The market for longer-term debt securities is discussed in this seminar, which classifies bonds by issuer: government, agencies, corporate and municipal. There is a comparison of bond markets in major countries and a description of the main intermediaries and their roles. International bond markets are introduced as well.

 

At the end of Intrinsic Value's training seminar in bond markets the participant should be able to:

􀂅  Compare and contrast a retail and an investment bank.

􀂅  Define market-making and origination.

􀂅  Describe the various market participants by group.

􀂅  Compare  and  contrast  a  proprietary  trader and a market-maker (dealer)

     and an inter-dealer broker.

􀂅  Define bid-price and offer-price.

􀂅  Compare and contrast sovereign, agency, corporate and municipal bonds.

􀂅  Describe on-the-run, off-the-run and benchmark securities.

􀂅  Compare and contrast general obligation and revenue bonds.

􀂅  Define a sinking fund.

􀂅  Define property clauses and call provision.

􀂅  Define types of   foreign   bonds  (Yankee,  Bulldog,  Samurai,  Alpine  and

     Matador).

􀂅  Compare gross and net interest payments.

􀂅  Compare and contrast the primary and secondary markets.

􀂅  Compare and contrast a public offer and a private offer.

􀂅  Describe the process of underwriting a new issue.

􀂅  Define underwriter, lead manager and book-runner.

􀂅  Define a fixed-price re-offer mechanism.

􀂅  Define a bought-deal.

􀂅  Describe the characteristics of the Eurobond market.

􀂅  Define the different day-count conventions.

􀂅  Define default and recovery rates.

􀂅  Describe how a bond’s rating affects the yield spread.

􀂅  Describe the role of Rating Agencies.