International Capital Markets

Délka:
3 dny
Místo:
Praha, hotel NH Prague
  • Financial Markets Introduction
  • International Stock Markets
  • Fixed Income Markets
  • Hybrid Instruments
  • Foreign Exchange Markets
  • Derivatives and Derivatives Markets
Globalizace a deregulace na mezinárodních kapitálových trzích vede nejen k mnoha novým možnostem, ale i zvýšené soutěži a mnoha novým rizikům. Dnešní trhy jsou velmi komplexní a volatilní a proto je pro jejich účastníky absolutně nezbytné správně rozumět jejich mechanizmům, rizikům a všem vzájemným souvislostem. Kromě historického vývoje jak primárních, tak i sekundárních trhů budou na semináři podrobně vysvětleny jednotlivé segmenty počínaje akciemi, přes úrokové míry a dluhopisy, až po sofistikované a dynamické trhy derivátových instrumentů. Budou podrobně diskutovány jednotlivé finanční instrumenty, systémy jejich obchodování a vypořádání. Podrobně budou popsány přístupy a denní zvyklosti institucí a lidí, kteří na těchto trzích participují, od emitentů, burzovních institucí, obchodníků, investičních managerů, analytiků, až po poskytovatele informačních a poradenských služeb.
  • The Role of Stocks in Corporate Finance
  • Types of Stocks
    - Common Stocks and Preferred Stocks
     
  • The Primary Markets for Stocks
    - "Going Public"
    - Issuing Techniques (Bookbuilding etc.)
     
  • The Secondary Market for Stocks
    - How and Where Stocks Are Traded
    - Market Making vs. Order Driven Systems
     
  • Valuation of Stocks
    - What Factors Affect the Value of Stocks?
    - Important Key Ratios (P/E, Dividend Yield etc.)
    - A Simple Valuation Model for the Stock Market
     
  • Small Exercises

12.30 - 13.30 Lunch

13.30 - 16.30 Fixed Income Markets (Part I)

  • Classification of Fixed Income Markets
    - Money Market vs. Capital Market
    - National vs. International Markets
    - Types of Issuers
    - Cash Flow Structures
     
  • Government Bond Markets
    - Major Markets (US, Japan, Germany, UK, Italy etc.)
    - Primary Market: Tender Auction Principles
    - Secondary Market Trading Conventions
     
  • Small Exercises

Day Two

09.00 - 09.15 Recap

09.15 - 12.00 Fixed Income Markets (Part II)

  • Corporate Bonds
    - The Role of Bonds in Corporate Finance
    - Types of Issuers
    - Secured/Unsecured Debt
    - Junior/Senior Debt
    - Rating Institutions and Rating Systems
    - "Investment Grade" and "Junk" Bonds
    - The "Credit Curve"
     
  • International Bond Markets
    - "Foreign Bonds" (Yankees, Samurais, Bulldogs etc.)
    - The Eurobond Market
    - Historical Development
    - Issuing, Clearing and Settling International Bonds
     
  • Emerging Bond Markets
  • Asset Backed Securities
  • Small Exercises

12.00 - 13.00 Lunch

13.00 - 14.30 Fixed Income Trading Strategies

  • Overview of Trading Strategies in Bond/Money Markets
  • Understanding the Yield Curve
  • Repos and Securities Lending
    - Financing/Investing with Repos
    - Types of Repos (classic, sell/buy-back, international)
    - Securities Lending and Short-Selling
     
  • Bond Switching
  • Portfolio Strategies and How they Affect Bond Markets
  • Small Exercises

14.30 - 14.45 Coffee Break

14.45 - 16.30 Hybrid Instruments

  • Overview of Markets for "Equity Related" Debt Instruments
  • Convertible Bonds
    - Motives for Issuing/Buying Convertibles
    - Analytic Concepts: Conversion Ratio, Conversion Premium etc.
    - Examples of "Standard" and Complex Convertibles
     
  • Warrants
  • Other Equity Related Issues
  • Small Exercises

Day Three

09.00 - 09.15 Recap

09.15 - 10.15 Foreign Exchange

  • Overview of Foreign Exchange Markets
  • A Brief History of Exchange Rates
  • Determinants of Exchange Rates
    - Purchasing Power Parity
    - Interest Rate Differentials
     
  • Quoting and Trading Conventions in the FX Markets
  • Important Analytic Concepts
    - Interest Rate Parity
    - Forward Rates
     
  • Outlook: Financial Markets in the Context of a Single European Currency
  • Small Exercises

10.15 - 10.30 Coffee Break

10.30 - 12.00 Derivatives and Derivatives Markets (I)

  • Generic Features of Derivative Instruments
  • Types of Derivative Instruments
  • Uses of Derivatives
  • Futures and Options
    - What Are Futures and Options
    - Who Use Futures and Options
    - Instruments and Exchanges
    - Trading, Clearing and Settlement
     
  • The Nick Leeson Story
  • Regulatory Developments

12.00 - 13.00 Lunch

13.00 - 16.00 Derivatives and Derivatives Markets (II)

  • General Characteristics of OTC Instruments
  • Forward Rate Agreement
  • Interest Rate and Currency Swaps
    - Case: Combining Eurobond Issue with Swap ("Liability Swap")
    - Case: Hedging Foreign Investment with Cross-Currency Swap
     
  • OTC Interest Rate Options
    - Case: Swap, Cap or Collar?
     
  • "Structured Bonds" and other Third Generation Financial Innovations
    - Reverse Floaters
    - Capital Market Floaters
    - "Guaranteed Bonds"
    - etc.
     
  • Small Exercises

16.00-16.30 Summary, Evaluation and Termination of the Seminar

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