- ceivable arears • Credit enhancements and subordination pre and post crisis • Portfolio returns ■■ Funded and synthetic structures • Advantages and disadvantages

Case study: Building a collateralised loan obligation.

Participants will be provided with a pool of available assets and will be asked to Coursebuild a CLO,Content calculate the WARF, build the capital structure, price the notes and calculate the expected return on first loss piece

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Distressed Disposals: Key Negotiating Aspects Advanced Negotiation Issues in M&A In-house or via Live Webinar Date: Location: London Price: .....+VAT ENQUIRE NOW

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Course Overview

Companies facing financial difficulties face three options: flog, fix or fail (close). Often a restructuring will involve a mixture of both debt restructuring accompanied by a sale of part or, occasionally, all of the business. M&A is a challenging process in normal conditions; however, selling a business in a distressed scenario is fraught with difficulty and presents a raft of challenges over and above a sale in the ordinary course. In an ideal world the sellers will seek to execute a sale outside and before any formal insolvency process (Administration) however, in some cases this may not be possible. The programme focuses on the challenges of selling a business both before the imposition of a formal insolvency process and also after Administration via a pre-packages sale. Interestingly pre-packs have been used in jurisdictions other than the UK; namely Holland, Luxembourg and Germany.

This programme aims to identify the typical issues which parties are likely to encounter in the process and provides a route map on how these might be resolved. The programme adopts a generic approach which is relevant to stakeholders who may have an interest in these types of transactions including; lawyers, financial advisers, senior and junior lenders, accountants and owners.

The problems typically include the nature of the sale process, the structure of the deal and the manner in which the consideration is to be paid (deferred methods are unattractive at best). For the buyer problems arise through the absence of warranties coupled with the limited due diligence which is conducted owing to timing pressures.

In addition, the sale is also open to a number of additional impediments not present in more normal circumstances; attempts by (competing/trade) buyers to wind down the clock, difficulties with valuing the target if that is itself distressed, the ever-present risk of Directors’ fiduciary duties which become more relevant in distress.

Course Content Course Content

Valuation issues and risk for Directors

Initial considerations in accelerated/ ■■ Importance of the valuation distressed disposals • Special considerations in distress • Establishing the value of the Target (the ■■ Background issues fulcrum capital vis-à-vis other stakeholders) ■■ Target’s situation • Due diligence issues • Distressed seller ■■ Issues for the (Sellers’) Directors • Distressed target • Fiduciary duties ■■ Exploring the Seller’s options – to mitigate • Summary of position in key European juris- risk dictions (Sweden, Norway, France, Germa- • Dual / triple track approach: sale, equity ny, Lux, Spain) injection, debt restructuring ■■ Summary of key differences to “non-dis- ■■ Key risks tressed” M&A • Vulnerable transactions • Deal structure • Transactions at an Undervalue • Tax • Preferences • Key contracts – mitigating termination risk • Review of position in key European jurisdic- • Pensions/ Employees tions • Claw-back risk ■■ Steps to mitigate risk & subsequent challenges by Liquidators post Formal Insolvency

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Course Content BOOK NOW

Course Overview UK companies with UK connection) Other impediments / considerations in re • Acquiring control via a loan-to-own Stake-holder issues ■■ Methods of structuring the Consideration – pros & cons ■■ Issues arising from the Senior Secured • Cash lenders - issues affecting the sale • Deferred consideration • Structure of the loan • Other methods of closing the value gap • Syndicated/Club deal - issues • Bilateral loan - issues Special considerations for Insolvent / ■■ Impact of the Junior Secured lenders distressed sales • Critical issues In the Inter-creditor • Where to focus -release of collateral con- ■■ Insolvency practitioners’ locus standi trol over the agent ■■ Warranties & Indemnities – the value gap ■■ Junior-Unsecured Lenders – limited lever- ■■ Warranty Insurance, Escrow Accounts age available ■■ Transitional Service Agreements ■■ Getting Bond-holders’ approval – key issues • Key features • Who are they • How they can help – pros & cons • Co-ordinating action • Seller issues • Exit consents – dealing with hold-outs • Buyer issues • Market Abuse Directive issues ■■ Asset sales ■■ Shareholders • Identification of assets • Issues with split shareholdings • Delivery of assets • Dealing with Management ■■ Third Party Agreements ■■ Other key stake-holders – tactics for man- • Customers & supplier issues aging • Leased Plant & Equipment • Landlords • Leased premises • Aggressive creditors • Licences ■■ Special considerations for Listed Companies • Inventory – retention of title • Disclosure • Book debts • Approvals • Real property • Market Abuse Directive issues ■■ Employee Rights / Issues Pre-packaged sales in UK & some European • EU Acquired Rights Directive & TUPE Jurisdictions Course• Pension Content matters ■■ Regulatory / Competition Authority issues ■■ Sale under formal Insolvency process –con- trasted with non-insolvency sales Structuring the Deal ■■ Pre-packaged sales generally • What are they ■■ The Purchaser’s perspective & approach • How are they achieved • Structure of the deal • Where can they be used ■■ Seller issues & preferences • Pre-packages sales in UK • Structure of the deal – issues favouring a • Pre-packaged sales in Europe (Lux, Hol- share purchase land, Germany) • Issues favouring an asset purchase ■■ Five advantages of using pre-packs ■■ Sale process - methods ■■ Disadvantages of pre-packs • Traditional auction ■■ Types of pre-packs / mechanics of the pro- • Mini-auction cess • Accelerated/ fast-track auction • Operational • Sealed bids / tender • Financial • Stalking horse method ■■ Special considerations for distressed sales • Managing the bidders • Dealing with competitors – key role of confidentiality • Tactics for avoiding value destruction

■■ Structuring the deal methods • Shares vs Assets • Hive-downs • Schemes of Arrangement (apply to non-

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button The LatestAdvanced Basel III Negotiation Regulatory IssuesRequirements in M&A In-House or via Live WebinarDate: Location: London Price: .....+VAT ENQUIRE NOW

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CourseBasel III Overviewis a global regulatory framework on bank capital adequacy, stress testing, and market liquidity risk. It was developed in response to the deficiencies in financial regulation revealed by the financial crisis of 2007–08. Basel III, which is currently implemented until 2019, is intended to strengthen bank capital requirements across the world and avoid another systemic banking crisis.

This session provides participants with a detailed tour and review of the Basel accords issued by the BIS and the ever-evolving regulation stemming from Basel II and Basel III proposals and the Capital Requirements Directive IV (CRD IV) in Europe. Through a mix of lecture and case studies, the workshop will equip participants to achieve a detailed understanding of Basel guidelines, specifically on the following technical topics:

■■ Components of Tier I and Tier II instruments; ■■ Computation of Risk Weighted Assets (credit risk, market risk and operational risk); ■■ The ever-evolving minimum capital ratios; ■■ The impact of TLAC and MREL; ■■ Leverage, LCR and NSFR ratios.

Participants will be required to bring a laptop to the course.

Course Content

Case Study: participants will reconcile an Session 1 - Introduction IFRS book equity of a European bank to compute Tier I and Tier II capital ■■ Overview of the regulatory banking frame- work Session 3 – Required Capital and Risk ■■ Global rules for local implementation Weighted Assets ■■ From Basel I to Basel III Course■■ Capital Content Requirements Directive IV (CRD ■■ Overview of credit, market, counterparty IV) and operational risks ■■ The 3 Pillar approach ■■ Definition of Risk Weighted Assets (RWAs) ■■ Stress testing of European banks ■■ Credit risk weighted assets ■ Vickers’ report in the UK ■ • Basel I / II approaches • Basel III - standardised to foundation Session 2 – Available Capital and advanced approach • Understanding PD, EAD, and LGD ■■ From accounting equity to common equity ■■ Counterparty risk weighted assets Tier 1 • Expected Positive Exposure (EPE) ■■ Overview of key accounting adjustments • Credit valuation adjustment (CVA) • Goodwill and intangibles ■■ Market risk weighted assets • Non-controlling interests • Normal distribution and Value at Risk • Significant stakes in other financial -in (VaR) stitutions • Basel 2.5 and stressed VaR • Deferred taxes ■■ Operational risk weighted assets ■■ Hybrid securities: preference shares, sub- • Standardised to advanced approach ordinated debt, mandatory and contingent convertibles Case Study: participants will calculate the ■■ Criteria for Tier 1 classification: impact of Basel III on the design of qualifying hy- unexpected losses of a simple portfolio of brids a European bank ■■ Tier II instruments ■■ Case Study: participants will assess the VaR of a single and two-assets portfolio

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Course Content

Case Study: participants will reconcile the operational RWAs to its historical net banking income

Session 4 – Minimum Capital Ratios

■■ Minimum capital ratios: from Basel II to Basel III ■■ Tier 1 and total capital ratios ■■ Minimum and buffers above minimum: conservation and countercyclical buff- ers and buffer for systemically important banks ■■ Impact of Basel III: phasing in of Basel III requirements ■■ Total Loss Absorbency Capital (TLAC) ■■ Minimum Requirement for own funds and Eligible Liabilities (MREL)

Session 5 – Leverage and Liquidity Ratios

■■ Back-stop leverage ratio ■■ Liquidity coverage ratios (LCR) ■■ Net stable funding ratios (NSFR)

Case Study: participants will calculate and comment on those 3 ratios for a European bank

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button AdvancedThe Negotiation Project Finance Issues inCourse M&A In-House or via Live WebinarDate: Location: London Price: .....+VAT ENQUIRE NOW Course Overview BOOK NOW Project Finance is an essential element of any bank’s product range and is an attractive proposition, done well. It usually involves large and creditworthy clients, seeking significant sums to construct Coursesomething Overview that will take between 3-7 years (typically) to build and which will generate sufficient cash- flows on completion to service and/or repay the loan, pending refinancing or sale. This course considers a range of project deals from £35m upwards to several £billions to ensure it will appeal to delegates from all types of bank backgrounds, not just Global Banks. The text-book definition of Project Finance reads: “The raising of finance on a limited recourse basis, for the purposes of developing a large capital- intensive infrastructure project, where the borrower is a special purpose vehicle and repayment of the financing by the borrower will be dependent on the internally generated cash-flows of the project” What does this mean in practice and just how limited is “limited recourse”? As well as dealing with these questions, this course examines the role and availability of project finance in the current market place. Using numerous case studies, the course will consider projections, cash-flows and balance sheet analysis to an appropriate level. It will include the main principles such as a thorough review of the roles of the different parties in the transaction, an examination of the four different phases of the project, the risks in all their various guises, the methodology behind the construction of the cash-flows and the techniques deployed in their evaluation. We also examine the structure of the transaction, the legal and documentation aspects, and the essential due diligence procedures and most importantly the source of repayment. This will include a review of the various PPP schemes in use The course also has specific case studies devoted to the more specialist areas of Oil & Gas finance, Mining, LNG and Renewable Energy. About the Course Director Your course director has spent more than 40 years in the banking industry, much of it in Global Banking and Trade at all levels of client, not just as an academic or consultant but as a bank manager initially rising to main board director level. He is a former Institute of Banking Lecturer. He has lectured extensively to all the leading global banks including the world’s largest institutions. He has delivered extensive programmes to banks in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited external Master Trainer for the world’s biggest trade finance Coursebank. Content

Course Content Project Finance - The Details ■■ Definitions & basic principles Project Finance Overview ■■ Suitable Lending vehicles – why use an ■■ Contrast with other forms of limited re- SPV? course financing ■■ Suitable projects ■■ The rationale for using project finance ■■ Syndication and trends ■■ Participation ■■ Recourse ■■ Risk/reward ■■ Due diligence required ■■ Extra Curricular benefits ■■ Syndication overview ■■ Strategic/policy implications Case study: Melchester United – a Project Finance - the Parties fictional applicant for finance to buy a ■■ Who is involved football club based on a real case. ■■ Syndication or sole sources ■■ Third party interests The Objectives of Project Appraisal/ ■■ Government interests Feasibility ■■ PPI schemes ■■ Key issues - budget, timing and sustain- Case study: A course length project ability issues based on a real life case and chosen ■■ Suitability for its appeal to delegates. At this, the ■■ The importance of independent scrutiny “application stage” we consider the ■■ What are they expected to achieve parties and their impact on the project ■■ What impact do they make on the project ■■ How much detail

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Course Content BOOK NOW to highlight the areas of concern and ■■ Skills needed to complete appraisals greatest risk as well as the comfort ■■ The “gateway” process zones. CourseCase study: Overview Back to the course long case study looking now at the Monitoring Projects appraisal and feasibility aspects. ■■ General principles ■■ Project managers versus project monitors Project Costs ■■ The role of monitoring reports ■■ Quality and accuracy of estimates ■■ Operational challenges ■■ What is a cost plan; preparation and ■■ The importance of cross party communi- limitations cation ■■ Provisional sums, allowances & contin- ■■ Resolving disagreements gencies ■■ Cost effectiveness ■■ Dealing with exclusions ■■ Managing more than one monitor ■■ The goal of cost certainty ■■ Insurance especially PI ■■ Value engineering Case study: Looking at a report on the ■■ Factors affecting likely outturn costs course long project. What does it tell us ■■ When to walk away in practice? What should we do? Case study: Building a hotel above an airport car park. What are the Project Ownership Structures risks? Based on a real life case with a ■■ Considerations in selecting a structure surprising outcome ■■ Project finance structures ■■ Special Purpose Vehicle (“SPV”) Programme ■■ General and limited partnerships ■■ Is the programme realistic ■■ Joint Ventures (“JVs”) ■■ Development programmes – identify- Case study: Looking at different ing critical events structures to understand why each one ■■ Efficiency & minimising lapsed time is used and what risks arise as a result. ■■ Monitoring delivery and ensuring tar- gets are met Sources of Funding ■■ Dealing with inefficiency & missed ■■ Types of equity and debt targets ■■ Methods of obtaining finance ■■ Consequences of timing changes – de- ■■ Structure of capital markets lay or acceleration ■■ International issues Case study: A brief look at the ■■ Bond issues and securitisation programme for the course long case. Case study: Using the course project, Are there aspects which should what sources of funding should be used please and/or trouble us? and why. What should we do if the client wants a different approach? CourseProject ContentRisks ■■ What are the most common risks Project Finance Documentation ■■ Conducting risk workshops ■■ The documentation process ■■ Risk assessment during development ■■ Key “command & control” documents ■■ Risk measurement ■■ Borrower needs ■■ Risk registers ■■ Sponsor needs ■■ Dealing with risks not measured or ■■ EPC needs disregarded by the project ■■ “Hot buttons” ■■ Development risks – delays & cost overruns Project Finance Risks ■■ Risk protection ■■ Classification and identification of risks ■■ Risk transfer ■■ Risk matrices Case study: “Northern Water” – a ■■ The role of due diligence fictional high risk project which only ■■ Risk allocation and mitigation works if it is structured properly. Case study: The course length project starts to go wrong as a result of Project Funding unmitigated risks. What should we do? ■■ Cashflows before, during and after What can we do? completion ■■ Equity or quasi equity investment Credit Enhancement and Security ■■ Debt versus equity ■■ What is available ■■ Co-funding & contingent agreements ■■ Funder’s requirements ■■ Covering funding shortfalls ■■ Perfecting, valuing and controlling security ■■ Appropriate debt structure and terms ■■ Going or gone concern measurement ■■ Managing exposure and maximising ■■ Enforcing security security ■■ Third party security ■■ Dealing with problems ■■ Practical considerations ■■ When to cut losses and foreclose Case study: The course length project is Case study: A review of projections still in trouble. We are asked to review

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Course Content BOOK NOW the security and our options. the security and our options. Course Overview Project Finance - The Lender’s Project Finance - The Lender’s Perspective Perspective ■■ Key figures in the financial projections ■■ Key figures in the financial projections ■■ Ratio analysis and limitations ■■ Ratio analysis and limitations ■■ Financial, covenant and country risk ■■ Financial, covenant and country risk ratios ratios Project Finance - The Sponsor’s Project Finance - The Sponsor’s Perspective Perspective ■■ Methods of evaluating investment deci- ■■ Methods of evaluating investment deci- sions sions ■■ Factors influencing the cashflows ■■ Factors influencing the cashflows ■■ The cost of capital – choice of discount ■■ The cost of capital – choice of discount rate rate Project Finance – What to do when it Project Finance – What to do when it goes wrong goes wrong ■■ How “wrong” is a worry and what is ■■ How “wrong” is a worry and what is “normal” “normal” ■■ Monitoring systems ■■ General and limited partnerships ■■ Communication ■■ Joint Ventures (“JVs”) ■■ Options & Responsibilities Case study: Looking at different ■■ Gone and going concern analysis structures to understand why each one ■■ Building out or foreclosing is used and what risks arise as a result. ■■ Debt servicing & Repayment Case study: Our case study needs Sources of Funding serious help. What are our options? ■■ Types of equity and debt ■■ Methods of obtaining finance Project Finance – Completion and ■■ Structure of capital markets Refinance ■■ International issues ■■ What do we mean by completion ■■ Bond issues and securitisation ■■ Refinancing options Case study: Using the course project, ■■ Do we want to stay involved what sources of funding should be used ■■ How can we assist the client further. and why. What should we do if the client Case study: Our case study is complete wants a different approach? and is a success. What are the re- Course Content financing options and how can we assist Project Finance Documentation ■■ The documentation process Oil & Gas Finance – Case Study ■■ Key “command & control” documents ■■ Real case study to illustrate how these ■■ Borrower needs work ■■ Sponsor needs ■■ EPC needs Mining Finance – Case Study ■■ “Hot buttons” ■■ Real case study to illustrate how these work Project Finance Risks ■■ Classification and identification of risks LNG – Case Study ■■ Risk matrices ■■ Real case study to illustrate how these work ■■ The role of due diligence ■■ Risk allocation and mitigation Renewable Energy – Case Study Case study: The course length project ■■ Real case study to illustrate how these starts to go wrong as a result of work unmitigated risks. What should we do? What can we do? Course Conclusion ■■ Summary Credit Enhancement and Security ■■ Review ■■ What is available ■■ Open forum ■■ Funder’s requirements ■■ Perfecting, valuing and controlling secu- rity ■■ Going or gone concern measurement ■■ Enforcing security ■■ Third party security ■■ Practical considerations Case study: The course length project is still in trouble. We are asked to review

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Course Overview Islamic Finance and Islamic Wealth Management are probably the closest the financial markets are ever likely to get to truly moral and ethical banking.

They remain a highly popular alternative to conventional products and are popular with both Muslims and Non-Muslims alike. Based on Islamic and Shariah principles they are mainly concerned with genuine profit and loss sharing with a real risk sharing ethic between banker and client.

Islamic wealth and fund management operates on the same principles as Islamic Banking and is equally popular. However, unlike conventional banking the product range is a lot narrower and although it continues to grow, the opportunities are more limited.

That said, to be a Shariah compliant investment requires compliance with a very strict code of ethics which tends to eliminate the speculative and highly geared opportunities. Accordingly, Islamic investments offer generally safer returns with steady growth and limited downside.

All three qualities make this an attractive proposition which is growing in popularity as an increasing number of offerings enter the market.

Learning Objective: This course considers the merits of Shariah compliant investments, explains how and why they are compliant and how they can be used to build a portfolio for the morally and ethically driven investor.

Teaching Methodologies: Classroom lectures and interactive practical workshop format intended to affirm the learning objectives.

Learning Pre-requisites: None although a basic knowledge of conventional fund management would be helpful.

Course Content

What is an Islamic Finance ■■ Maximise yields. ■■ Definition – Fatwa ■■ Industry screens ■■ Source of funds ■■ Balance sheet screens ■■ Use of funds ■■ Haram investments ■■ Contractual relationships ■■ Dealing with non-compliance ■■ Profit & loss sharing ■■ The role of the sharia scholars ■■ Incorporation of Islamic doctrines. The Principles of Islamic finance ■■ Link to Sharia precepts & ethics. ■■ The prohibition of Riba ■■ Legitimate goods. ■■ Real & notional interest ■■ Moral behaviour & social objectives. ■■ Fixed & variable interest Case Study/Exercise ■■ Interest as a return ■■ Methods of Islamic investment Islamic Bond Market (Sukuk) ■■ Trade credit & leasing ■■ What is a Sukuk ■■ Islamic deposits ■■ How do they differ from Bonds or other con- Case Study/Exercise ventional debt instruments ■■ What impact will recent defaults have on glob- Shariah compliant Investment Vehicles al market ■■ Wakala ■■ Two centres, GCC & Far East – differences in ■■ Mudaraba – Restricted approach ■■ Mudaraba – Unrestricted ■■ Specific differences ■■ Musharaka Case Study/Exercise Course Conclusion ■■ Summary, Revision, Open Discussion Islamic Asset & Fund Management ■■ Investors’ Objectives: ■■ Capital preservation.

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Advanced NegotiationTrade Issues Finance in Sales M&A In-House or via Live WebinarDate: Location: London Price: .....+VAT

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Course Overview

Practical workshop on international payment and security instruments with special focus on documentary collections, documentary credits, demand guarantees and short term receivable finance from the sales perspective. The seminar has been developed to address the most important aspects of the trade finance in order to better understand needs of bank customers active in the international trade. In contrast to other seminars on trade finance, the focus on this trade finance sales workshop is to develop knowledge and understanding of the trade finance services in order to sell/offer these services effectively. The scope and the content of the course, consequently, has been tailored to meet this overall goal. To sell trade finance services to the customers effectively, one must: ■■ understand how the main trade finance services and products work; ■■ what are the overall benefits for their users, ie. bank customers; ■■ what are the costs, risks, main practical issues involved and other main aspects which signifi- cantly influence the bank – customer relationship.

This Workshop has been designed to deal with the most relevant aspects of trade finance sales and is, therefore, a must for: ■■ bank relationship managers dealing with exporters, importers and traders; ■■ bankers working in trade finance, particularly in documentary payments, bank guarantees and export/import finance departments, especially those responsible for the business relationship with customers and their support in the area of trade finance; ■■ specialists in trade finance with a working experience, back office bank specialists who wish to broaden their knowledge about trade finance from sales/relationship point of view; ■■ lawyers, advocates, academics who want to learn about short term trade finance services with focus on their overall operations, benefits for users, costs, risks involved, etc. The seminar deals with both the standard and more advanced situations and practical issues in relation to export and import documentary collections, documentary credits and their financing, demand guarantees in accordance with best practices as reflected in ICC rules and publications. CourseA part of Content the workshop will also relate to short term trade finance, ie. factoring, use of credit insurance and will provide an introduction to supply chain finance. Objective of the training: The main purpose of the seminar is to familiarize the participants with the main trade finance products in order to understand how they operate, what are their main benefits for their users, but also what are the main risks involved, associated costs, the main issues the users face in their practice. The participants, after the course, would be able to speak knowledgably with their current and potential customers about the trade finance services their banks provide, thus better supporting the bank´s aspiration to increase the volumes and profits from these services, as well as enhancing the customer´s overall experience of dealing with the bank.

The seminar will be provided in the form of case studies, examples and discussions, i.e. active participation will be encouraged.

Material relevant to the course will be distributed and a certificate of attendance will be delivered to all those who completed the course.

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Day One Day Two CourseInternational Overview trade, main issues, payment methods, financing needs Documentary Credits and their financing, Bank Guarantees, Standbys, Receivable International Trade – the main issues and financing risks to be considered Documentary Credits – How they function – ■■ Risks from the Exporter´s perspective best practices ■■ Risks from the Importer´s perspective ■■ Import Documentary Credit ■■ Know Your Customer – his problems might ■■ Issuance of the Credit become your problems as well! ■■ The Application to issue a documentary credit ■■ Contract of Sale – main aspects to be con- – main mistakes in practice sidered by the Exporter and the Importer ■■ Import Documentary Credit as payment and ■■ Contract of Sale from the banker´s point of risk mitigation instrument view ■■ Cost, risks in Import Documentary Credits ■■ Delivery Terms as per Incoterms 2010 – ■■ How to offer Import Documentary Credits to what do they do? potential customers? ■■ Delivery terms for any mode of transport Case study: issuance of the credit ■■ Delivery terms for marine transport ■■ How to choose the right Incoterm? ■■ Export Documentary Credit ■■ The choice of delivery term from the financ- ■■ Advising, Confirmation ing banker´s point of view ■■ Main mistakes in documentary credits from Case Study Exporter´s perspective ■■ Cost, risks in Export Documentary Credits International Trade – role of ■■ How to offer Export Documentary Credits to documentation potential customers? ■■ Main documents in international trade – their roles Case study: mistakes in the export credit ■■ Financial documents, Commercial docu- Documentary Credits – Main financing ments, Transport documents, Insurance services documents – the main aspects to be aware about ■■ Import credit – import financing (import loan ■■ Bills of Lading v. consignment notes – con- v. deferred payment) trol over the goods during transit ■■ Export credit – pre-shipment finance – the ■■ Security interest in the goods in transit from benefits banker´s point of view ■■ Red clause, green clause credits, packing, manufacturing credits International Trade – risk mitigation ■■ Export credit – post-shipment finance, negoti- tools, payment instruments and financing ation, post-financing, forfaiting – the benefits techniques ■■ Post financing: how to choose the right tech- ■■ Main payment conditions in international nique? Coursetrade Content Case study: cost of discounting a deferred ■■ Payment in advance, payment after delivery payment credit ■■ Documentary Collections and how they op- erate Use of credit and risk mitigation ■■ The benefits for the Exporters and Import- instruments: Bank Guarantees and Standbys ers in using Collections ■■ Bank Guarantees v. Conditional guarantees ■■ Documentary Collections from banker´s ■■ Main types of guarantees, standbys point of view, an opportunity for the cross ■■ Examples of main types of guarantees selling Case study: mistakes in an advance payment ■■ Cost, risks, main mistakes in practice and guarantee how to avoid them ■■ How to offer Documentary Collections to ■■ How to offer bank guarantees to potential potential customers? customers?

Case study – Collection in practice Receivable finance ■■ Documentary Credits and how they operate ■■ Open account trade ■■ The benefits for the Exporters and Import- ■■ Credit insurance – main principles from Ex- ers in using Documentary Credits porter´s perspective and from the perspective of the financing bank International Trade – risk mitigation ■■ Factoring – how it operates tools, payment instruments and financing ■■ Supply chain finance – main techniques techniques ■■ New developments: BPO, digitalization of ■■ Trade Cycle of the Exporter and its financing trade finance needs ■■ Bank to Customer communication channels: ■■ Trade Cycle of the Importer and its financing front end systems, etc. needs ■■ Current main challenges: compliance issues, Case Study – delivery terms v. payment new technology developments terms Discussion

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Course Overview

The FCA requires that all firms employ personnel with the ‘skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them’ – the ‘Competent Employees Rule’ found in SYSC 5. Firms therefore have a general responsibility to ensure that their staff are, and remain up to scratch. Extra obligations are placed on staff who hold controlled functions under the FCA regime, for example, CF30 – the Customer Function. When CF30’s deal with retail clients they are also bound by the requirements contained in the Training & Competence Sourcebook. This course will cover all the obligations relating to training and competence, including ideas on how to devise an effective T&C regime, and how to assess competence and ensure it is maintained.

It will also provide delegates with an up to date picture of the FCA’s position on T&C, post Turner.

Course Content Course Content The Current Regulatory Regime ■■ Recruitment and HR procedures ■■ Treasury, BoE & FSA become FPC, ■■ Assessing and maintaining compe- PRU and FCA from 1.1.13. tence ■■ Reasons for the change ■■ The Supervisory Enhancement Pro- ■■ Dual regulation gramme – FCA plans for the future ■■ Intrusive regulation ■■ Remuneration of Approved Persons ■■ Conduct risk The Approved Persons Regime Competent Employees and the ■■ The Fit and Proper Test Principles for Business ■■ FCA procedure ■■ Principle 6 – ‘A firm must pay due re- ■■ Statements of Principle for Approved gard to the interests of its customers Persons and treat them fairly’ ■■ Code of Practice for Approved Per- ■■ Principle 2 – 'A firm must conduct its sons business with due skill, care and dili- gence'. CF30 Duties ■■ CF30s who deal with retail clients SYSC and the Competent Employees ■■ Appropriate examination require- Rule ments ■■ SYSC 5 requirements ■■ Testing and supervision of CF30s ■■ Record keeping

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CourseCourse Objectives Overview

Participants will: ■■ Get an introduction on the project finance modelling ■■ Have explained to them the best practice in model structures ■■ Learn about the revenue & cost build-ups ■■ Be taught about the inflation and escalation factors ■■ Master the financing question ■■ Gain an understanding of the modelling taxes ■■ Get to grips the interest and fee calculations ■■ Gain an appreciation of the balance sheet but also the ratios & covenants in Project Finance Model ■■ Be appraised of a sensitive analysis in a project finance model

Background of the trainer

The trainer has over 30 years’ experience in a wide range of roles in finance. He has delivered training courses on behalf of a number of international training companies since 2005. For the past 18 years, he has worked as a specialist financial modeller, trainer and analyst for a range of blue-chip clients, building financial models for major projects, structured financing, restructuring, outsourcing and PPP transactions in numerous sectors. He has built, developed and used models to support commercial negotiations, analyse risk, test scenarios and forecast results. The trainer has trained others in his specialism of financial modelling, running both in-house tailored courses for clients and public courses with major training companies all around the world.

Course Overview

Objective The course is designed to support analysts to create and analyse project financial models on a consistent and focussed basis. Aims The principal aim of the course is enable participants to create, use and analyse a project finance model. CourseThis will beContent done by reviewing best practice in model structures and logic, building up calculations and using tools to analyse outputs, highlight areas of risk and perform sensitivity analysis.

Methodology The learning methods used are practical, as practicing newly-learned techniques enables deeper and more effective building of skills. Each section will be covered briefly as a module in a traditional class style, but the real learning experience is in the exercises after each module. These gives delegates the chance to build project finance models based on real-life situations, practising what has been learned with support from the instructor. Suggested solutions to each exercise will be provided and discussed, and participants will be encouraged to review their work independently. Further supporting materials, including real-life project finance models and additional exercises will be available for further post-course learning, with ongoing support from the instructor. Practical Exercises Each module ends with a practical exercise, in which delegates put to use the skills they have just learned. Two small but comprehensive models will be created from scratch, with help and support provided by the facilitator. Starting with basic assumptions and input data, delegates will build models with financial structures, inflation, cash flow waterfalls, balance sheet and P&L, equity returns, ratios and cover factors, and sensitivities. Headlines ■■ Best practice in structure and techniques for financial modelling ■■ Building flexible models to accommodate change ■■ Understanding the cost of capital and financial structures for projects ■■ Modelling funding structures and cash flow waterfalls ■■ Integrated modelling with balance sheets and P&L statements ■■ Using the outputs of the model – ratios, sensitivity analysis, scenarios

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Introduction & Course Objectives Course Overview Day Two Basic Introduction ■■ What is a project? What are its defining Inflation / Escalation Factors factors? ■■ Using inflation indices in the project finance ■■ What is a financial model? How do we use model models in project finance deals? ■■ Controlling start time of inflation in the pro- ject finance model Revision of Best Practice in Model ■■ Applying multiple rates to different cost & Structures revenue items ■■ Best financial modelling practice ■■ Varying inflation rates over life of the project ■■ Overall structure of a project finance model ■■ Exercise – building-up project revenue and ■■ Separation of inputs, calculations and out- costs, including multiple inflation rates puts ■■ Logic flow within a project finance model Brief Overview of Modelling Taxes ■■ Using flags to control timing factors in a ■■ Tax treatment of costs - deductible and project finance model non-deductible ■■ Using switches to allow choices of different ■■ Capital allowances in project finance options in a project finance model ■■ Modelling tax losses in project finance ■■ Checks and totals, and error reporting ■■ Distinguishing tax payable and instalment ■■ Set-up to make the project finance model payments flexible Example - add tax calculations into in the ■■ Use of corkscrews to determine the value of project finance model items which change during the project ■■ Building assumptions off the project finance Interest and Fee Calculations term sheets ■■ Circular references in the project finance ■■ Building-in ability to change and work model and consequences changes through the project finance model ■■ 5 ways to deal with circular references ■■ Using validation to restrict ranges of inputs ■■ Calculations of interest and debt fees in pro- into the project finance model ject finance ■■ Version control for multiple versions of the Course Content ■■ Use of Debt Service Reserve Accounts in pro- project finance model ject finance ■■ Capitalised fees and interest in project fi- Exercise – create an assumptions input nance sheet with built-in flexibility; use that ■■ Fee costs, upfront and spread to build a project finance cash flow ■■ Exercise – add a DSRA calculation into the calculation with flags, switches and project finance model, and solve the resulting corkscrews circular reference

Revenue & Cost Build-Ups Financing Section ■■ Build-up of project construction or other ■■ Leverage, risk and funding project with debt capital costs (capex) and equity ■■ Use of lookup functions to change expendi- ■■ Calculating the cost of debt capital in project ture timings finance ■■ Building in sensitivities ■■ Calculating the cost of equity capital in pro- ■■ Correct matching of units ject finance ■■ Build-up of project operating expenditure ■■ The project finance cash flow waterfall (opex) ■■ Equity and debt drawdowns to fund the pro- ■■ Use of Maintenance Reserve Accounts in ject project finance ■■ Interest costs to the project ■■ Build-up of project revenues in the project ■■ Debt repayment profiles out of project cash finance model flow ■■ Exercise – to be done after inflation module ■■ Project returns: overall viability of the project ■■ Constraints on dividend payments to the pro- ject sponsors

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Course Content BOOK NOW Day Two CourseIntroduction Overview & Course Objectives Inflation / Escalation Factors Basic Introduction ■■ Using inflation indices in the project finance ■■ What is a project? What are its defining model factors? ■■ Controlling start time of inflation in the project ■■ What is a financial model? How do we use finance model models in project finance deals? ■■ Applying multiple rates to different cost & rev- enue items Revision of Best Practice in Model ■■ Varying inflation rates over life of the project Structures ■■ Exercise – building-up project revenue and ■■ Best financial modelling practice costs, including multiple inflation rates ■■ Overall structure of a project finance model ■■ Separation of inputs, calculations and out- Brief Overview of Modelling Taxes puts ■■ Tax treatment of costs - deductible and ■■ Logic flow within a project finance model non-deductible ■■ Using flags to control timing factors in a ■■ Capital allowances in project finance project finance model ■■ Modelling tax losses in project finance ■■ Using switches to allow choices of different ■■ Distinguishing tax payable and instalment options in a project finance model payments ■■ Checks and totals, and error reporting Example - add tax calculations into in the ■■ Set-up to make the project finance model project finance model flexible ■■ Use of corkscrews to determine the value of Interest and Fee Calculations items which change during the project ■■ Circular references in the project finance mod- ■■ Building assumptions off the project finance el and consequences term sheets ■■ 5 ways to deal with circular references ■■ Building-in ability to change and work ■■ Calculations of interest and debt fees in pro- changes through the project finance model ject finance ■■ Using validation to restrict ranges of inputs ■■ Use of Debt Service Reserve Accounts in pro- into the project finance model ject finance Course■■ Version Content control for multiple versions of the ■■ Capitalised fees and interest in project finance project finance model ■■ Fee costs, upfront and spread ■■ Exercise – add a DSRA calculation into the Exercise – create an assumptions input project finance model, and solve the resulting sheet with built-in flexibility; use that circular reference to build a project finance cash flow calculation with flags, switches and Financing Section corkscrews ■■ Leverage, risk and funding project with debt and equity Revenue & Cost Build-Ups ■■ Calculating the cost of debt capital in project ■■ Build-up of project construction or other finance capital costs (capex) ■■ Calculating the cost of equity capital in project ■■ Use of lookup functions to change expendi- finance ture timings ■■ The project finance cash flow waterfall ■■ Building in sensitivities ■■ Equity and debt drawdowns to fund the project ■■ Correct matching of units ■■ Interest costs to the project ■■ Build-up of project operating expenditure ■■ Debt repayment profiles out of project cash (opex) flow ■■ Use of Maintenance Reserve Accounts in ■■ Project returns: overall viability of the project project finance ■■ Constraints on dividend payments to the pro- ■■ Build-up of project revenues in the project ject sponsors finance model ■■ Equity returns: viability measures for the pro- ■■ Exercise – to be done after inflation module ject sponsors ■■ Exercise: create a project finance cash flow waterfall with debt costs, repayment profiles,

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CourseThe first Overviewday of the course focus on the role of the ALM function being “a bank within a bank” and covers some aspects of IRRBB positioning and maturity transformation management. It explains, in detail, how the split of the customer rate into FTP rate and commercial margin impacts the P&L result of the ALM function. The analysis is supported by the practical cases and exercises. This section also covers the methodological approach for the incorporation of the indirect liquidity cost into the FTP rate and its respective quantification.

The second day is mostly focus on the FTP curve construct and importance of getting it correctly and in transparent way. It provides the audience with the practical examples of techniques adopted by the major market participants and the construct itself. Finally, it analyses the techniques for balance sheet shaping through the FTP process and stimulation to encourage origination of certain product instead of others.

Learning Objectives: ■■ Understand the FTP rate components and the role of the FTP process ■■ Gain knowledge on the FTP construct ■■ Gain knowledge on the pricing of contingent liquidity ■■ Understand the principles for Interest and Liquidity transfer pricing ■■ Understand the balance sheet shaping techniques

Who The Course is For: ■■ Liquidity managers and IRRBB managers ■■ Finance professionals ■■ Bank treasurers and treasury professionals ■■ ALM professionals ■■ Advisors at consultancy firms ■■ Bank supervisors

Prior Knowledge: ■■ Basic understanding of banking treasury/ALM aspects Course■■ Familiarity Content with Basel III requirements ■■ Familiarity with the concept of Interest rate risk and liquidity risk in banks

Course Content ■■ ALM - Zero sum game ■ Why is it important to transfer risks to ALM? Day One What is Funds Transfer Pricing? ■ ■■ Sum of policies and methodologies for the Case study: calculation of Net Interest use and generation of liquidity Margin in business units and ALM ■■ Robust model with different participants • ALM as a business unit involved • Interest Rate positioning, extent of ma- ■■ Maturity transformation as a main source turity transformation and the optimal of earnings amount of liquidity buffer – decisions ■■ External pricing versus internal pricing taken within ALM ■■ Objectives of FTP Case study: analysis of the ALM P&L ALM role components ■■ The bank within a bank Case study: hedging IRR - liquidity risk ■■ Match Maturity Transfer Pricing positions and FTP rate ■■ Separating interest and liquidity compo- nent within FTP ■■ Cost of contingent liquidity

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BOOK NOW Course Content Course Overview Interest Transfer Pricing best practices Conclusions and questions ■■ Fixed rate products ■■ Floating rate products ■■ Prime rate products – basis risk ■■ Interest rate treatment of items without deterministic maturity

Case study: calculation of FTP rate for current accounts

Liquidity Transfer Pricing best practices ■■ Does the liquidity component matter? ■■ Case study: example of mortgage pricing ■■ Calculation and allocation of contingent liquidity cost to short term assets based on LCR ■■ Treatment of behavioural options in FTP (prepayments and liquidity treatment of items without deterministic maturity)

Day Two FTP curve set up ■■ Short term FTP curve ■■ Medium long-term curve Balance sheet shaping through FTP curve: application of management overlays and incentive pre- mium scheme

Case study: FTP curve set up in major banks CourseCase study: Content Balance sheet shaping through FTP

Calculation of transfer prices for different products based on LCR and NSFR ■■ Introduction to the behaviouralisation concept ■■ Behaviouralisation of balance sheet items

Case study: pricing of corporate loans and committed lines including LCR and NSFR • What if there are more behavioural lia- bilities than assets?

FTP- are there any pitfalls? ■■ Importance of transparency ■■ FTP as a right pocket – left pocket ■■ What if FTP model is wrong?

Target Operating Model and governance around FTP ■■ FTP implementation challenges ■■ FTP policy ■■ FTP Practice Guidelines

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Course Overview

The role of the active management of the banking book in the banking industry is constantly growing. This is dictated by heavily regulated landscape and increased competition for resources such as liquidity and capital. Given the market pressure, the relentless pursuit for the most efficient and productive use of a bank’s resources subject to consolidated risk and return appetite remains of upmost importance for banks of all size. Consequently, strategic ALM can significantly improve financial performance by delivering a better balance between returns and risks across the on and off- balance sheet items.

This advanced 3 -day course covers best practice in Asset - Liability Management (ALM), as well as ALM role’s as a strategic function in financial institutions.

The first day of the course focuses on the role of the ALM function and its set up within the financial institution. It provides the audience with the overview of the best market practice to ALM and its evolving role in the overall profitability of the bank. During the first day, presenter walks the audience through techniques for the interest rate risk measurement and management in the banking book (IRRBB) and emphasizes the importance of the active management of IRRBB in ALM though undertaking profitability enhancement strategies.

The second day covers, in detail, the new regulatory requirements for IRRBB (Basel Committee on Banking Supervision Standards) and provides the methodological support in the implementation of this requirement. The second part of the day is focused on the analysis of the balance sheet maturity transformation and liquidity risks. In particular, it aims to answer the question what is the proper size of the liquidity buffer in the financial institutions.

The third day provides the overview of the Funds Transfer Pricing process and the role of the ALM unit in the FTP framework. The second part of the third day is dedicated to the balance sheet optimization techniques and acts as an introduction to the concepts of quantification and optimization of asset and liability structures.

Course Content ■■ Analysis of the interest rate shocks ■■ Analysis of the impact of the automatic op- Day One tions on the EVE metric ■■ Re-investment and re-funding risks ALM Introduction and Overview ■■ The evolving role of ALM in financial institu- Case study: calculation of the NII sensitivity tions and EVE volatility under different interest ■■ ALM role as a bank within the bank rate scenarios ■■ ALM as a business unit ■■ Maturity transformation as a main source of ■■ Analysis of the basis risks earnings ■■ Analysis of the Credit Spread Risk in the bank- ■■ ALM - Zero sum game ing book ■■ Creation and categorization of assets and ■■ Discounting with commercial margin and with- liabilities in the banking book out – external and internal view for IRRBB ■■ Why is it important to transfer risks to ALM? ■■ IRRBB stress testing and capital allocation ■■ Development of ALM in the future Case study: assessment of the basis risk IRRBB measurement, management and through re-fixing gap analysis strategies ■■ Re-ricing Gap analysis as an important tool ■■ Interest Rate positioning – decisions taken for the understanding of the IRRBB position within ALM of a bank ■■ Should we be able to increase risks to profit ■■ Measuring Net Interest Income (NII) risks from expected market conditions? with static and dynamic sensitivity analysis ■■ Interest rate treatment of items without deter- ■■ Measuring Economic Value of Equity (EVE) ministic maturity and its sensitivity ■■ Structural hedging – margin compression

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Course Content Summary of the main take away messages for the IRRBB and liquidity management ■■ Analysis of the IRRBB metrics through ALM ■■ VaR – calculation of interest rate risk in the investment portfolio

Case study: analysis of the IRRBB metrics – is the IRRBB well manged?

Day Two

Basel Committee on Banking Supervision Standards and European Banking Authority – detailed analysis of the requirements for IRRBB ■■ IRRBB metrics and shock scenarios ■■ Treatment of automatic options ■■ Treatment of behavioural options (CASA and prepayments) ■■ IRRBB governance ■■ Challenges with the BCBS 368 implementa- tion

Introduction to the liquidity risk managed within ALM ■■ Maturity transformation as a main source of liquidity risk ■■ Contractual vs behavioural maturity ladder ■■ Short term liquidity risk and liquidity met- rics ■■ Funding risk and medium long-term liquidi- ty metrics ■■ Tactical liquidity management ■■ Liquidity buffer and counterbalancing ca- pacity of a bank ■■ What is the proper size of the liquidity buff- er?

Case study: calculation of the size of the liquidity buffer in a bank

Trade-off between hedging and funding strategies ■■ Impact of IRR and liquidity mismatches on NII ■■ Understanding the “trade –off” between profitability and risk - real challenge of ALM analysis ■■ Important links for liquidity management and transfer pricing through ALM

Case study: undertaking different hedging and funding strategies – what happens?

■■ Is it better to manage the ALM position through natural hedging or derivatives?

Case study: Pros and Cons of the use of derivatives – practical example

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Course Overview

This 2 day course is for staff who have already attended the introductory course or have gained experience with treasury and derivative products. They will also have a good financial market knowledge and be familiar with market terms and phrases.

It is suitable for middle and senior levels of staff who need to expanded their knowledge of treasury products and their risks. It is also suitable for staff studying for professional studies.

The course includes many practical case studies and examples

Course Content Interest Rate Swaps Introduction: ■■ Cross Currency Swaps ■■ Short Term & Long Term Treasury Products ■■ Mark to Market Swaps ■■ Risk and Reward ■■ Basis Swaps ■■ Risk Management ■■ Value-at-risk Explained Exotic Swaps ■■ Constant Maturity Swaps (CMS) Treasury Products – The Risks: ■■ Arrears Swaps ■■ Market Pricing – the bid/offer spread ■■ Accrual Swaps ■■ Liquidity and the Lack of Liquidity ■■ Credit and Credit Rating Options ■■ Pricing Options Short Term Treasury Products ■■ BSOPM explained ■■ Money Market Rates and ICE LIBOR ■■ Directional Trading Strategies ■■ Implied Forward Rates and Using Them ■■ Volatility Trading Strategies ■■ Option Arbitrage Course■■ Futures Content and FRAs Compared ■■ Implied Forward Rates from Futures (STIR) ■■ Option Hedging Strategies ■■ Interest Rate Options • Caps (Vanilla/Digital) Exotic Options • Floors (Vanilla/Digital) ■■ Path Dependent Options • Collars • Asian Options ■■ Overnight Index Swaps • Average Strike Options ■■ Using OIS • Cliquet/Ratchet Options ■■ LIBOR versus OIS • Barrier/Knockout Options ■■ Structured Deposits Explained ■■ Digital Options ■■ Chooser Options Foreign Exchange Markets ■■ Delayed Options ■■ FX Futures ■■ FX Options on Futures Course Summary: ■■ FX Options (OTC) ■■ Structured Products in use ■■ FX Exposure using Cross Currency Swap ■■ Clients using advanced treasury products cus- ■■ Repo and Cross Currency Swap tomers ■■ Risk Management - Hedging Long Term Treasury Markets ■■ Discussion – Knowledge Expansion ■■ Bonds and Bond Trading ■■ Bonds Prices to Yield Curve ■■ • Bootstrapping • Using the Rates • Zero Coupon Curve • Forward Curve ■■ Swap and Bond Prices ■■ Using the Swap/Zero Coupon Rates

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Course Overview BOOK NOW This course has been designed to assist senior investment banking executives to be completely comfortable marketing and selling products. Course Overview Many banking delegates say it is surprisingly challenging to sell investment banking products and this is because of their special characteristics. First, they usually need to be explained in depth and this is not always easy to do quickly and succinctly. Secondly, some products can be complex making the explanation even more difficult and thirdly, there can be a lengthy decision process by either the bank or the customer or both. Banking and financial products are not bought lightly, or on impulse, and so they need to be sold in a careful and managed way.

During this workshop style course, delegates will be encouraged to fine tune and improve on effective communication techniques and to share everyday experiences and challenges in managing client relationships in a fun environment The course is specifically designed to encourage group participation through the use of relevant exercises, role-plays and group discussions.

Session 4: The role of the Client Relationship Course Content Manager (CRM) ■■ CRM in general ■■ The CRM’s perspective ■■ The client’s perspective Session 1: Marketing Strategies ■■ Dealing with success & disappointment ■■ Positioning of investment banking products Role play/case study ■■ Analysing the product range ■■ Marketing channels Session 5: Identifying Client Needs ■■ Target markets ■■ Listening to the client ■■ Credit implications ■■ Non verbal communication ■■ Risk implications ■■ Need Reinforcement questions ■■ Approval and sign off process ■■ The questioning structure Role play/case study ■■ Uncovering sales opportunities ■■ What does the customer actually need Session 2: Client Relationship Management ■■ Can you deliver this ■■ What is its purpose ■■ Do you want to and on what terms ■■ How do we do it Role play/case study Course■■ Best practice/worstContent practice examples ■■ Understanding the client Session 6: Marketing Successfully ■■ Ethical Banking considerations ■■ Client needs & strategy ■■ Building the relationship ■■ Objection handling ■■ Sharia constraints where applicable ■■ The dos and don’ts of meetings ■■ Setting strategic objectives for the relation- ■■ Differentiation & Positioning ship ■■ Linking features to benefits ■■ Presentation skills techniques ■■ Negotiation versus selling Role play/case study ■■ Planning the negotiation ■■ Negotiating successfully Session 3: What are “Investment Banking ■■ Negation styles Products” ■■ Closing the deal ■■ Conventional Credit Products ■■ Cross selling opportunities ■■ Islamic Credit Products Role play/case study ■■ Private Banking Products ■■ Treasury Products Session 7: Prospecting – Including Cold ■■ Retail Products Calling ■■ Corporate Products ■■ How to prospect ■■ Wholesale Products ■■ The CRM’s priority list ■■ Institutional; Products ■■ Customer evangelism Role play/case study ■■ Farming versus hunting ■■ Targeting clients to call ■■ Preparing for the calls ■■ Pre-call communication ■■ Handling the initial call

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Course Content ■■ Medium to use – phone, email or letter ■■ Success indicators ■■ Overcoming call resistance ■■ Failure indicators ■■ Managing indecision Session 8: Planning the Sale ■■ The “trusted advisor” role ■■ Getting the appointment ■■ Closing ■■ Building the relationship ■■ When to grant time ■■ The face to face meeting ■■ When to walk away ■■ Getting commitment Role play/case study ■■ Measuring the stability of the relationship ■■ When and how often to follow up Session 14: Essential Self Management Role play/case study Skills ■■ Time management Session 9: Influencing Decision Making ■■ Planning ■■ Best practice ■■ Monitoring delegated activities ■■ Worst practice ■■ Time out sessions ■■ Closing the sale ■■ Internal records ■■ Assumptive techniques Role play/case study ■■ Cooling off periods ■■ Handling resistance Session 15: Cross Selling Techniques ■■ Objection handling ■■ How to achieve success ■■ Follow up ■■ Only one “by the way” ■■ Monitoring ■■ Best practice ■■ When to walk away ■■ Poor practice Role play/case study ■■ Avoiding sidetracking ■■ Don’t conflict with “trusted advisor” role Session 10: Negotiating ■■ Do sell something the client actually needs ■■ Establishing what you can and cannot give up Role play/case study ■■ WIIFM process ■■ The art of negotiation Session 16: Telephone Selling Skills ■■ Negotiating fees and rates ■■ Cold calling or pre-arranged ■■ Negotiating collateral requirements ■■ Farming or hunting ■■ What is “non negotiable” ■■ Planning the call ■■ Deal breakers ■■ Making the call ■■ Client ”try-ons” ■■ Getting past “gate-keepers” ■■ Key rules for a successful outcome ■■ Keep it brief Role play/case study ■■ Handling objections ■■ Follow up actions Session 11: Challenging Clients ■■ Dealing with success & disappointment ■■ The “problem” client Role play/case study ■■ Overcoming Client resistance ■■ Gaining commitment Session 17: Course Conclusion ■■ Overcoming difficulties when Shariah inter- ■■ Summary venes ■■ Questions/Open forum Role play/case study

Session 12: Making the Sale END ■■ Presentations ■■ Explanations ■■ Effective presenting techniques ■■ Effective closing techniques ■■ Presenting at the highest level ■■ When to close ■■ When not to close ■■ Managing the process ■■ Follow –up Role play/case study

Session 13: Follow Up & Success Indicators ■■ How to follow up ■■ When to follow up

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Course Overview

Overview of the commodity markets ■■ Major price drivers ■■ Supply Constraints ■■ The Impact of China ■■ Investing in Commodities ■■ Correlations ■■ The markets • Spot and forward markets • Futures & options • Trading options • Trading on margin ■■ Benchmark Derivative Contracts

Course Content

The Energy Markets ■■ Price drivers ■■ Understanding oil & energy ■■ Producer/retail hedging ■■ Macro-economic events ■■ Geo-political risk The Economics ■■ Oil ■■ Global markets & supply & demand • OPEC & non-OPEC production ■■ Economic growth • Benchmarks ■■ Natural & man-made disasters • NYMEX WTI ■■ Producer data and inventories • ICE Brent • Light and Heavy Oil Future Price Trends • Sweet and Sour ■■ Delegates are asked to look at past and pres- Course■■ The energyContent exchanges ent price charts and come up with some ideas • LME about the future trends for various commodi- ■■ Energy Products ties. • Electricity and Gas Markets ■■ We discuss their findings and discuss what • Spark Spread sort of investment and/or trade would best ■■ Trading & trading strategies match their risk / reward structure.

Base Metal Markets ■■ About base metals ■■ Price drivers ■■ The exchanges ■■ Base metals ■■ Trading & trading strategies

Gold and Precious Metal Trading ■■ Understanding gold ■■ Silver & PGMs (Platinum Group Metals)

Agricultural Markets ■■ Overview of Agricultural Products ■■ Price drivers & seasonality ■■ Weather ■■ Trade associations & government control ■■ The products ■■ Market reports

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Course Overview

Attendees will understand the basic concepts of what happens throughout the Life Cycle of a securities transaction. They will also gain a thorough knowledge of the recent and complex changes pre trade, trade and post trade environments, caused by the suite of regulatory changes sweeping the markets.

Course Content

Exercise: A traders bond position is partly Trading Equities hedged with futures and funded by the ■■ Traditional Stock markets bank. Delegates calculate the Net Interest ■■ MTFs ( Multilateral Trading Facilities) Income (N.I.I.) ■■ Dark Pools ■■ Light Pools ■■ Funding the Bank • Liquidity Coverage Ratio ( LCR) Trading Bonds • Net Stable funding Requirement (NSFR) ■■ Is bond trading still an OTC market? ■■ Basic market structure Case Study: We look at banks ratios, why • Banks it is a regulatory requirement to maintain • Asset Managers them and how they are calculated. We also • Corporates, Sovereign Wealth Funds look at if a top bank is achieving these etc. ratios.

MiFID II Securities Settlement in Europe v USA ■■ Pre-trade transparency ■■ Fed and DTCC ■■ Post-trade transparency ■■ Euroclear , Clearstream and Local European ■■ Best execution CSDs ■■ Systematic Internaliser ■■ T+2 Settlement : Group Discussion: What is Course■■ Client Content categorisiation the future for Securities settlement in Europe.

Pre Settlement The Role of the Central Counterparty ■■ Block Trades ■■ Major CCPs ■■ Allocation ■■ Role of the CCP ■■ Tax and Commission ■■ Multilateral Netting ■■ Confirmation and Matching ■■ Marginning ■■ Collateralisation of Residual Net Exposures Clearing and Settlement ■■ Novation ■■ Multilateral Netting at the Clearing House eg LCH Clearnet Case study: How the CCP works. We look ■■ Gross Settlement / DvP at the CSD at a diagram putting all the individual parts ■■ ICSDSs and Local CSDs together. Exercise: Delegates are asked ■■ The role of the Custodian to complete missing parts of the diagram, ■■ Fails and Fails Management ensuring a full understanding of the process. Case Study: We follow a UK share trade through settlement at Euroclear London. Securities Use as Collateral Examining why trades are included in ■■ What is Collateral? multilateral netting and the benefits of ■■ Use in Securities Lending this procedure. Also why trades fail and ■■ Use in Repo the possible costs. Exercise: Delegates are asked to take Funding securities lending and repo trades and ■■ Funding the Trade calculate margin calls, based upon haircuts, MTM and collateral type.

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Course Content

Rehypothecation ■■ What is Rehypothecation ■■ Impact on Hedge Funds Funding

Regulatory Reporting ■■ EMIR ■■ How to Fulfil the Reporting Obligation ■■ Data Repositories ■■ Legal Entity Identifiers ■■ Reduction of Capital through Collateral

Basel III/CRD IV ■■ Capital Requirements ■■ Leverage Ratio ■■ Liquidity Rules ■■ Supervisory Review ■■ Disclosure ■■ Large Exposures

Group Discussion: How much of this has been implemented? What effect will it have? Is there a need for more regulation?

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Course Overview

Quizzes, case studies and exercise are used though out to aid learning.

Course Content

monetary losses. They are encouraged to OTC v Exchange Traded Securities manage these losses through funding their

nostros and utilising stock borrowing. The Settlement Cycle

■■ Trade Capture / Matching / Settlement / Delegates quickly learn how easy it is Reconciliation for settlement to go wrong and the costs ■■ Rolling Settlement (T+3) v Account Day involved! And importantly what can be done ■■ Replacement Risk about it. Central Securities Depositories (CSDs) Global Custody ■■ DvP and DFoP ■■ RTGS v Netting Introduction – covering a definition of Global Custody, who provides the service, the users, International CSDs their requirements and types of custody ■■ Euroclear and Clearstream ■■ Their Role in the Market Place What is a Sub-Custodian ? ■■ RTGS (Real Time Gross Settlement) ■■ The Risks!

Local CSDs Crest Basic Custody Services ■■ Settlement in Central Bank Money ■■ Settlement ■■ Multilateral Netting • The key settlement process steps ■■ DTC and Federal Reserve in the USA ■■ Safekeeping of securities ■■ Local CSDs ■■ Income collection Course Content ■■ Corporate Actions Reconciliation ■■ Cash Management ■■ Double Entry Book Keeping ■■ Funding ■■ Depo and Cash Accounts • Interbank cash market ■■ Breaks • The importance of repo • Tri – partite repo Case Study / Recognising a break and ■■ Withholding Tax reclamation what to do next! Value Added Services Overview of the Life Cycle of a Securities ■■ Securities lending and borrowing Trade Trade Capture / Confirmation \ • Basic outline of a securities lending trade Instructions Validation / Matching / • The use of collateral Reporting Unmatched Investigation and • Fees, haircuts, margin calls Repairs / Settlement and Fails / Fails Management Reconciliation / Breaks Exercise: calculating fees and margin calls on securities lending trades Simulation: Securities Settlement • The role of ICMA and ISLA Delegates work in teams to settle basic • The importance of securities lending to the transactions. This simulation is revisited profitability of a Custodian throughout the course as delegates ■■ Investment Accounting realise that even with confirmation, ■■ Operational Performance Measurement matching and reconciliation processes, ■■ Trustee services you can still end up with failed trades and ■■ Portfolio valuation ■■ Derivatives

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Course Content

Delegates are put into teams and asked to • The Derivatives market “play the role” of a Middle Eastern investor • ETD Clearing looking to choose a Custodian. ӹӹThe role of the clearing broker They are given the requirements of the Case study: we look at how trades are investor, in terms of market coverage “given up” to the clearing broker for etc and then are asked to identify 10 key settlement and why this is important topics on which potential suppliers of your Global Custody services can differentiate • OTC Clearing themselves: ӹӹWhy and where are IRS and CDS trades now cleared? Some of the Key Topics to be addressed during selection, should include: ■■ Collateral Management

• Why collateral must be managed! The Importance of the custody division to the risks of poor management custodian’s overall business. ■■ Emerging Markets Coverage Settlement standards and practices. Corporate actions ■■ What are they? Safekeeping standards and practices. ■■ Why do they occur? • Common types of corporate actions and Systems and communications. examples ӹӹEquity Restructuring Corporate action procedures. ӹӹConsolidation or Reverse Split Income collection and tax reclamation ӹCapital Repayment ӹ ӹӹBuy – Back Geographical coverage. ӹӹWarrant Exercise ӹӹDebt Restructuring Nature of global network. ӹӹDebt Redemption ӹӹRaising of Capital Quality of sub-custodian network ӹӹRights Issue ӹӹCase study Delegates will then be asked to give a short ■■ Dividend Life Cycle presentation on the key topics of their Request for Proposal (RFP)! Exercises: Basic dividend calculations

• Record date / ex date / pay date • Exercises are used to enable the dele- gates to understand the importance and impact incorrect record keeping can have • Market claims • The stock record ■■ Impact of corporate actions on derivative products ■■ The growing importance of proxy voting ■■ Importance of timing

Custody Charges ■■ What does Custody cost?

Request for Proposals (RFPs)

Case Study: Choosing a Custody Service Provider See below for details Request For Proposal Case Study

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Course Overview

Overview of the Products There will be simple exercises to check for understanding and answer any questions regarding the products:

■■ Interest Rate Swaps • Recap of basic structure • Exercise: Buying a swap from a market maker • Exercise: Hedging a floating exposure • Case study; of a more complex product; amortising swap ■■ Foreign Exchange Forwards • Recap of swap price and outrights • Exercise: Pricing a forward swap • Exercise: Corporate hedging a future revenue • Case study: More complex product example ; NDFs used for speculation and /or hedging purposes. ■■ Credit Default Swaps • Overview of CDS and iTraxx structures • Exercise: Buying and selling CDS to make a profit • Using an iTraxx Index to create a basic investment

Course Content

Major players in the OTC Derivative ■■ Overview of CVA (Credit Value Adjustment) ■ How Banks can still make money from a World and why they use Derivatives ■ trade. (Bid / offer spread) ■■ Investment Banks ■■ Asset Managers Life Cycle of a Trade (Post trade) ■■ Corporates Valuation / Mark to Market (MTM) ■■ Sovereign Wealth Funds ■■ How to value an IRS? • Break a swap into 2 bonds Floating and ISDA Master Agreements Fixed ■■ What is an ISDA and what role does it play • Exercise: valuation of a vanilla swap in OTC Derivatives ■■ How to value an FX Swap ■■ Credit Support Annex (CSA) • Exercise: valuing an FX swap ■■ Valuing a CDS and iTraxx • Exercise: valuing an iTraxx trade Mifid II ■■ Mark to Model...what are the risks ? ■■ LEIs ….Legal Identity Identifiers (in appro- priate locations) ■■ Systemic Internalisers … How OTC deriva- Trade Reporting tives trade ■■ EMIR Reporting • The role of the AFM (Authority for Finan- cial Markets) in the supervision of EMIR How the Modern OTC Derivative Market • Transaction reporting Obligation Works • Which investment Firm should report ? ■■ Which derivatives trade on electronic plat- • Who doesn’t need to report ? forms? • How do firms report ? ■■ SEFs (Swap Execution Facility) and OTFs • Dispute Resolution (Organised Trading Facilities) • Who are the top Repositories? ■■ Central Counterparty Clearing (CCPs) ■■ Collateral and how this works in a trade

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OTC Derivative Clearing and Settlement ■■ Confirmation and affirmation ■■ Payments and Controls (SWIFT) ■■ Nostro reconciliation and breaks ■■ Novation • How does it work …a solution to coun- terparty risk ? • Tear Ups ■■ The Central Counterparty clearing process • Case study: clearing swaps ■■ The major OTC Derivative platforms: • Markit Serv • SwapClear • DTCC Deriv/SERV ■■ TIW

Collateral Management ■■ ISDA Master Agreements ■■ Credit Support Annex ■■ What types of collateral are accepted? ■■ Reduction in Counterparty Risk ■■ Portfolio Reconciliation ■■ Dispute Reconcilation • Dispute reconciliation exercise

Regulatory Summary ■■ What impact is all the regulatory changes having on the market place ? ■■ Group Discussion and wrap up

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Course Overview

Delegates who attend this course will learn how Global Markets operate and what affects them on a day to day basis. They will understand the financial risks that Corporates have to deal with and how to advise them when creating a hedging strategy. Participants will learn how to gain the clients trust, by being able to discuss their needs and present basic potential solutions, which in turn creates business (selling derivatives) for Global Markets. They will be able to do this because they will have been given the tools to understand and explain the markets better and will have a broad based general understanding of what affects their client’s financial risks, from a political, economic and regulatory standpoint. They will have also gained an understanding of the risks involved, from both the clients and banks point of view and gained an appreciation of how the ever changing financial markets operate. Each region or country can have the course tailored to their needs. Is there a specific requirement for a more detailed look at a particular area, for example: an ISDA Master Agreement, or specific local rules, or hedge accounting then of course these can be included.

Who should attend: ■■ Corporate Relationship Managers ■■ Junior sales staff ■■ Risk ■■ Compliance ■■ Anyone interested in derivatives or the process of selling derivatives to clients.

Course Content volatility? ■■ Do these graphs tell you anything about Understanding Global Market Conditions future market conditions, and if so, what? ■■ Why we must never personally tell our ■■ What is the yield curve? clients where we think the market is ■■ What do the major yield curves look like going. today and why ■■ What’s the client’s opinion on the market? ■■ Understanding of the types of yield curves ■■ Risk Management Overview eg: spot and forward to gain credibility with ■■ Understanding types of risk our clients ■■ What is risk management? ■■ Basic Pricing of Forward Curve ■■ Tactical and strategic exposures including ■■ Overview of FX markets translation and transaction risk ■■ What’s influencing the FX market today ■■ Understanding the Risk Management ■■ Volatility: What is it and why is it a good Matrix thing ■■ Why it is important to engage clients in con- Case Study – Risk Management versation about the markets and the specific Participants will examine one of risks that are affecting them. two customer profiles depicted in ■■ Which derivative products are clients cur- the case studies. The cases are rently using? based on corporate clients Financial Statements. Groups will complete a Risk Exercise: Examining Market Conditions Management Matrix to analyze sources of risk and how they relate to the Participants are given current and historical business and financial strategies of the yield curves and currency graphs and asked the company. questions below, with a discussion to follow. ■■ Can you spot any trends in the market Client Meeting Case Study Part 1 – movements? Groups of participants will now examine ■■ Do you think interest rate volatility is larger different clients in order to prepare for or smaller than FX volatility? a “role play” meeting. They should be ■■ What do you think are the sources of this prepared to discuss:

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Course Content ■■ Market Risk: VaR ■■ Credit Risk: Counterparty risk (CVA and how it Market review effects pricing Identifying exposures using the Risk ■■ Liquidity Risk: Ability to realize positions and Management Matrix fund activities Interest rate and FX risk management ■■ Hedge Risk: Effectiveness of hedges strategies ■■ Operational Risk: Internal controls and safe- Interest rate and FX enhancement guards opportunities Case study: We look at a simple IRS and Interest Rate Derivatives & Strategies discuss the potential risks and decide how ■■ Basic interest rate swap structures these can be mitigated theoretically and in ■■ Using interest rate forwards, swaps and practice. futures ■■ Amortizing, forward-start and basis swaps ■■ Mifid II LEIs ….Legal Identity Identifiers (in -ap ■■ Customizing swaps for clients propriate locations) ■■ Fundamentals of options ■■ Systemic Internalisers ■■ Interest rate caps, floors and collars and how to position them with clients How the Modern OTC Derivative Market Works Foreign Currency Derivatives & Strategies ■■ Which derivatives trade on electronic plat- ■■ Major players in global and local FX markets forms? and discuss role of each ■■ SEFs (Swap Execution Facility) and OTFs (Or- ■■ Pricing techniques and regional hedging ganised Trading Facilities) conventions on FX forward contracts ■■ Central Counterparty Clearing (CCPs) ■■ Discuss and calculate FX forward outright ■■ Collateral and how this works in a trade prices ■■ Overview of CVA (Credit Value Adjustment) ■■ Using currency forwards and swaps in local ■■ How HSBC make money from a trade. (Bid / markets, including NDFs where applicable offer spread) ■■ Fundamental option strategies in forex ■■ Covering the risk on options …delta hedging ■■ Advanced FX forward applications Hedge Accounting Case Study – Part 2: Meeting the Client: ■■ Referring to our Case study we discuss basic Role Play Hedge accounting rules ■■ Fair Value Hedging a) Participants will now enter in to a role ■■ Cash Flow Hedge play discussions with clients (the trainer ■■ Investment Hedge and/or other delegates), Considering ■■ The 80/125 Rule current market conditions and by discussing the clients financial position More Complex Products and risk, identify the client’s needs. Case studies based on more complex products that Feedback would then be passed on to clients are using: HSBC senior management leaders and/or ■■ NDFs (Non Deliverable Forwards) in practice derivatives markets product specialists to ■■ FX Options follow up with specific solutions. ■■ Interest Rate Products

b) Delegates will prepare basic solutions Overview of a Client Proposal and Final to their client’s needs, making sure to Thoughts give 3 possible choices for each. The client gives feedback and Global Markets are Appendix contacted for a more detailed review. Overview of other OTC Derivatives and Client Organizational Issues and Challenges Needs Using Derivatives: The Risk side of Global ■■ Credit Derivatives (CDSs) Markets ■■ Equity Derivatives (Managing risk of other com- For sell-side and buy-side users of derivatives, pany interests and Employee option schemes) there are a number of organizational issues associated with derivatives, including: ■■ Commodity Derivatives ■■ ISDA Master Agreement ■■ Credit Support Annex (CSA)…… how collat- eral works

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How do Hedge Funds fit into the Accessing Hedge Funds and Portfolio Investing Universe? Construction ■■ Mutual Funds and OEICs ■■ Accessing hedge funds ■■ ETFs • Single managers/managed accounts ■■ UCITs and SICAVs • Fund of funds • Guaranteed products What is a Hedge Fund Looking to • Benchmarking and investable indices Achieve? • Offshore/ on shore funds ■■ Absolute vs. benchmarked returns ■■ Alpha vs. beta; portable alpha Due diligence process and hedge fund ■■ Minimising correlations portfolio construction ■■ Qualitative due diligence Hedge Funds Characteristics ■■ Quantitative due diligence ■■ History, evolution and size of the hedge ■■ Impact of adding hedge funds to a tradi- fund industry tional portfolio ■■ Market participants ■■ Mutual funds vs. hedge funds Operational, Legal, Regulatory Issues • Hedge fund characteristics and Hedge Fund Marketing • Trading approach, fee structures, mini- ■■ Administration, legal and tax issues mum investment, redemption and other • role of the administrator differences • role of the custodian • role of the prime broker Hedge Fund Strategies and Associated ■■ Domiciliation and regulatory issues Risks ■■ Tax issues ■■ Directional strategies • Long/short equities Marketing Hedge Funds • Global macro and managed futures ■■ Investor demand and expectation • Emerging markets ■■ Outlook for hedge funds ■■ Relative-value strategies • Equity market neutral Basic Statistical Tools for Assessing • Convertible bond arbitrage Performance • Fixed income arbitrage ■■ Basic statistics for hedge fund analysis ■■ Event driven strategies • Normal distribution/ skew and kurto- • Risk arbitrage sis • Distressed securities • Performance to risk ratios ■■ Financial and trading risk • Correlation • Market, model, liquidity, correlation, • Comparison to peers credit and operational risks ■■ Risk management Case Studies: Analysing and comparing • Cash and margin accounts various types of real-life funds • Leverage ■■ Money management ■■ Convertible arbitrage fund • Controlling risk and volatility at the ■■ Long short equity fund trade level and the portfolio level ■■ Global macro fund ■■ Fund of fund Performance Measurement ■■ Profit Recap on Hedge Funds ■■ How use ful are Hedge Fund Benchmarks ! ■■ How big is the fund? ■■ Sharpe ratio ■■ Drawdowns ■■ Sortino Ratio ■■ Asset Quality ■■ Drawdowns ■■ The role of the Custodian ■■ Leverage ■■ Performance

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Course Content

Alternative investments ■■ Characteristics of alternative investments ■■ Role in a portfolio, impact on risks and return ■■ Trends in the industry ■■ Valuation issues

Commercial Property ■■ Sector performance – office, retail and industrial ■■ Direct investment versus collective ■■ REITs

Private Equity ■■ Venture capital, leveraged buy outs, mez- zanine financing etc. ■■ Valuing private equity ■■ Comparison with listed equity ■■ Advantages and disadvantages of invest- ing in private equity

Others ■■ Commodities, infrastructure. Distressed Securities ■■ Precious metals, oil and gas, base metals, soft commodities etc.

Historic Performance of Alternatives

How to gain exposure ■■ Listed shares ■■ Funds, ■■ Futures ■■ ETFs

Alternative Alternatives ■■ Art ■■ Antiques ■■ Wines ■■ Cars

Comparison to hedge funds (liquidity, payoff, risk control)

Exercise: Delegates, in teams, are asked to decide where they would invest their portfolio of $10m

What are the potential rewards?

What are the risks?!!

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Course Overview

The course has four primary aims: ■■ To create detailed knowledge of the issues, problems and opportunities for the property indus- try ■■ To develop a greater understanding of the role of property within the overall development and investment strategy of an organisation ■■ To appreciate the investment strategy into real estate required for a pension fund, especially in the South African context ■■ To enhance the management and organisational skills necessary for effective property manage- ment

Course Content

different classes of investment Day 1 Real Estate as an Investment Real Estate Background: ■■ ARGUS DCF Valuation software demonstration ■■ Real estate investment and management within the larger global economy Property and Conveyancing Law ■■ Types of property and their performance ■■ Legal principles, structure, court and devolu- tion Case Study: The emergence of land and ■■ Legal issues for property professionals property as a crucial investment class Examples of legal issues for property ■■ Valuation theory and Applications investment Examples of Land and Property ■■ Law of contract Valuations ■■ Law of Tort, nuisance and negligence ■■ Land law, property rights and obligations ■■ Property taxation, valuation and legal Course Content ■■ Applied property law, legal issues in building framework and construction, planning and development, ■■ Real estate in South Africa – private own- liabilities for owners / occupiers ership, recent development, stock markets ■■ Islamic property legal issues and family investments ■■ Mortgage Law ■■ Key stakeholders within the property in-

dustry Case Study: the South African mortgage ■■ Property professionals and their role market

Case Studies: The Royal Institute of ■■ Differences in real estate law between South Chartered Surveyors and the Urban Land Africa and other jurisdictions Institute

Case Studies of real estate law and legal Financing Property Purchase decisions ■■ Bank loans for property investment ■■ Secondary loans Day 2: Property as an asset class

Case Study: Debt formulation and deal All About Leases structuring in real estate investment ■■ Nature and creation of leases ■■ ■■ Differences between types of commercial ■■ Equity investment property leases ■■ Calculation of returns ■■ Commercial leases and statutory control ■■ Residential tenancies and statutory control Examples of Excel financial models ■■ Structure of leases e.g. length of the lease for real estate investment analysis – period; including options for tenant alter

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real Estate InvestmentAdvanced and Management Negotiation Issues- South in Africa M&A Continued...

ENQUIRE BOOK NOW NOW Course Content Course Content ■■ Analysing industry trends ■■ ations and expansion Examples of real estate investment and Lease Calculations (with worked examples occupancy strategies for pension funds and and exercises) companies

■■ Rent reviews and lease renewal options ■■ Accounting and monetary practices ■■ Covenants to leases e.g. repairing liability, ■■ Insurance occupancy conditions, sub-leases, termina- tion, service charge provision Financial Management Principles ■■ Reporting procedures in the management of Tenant Management different kinds of properties ■■ Qualifying the prospective tenant financially ■■ Preparing profit-and-loss statements ■■ Tax implications; tax records; Case Studies: Do Ratings Work? ■■ Cash flows; depreciation; investment tax cred- its; after-tax cash flow; ■■ Marketing considerations for office build- ■■ Risk management and how to obtain proper ings – understanding the market, building insurance a marketing plan, measuring marketing ■■ Accounting theory and methods efficiency ■■ Asset and liability valuations ■■ Budgeting and cash flow analysis Group work: preparing a marketing plan for a commercial building in Johannesburg Case Studies; principles of real estate management budgets ■■ Advertising and public relations; how to get referrals; canvassing for tenants; preparing ■■ Decision making based on cost data; indus- a rental sales plan trial, commercial and property finance; ratio ■■ Security deposits and other negotiation analysis issues ■■ Property accounting principles for investors ■■ Inspections (including IAS) ■■ Effectively handling inquiries and com- ■■ Presentation to clients and management of plaints client’s accounts ■■ What to incorporate in tenant and director’s meetings Case Study: financial management - outlining a property’s sources of income Group work: Handling tenant negotiations and types of expenses and how they are accounted and reported ■■ Housing and tenant management Real Estate Strategy Bricks and Mortar ■■ Principles of property management within the ■■ Property Management built environment and a business environment ■■ Advanced Operations And Facilities Manage- ■■ Private and public strategy for the manage- ment ment of property resources within an opera- ■■ Occupational Health And Safety tional plan ■■ Maintenance and Structural Preservation ■■ Procurement and Supply Chain Manage- Case Study: Government real estate ment planning, institutions and strategies ■■ Property Life Cycle Planning ■■ Sustainability and Real Estate Management ■■ Application of legal and planning restrictions ■■ Information Technology on asset enhancement ■■ Staffing ■■ Corporate property strategy ■■ Management ■■ Contracts and Outsourcing Case Studies: Sale and Leaseback

Business Management Ownership Forms and Goals ■■ Strategic business planning processes ■■ Ways investors can own real estate and their ■■ Business life cycle

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real Estate InvestmentAdvanced and Management Negotiation Issues- South in Africa M&A Continued...

ENQUIRE BOOK NOW NOW Course Content Course Content

■■ expectations for this type of investment ■■ The role of real estate funds

Operational Property Portfolio Planning ■■ Master, action and project planning ■■ Change management and relocations ■■ Selling property

Group work: preparing a sales marketing plan for a commercial property

Portfolio Analysis ■■ Comparison of risk–return profiles of real estate and financial investment assets ■■ Measuring investment performance ■■ Principles of portfolio diversification ■■ The case for active portfolio management ■■ Application of property within a larger non-property investment market ■■ The nature of risk and return from prop- erty compared with bonds and equities

Case Studies: portfolio management and property investment – how much property should a fund hold?

Course Conclusion

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real Estate InvestementAdvanced and Negotiation Management Issues - Hong in KongM&A Date: In-House or via Live Webinar Location: London Price: .....+VAT

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Course Overview

The course has four primary aims: ■■ To create detailed knowledge of the issues, problems and opportunities for the property indus- try ■■ To develop a greater understanding of the role of property within the overall development and investment strategy of an organisation ■■ To appreciate the investment strategy into real estate required for a pension fund, especially in the Hong Kong context ■■ To enhance the management and organisational skills necessary for effective property manage- ment

Course Content

different classes of investment Day 1 Real Estate as an Investment Real Estate Background: ■■ ARGUS DCF Valuation software demonstration ■■ Real estate investment and management within the larger global economy Property and Conveyancing Law ■■ Types of property and their performance ■■ Legal principles, structure, court and devolu- tion Case Study: The emergence of land and ■■ Legal issues for property professionals property as a crucial investment class Examples of legal issues for property ■■ Valuation theory and Applications investment Examples of Land and Property ■■ Law of contract Valuations ■■ Law of Tort, nuisance and negligence ■■ Land law, property rights and obligations ■■ Property taxation, valuation and legal Course Content ■■ Applied property law, legal issues in building framework and construction, planning and development, ■■ Real estate in Hong Kong – private owner- liabilities for owners / occupiers ship, recent development, stock markets ■■ Islamic property legal issues and family investments ■■ Mortgage Law ■■ Key stakeholders within the property in-

dustry Case Study: the Hong Kong mortgage ■■ Property professionals and their role market

Case Studies: The Royal Institute of ■■ Differences in real estate law between Hong Chartered Surveyors and the Urban Land Kong and other jurisdictions Institute

Case Studies of real estate law and legal Financing Property Purchase decisions ■■ Bank loans for property investment ■■ Secondary loans Day 2: Property as an asset class

Case Study: Debt formulation and deal All About Leases structuring in real estate investment ■■ Nature and creation of leases ■■ ■■ Differences between types of commercial ■■ Equity investment property leases ■■ Calculation of returns ■■ Commercial leases and statutory control ■■ Residential tenancies and statutory control Examples of Excel financial models ■■ Structure of leases e.g. length of the lease for real estate investment analysis – period; including options for tenant alter

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real Estate InvestmentAdvanced and Negotiation Management Issues - Hong in KongM&A Continued...

ENQUIRE BOOK NOW NOW Course Content Course Content ■■ Analysing industry trends ■■ ations and expansion Examples of real estate investment and Lease Calculations (with worked examples occupancy strategies for pension funds and and exercises) companies

■■ Rent reviews and lease renewal options ■■ Accounting and monetary practices ■■ Covenants to leases e.g. repairing liability, ■■ Insurance occupancy conditions, sub-leases, termina- tion, service charge provision Financial Management Principles ■■ Reporting procedures in the management of Tenant Management different kinds of properties ■■ Qualifying the prospective tenant financially ■■ Preparing profit-and-loss statements ■■ Tax implications; tax records; Case Studies: Do Ratings Work? ■■ Cash flows; depreciation; investment tax cred- its; after-tax cash flow; ■■ Marketing considerations for office build- ■■ Risk management and how to obtain proper ings – understanding the market, building insurance a marketing plan, measuring marketing ■■ Accounting theory and methods efficiency ■■ Asset and liability valuations ■■ Budgeting and cash flow analysis Group work: preparing a marketing plan for a commercial building in Hong Kong Case Studies; principles of real estate management budgets ■■ Advertising and public relations; how to get referrals; canvassing for tenants; preparing ■■ Decision making based on cost data; indus- a rental sales plan trial, commercial and property finance; ratio ■■ Security deposits and other negotiation analysis issues ■■ Property accounting principles for investors ■■ Inspections (including IAS) ■■ Effectively handling inquiries and com- ■■ Presentation to clients and management of plaints client’s accounts ■■ What to incorporate in tenant and director’s meetings Case Study: financial management - outlining a property’s sources of income Group work: Handling tenant negotiations and types of expenses and how they are accounted and reported ■■ Housing and tenant management Real Estate Strategy Bricks and Mortar ■■ Principles of property management within the ■■ Property Management built environment and a business environment ■■ Advanced Operations And Facilities Manage- ■■ Private and public strategy for the manage- ment ment of property resources within an opera- ■■ Occupational Health And Safety tional plan ■■ Maintenance and Structural Preservation ■■ Procurement and Supply Chain Manage- Case Study: Government real estate ment planning, institutions and strategies ■■ Property Life Cycle Planning ■■ Sustainability and Real Estate Management ■■ Application of legal and planning restrictions ■■ Information Technology on asset enhancement ■■ Staffing ■■ Corporate property strategy ■■ Management ■■ Contracts and Outsourcing Case Studies: Sale and Leaseback

Business Management Ownership Forms and Goals ■■ Strategic business planning processes ■■ Ways investors can own real estate and their ■■ Business life cycle

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real Estate InvestmentAdvanced and Negotiation Management Issues - Hong in KongM&A Continued...

ENQUIRE BOOK NOW NOW Course Content Course Content

■■ expectations for this type of investment ■■ The role of real estate funds

Operational Property Portfolio Planning ■■ Master, action and project planning ■■ Change management and relocations ■■ Selling property

Group work: preparing a sales marketing plan for a commercial property

Portfolio Analysis ■■ Comparison of risk–return profiles of real estate and financial investment assets ■■ Measuring investment performance ■■ Principles of portfolio diversification ■■ The case for active portfolio management ■■ Application of property within a larger non-property investment market ■■ The nature of risk and return from prop- erty compared with bonds and equities

Case Studies: portfolio management and property investment – how much property should a fund hold?

Course Conclusion

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real Estate AdvancedInvestement Negotiation and Management Issues in - M&AUAE Date: In-House or via Live Webinar Location: London Price: .....+VAT

ENQUIRE BOOK NOW NOW

Course Overview

The course has four primary aims: ■■ To create detailed knowledge of the issues, problems and opportunities for the property indus- try ■■ To develop a greater understanding of the role of property within the overall development and investment strategy of an organisation ■■ To appreciate the investment strategy into real estate required for a pension fund, especially in the UAE's context ■■ To enhance the management and organisational skills necessary for effective property manage- ment

Course Content

different classes of investment Day 1 Real Estate as an Investment Real Estate Background: ■■ ARGUS DCF Valuation software demonstration ■■ Real estate investment and management within the larger global economy Property and Conveyancing Law ■■ Types of property and their performance ■■ Legal principles, structure, court and devolu- tion Case Study: The emergence of land and ■■ Legal issues for property professionals property as a crucial investment class Examples of legal issues for property ■■ Valuation theory and Applications investment Examples of Land and Property ■■ Law of contract Valuations ■■ Law of Tort, nuisance and negligence ■■ Land law, property rights and obligations ■■ Property taxation, valuation and legal Course Content ■■ Applied property law, legal issues in building framework and construction, planning and development, ■■ Real estate in UAE – private ownership, liabilities for owners / occupiers recent development, stock markets and ■■ Islamic property legal issues family investments ■■ Mortgage Law ■■ Key stakeholders within the property in-

dustry Case Study: the UAE mortgage market ■■ Property professionals and their role

■■ Differences in real estate law between UAE Case Studies: The Royal Institute of and other jurisdictions Chartered Surveyors and the Urban Land

Institute Case Studies of real estate law and legal decisions Financing Property Purchase ■■ Bank loans for property investment Day 2: Property as an asset class ■■ Secondary loans

All About Leases Case Study: Debt formulation and deal ■■ Nature and creation of leases structuring in real estate investment ■■ Differences between types of commercial ■■ property leases ■■ Equity investment ■■ Commercial leases and statutory control ■■ Calculation of returns ■■ Residential tenancies and statutory control ■■ Structure of leases e.g. length of the lease Examples of Excel financial models period; including options for tenant alter for real estate investment analysis –

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real EstateAdvanced Investment Negotiation and Management Issues in - M&AUAE Continued...

ENQUIRE BOOK NOW NOW Course Content Course Content ■■ ations and expansion Examples of real estate investment and occupancy strategies for pension funds and Lease Calculations (with worked examples companies and exercises) ■■ Accounting and monetary practices ■■ Rent reviews and lease renewal options ■■ Insurance ■■ Covenants to leases e.g. repairing liability, occupancy conditions, sub-leases, termina- Financial Management Principles tion, service charge provision ■■ Reporting procedures in the management of different kinds of properties Tenant Management ■■ Preparing profit-and-loss statements ■■ Qualifying the prospective tenant financially ■■ Tax implications; tax records; ■■ Cash flows; depreciation; investment tax cred- Case Studies: Do Ratings Work? its; after-tax cash flow; ■■ Risk management and how to obtain proper ■■ Marketing considerations for office build- insurance ings – understanding the market, building ■■ Accounting theory and methods a marketing plan, measuring marketing ■■ Asset and liability valuations efficiency ■■ Budgeting and cash flow analysis

Group work: preparing a marketing plan Case Studies; principles of real estate for a commercial building in Dubai management budgets ■■ Advertising and public relations; how to get referrals; canvassing for tenants; preparing ■■ Decision making based on cost data; indus- a rental sales plan trial, commercial and property finance; ratio ■■ Security deposits and other negotiation analysis issues ■■ Property accounting principles for investors ■■ Inspections (including IAS) ■■ Effectively handling inquiries and com- ■■ Presentation to clients and management of plaints client’s accounts ■■ What to incorporate in tenant and director’s meetings Case Study: financial management - outlining a property’s sources of income Group work: Handling tenant negotiations and types of expenses and how they are accounted and reported ■■ Housing and tenant management Real Estate Strategy Bricks and Mortar ■■ Principles of property management within the ■■ Property Management built environment and a business environment ■■ Advanced Operations And Facilities Manage- ■■ Private and public strategy for the manage- ment ment of property resources within an opera- ■■ Occupational Health And Safety tional plan ■■ Maintenance and Structural Preservation ■■ Procurement and Supply Chain Manage- Case Study: Government real estate ment planning, institutions and strategies ■■ Property Life Cycle Planning ■■ Sustainability and Real Estate Management ■■ Application of legal and planning restrictions ■■ Information Technology on asset enhancement ■■ Staffing ■■ Corporate property strategy ■■ Management ■■ Contracts and Outsourcing Case Studies: Sale and Leaseback

Business Management Ownership Forms and Goals ■■ Strategic business planning processes ■■ Ways investors can own real estate and their ■■ Business life cycle ■■ Analysing industry trends

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button Real EstateAdvanced Investment Negotiation and Management Issues in - M&AUAE Continued...

ENQUIRE BOOK NOW NOW Course Content Course Content

■■ expectations for this type of investment ■■ The role of real estate funds

Operational Property Portfolio Planning ■■ Master, action and project planning ■■ Change management and relocations ■■ Selling property

Group work: preparing a sales marketing plan for a commercial property

Portfolio Analysis ■■ Comparison of risk–return profiles of real estate and financial investment assets ■■ Measuring investment performance ■■ Principles of portfolio diversification ■■ The case for active portfolio management ■■ Application of property within a larger non-property investment market ■■ The nature of risk and return from prop- erty compared with bonds and equities

Case Studies: portfolio management and property investment – how much property should a fund hold?

Course Conclusion

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button AdvancedReal Estate Negotiation Valuation Issues- South in Africa M&A Date: In-House or via Live Webinar Location: London Price: .....+VAT

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Course Overview

This course covers the methods, concepts and application of real estate valuation. At this course, you will learn to value most typical forms of real estate using a variety of techniques and methods, in the same way as a chartered surveyor. The focus is on properties and market conditions in South Africa, but with plenty of international examples, including land, properties with development potential, and different classes of property such as offices, retail, hotels, and warehouses as well as residential property valuation.

Top 5 Learning Objectives ■■ Understand the most widely-practiced property income and capital valuation techniques ■■ Identify the cost of capital for real estate ■■ Successfully implement discounted cash flow valuation frameworks ■■ Acquire the ability to value a range of different types of properties ■■ Appreciate international differences in valuation approaches

Course Content

Day 1 tion ■■ Reporting according to IFRS standards Real Estate As An Investment Class ■■ Types of valuation approach Property Performance Analysis ■■ Important aspects of the RICS Valuation ■■ How is property measured? Standards (including valuer independence) ■■ Identifying what makes a good property ■■ Problems and issues with performance IFRS Valuation and Real Estate evaluation ■■ Sources of data Concepts of fair value ■■ Accounting implications of the valuation of Course■■ Evolution Content of data measurement ■■ International comparisons of performance non-financial assets i.e. investment properties ■■ Current issues in performance manage- and property plant and equipment, leasing, ment impairment, and comparisons with equity

Case Study: Best international practice in Relevant IFRS standards for real estate property performance measurement ■■ 8 Operating segments ■■ 13 Fair Value Property In The Investment Portfolio ■■ 16 Property, plant and equipment ■■ Concept of Modern Portfolio Theory (MPT) ■■ 17 Leases ■■ Measuring variance (Beta and equivalents) ■■ Constructing a portfolio Case Study: Does the transaction fall under ■■ Property correlation with other assets IAS 17? If so, is it a finance or an operating ■■ Best international practice on property in a lease? portfolio ■■ International trends in property correlation ■■ 23 Borrowing costs ■■ 36 Impairment Case Study: Pension fund and private ■■ 40 Investment property equity investment in African property ■■ Case study: Deciding whether a property is RICS Valuation Standards an investment property ■■ Appraisal of income property – RICS Valu- ation Practices and international compari- Case Study: Ascertaining the reliability and sons accuracy of the values taken into financial ■■ Comparison with corporate finance valua- statements in compliance with IFRS statements

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button AdvancedReal Estate Negotiation Valuation Issues- South in Africa M&A Continued...

ENQUIRE BOOK NOW NOW Course Content Course Content Net Operating Income (NOI) Basic accounting decisions and their ■■ Gross and net income implications for preparers and users ■■ Differences in calculating NOI ■■ Choosing between the cost model and the ■■ Overall capitalisation rate fair value model ■■ Capital expenditure issues ■■ Cost model: how to determine initial cost ■■ Differences between property types including borrowing costs and appropriate ■■ Approaches to the cap rate depreciation schedule ■■ Identifying relevant indicators for impair- Case Study: The band of investment ment review approach ■■ Estimating recoverable amount: ‘Value in use’ versus ‘Fair value less costs to sell’ Projecting Cash flows ■■ Fair value model: Estimating fair values (a) ■■ The dynamic behaviour of the 4-Q model: sta- of unique assets and (b) in illiquid markets bility versus oscillations ■■ Setting valuation assumptions ■■ Real estate pricing behavior: backward or for- ■■ Trading and development properties ward looking? ■■ Forecasting markets: univariate analysis, vec- Case study: Property leases: some special tor auto regressions, structured models. issues and their impact on the financial ■■ Forecasting examples statements ■■ The definition and evaluation of “risk”

■■ Rent-free periods and other incentives Case Study: Forecasting techniques ■■ Tenants’ improvements ■■ Step-up rents Creating And Using A Detailed Discounted ■■ Disclosures, especially with regard to Cash Flow (DCF) Model management judgements, impairment and ■■ Debt service and pre-tax cash flow revaluations ■■ The sinking fund ■■ Review of corporate accounts, GAAP and ■■ Lease variations IFRS consolidation rules and other issues ■■ Differences between sectors associated with SPVs ■■ Estimating resale value ■■ Terminal capitalisation rates Worked exercises: Comparing corporate annual reports with real estate values Exercises: Delegates will use a number calculated of real world examples to create and use spreadsheets for DCF valuation Group discussion: Is valuation in South Africa adhering to best international Real Estate Valuation and the cost of capital practice? ■■ What is the significance of the cost of capital? ■■ Differentiation between debt and equity Residential Property – Assessing Capital ■■ Hybrid products Value ■■ The pecking order theory of cost of capital ■■ Why buy residential real estate? ■■ Market derived cost of capital ■■ Does rental income matter for residential property? Case Study: estimating the cost of capital for ■■ What are the main problems? a real estate company ■■ Measurement criteria for residential real estate – hedonic approaches Land Prices ■■ Qualitative issues, competition, style and ■■ Should land prices be calculated separately? marketing ■■ How cyclical are land prices? ■■ Modelling land prices Case Study: Residential price trends in ■■ Empirical evidence on land prices South Africa – comparative analysis ■■ Forecasting land prices ■■ Land price issues in South Africa Day Two ■■ Case Study: Data availability on land prices Discounted Cash Flow For Real Estate Investments

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ENQUIRE BOOK NOW NOW Course Content Course Content ■■ Applications The Cost Approach ■■ Type of costs Exercise: Delegates will study a range of ■■ Methods of evaluating costs real option calculations using customised ■■ Sources of cost estimation spreadsheet models ■■ Incurable and curable depreciation ■■ Market extraction method ■■ Does property possess real options? ■■ Examples of possible real estate real options Exercises: Delegates will use spreadsheet ■■ Call Option approach to land value models to calculate a range of cost ■■ Samuelson-McKean approach estimates for individual properties ■■ Difficulties of measurement ■■ Potential benefits The Sales Comparison Approach ■■ Value, worth and price Exercise: Delegates will value a potential ■■ Sources of comparable data development on the basis of conventional ■■ Identifying points of comparison and differ- DCF and real option analysis ence ■■ Sales comparison approach example Valuation In Practice ■■ How is valuation practiced by chartered sur- Exercises: Using the sales comparison veyors? approach in practice ■■ What are the key elements of the RICS valua- tion guidelines? Highest And Best Use Approach ■■ What is the evidence on valuation practice in ■■ Definitions of HBU COUNTRY? ■■ Site value ■■ What to look for in a valuation report ■■ Improved value ■■ What are the differences between countries? ■■ Calculating HBU Case studies: Examples of real estate Case Study: Business Plan for a major valuation reports (RICS and others) project analysed Course Conclusion Leasing Analysis ■■ Introduction to leases Exercises: Stop calculations, lease valuation and feasibility rents

■■ Analysing comparables ■■ Analysing rental prospects

Exercises: Depreciation, net operating income and yield calculations

■■ Securing tenants in relation to valuation and finance ■■ Quality control and finance ■■ Forecasting and limiting operating costs ■■ Leases in Africa – issues, the law and values

Day Four Introduction To Real Options ■■ How to calculate real option value ■■ Comparing the Black-Scholes and Binominal Expansion model ■■ Real world examples ■■ Problems with real option calculation ■■ Application to distressed firms’equity and other financial

To bookTo book this thiscourse course or find or find out outmore, more, please please click click the the“Enquire “Book” Now” button button AdvancedReal Estate Negotiation Valuation Issues - Hong in KongM&A Date: In-House or via Live Webinar Location: London Price: .....+VAT

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Course Overview

This course covers the methods, concepts and application of real estate valuation. At this course, you will learn to value most typical forms of real estate using a variety of techniques and methods, in the same way as a chartered surveyor. The focus is on properties and market conditions in Hong Kong, but with plenty of international examples, including land, properties with development potential, and different classes of property such as offices, retail, hotels, and warehouses as well as residential property valuation.

Top 5 Learning Objectives ■■ Understand the most widely-practiced property income and capital valuation techniques ■■ Identify the cost of capital for real estate ■■ Successfully implement discounted cash flow valuation frameworks ■■ Acquire the ability to value a range of different types of properties ■■ Appreciate international differences in valuation approaches

Course Content

Day 1 tion ■■ Reporting according to IFRS standards Real Estate As An Investment Class ■■ Types of valuation approach Property Performance Analysis ■■ Important aspects of the RICS Valuation ■■ How is property measured? Standards (including valuer independence) ■■ Identifying what makes a good property ■■ Problems and issues with performance IFRS Valuation and Real Estate evaluation ■■ Sources of data Concepts of fair value ■■ Accounting implications of the valuation of Course■■ Evolution Content of data measurement ■■ International comparisons of performance non-financial assets i.e. investment properties ■■ Current issues in performance manage- and property plant and equipment, leasing, ment impairment, and comparisons with equity

Case Study: Best international practice in Relevant IFRS standards for real estate property performance measurement ■■ 8 Operating segments ■■ 13 Fair Value Property In The Investment Portfolio ■■ 16 Property, plant and equipment ■■ Concept of Modern Portfolio Theory (MPT) ■■ 17 Leases ■■ Measuring variance (Beta and equivalents) ■■ Constructing a portfolio Case Study: Does the transaction fall under ■■ Property correlation with other assets IAS 17? If so, is it a finance or an operating ■■ Best international practice on property in a lease? portfolio ■■ International trends in property correlation ■■ 23 Borrowing costs ■■ 36 Impairment Case Study: Pension fund and private ■■ 40 Investment property equity investment in ASPAC property ■■ Case study: Deciding whether a property is RICS Valuation Standards an investment property ■■ Appraisal of income property – RICS Valu- ation Practices and international compari- Case Study: Ascertaining the reliability and sons accuracy of the values taken into financial ■■ Comparison with corporate finance valua- statements in compliance with IFRS statements

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ENQUIRE BOOK NOW NOW Course Content Course Content Net Operating Income (NOI) Basic accounting decisions and their ■■ Gross and net income implications for preparers and users ■■ Differences in calculating NOI ■■ Choosing between the cost model and the ■■ Overall capitalisation rate fair value model ■■ Capital expenditure issues ■■ Cost model: how to determine initial cost ■■ Differences between property types including borrowing costs and appropriate ■■ Approaches to the cap rate depreciation schedule ■■ Identifying relevant indicators for impair- Case Study: The band of investment ment review approach ■■ Estimating recoverable amount: ‘Value in use’ versus ‘Fair value less costs to sell’ Projecting Cash flows ■■ Fair value model: Estimating fair values (a) ■■ The dynamic behaviour of the 4-Q model: sta- of unique assets and (b) in illiquid markets bility versus oscillations ■■ Setting valuation assumptions ■■ Real estate pricing behavior: backward or for- ■■ Trading and development properties ward looking? ■■ Forecasting markets: univariate analysis, vec- Case study: Property leases: some special tor auto regressions, structured models. issues and their impact on the financial ■■ Forecasting examples statements ■■ The definition and evaluation of “risk”

■■ Rent-free periods and other incentives Case Study: Forecasting techniques ■■ Tenants’ improvements ■■ Step-up rents Creating And Using A Detailed Discounted ■■ Disclosures, especially with regard to Cash Flow (DCF) Model management judgements, impairment and ■■ Debt service and pre-tax cash flow revaluations ■■ The sinking fund ■■ Review of corporate accounts, GAAP and ■■ Lease variations IFRS consolidation rules and other issues ■■ Differences between sectors associated with SPVs ■■ Estimating resale value ■■ Terminal capitalisation rates Worked exercises: Comparing corporate annual reports with real estate values Exercises: Delegates will use a number calculated of real world examples to create and use spreadsheets for DCF valuation Group discussion: Is valuation in Hong Kong adhering to best international Real Estate Valuation and the cost of capital practice? ■■ What is the significance of the cost of capital? ■■ Differentiation between debt and equity Residential Property – Assessing Capital ■■ Hybrid products Value ■■ The pecking order theory of cost of capital ■■ Why buy residential real estate? ■■ Market derived cost of capital ■■ Does rental income matter for residential property? Case Study: estimating the cost of capital for ■■ What are the main problems? a real estate company ■■ Measurement criteria for residential real estate – hedonic approaches Land Prices ■■ Qualitative issues, competition, style and ■■ Should land prices be calculated separately? marketing ■■ How cyclical are land prices? ■■ Modelling land prices Case Study: Residential price trends in ■■ Empirical evidence on land prices Hong Kong – comparative analysis ■■ Forecasting land prices ■■ Land price issues in Hong Kong Day Two Case Study: Data availability on land prices

Discounted Cash Flow For Real Estate Investments

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ENQUIRE BOOK NOW NOW Course Content Course Content other financial The Cost Approach ■■ Applications ■■ Type of costs ■■ Methods of evaluating costs Exercise: Delegates will study a range of ■■ Sources of cost estimation real option calculations using customised ■■ Incurable and curable depreciation spreadsheet models ■■ Market extraction method ■■ Does property possess real options? Exercises: Delegates will use spreadsheet ■■ Examples of possible real estate real options models to calculate a range of cost ■■ Call Option approach to land value estimates for individual properties ■■ Samuelson-McKean approach ■■ Difficulties of measurement The Sales Comparison Approach ■■ Potential benefits ■■ Value, worth and price ■■ Sources of comparable data Exercise: Delegates will value a potential ■■ Identifying points of comparison and differ- development on the basis of conventional ence DCF and real option analysis ■■ Sales comparison approach example Valuation In Practice Exercises: Using the sales comparison ■■ How is valuation practiced by chartered sur- approach in practice veyors? ■■ What are the key elements of the RICS valua- Highest And Best Use Approach tion guidelines? ■■ Definitions of HBU ■■ What is the evidence on valuation practice in ■■ Site value COUNTRY? ■■ Improved value ■■ What to look for in a valuation report ■■ Calculating HBU ■■ What are the differences between countries?

Case Study: Business Plan for a major Case studies: Examples of real estate project analysed valuation reports (RICS and others)

Leasing Analysis Course Conclusion ■■ Introduction to leases Exercises: Stop calculations, lease valuation and feasibility rents

■■ Analysing comparables ■■ Analysing rental prospects

Exercises: Depreciation, net operating income and yield calculations

■■ Securing tenants in relation to valuation and finance ■■ Quality control and finance ■■ Forecasting and limiting operating costs ■■ Leases in Hong Kong – issues, the law and values

Day Four Introduction To Real Options ■■ How to calculate real option value ■■ Comparing the Black-Scholes and Binominal Expansion model ■■ Real world examples ■■ Problems with real option calculation ■■ Application to distressed firms’equity and

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Course Overview

This course covers the methods, concepts and application of real estate valuation. At this course, you will learn to value most typical forms of real estate using a variety of techniques and methods, in the same way as a chartered surveyor. The focus is on properties and market conditions in UAE, but with plenty of international examples, including land, properties with development potential, and different classes of property such as offices, retail, hotels, and warehouses as well as residential property valuation.

Top 5 Learning Objectives ■■ Understand the most widely-practiced property income and capital valuation techniques ■■ Identify the cost of capital for real estate ■■ Successfully implement discounted cash flow valuation frameworks ■■ Acquire the ability to value a range of different types of properties ■■ Appreciate international differences in valuation approaches

Course Content

Day 1 ■■ Comparison with corporate finance valuation ■■ Reporting according to IFRS standards Real Estate As An Investment Class ■■ Types of valuation approach Property Performance Analysis ■■ Important aspects of the RICS Valuation ■■ How is property measured? Standards (including valuer independence) ■■ Identifying what makes a good property ■■ Problems and issues with performance IFRS Valuation and Real Estate evaluation ■■ Sources of data Concepts of fair value ■■ Accounting implications of the valuation of Course■■ Evolution Content of data measurement ■■ International comparisons of performance non-financial assets i.e. investment properties ■■ Current issues in performance manage- and property plant and equipment, leasing, ment impairment, and comparisons with equity

Case Study: Best international practice in Relevant IFRS standards for real estate property performance measurement ■■ 8 Operating segments ■■ 13 Fair Value Property In The Investment Portfolio ■■ 16 Property, plant and equipment ■■ Concept of Modern Portfolio Theory (MPT) ■■ 17 Leases ■■ Measuring variance (Beta and equivalents) ■■ Constructing a portfolio Case Study: Does the transaction fall under ■■ Property correlation with other assets IAS 17? If so, is it a finance or an operating ■■ Best international practice on property in a lease? portfolio ■■ International trends in property correlation ■■ 23 Borrowing costs ■■ 36 Impairment Case Study: Pension fund and private ■■ 40 Investment property equity investment in Middle Eastern ■■ property Case study: Deciding whether a property is an investment property RICS Valuation Standards ■■ Appraisal of income property – RICS Valu- Case Study: Ascertaining the reliability and ation Practices and international compari- accuracy of the values taken into financial sons statements in compliance with IFRS statements

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ENQUIRE BOOK NOW NOW Course Content Course Content ■■ Gross and net income Basic accounting decisions and their ■■ Differences in calculating NOI implications for preparers and users ■■ Overall capitalisation rate ■■ Choosing between the cost model and the ■■ Capital expenditure issues fair value model ■■ Differences between property types ■■ Cost model: how to determine initial cost ■■ Approaches to the cap rate including borrowing costs and appropriate depreciation schedule Case Study: The band of investment ■■ Identifying relevant indicators for impair- approach ment review ■■ Estimating recoverable amount: ‘Value in Projecting Cash flows use’ versus ‘Fair value less costs to sell’ ■■ The dynamic behaviour of the 4-Q model: sta- ■■ Fair value model: Estimating fair values (a) bility versus oscillations of unique assets and (b) in illiquid markets ■■ Real estate pricing behavior: backward or for- ■■ Setting valuation assumptions ward looking? ■■ Trading and development properties ■■ Forecasting markets: univariate analysis, vec- tor auto regressions, structured models. Case study: Property leases: some special ■■ Forecasting examples issues and their impact on the financial ■■ The definition and evaluation of “risk” statements Case Study: Forecasting techniques ■■ Rent-free periods and other incentives ■■ Tenants’ improvements Creating And Using A Detailed Discounted ■■ Step-up rents Cash Flow (DCF) Model ■■ Disclosures, especially with regard to ■■ Debt service and pre-tax cash flow management judgements, impairment and ■■ The sinking fund revaluations ■■ Lease variations ■■ Review of corporate accounts, GAAP and ■■ Differences between sectors IFRS consolidation rules and other issues ■■ Estimating resale value associated with SPVs ■■ Terminal capitalisation rates

Worked exercises: Comparing corporate Exercises: Delegates will use a number annual reports with real estate values of real world examples to create and use calculated spreadsheets for DCF valuation

Group discussion: Is valuation in UAE Real Estate Valuation and the cost of capital adhering to best international practice? ■■ What is the significance of the cost of capital? ■■ Differentiation between debt and equity Residential Property – Assessing Capital ■■ Hybrid products Value ■■ The pecking order theory of cost of capital ■■ Why buy residential real estate? ■■ Market derived cost of capital ■■ Does rental income matter for residential property? Case Study: estimating the cost of capital for ■■ What are the main problems? a real estate company ■■ Measurement criteria for residential real estate – hedonic approaches Land Prices ■■ Qualitative issues, competition, style and ■■ Should land prices be calculated separately? marketing ■■ How cyclical are land prices? ■■ Modelling land prices Case Study: Residential price trends in ■■ Empirical evidence on land prices UAE – comparative analysis ■■ Forecasting land prices ■■ Land price issues in UAE Day Two Case Study: Data availability on land prices

Discounted Cash Flow For Real Estate Investments Net Operating Income (NOI)

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ENQUIRE BOOK NOW NOW Course Content Course Content other financial The Cost Approach ■■ Applications ■■ Type of costs ■■ Methods of evaluating costs Exercise: Delegates will study a range of ■■ Sources of cost estimation real option calculations using customised ■■ Incurable and curable depreciation spreadsheet models ■■ Market extraction method ■■ Does property possess real options? Exercises: Delegates will use spreadsheet ■■ Examples of possible real estate real options models to calculate a range of cost ■■ Call Option approach to land value estimates for individual properties ■■ Samuelson-McKean approach ■■ Difficulties of measurement The Sales Comparison Approach ■■ Potential benefits ■■ Value, worth and price ■■ Sources of comparable data Exercise: Delegates will value a potential ■■ Identifying points of comparison and differ- development on the basis of conventional ence DCF and real option analysis ■■ Sales comparison approach example Valuation In Practice Exercises: Using the sales comparison ■■ How is valuation practiced by chartered sur- approach in practice veyors? ■■ What are the key elements of the RICS valua- Highest And Best Use Approach tion guidelines? ■■ Definitions of HBU ■■ What is the evidence on valuation practice in ■■ Site value COUNTRY? ■■ Improved value ■■ What to look for in a valuation report ■■ Calculating HBU ■■ What are the differences between countries?

Case Study: Business Plan for a major Case studies: Examples of real estate project analysed valuation reports (RICS and others)

Leasing Analysis Course Conclusion ■■ Introduction to leases Exercises: Stop calculations, lease valuation and feasibility rents

■■ Analysing comparables ■■ Analysing rental prospects

Exercises: Depreciation, net operating income and yield calculations

■■ Securing tenants in relation to valuation and finance ■■ Quality control and finance ■■ Forecasting and limiting operating costs ■■ Leases in Middle East – issues, the law and values

Day Four Introduction To Real Options ■■ How to calculate real option value ■■ Comparing the Black-Scholes and Binominal Expansion model ■■ Real world examples ■■ Problems with real option calculation ■■ Application to distressed firms’equity and

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Course Content

Day 1 Understanding the financial system Personal banking overviews ■■ Defining the financial system, and the ■■ Life cycle of a personal customer and why different types of banks and other entities does a personal customer come to a bank? within the financial system ■■ Know Your Customer (KYC) and Anti-Money ■■ Organisational structure of a commercial Laundering (AML) bank ■■ Personal customers - matching products ■■ Deposits, cash management and money Overview of economics transmission products ■■ Function of fiscal and monetary policy ■■ What is inflation and the central bank’s use Personal lending products of interest rates in inflation control ■■ Credit assessment, qualification and af- fordability Understanding the financial press ■■ Personal loans, auto loans and mortgage ■■ Understanding the financial press - What facilities to read - 30 seconds, 5 minutes and 15 minutes Credit card products ■■ Credit card products – types of cards How a bank generates income ■■ Analytics of credit card risk ■■ Funding mechanic for a bank - wholesale vs. non-wholesale, “sticky deposits” Corporate banking overview ■■ Composition and structure of a bank – buy- ■■ Why does a corporate customer come to a ing money in (deposits), selling money out bank? (loans) and keeping a shock absorber in re- ■■ Life cycle of a corporate – start-up, growth, serve (capital) – banking vs. trading Book maturity and decline ■■ How banks generate income – interest vs. ■■ What is the role of a corporate treasurer? non-interest income ■■ How can a bank add value to the corporate ■■ Examining the bank’s balance sheet and treasurer? Key Performance Indicators (KPI’s) ■■ What needs financing and how can the bank help? Understanding credit risk ■■ The role of the RM and the importance of ■■ Retail credit risk - use of credit-scoring, cross-selling behavioural factors ■■ Corporate credit risk – using internal and Corporate lending products external credit ratings ■■ Working capital & why it matters – working ■■ Review of credit risk at a bank capital ratios ■■ Calculating default risk and pricing credit ■■ Working capital products – RCF’s, invoice risk discounting/ factoring and supply chain finance Regulation and capital ■■ Secured, unsecured term lending, syndicat- ■■ Business and economic cycle ed and club loans ■■ Defining banking risks – credit, market, ■■ How banks generate income – interest vs. operational and liquidity non-interest income ■■ Basel III accord - Regulatory capital, liquid- ■■ Composition and structure of a bank’s bal- ity coverage and net stable funding ratios ance sheet

Day 2 Day 3 Review of the financial press Review of the financial press

Participants will be asked to prepare a Participants will be asked to prepare a short presentation from the Financial short presentation from the Financial Times Times

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Understanding corporate credit risk Commodities & commodities finance ■■ How corporate credit risk is accessed and ■■ History and nature of commodity markets measured ■■ What moves commodity prices? ■■ Understanding use of proceeds and sources ■■ Backwardation and contango explained of repayment ■■ Hedging commodity risk ■■ Documentation and covenants – mainte- ■■ Commodity financing, commodities as nance and incurrence collateral and the risks associated with the ■■ Expected loss, probability of default and collateral loss given default Fundamentals of international trade Cash management overview ■■ Global trade flows, reasons for importing ■■ Cash management defined and what makes and exporting cash management services attractive to a ■■ Risks in international trade - country risk, bank currency risk, commercial risk and bank ■■ Customer access, reporting and reconcilia- risk tion products ■■ International trade documents – official, transport, insurance, financial Collection and payment services ■■ Importance of clearing services and corre- Terms of trade and payment spondent bank services ■■ Terms of trade – Incoterms 2010 ■■ International and domestic payments - ■■ Open account and payment in advance RTGS, ACH and SWIFT ■■ Documentary payments – risk analysis DP ■■ RMB globalisation – international hubs, and DA clearing and settlement ■■ Letters of credit – issuing, confirming and ■■ The benefits of RMB settlement to corpo- discounting rate and FI clients ■■ LC mechanics - flow of goods, documents, ■■ Customer access, reporting and reconcilia- payment and the risks tion ■■ Types of guarantees and bonds - bid/tender bonds, performance bonds, advance pay- Liquidity management ment bonds, retention bonds, warranty/ ■■ Why liquidity management is important maintenance bonds custom bonds, shipping ■■ Physical pooling, sweeping, notional pool- guarantee ing and cash concentration ■■ Mechanics of guarantee transactions ■■ Dealing with a corporate and cash surplus- ■■ Export credit agencies es ■■ The trade-off - returns vs. liquidity and Day 5 risk Review of the financial press

Day 4 Participants will be asked to prepare a Review of the financial press short presentation from the Financial Times Participants will be asked to prepare a short presentation from the Financial Structured trade finance Times Borrowing base trade loans (BBTL) ■■ Working capital cycle & BBTL Foreign exchange ■■ Corporate requirements ■■ FX risks to importers and exporters ■■ Suitable clients ■■ Spot FX markets – primary currency, quot- ■■ Key risks & risk mitigation ing conventions and what moves spot FX rates? Transactional commodities finance ■■ Mechanics of forward pricing, FX swaps and ■■ Finance Against Warehouse Receipts non-deliverable forwards (NDF’s) (FAWR) ■■ Finance Against Inventory Reports (FAIR)

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■■ Loans Against Imports (LAI) ■■ Product cash flows and risks

Treasury and risk management products ■■ Forward rates and how they provide cer- tainty of a rate or price ■■ Interest rate swaps (IRS) - their features and uses ■■ Use of options and how they can be used to create certainty ■■ Payoff profiles and associated risk charac- teristics ■■ High level view of option pricing and asso- ciated drivers ■■ Interest rate options - caps, floors and collars ■■ Documentation ISDA master agreement and the CSA

Client relationships and communications ■■ The relationship ladder ■■ Benefits of building client trust ■■ Communication skills – perception skills, decision making, what makes a good meet- ing and meeting goals, advertising agency techniques and handling questions

Wrap-up and Key Conclusions

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Course Overview

Agribusiness, from farms through wholesalers and traders through to supermarkets, is experiencing a fundamental shift towards the importance of land and more commercialised farming operations, tighter supply chains, greater third party investment and fluctuating valuations. Never has there been a greater need for this course. With numerous topical case studies and exercises it is designed to build a comprehensive understanding of agricultural commodity markets, the production, distribution and marketing of agricultural commodities worldwide, agribusiness lending, trade, and investment and risk management.

Course Content

Day 1 Case Study - Importing wheat to Region of your choice Introduction to global agriculture, food and agricultural commodities Case Study - The Institute for Rice Research in the Philippines – do cassava and other Why does agriculture matter so much? commodities need an equivalent? ■■ Land and pricing ■■ Demography and food production Agriculture in Practice ■■ Environmental aspects of agricultural pro- duction Managing a Farm ■■ Subsistence farming and its survival algo- Case Study: Country of your choice rithms agriculture and its contribution to GDP ■■ The family farm ■■ Production functions and profitability The Green Revolution and its aftermath ■■ Farm Business Organization Course■■ Food Contenttechnologies ■■ Whole Farm Planning ■■ Yield growth ■■ Varietal improvements Case Study: Agrimaster, farm software, and excel models for farm management Agricultural technologies Agricultural compared and contrasted Commodities and markets ■■ The food chain ■■ Farm lending and financing ■■ The international Food Trade Case Studies: Region of your choice The State of Global Agriculture in 2018 bank analysis of agribusiness lending opportunities ■■ Production and consumption of major agri- cultural commodities ■ Farm and Agribusiness Management in the ■■ Agriculture and Public Policy ■ Future ■■ Food, Agriculture, and Natural Resource Policy ■■ Government agricultural support pro- Marketing and Selling Agricultural grammes (eg EU CAP,USDA) Commodities ■■ International programmes and organiza- ■■ Marketing agricultural commodities tions ■■ Agricultural Marketing and Price Analysis

Group discussion: agriculture and politics Handling Agricultural Risk in Country of your choice - the crucial ■■ Contract farming – how it works interface ■■ Agricultural commodity volatility – history, underlying determinants and management (forwards, swaps, options and futures, exot- ics)

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Course Content

■■ Modelling risk – sensitivity analysis, scenari- os and Monte Carlo

Case Study – Derivative exchanges in Africa and the world – how can Indonesian agribusiness hedge its risk?

Day 2

International Agribusiness

The Industry worldwide ■■ Size and scope ■■ Exporters and importers ■■ Vertical and horizontal integration

Case Study: The country of your choice dairy industry

■■ Major commodity companies

Case Study: Cargill, friend or foe?

■■ Smaller commodity trading companies and brokers

Case Study: rice brokers worldwide

■■ Collaboration and M&A in global agribusiness

Case Study: Glencore takeover strategies

Investment appraisal and trading in agribusiness ■■ Project economics ■■ How to forecast agricultural cash flows ■■ Decision-making criteria (NPV, IRR, MIRR, etc) ■■ Accounting issues ■■ Environmental caveats ■■ Risk management issues

Major exercise: Comparing investment opportunities in agribusiness

Course Conclusion: The future of agribusiness

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Course Overview

Agribusiness is globalising and attracting more private investment. The importance of land valuation, professional management of farmland, and the requirements of capital investment are the key drivers of investment success. Effective investment, however, requires proper modelling, and this course is the key to understanding how to use Excel to optimise the value of an agribusiness investment. Covering the crucial areas of Excel techniques, model structure, forecasting and risk assessment, delegates build and eventually take away from this course with a fully-functioning agribusiness model, as well as a host of other case studies, examples of models, and model-building skills.

Course Content

Day 1 Day 2

Agribusiness Modelling using Excel 3. Building an agribusiness investment model 1. Using Excel for modelling ■■ Worksheet organization Delegates will construct and use an agribusiness ■■ Data input, management and verification investment model. This group exercise will ■■ Use of colour/add-ins include: ■■ Naming of cells ■■ Location of input variables ■■ Creating model inputs from management and ■■ Review of Excel functions and their use legal documentation ■■ Macros and their use ■■ Using Excel Scenario Manager to analyse alter- ■■ Goal seeking native investment strategies ■■ Optimisation ■■ Forecasting operating revenues and costs ■■ Circularity and how to resolve it ■■ Loan assessment criteria ■■ Working with range names ■■ Modelling loan amortization Course■■ Graphs Content and charts ■■ IRR NPV and other valuation analysis ■■ What is needed from Excel and what is ■■ Methods of handling risk superfluous ■■ Using @RISK to analyse the risks of the model ■■ Principles of spreadsheets and workbooks (Monte Carlo)

Case Study: Evaluating good and bad Course Conclusion – where now for Excel financial models agribusiness investment?

2. Bank and PE House perspectives ■■ DSCR and other critical bank ratios and how to model them ■■ Equity NPV/ IRR and project IRR and how to model them ■■ Modelling cash flow and ratios: ■■ Allowing for accountancy - depreciation, tax and capital allowances

Case Study: Examples of Excel project modelling

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■Course■ Overview ■■

This 2 day course is for staff who need to have an understanding of commodities from an investment and trading perspective. No background knowledge of commodities, markets and derivatives as all essentials are explained.

It is suitable for all levels of staff who need to gain a working knowledge of how these markets work and why investors are including this sector as part of their investment portfolios.

The course includes many practical examples.

Course Content Trends Introduction to Commodities: ■■ OPEC and Non-OPEC Production ■■ Some essential market terminology ■■ Understanding the Supply Chain in Energy ■■ Recent Commodity Sector Performance ■■ Geo-political Risk ■■ What are Commodities and does it include ■■ Crude Oil Trading – Tanker v Pipeline Bitcoin ■■ Exchanges and Exchange Traded Oil Con- ■■ Commodity Price Drivers tracts ■■ Overview of Commodity Trading ■■ Distillates • Oil Refining and Refining Margins ■■ Physical and Spot Trading • Gasolene (RBOB) ■■ Commodity exchanges and market liquidity • Gasoil/Diesel ULSD • Heating Oil Commodity Forwards, Futures and • Other Products Options: ■■ Crack Spreads ■■ Forwards – a bilateral trade ■■ Natural Gas ■■ Futures – a look at contract specs ■■ Ethanol ■■ Futures Exchanges – how they work ■■ Electricity ■■ Understanding Margin ■■ Coal ■■ Options – what are they, how they work ■■ Trading and Trading Strategy examples ■■ Futures versus Options – payoff ■■ Options Pricing Understanding Base Metals ■■ A simple pricing model – using spread- ■■ Base Metals – the Essentials sheets ■■ Base Metal Exchanges for Trading • LME, LME Warehouses & LME Warrants Investing in Commodities: • CME ■■ Commodity Volatility • Tokyo and Shanghai Exchanges ■■ Risk/Reward ■■ Major Producers – some economics ■■ Ways to Invest in Commodities ■■ Price Drivers ■■ Why Add Commodities to an Investment ■■ US Geological Survey and other data sourc- Portfolio es ■■ A look the effects of a two stock portfolio ■■ The Base Metals • Aluminium and Aluminium Trading Energy Markets: • Copper and Copper Trading ■■ Crude Oil and Energy • Zinc and Zinc Trading ■■ Energy Market Price Trends • Lead and Lead Trading ■■ Supply/Demand Factors • Nickel and Nickel Trading ■■ Macro-economic Events Impacting on Price • Tin and Tin Trading

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Course Content

• Cobalt and Cobalt Trading • Other Industrial Metals • Iron Ore and Iron Ore Trading ■■ Risk Management and Quality Controls

Precious Metals ■■ Precious Metals Explained ■■ Trading on Exchanges ■■ Price Drivers and Price Histories ■■ Investment in Precious Metals ■■ ETFs ■■ The Precious Metals • Gold and Gold Trading • Silver and Silver Trading • Platinum and Platinum Trading • Palladium and Palladium Trading

Agricultural Commodities ■■ Overview of ‘AGs’ ■■ Price Drivers and Seasonality ■■ WASDE reports ■■ The Importance of Weather and Global Weather Patterns ■■ Trade Associations and Government Con- trols ■■ Major Players (Traders) in Agriculturals

Trading Commodities on Fundamentals ■■ Recap – sources of Information ■■ Producer/Consumer Hedging of Commodi- ties ■■ Global Supply/Demand Factors ■■ Economic Growth ■■ Natural and Man Made Disasters ■■ Explaining Sharp Price Moves

Trading Commodities with Charts ■■ Why ? ■■ Understanding Chart Data ■■ Types of Chart, Low Volume Markets ■■ Analysis Techniques • Moving Averages • Support/Resistance Levels • Stop/Loss Points Reviewed ■■ Analysis of a Topical Commodity

Course Summary: ■■ A Review of the Current Trading Scenario ■■ Review and Discussion of our analysis

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Course OverviewObjectives

Participants Will: ■■ Understand the traditional as well as the ever changing landscape of Risk & Capital Management ■■ Understand the goals of the capital adequacy system ■■ Comprehend the changes to capital rules under Basel III ■■ Learn the new elements of Basel III & their effect on the different dimensions of risk manage- ment. ■■ Understand the capital adjustments and the new rules of risk weightings. ■■ Provide the participants with a thorough knowledge on the Basel III liquidity package and the repercussions of the new liquidity ratios ■■ Learn about effective liquidity management and regulations ■■ Comprehend the key elements and concepts of IFRS 9 framework and their implications on changes to capital rules under Basel III ■■ Understand the impact of IFRS 9 on credit risk ■■ Learn how IFRS 9 requirements (expected to replace IAS 39 in January 2018) represent a signif- icant change to how banks and financial service companies report their financial data; especially for customer default and expected losses ■■ Provide the participants with an understanding of how expected credit losses models are impact- ed by macroeconomic scenarios and the new impairment rules of IFRS9 ■■ Analyze a value-at-risk approach to asset/liability management for effective risk control. ■■ Gain a strong understanding of the IFRS 9 Impairment rule and the forward-looking provisioning methodology; based on expected losses and its subsequent impact on business decisions and risk management functioning ■■ Acquire knowledge of new accounting rules and credit risk practices under Basel III & IFRS 9 and their subsequent impact on financial reporting & thereby portfolio allocation decisions as well as risk management techniques ■■ Evaluate the classification & measurement techniques of financial assets & instruments under IFRS 9 ■■ Understand effective regulatory risk management practices Course Content

Who Should Attend? ■■ Board of Directors ■■ Senior Bank Management Members ■■ Central Bankers (Supervision Department) ■■ ALCO Managers ■■ Chief Risk Officers ■■ Treasury Executives ■■ Risk Managers ■■ Chief Finance Officers ■■ Finance Directors ■■ Comptrollers ■■ Portfolio Managers ■■ Securities Analysts ■■ Insurance Executives ■■ Pension Fund Managers ■■ Pension Fund Trustees ■■ Investment Professionals ■■ MIS and Operations Executives ■■ Budgeting & Planning Executives

ToTo book book this this course course or or find find outout more,more, pleaseplease clickclick the the Enquire”“Book” buttonbutton Risk & Capital ManagementAdvanced UnderNegotiation Basel IIIIssues and inIFRS M&A 9 Continued...Date: Location: London Price: .....+VAT ENQUIRE NOW Course Overview BOOK NOW ■■ Concept & Definition DAY ONE ■■ Types of Liquidity Risks Course Overview ■■ The Role of Confidence Overview and dynamics of Capital ■■ Liquidity & Activity Ratios Management ■■ Leverage & Default Issues ■■ Concepts & Definition ■■ Contingency Planning ■■ The role of capital and its significance ■■ Key aspects to capital management Measuring Bank Liquidity ■■ The development of capital standards for ■■ The Cash-Flow Approach banks ■■ Large Liability Dependence ■■ Overview of capital allocation in banking ■■ Core Deposits To Assets ■■ Perspectives on Capital; Treasurer’s view, ■■ Loans & Leases to Assets Regulators’ Views, Risk Manager’s view & ■■ Loans & Leases to Core Deposits shareholders’ view ■■ Temporary Investments to Assets ■■ Composition of capital- Tier 1, Tier 2 & Tier 3 ■■ Brokered Deposits to Total Deposits ■■ Regulatory vs. Economic Capital ■■ Market-to-Book Value ■■ The concepts pf Expected vs. Unexpected Losses Dynamics of Liquidity Management ■■ The concept of capital efficiency ■■ The Formation of Expectations ■■ Structure and dynamics of Balance Sheet ■■ Liquidity Planning ■■ Faces of Liability Management Capital Allocation Models • Minimizing Deposit Interest Costs ■■ Concept & Overview • Customer Relationships ■■ Approaches to Optimization • Circumventive Regulatory Restrictions ■■ Assets volatility Approaches ■■ Deposit Rate Ceilings ■■ Regulatory Capital Approaches ■■ Reserve Requirements ■■ Risk-adjusted Models ■■ Pricing & Methods of Deposit Insurance • RAPM- Risk-adjusted Performance Measure • RAROA- Risk-adjusted Return on Assets CASE STUDY: Hypothetical numerical cases • RAROC- Risk-adjusted Return on Capital on assessing & quantifying the sensitivity of ■■ Earnings Volatility Models the bank’s financial transactions on its cash ■■ EAR- Earnings-at-Risk Model flows & NII. Course Content Functioning of Capital Management CASE STUDY: Group discussion on the ■■ The four As of Capital Management different variables affecting the bank’s • Adequacy liquidity position & the main contributions • Attribution for illiquidity- A focus on Lehman Brothers’ • Allocation rise & fall in 2008 • Architecture ■■ Determining the optimal level & mix of capital DAY THREE ■■ Strategic considerations for optimum capital ■■ Bank’s Insolvency probability Interest Rate Risk- Overview & ■■ Managing the bank’s capital adequacy Measurement ■■ Determining the bank’s overall capital plan ■■ Modeling interest rate risk ■■ Deterministic vs. Stochastic models CASE STUDY: Group discussion on ■■ Arbitrage models the different variables that should be ■■ Equilibrium models considered for determining the optimum ■■ Types of Interest Rate Risks level of capital and the various models for ■■ Yield Curve Risk capital allocation. ■■ Basis Risk ■■ Macaulay Duration DAY TWO ■■ Modified Duration ■■ Core Elements of Duration Liquidity Risk & Management ■■ Convexity Concept ■■ Liquidity Concepts ■■ Duration gap of Equity ■■ Bank Liquidity Risk ■■ Earnings versus Shareholder Value ■■ Effective Duration & Effective Convexity

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BOOK NOW ■■ Hedging Duration & Convexity bank’s gap position . ■■ Concept of Negative Duration Course■■ Key RateOverview Duration CASE STUDY: Hypothetical numerical ■■ Math of Sensitivity Parameters case on the concept of Bootstrapping & constructing the zero-coupon yield curve . Measuring Risk Techniques ■■ Sensitivity Parameters DAY FOUR ■■ Simulation Methodologies ■■ Rate Shocks From Basel II to Basel III ■■ Simple Simulation ■■ Basel III Structure & main elements ■■ Historical Simulation ■■ Chronology of phasing-in the new Basel 3 ■■ Monte Carlo Simulation standards ■■ Transfer Pricing as a Tool ■■ Basel III Pillars & new limits ■■ Value-at-Risk ■■ Risk-based Capital Measures ■■ Core Elements of VAR ■■ Basel III new capital requirements ■■ VaR Greeks & Math • Redefining Capital ■■ Correlation & Covariance • Capital Ratios ■■ VaR Methodologies • Capital Buffers ■■ Implementation of VaR ■■ Components of Capital ■■ New concepts of Common Equity & Tier 1 CASE STUDY: Hypothetical numerical capital cases on assessing & quantifying the ■■ Basel 3 Treatment limits for Tier 1 and Tier sensitivity of bonds & other option- 2 & 3 Capital ratios embedded fixed-income securities to ■■ Allowable Capital Deductions different parallel & un-parallel changes & ■■ Basel 3 treatment for hybrid investments twists in the yield curve. ■■ Basel 3 Standards for Minority interests • Unconsolidated Financial Institutions Interest Rate & Credit Management • Deferred Tax Assets Techniques • Mortgage servicing-rights ■■ Interest Rate Derivatives ■■ Total risk-based capital ■■ Interest Rate Swaps ■■ Capital Conservation ratio & Countercyclical ■■ Generic versus complex structures of Swaps ratio Course■■ Interest Content Rate Options ■■ Non-risk-based measures ■■ Interest Rate Futures ■■ Leverage ratio ■■ Forward-Rate Agreements ■■ Concept of Systematic Banks ■■ Credit Derivatives ■■ Timing & Transitional Arrangements ■■ Types of Credit Derivatives • Credit Default Swaps Basel III Liquidity Kit • Total Return Swaps ■■ Definitions and scope • Credit Options; Standard and Exotic ■■ Objectives of Basel 3 Liquidity package • Spread Options ■■ New liquidity standards • Credit-Lined Noted (CLNs) ■■ Liquidity coverage ratio- LCR • Collateralized Bond Obligations (CBOs) ■■ Appropriate Asset Levels for LCR Inclusion • Collateralized loan Obligations (CLOs) ■■ Net Stable Funding Ratio ■■ Timing & Transitional Arrangements CASE STUDY: Hypothetical numerical live case on the use of a wide gamut of Interfacing between Basel III & Risk derivatives instruments & structured Management products for coping with negative as ■■ Changing rules of the game well as positive duration gaps in a bank’s ■■ Modus operandi of Basel III balance sheet . ■■ Basel III Mechanics for credit risk ■■ Basel III Mechanics for liquidity risk CASE STUDY: Hypothetical numerical ■■ Basel III Mechanics for Ops Risk live cases on valuing & pricing different traditional & exotic on & off balance-sheet DAY FIVE products and their implications on the

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IFRS 9: Overview & Concepts CASE STUDY: Group discussion BOOK on NOWthe ■■ Definitions and scope challenges facing banks & financial ■■ Background & Objectives institutions, struggling for the Course■■ Effective Overview date & transition implementation of IFRS 9, prior to the final ■■ Key differences between IFRS 9 and old date of January 2018. IAS 39 rules ■■ New standards for the accounting of fi- CASE STUDY: Group discussion on the nancial standards differences between the new IFRS 9 and ■■ Convergence with U.S. GAAP the old IAS 39; and the eventual impact on ■■ Phases of IFRS 9 Standard business and financial decisions as well as • Classification & Measurement of finan- risk dimensions. cial assets & liabilities • Impairment • Hedge Accounting

Dynamics & Modus Operandi of IFRS 9 ■■ Measurements of Financial Assets • Amortized Cost Models; “Hold-to-Col- lect” Business Model and SPPI “Con- tractual Cash Flow Characteristics Test”- Payments of Principal & Interest • Fair Value through other Comprehen- sive Income (FVOCI) for debt instru- ments and equity investments. • Fair Value through Profit & Loss (FVT- PL) ■■ Implications of the new accounting rules on financial reporting, thereby on busi- ness decisions as well as capital and risk management ■■ Overview of the new Impairment model ■■ General Impairment Model • Recognition of Impairment- 12-month CourseECL Content (Expected Credit Losses) • Lifetime Expected Credit Losses ■■ Hedge Accounting • Qualifying criteria & Effectiveness test- ing • Hedged Items • Aggregate Exposures • Hedging Instruments • Derivatives & Hybrid contracts ■■ Expected Credit Loss Module (ECL) • PD (probability of default) • LGD (Loss given default) • EAD (Exposure at default) • CCF (Credit Conversion Factor) ■■ Bridging the gap between IFRS 9 stand- ard and ALM activities ■■ Impact of IFRS 9 ECL on balance sheet management ■■ Credit Adjusted ALM

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This Structured Products & Upcoming Regulatory Changes course is designed to provide coverage of the important aspects of upcoming regulatory changes within the securitisation and structured products arena and the popular structured products in the market. During the course, we will go through an exercise covering example scenarios whereby you may come across inside information. This could happen, for example, in the course of advising or dealing with clients or when you are working on documents, when you enter a meeting room or even if you overhear a conversation in the lift or see a document left on a printer. The new rules (“Market Abuse Regulation”) came into effect in July 2016 and carry both civil and criminal sanctions. This course is relevant for in-house lawyers and private practice lawyers alike and bankers involved in structured finance, from the documentation teams, structurers, sales teams to compliance personnel monitoring such transactions as well as accountants who advise clients on structured finance transactions. This course will also be of relevance to asset managers, portfolio managers, hedge funds and investors such as wealth funds, pension’s funds, insurance companies looking to invest or be involved in structured products and securitisation. The course sets the scene by giving you an introduction to Structured Products, the various types of transactions, the eligibility criteria and the role of the Portfolio Manager. The impact of the credit crisis on structured products is briefly discussed before moving on to the different types of Structured Products in detail. We go through the different types of securitisation structures in the market and cover the pertinent issues to consider when undertaking due diligence of the underlying assets. We further cover the risk factors that are typically disclosed to investors and various regulatory considerations. We undertake a detailed analysis of the multitude of key issues and features involved in and the variety of structures in Structured Products transactions. We cover CDOs, CLOs, CBOs, CLNs, CDSs, and CPPI transactions. We go through ABCP Conduit Programmes and repackaging programmes and transactions. We cover key legal issues, regulatory issues, documentation issues and timelines. We also touch on the various types of Structured Equity Derivatives Products, fund linked products and hybrid products. An overview of the EU and US regulatory framework within which UK securitisations and Structured Products operate and a summary of the latest reforms of interest to structured finance lawyers is covered. We then focus on EU and US reforms having a direct impact on securitisation, CDO and CLO transactions including the ringfencing regime. We cover the risk retention requirements, credit ratings reforms and industry-led initiatives promoting transparency and disclosure.

Background of the trainer

Trained as a lawyer, the trainer has over 19 years experience in international banking and structured finance transactions, including real estate finance, loans, leverage finance, debt capital markets, securitisation, structured products, repos, derivatives and financial regulatory and compliance. She has been actively involved in the creation of innovative award winning structured transactions and negotiating complex financings. She has advised global institutions such as Credit Suisse, Citigroup and Goldman Sachs and spent many years practicing law at Allen & Overy LLP, Linklaters and Sidley Austin Brown & Wood in multiple jurisdictions including London, New York, Hong Kong, Singapore etc. She holds a Law LLB (Hons) degree from University College London and has worked in the Finance Know-how team at Clifford Chance. She is an author and now runs her own business advisory, training and legal consultancy.

To book this course or find out more, please click the “Enquire” button Securitisation & Structured Products: Upcoming Regulatory Change

Continued

ENQUIRE NOW Course Content

Introduction: Structured Products Credit Linked Notes (CLNs) ■■ Static Transactions ■■ Key Features and Structure ■■ Revolving Transactions ■■ Types of CLNs ■■ Managed Transactions • Single name ■■ Eligibility Criteria • Linear Basket ■■ The Role of a Portfolio Manager • Nth to Default Basket • Standard of care • Index Linked • Recent case law: UBS AG (London • Zero Coupon Branch) and another v Kommunale Was- • Self Referencing serwerke Leipzig Gmbh; UBS Ltd v Depfa ■■ Key issues to consider in documentation Bank plc; UBS AG (London Branch) v ■■ What happens on Credit Events Landesbank Baden-Wurttemberg [2014] • Physical Settlement EWHC 3615 (Comm), [2014] All ER (D) • Cash Settlement 47 (Nov) • Auction Settlement • The Removal of a Portfolio Manager ■■ EMIR Requirements for Clearing ■■ Cash vs Synthetic ■■ Balance Sheet vs Arbitrage Credit Default Swaps (CDSs) ■■ Impact of the Credit Crisis ■■ Structure and Key Features ■■ Benefits CDOs, CLOs and CBOs ■■ Types: ■■ Types of Portfolio • CDS on ABS ■■ Structure and Key Features • Basket CDS • Static Cash CDO ■■ Portfolio CDS • Managed Arbitrage Cash CDO ■■ Nth to Default CDS • Managed Arbitrage Synthetic CDO • Loan only CDS (LCDS) • Balance Sheet Synthetic CDO ■■ Documentation ■■ Core Concepts • Overcollateralisation Tests Constant Proportion Portfolio Insurance • Interest Coverage Tests (CPPI) Transactions • When Tests Are Applied ■■ Structure and Key Features • Consequences of Breach • Rebalancing • Priority of Payments of Notes – OC Tests • Static ■■ The CDO Timeline • Managed • Managed CDO Timeline • Gap Risk • Warehousing Period • Cash out Event • Ramp Up Period ■■ Example • Reinvestment Period ■■ The Benefits • Amortisation Period ■■ The Documentation ■■ Capital Structure ■■ Key Legal Issues Structured Equity Derivatives Products • Control of changes and waivers ■■ Equity Linked Notes • Events of default/enforcement • Yield Enhancement • Prospectus liability • Principal Protected Structure • Selection of Portfolio Manager ■■ Equity Linked Deposits • Equity swaps and options combined Asset backed Commercial Paper (ABCP) • Example Conduit Programmes and SIVs ■■ Hedge Funds ■■ Structure of ABCP Conduit ■■ Fund of funds ■■ Types of guarantees ■■ Fund Linked Notes ■■ Structure of SIVs ■■ Convertible Bond Arbitrage – Credit Default ■■ Key Features and Differences between SIVs and Equity swaps combined and ABCP conduits ■■ Differences between SIV vs CDO Repack Programmes ■■ Basic Structure and Key Features ■■ Benefits ■■ Documentation

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■■ Regulations relevant to Securitisations ■■ Repackaging ABS for ECB repo eligibility • The Basel II Framework • The EU Capital Requirements Regulation ORAL EXERCISE: Example scenarios (CRR) relating to the Market Abuse Regulation • Basel III and CRD IV (“MAR”) which aim to prevent abuse of • The Application of the Ringfencing Regime – inside information and carry both civil and Part 9B FSMA 2000 criminal sanctions ■■ US Regulations • Dodd-Frank Act EU & US Regulatory Issues and Upcoming ■■ Derivatives in Structured Products Regulatory Changes ■■ Risk Retention Requirements ■■ The Regulatory Bodies ■■ Disclosure for Rating Agencies on ABS Prod- ■■ Regulations relevant to Structured Products ucts involving Securities • The Volcker Rule ■■ Regulations relevant to Structured Products • Foreign Account Tax Compliance Act (FAT- involving Swaps CA) ■■ Other Regulations relevant to Structured • US Securities Act of 1933 Products ■■ Rule 144A • MiFID II and MiFIR ■■ Regulation S • PRIIPs • UCITs

To book this course or find out more, please click the “Enquire” button Advanced NegotiationReal Estate Issues Modelling in M&A In-House or via Live WebinarDate: Location: London Price: .....+VAT

ENQUIRE NOW BOOK NOW Course Overview Course Methodology Course Overview Background of the trainer This course will teach you all the available techniques and how to practically apply them through the use of Excel and Argus/Estatemaster. An extensive use of case studies will be adopted to illustrate the principles covered. Ultimately delegates will get practical tips on layout and style in building and analysing user-friendly models which are available as additional benefits of the course.

Who Should Attend This course is designed for delegates who are seeking to improve their technical real estate modelling skills in Excel.

■■ Bankers and financiers involved in real estate ■■ Directors and business development executives from corporates, equity sponsors and consultan- cies

Course Content Background ofCase the Study: trainer Valuation and Cash Flow models Day 1: Building Blocks of Real Estate Modelling 3. Fundamentals of Real Estate Models

1. Using Excel for modelling ■■ Objectives of real estate models ■■ Structure of real estate model design ■■ Worksheet organization ■■ Dealing with escalation/inflation ■■ Data input, management and verification ■■ Monthly, quarterly and annual modelling ■■ Use of colour/add-ins ■■ Design, testing and feedback ■■ Naming of cells ■■ Model sensitivity and auditing ■■ Location of input variables ■■ Revenue and cost modelling ■■ Review of Excel functions and their use Course Content ■■ Cash adequacy, recourse, standby and liquid- ■■ Macros and their use ity ■■ Goal seeking ■■ Financial coverage ratios and the bank per- ■■ Optimisation spective ■■ Circularity and how to resolve it ■■ What are the software choices for real estate ■■ Working with range names development? ■■ Graphs and charts ■■ Estatemaster vs Argus vs Excel ■■ What is needed from Excel and what is superfluous Demonstrations: Argus/Estatemaster ■■ Principles of spreadsheets and workbooks 4. Real Estate development modelling Case Study: Evaluating good and bad issues Excel financial models ■■ Architects, planners and real estate develop- 2. Equity valuation ment ■■ Concept and objectives of Construct and Sell ■■ Equity NPV/ IRR and project IRR (CS) models ■■ XNPV, XIRR, MIRR ■■ Assumptions required for CS models ■■ Modelling cash flow and ratios: ■■ Development cashflow corkscrews ■■ Allowing for accountancy in real estate ■■ Sales prices and taxes models: ■■ Valuation and risk analysis of real estate de- • Depreciation velopment models • Tax • SPV accounting • Capital allowances Case Study: Examples of real estate development models

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BOOK NOW 5. Real Estate investment modelling Monte Carlo and real estate modelling issues Course Overview ■■ Methods of handling risk ■■ Limited recourse and loan terms and cove- ■■ What is Monte Carlo analysis? nants in real estate lending ■■ Worked examples of Monte Carlo analysis ■■ Structuring and financing solutions ■■ Applying Crystal Ball to CS and CL Models ■■ Real estate investment finance experience ■■ Analysing the results worldwide ■■ Presentation of Monte Carlo results to senior ■■ Objectives of real estate investment models management ■■ Buy and Let (BL) discounted cash flow modelling issues Course Conclusion ■■ Risk analysis for real estate investment models

Case Study: Review of several real estate investment models and their decision- making input

6. Building a Construct and Sell (CS) Model

Based on a real example, provided by an equity investor in a real estate trans- action, delegates will review and test a model for the transaction. The exercise will include:

■■ Project Review ■■ Analysing the inputs ■■ Costing construction ■■ Dealing with input priorities ■■ Data plausibility ■■ Modelling loan drawdown Course■■ Sales Content price projections and cap rates ■■ Establishing value from a construct and sale transaction

Day 2: Building a Discounted Cash Flow Model (DCF) model

Delegates will continue with the real example from Day 2 to construct a model based on the assumptions of construction, with revised assumptions, and leasing out.

■■ Revising construction inputs ■■ Loan assessment criteria ■■ PGI, EGI and NOI in the model ■■ Forecasting NOI and operating expenses ■■ Modelling loan amortization ■■ IRR NPV and other valuation analysis

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Crypto currencies are very high profile at present – mainly for the wrong reasons. The founding currency, Bitcoin – which started it all - was conceived by the mysterious Satoshi Nakamoto following the banking crisis. His/her/their vision was the creation of an alternative global currency, free of governmental and other controls, independent of all financial institutions, traded on a global peer to peer basis in the Cloud. Its settlement system used an established ledger technology called Blockchain which was enhanced considerably by a fiendishly complex mathematical algorithm requiring proof of work and community consensus to achieve crypto resilience. As originally conceived, Satoshi’s mission has been largely accomplished.

The challenge Satoshi could not avoid is that all the features that make a crypto currency highly attractive to the intended user are also very appealing to criminals. This has prompted more unwelcome regulatory interventions than the system intended. In addition the popularity of crypto- currencies has powered a huge increase in values in the last few months and by any sensible measure of investment performance it is hard not to see this as a potential bubble based on the flawed and highly risky greater-fool theory of investment.

Course Content

Session 1- What is a Crypto - currency ■■ Where does it work well ■■ A brief history ■■ Where has it gone wrong ■■ How do crypto-currencies work ■■ Capital flight ■■ What platforms are used ■■ Money laundering ■■ The importance of miners ■■ Other Criminal activity ■■ Proof of work & Consensus ■■ Wallet hacking ■■ Different crypto-currencies available Case Study – Examples of what has Case Study – simple example of how happened so far a crypto currency works Session 5- What are the obstacles to Session 2: The Mechanics of Bitcoin and Crypto-currencies Other Crypto-currencies ■■ Key constraints ■■ How do they work ■■ Existing processes ■■ Mining syndicates ■■ Market resistance ■■ Coin rewards versus transaction fees ■■ Client resistance ■■ Forks to overcome limitations ■■ Regulatory resistance ■■ Decentralisation Case Study – Examples of obstacles ■■ Examples of different crypto-currencies Session 6 –Community Acceptance & The Session 3- How to Store and Use Crypto- Regulation of Crypto Currencies currencies ■■ A “wait and see approach” for now ■■ Wallets ■■ Who has regulated ■■ Personal and Wallet codes ■■ Bit-license ■■ Intermediaries ■■ ICO’s ■■ Using Crypto currencies ■■ The strengths and weaknesses of regulation ■■ The smallest division – the Satoshi Case Study: Simple examples of what has ■■ High profile wallet providers happened to date. ■■ Crypto currency acceptance – the hype ■■ Crypto currency acceptance – the reality Session 7 - Putting It All Together Case Study – examples of what is ■■ What has happened so far claimed and what is happening ■■ Why has it not been implemented en-masse yet Session 4- Crypto currencies and ■■ What will the next stage be Anonymity ■■ What should we all be doing right now ■■ How does this work ■■ The future? ■■ Identifying a user

To book this course or find out more, please click the “Enquire” button The specialist in highly technical, market-driven banking and corporate finance training

web: redliffetraining.co.uk email: [email protected] phone: +44 (0)20 7387 4484