What will I get out of it?
  A clear understanding of how and why a Corporate Treasury exists, and why the formulation and application of a Treasury Policy is essential.
  An understanding of interest rates both short and long term, and the interplay between floating (bank loan) and fixed (bond) products.
  An overview of Yield Curves, the rationale and practical examples.
  A clear understanding of the impact that currency and interest rate movements can have on a company.
  A practical introduction to the major risk management instruments and techniques.
  How derivatives and why derivatives are used to effectively manage risk.
  How to evaluate, monitor and control risks, and formulate an appropriate hedging policy

Training Methodology
  This programme will be conducted along workshop principles, with formal lectures, Case Studies & interactive worked examples. Each learning point will be reinforced with practical exercises.

Global Financial Markets and Treasury Overview
  Defining our terms – capital market inter-relationships
o Money Markets
o Medium Term /Syndicated Finance
o Bond Markets/Equity
o FX and Derivatives
  How finance is raised on the Global Markets?

Corporate Treasury Activities
A practical view of the various activities within a Treasury department
The need for a Policy and Procedures Manual
Ways and means of funding the business
Bank lending, syndicated debt finance, bonds and fixed income

Fixed Income (Bond) Markets
  Money Markets – Short term borrowing
  Base Rate vs LIBOR
  Bonds – long term finance
  Government vs Corporate issues, Corporate Bond spreads

Bond structures, fixed, floating and hybrids
  Bonds and derivatives
  The Price/Yield Relationship
  Credit Ratings and the Ratings Agencies
  Structured Finance/Securitisation (ABS, MBS, ABCP)

The Bond Issuing Process- the primary market
  Public offer or Private Placements
  A focus on the roles of the Issuer, Investor and Intermediary

Yield Curves - The term Structure of Interest Rates
  Benchmark Yield Curves
  Models of the Yield Curve: Positive/Negative/Flat/Inverse/Segmented
  Rationale for shapes
Examples and applications for both corporate issuers and investors

Derivatives
First principles of hedging and the tools
Should we be using derivatives?
Exchange traded/OTC markets
Definition and key features of:
o Futures/forwards – short term interest rate futures (STIRS)
o Forward Rate Agreements (FRA’s)
o Options – IRO’s, caps, collars and floors
o Swaps
o Credit Derivatives
  The importance of documentation- ISDA

Interest Rate and Currency Swaps
  Terminology
  The range of swaps
o Vanilla IRS, fixed/floating
o Basis swaps
o Currency Swaps
Case studies – Interest Rate Swaps in practice