High Yield Bonds International Finance Program

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Program Overview As companies seek to diversify their funding sources away from traditional bank loans, the high yield market has become increasingly attractive, exhibiting high growth during 2012 and great potential in the European capital markets over the coming years. The credit crunch and low interest rates have put the spotlight on the high-yield bond product, which provides non-investment grade issuers access to funding that may be unobtainable through bank credit. As an alternative funding option, all CFOs need to familiarize themselves with the high-yield bond product. As an asset class, low interest rates have attracted investors seeking higher returns to the high-yield bond market. This program is designed for professionals requiring a deeper understanding of the high yield bond instrument and market. It will give participants the knowledge and skills to make sound and informed decisions regarding high yield bonds, as potential issuers, investors, advisors, consultants, bankers, lawyers, or other roles. Participants will learn first-hand from the experts. Leading investment firms, legal firms, rating agencies, an investment bank, and high yield bond issuers, will join IE professors to bring their know-how and experience to the classroom. WHO IS THIS PROGRAM FOR? This program is for all professionals that need to acquire a deeper knowledge of high yield bonds, because they are exploring alternative funding options for their corporations, seek higher yields in a well-balanced portfolio, or participate (or plan to participate) in high yield operations as legal counsel, advisors, consultants, or corporate bankers. • CFOs/Finance Directors/Financial Controllers • Investment consultants • Bankers and corporate finance professionals • Corporate advisors • Chief investment officers, investment principals, managers or directors • Insurance companies / pension funds • Family offices and private bankers • Portfolio managers • Fund managers • Investors in general • In-house legal advisors • Business lawyers
Program Content The program High Yield Bonds aims to equip professionals with the tools to understand why this financial instrument is an attractive funding source for non-investment grade companies, and how it fits into a well-balanced investment portfolio. The program will explore the advantages, disadvantages, market perspectives, requirements, critical elements, valuation, risk analysis, legal aspects, and other issues concerning high yield bonds from various perspectives. The program will cover the following topics: • Overview of the high yield market • Pros and cons of different capital structures • Negotiating high yield bond documents: indenture and covenants • The issuing process and main parties involved • Profile of a high yield bond issuer • The issuer’s perspective • Key clauses in the document negotiation: flexibility vs. Investor protection • The role of the rating agency • Portfolio management • High yield bonds as a viable component of a well-balanced portfolio • The bond picker’s perspective: investors outlook • Key areas in a bond deal: security valuation and risk analysis • Structures of high yield bonds and risk template for investors • Risk/return analysis for the investor • Mezzanine and unitranche loans vs. high yield • Bridge loans as a step towards high yield • MARF/Fixed Income Alternative Market Participants will receive industry insights from some of the market’s leading players: Brookfield Investment Management Pioneer Investments Hutton Collins ONO Campofrio Food Group Deutsche Bank White & Case Bird & Bird Standard & Poor’s Axesor Rating
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High Yield Bonds International Finance Program

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