FinanceXplained
cat03.jpg Bonds and Fixed Income
Upcoming dates in English

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Course Highlight

Expand your knowledge on the structure and application of bonds and fixed income products

This intensive training course will give you the opportunity to improve your understanding of all aspects of bonds and fixed income. Designed to optimise your skills, the in-depth market-focused tuition will give you the edge in a competitive market.  This course is tailored to those who require up-to-date market knowledge on how these particular changes will impact on their professional lives.

In 3 days you will expand your knowledge on the structure and application of bonds and fixed income products and will gain an in-depth understanding of:

  • The debt market and importance of the market
  • Classification of bond instruments
  • Yield curve, spread and calculations
  • Interest rate risk, duration and immunisation.
  • Fixed income portfolio's
  • Risk and trading strategies

 

Recommend background

This course is designed for all professionals directly or indirectly involved with debt instruments. You could be working in corporate finance, capital markets, audit, research and analysis, government, funding and investment.

What You Will Learn

By attending this program, you will learn:

  • How to estimate bond prices
  • Calculate real versus nominal returns.
  • Learn about the bond market, issuers and players.
  • Learn where to retrieve bond information.
  • Construct a fixed income portfolio.
  • Evaluate risk and use risk strategies to reduce the risk

 

Course format

Practice-based learning and critical engagement is a key theme through all our courses allowing delegates to acquire the needed skills and techniques to be applied as soon as they are learned and developed.

 

 

Syllabus
Day 1:

The Debt market and importance of the Market:

  • Debt Market
  • Equity Market versus Debt
  • Primary versus secondary market
  • Size and complexity of the bond market

The Time value of Money Revisited:

  • The Fisher Effect
  • Real versus Nominal
  • Present Value

Raising capital through equity or debt:

  • Corporate Requirements and Timing
  • Market Place Condition
  • Nature and needs for funds

Issuers of Debt Instruments:

  • Governments
  • Corporations  

Bonds and Associated Risk:

  • Risk In Fixed Income
  • Default
  • Counterparty Risk
  • Interest Rates
  • Reinvestment
  • Liquidity

Types of Debt instruments and sectors:

  • Bonds
  • Notes
  • Hybrids
  • Securitised

Bond Characteristics:

  • Fixed, Floating and Zero
  • Par Value
  • Maturity
  • Interest Rate
  • Interest Payments

The Rating of Debt Instruments:

  • Moody's & Standards and Poor
  • External Research Analysis firms
  • Investment Grade versus High Yield Bonds

Structure of an Issue:

  • Secured Versus Unsecured
  • Senior versus subordinated
  • Call ability
Day 2:

Bond Pricing:

  • Percentage Values
  • Quotations conventions

Yields, spreads and Calculations:

  • Yield versus return versus interest
  • Nominal Yield
  • Current Yield
  • Price and Yields
  • Yield to maturity

Interest Rate Risk, Duration and Immunisation:

  • Definition
  • Calculation
  • Interpretation
  • Limitations / advantages
  • Convexity
  • Immunisation.
Day 3:

Constructing a Fixed Income Portfolio:

  • Advantages for Individuals (Bonds versus Bond Funds)
  • Advantages for Institutions (Active versus Passive strategies)

Risk Continued:

  • Reinvestment Risk
  • Inflation Risk
  • Call Risk
  • Interest Rate Risk
  • Sector Risk
  • Liquidity Risk
  • Event Risk
  • Sovereign Risk

Types of Diversification:

  • By Sector
  • By Quality
  • By Maturity or Duration

Some trading strategies:

  • Bullet, barbell and ladder strategies
  • Butterfly strategy
  • Trading on market inefficiencies
  • Identifying mis-priced bonds

Risk Management and Derivatives:

  • Types of Derivatives
  • Derivatives as Natural Hedges
  • Hedging versus Speculation
  • Some Key Hedging strategies and Examples
  • Interest Rate Risk and Swaps
  • Default Risk and CDS

Bringing it all Together:

  • The Art of the Portfolio Manager
  • Importance of Asset Allocation
  •  Asset and Liability Management (ALM)

Introduction to International Bonds:

  • Foreign Government Markets
  • Foreign Domestic
  • Euro Bonds
  • Benchmarks and Credit spreads
  • Credit and Currency arbitrage via Swaps

 

Price and Registration Dates
Course Fee: € 1890 (VAT exclusive ) ** Prices and conditions might slightly change depending on country **
Early booking discount: 
A 10% discount is available if you register 2 month(s) before the course start date.

Belgium Subsidies: Flanders KMO-portefeuille: DV.O225876 and the Brussels Capital Region.





Course Lecturers
Kris De Clercq, MBA

Kris has lectured finance to managers for more than 17 years in Europe and Eastern Europe. His teaching as an associate for a UK based global business school included “Issues in International Finance and Investments”,” Corporate Finance” and “Issues in IFRS”. His industry experience is over 20 years working for asset managers, investment banks, global custodians in the UK, Luxembourg and Belgium. He received a universities award for innovation in finance teaching and learning.  


Mag. Johannes Hofinger, MBA, FRM

Johannes Hofinger is specialized in Risk Management, Basel III, IFRS and regulatory reporting. His professional skills are reinforced by strong academic roots. He lectures for global business schools in corporate finance, managerial accounting and financial reporting. The main roles undertaken are lecturing, consulting and project management.  


Our International Experience
Participant feedback

A course with 10 participants is very good to favour the interactivity. Thanks for the perfect course content and lecture.

Very good course, teacher, and approach. Material available on-line prior the course + request to the participants about their expectations from the course.

A pleasant and knowledgeable instructor with a lot of interaction among participants.

An excellent course for people like myself.

Congratulations! Very well done. Nothing more to add.

I really appreciated the empathy and skills of the lecturer Bruno Bosch. Also, the size of the group (7 persons) was perfect to have the necessary interactivity throughout the course.

I strongly recommended this training to my colleagues as I found it very useful.

I think this was one of the best course I've ever attended. The trainer, Mrs Maureen, was extremely pedagogic and the structure of the course was very well planned with just the right mixture of theory versus practical examples and exercises.

It was a very enjoyable course. The group was small which made it easier to be 100% involved.  The exercises and case study were absolutely great and necessary to put the theory in practice. A very knowledgeable teacher.

It was nice to have a lecturer with profound knowledge on the topic so that the level of discussion could go further than the simple basics of valuation.

Lecturer had good understanding of the subject and good understanding of practical application.

Perfect for me. Exactly what I was looking for.

Thank you for the training, which was very clear and met my needs.

The course absolutely answered my expectations and needs.

The lecturer is a knowledgeable person with real market experience which is a plus.

The lecturer is excellent. She explained clear and control good interaction with students.

The training format and takeaways corresponds to what I expected. Thanks for the good preparation

Theoretical explanations good and with good interaction with audience.

There were lots of real life examples and relation to peoples own industries.

This was an excellent course and Kris made it very interesting and useful. He is highly knowledgeable, skilled and open to suggestions.

Thumbs up Maureen!

Very good and interesting training. One of the best I ever had.

 

Companies who attended our courses

 

 
AG Insurance
Allianz Benelux
Argenta NV
AXA Belgium
Baloise Insurance
Banca Monte Paschi Belgio S.A.
Bank De Groof
Banking Association (Kosovo)
Belfius Investment Partners
BNP Paribas Fortis
Bpost Bank
Buy Way
CBC Bank
Cegeka
Celio Finance SPRL
Credendo
Delen Private Bank
Delta Lloyd Life
Deutsche Bank AG
DKV Belgium
Ethias SA
Euler Hermes Services
Euroclear Bank SA/NV
Euroclear Investments
Europ Assistance
European Investment Bank - EIB (Luxembourg)
European Union - EDFIMC / ElectriFI
Flanders Investment & Trade
Gras Savoye Belgium
Incofin Investment Management
ING Bank België
KBC Bank
Mastercard
Ministry of European Integration (Kosovo)
National Bank of Belgium
NN Insurance Belgium
Petercam
Record Bank
Société Générale Private Banking
SWIFT
The Royal Bank of Scotland (RBS)
Triodos Bank
VGD International -Audit & Tax
Wolters Kluwer Financial Services
Zurich Insurance plc, Belgium branch
Vanbreda International
 
 
 
Afton Chemical SPRL
Air Liquide
Allnex Belgium SA/NV
ANL Plastics
Ansell
ARC EUROPE SA
Arcelor Mittal ( Belgium & Luxembourg)
Axalta Coating Systems 
BASF Antwerpen
BASF Belgium Coordination Center
Beaulieu International Group
Bekaert
Borealis Polymers NV
Bridgestone Europe SA
CNH Industrial Belgium NV
Cofely Fabricom
Cytec Belgium
DOMO Chemicals (Germany)
Donaldson
Dow Corning
Electrolux Appliances AB - EMA- EMEA (SEE)
Engineered Pressure Systems International
European Owens Corning Fiberglas
Fost Plus
GDF Suez
Griffith Foods
Hamon & Cie
Heraeus Electro-Nite International NV
Jacobs Belgium
KODAK SA/NV
Milliken Europe
Niko Group
NXP Semiconductors - Prodis  (Netherlands)
SOLVAY
SPX Cooling Technologies
Synventive Molding Solutions (Germany)
TERUMO EUROPE
Tessenderlo
Vinçotte International
VPK Packaging Group NV
WABCO
Yara Belgium NV
 
 
 
 
 
Antwerp World Diamond Centre
AVEVE Biochem NV
Carrefour Belgium
Delhaize Corporate Group
Godiva
IKEA 
 
Abbott Logistics B.V. (Netherlands)
AbbVie (Canada)
Agfa HealthCare NV
Alcon
Alcon-Couvreur
Amplifon
AZ Sint-Blasius
Baxter International (Austria)
Catalent Pharma Solutions
CinnaGen (Tehran)
Datwyler Pharma Packaging International
Groep OZ ESV
Hologic
Landelijke Christelijke mutualiteit (LCM)
Mutualités Libres: MLOZ
Novartis Pharma
SA Bristol- Myers Squibb Belgium NV
Stryker (Netherlands)
Terumo BCT Europe NV
UCB
Zorgbedrijf Antwerpen
 
 
 
AW Europe
Belgacom
Belgian Nuclear Research Centre (SCK-CEN)
CISCO
Corelio Printing
De Persgroep Publishing nv
EDF Luminus
Elia System Operator
Engie Electrabel NV/SA
Eni Gas & power
Fluxys Belgium
INFRABEL
Itineris NV
KEYRUS
M-Team
NRB
ORANGE
Proximus
Siemens
Telenet
 
 
Agentschap Innoveren en Ondernemen
Europees Parlement
Ministry of European Integration
National Agency for Protection of Personal Data
Nationale Loterij
SD Diensten NV (SD Worx)
SESAR Joint Undertaking
Stad Antwerpen
Stadsbestuur Harelbeke
Syntra Brussel
UGent - FBW
Vrije Universiteit Brussel (VUB)
 
 
 
Acturus sprl
ARC Europe
BDO 
BIA Africa
Bia Overseas
Brooser BE Operations 
Capgemini
Cipal Schaubroeck
Compass-Group
Computacenter
Computer Task Group
Deloitte Accountancy
Egemin International
Enhesa International
FIS (former Clear2Pay)
Interel Group
K&L Gates
Matexi NV
Minds&More
Pricewaterhouse Coopers
PwC Tax Consultants
Securex
Toreon
Vinçotte International sa
 
 
 
Alcopa
Alstom Belgium
ARC Europe 
Brussels Airport Company
De Lijn
D'Ieteren Auto
EUROCONTROL 
Gemeentelijk Havenbedrijf Antwerpen
Globachem nv
GSC Greensea Chartering 
HONDA Motor Logistics
JBT
Neovia Logistics
NMBS
PSA Antwerp nv
Retail & Wholesale
Seatrade Reefer Chartering
Thalys International
Trimble T&L
Volkswagen Group Services
Wallenius Wilhelmsen Logistics Zeebrugge NV
Westlandia
Witzenmann Benelux nv
 
 
 
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