This course can also be presented in-house via live webinar.
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.
This High Yield Bonds Course 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.
Case study: Transaction Execution – the pre-launch task time line from week 1 through to week 6. We discuss all the steps that must be taken before we can bring an issue to market.
Exercise: Delegates look at a recent issue prospectus and examine the risk / reward ratio. Class discussion: Should we invest, what are the risks?
PIK Training Course
Training Course Area
|Negotiating Heads of Terms||PIK, Bonds, mergers and acquisitions,|
|Asset Based Lending||Gain an appreciation of asset based lending (“ABL”) in tandem with other funding sources|
|Negotiating Mezzanine, PIK, Second Lien And Unitranche||Mezzanine finance, PIK, debt finance, junior debt, senior debt|
|Alternative Lending||Unitranche Debt, mezzanine finance, PIK,|
|Infrastructure Project Finance Course||Debt finance, debt techniques, subordinated debt|