Loan Syndication - Structuring, Selling Down & Documentation

Loan Syndication - Structuring, Selling Down & Documentation

Euromoney Training
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Course Overview "Loan Syndication - Structuring, Selling Down and Documentation" enables you to ensure that your team - whether bankers, lawyers or investment professionals - have the tools to cope with the new environment. Benefit of the Course This course will provide participants with the knowledge and skills necessary to: Understand the issues in syndicated loans Build a syndicated loan business Deal with the loan syndication market and its unique techniques Build a loan syndication function Summary of course content Thorough understanding of the syndicated loan market Pricing a syndicated loan Building a syndicated loan business as a participant The evolution of the debt market The prin…

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Didn't find what you were looking for? See also: Debt, Accounting, General Management, Credit Management & Control, and Management Accounting.

Course Overview "Loan Syndication - Structuring, Selling Down and Documentation" enables you to ensure that your team - whether bankers, lawyers or investment professionals - have the tools to cope with the new environment. Benefit of the Course This course will provide participants with the knowledge and skills necessary to: Understand the issues in syndicated loans Build a syndicated loan business Deal with the loan syndication market and its unique techniques Build a loan syndication function Summary of course content Thorough understanding of the syndicated loan market Pricing a syndicated loan Building a syndicated loan business as a participant The evolution of the debt market The principal elements of syndicated loans. Examining the changes in practices and latest techniques Examining key legal issues and current documentation Building an effective syndication strategy An alternative exit route - secondary trading Methodology The course will be structured around lectures and recent real-life case studies. Delegates will enhance their studies through role plays, group discussions and team presentations. Computer-based exercises All delegates should bring their laptops to facilitate in-class studies and exercises. Who should attend this training course? Bankers Relationship Managers Credit Analysts Loan Agency Institutional Investors Portfolio Managers Asset Managers Loan Traders Financial Advisors Lawyers Middle Office Internal Auditors Supporting publication
Day 1: The syndicated loan market Overview of market definitions, statistics and transaction timetable Definition and characteristics of a syndicated loan Common structures, uses and key defining terminology Review of the markets broken down by volumes, geographies, currencies, maturities, ratings, arrangers and investors Survey of macro-economic factors affecting the market Phases and milestones of the syndication process and timetable Overview of documentation Loan Market Association (LMA) and others (e.g. LSTA) Investment grade and leveraged primary documentation The documentation cycle Mandate and term sheet Types of syndicated facilities Mandate letters Confidentiality and NFR letter Term sheet Practicalities Role of agent Role of MLA/arranger Role of and rights of participating banks Building a business as a participant bank Case study: Assessment of the merits of an invitation to participate Pricing a syndicated loan Sources of information Trade-offs between price, maturity and credit structure Assessing market appetite Underwriting and distribution strategies Sub-underwriting Syndication Club Secondary Structuring a syndicated loan Principal elements of the pricing structure Determining amount, maturity and price Establishing covenants Other elements When to use different types of facility Case study: Delegates are split into groups and asked to work on an invitation to underwrite a transaction based on specific scenarios. Tasks include: Evaluation of the invitation Assessment of the other factors which can influence the decision Presentation of the recommendation (role play) Day 2 The role of the participating bank Why does a bank become a participant? What must a participant do – and not do? What does a participant need from the arrangers? Current market conditions for participants Responsibilities in a syndication unit Functions required in a syndication unit How to undertake the roles in a transaction Systems Market practice and sensitivities Syndicating and closing a syndicated loan – the role of an MLA / bookrunner Investor materials – PIM, due diligence reports, bank meeting Data room Timetable Private vs. Public Closing Allocation Free to trade Secondary loan trading Development of the market Key drivers Main players Settlement Market practice Case Study: Evaluating a secondary trading opportunity The loan agreement Detailed review of the LMA recommended forms The key concepts in syndicated loan documentation including pari passu provisions and trigger points / default Security Priority ranking Different types of security Clauses in security documentation Granting and perfecting collateral Asset-based transactions Day 3: Winning mandates and selling down The corporate treasurer’s perspective The issues and challenges from the borrower’s perspective How to win mandates and build client loyalty Techniques for managing bankers Specialist syndication markets Project and infrastructure finance Leverage finance Real estate Financial institutions Emerging markets Bidding for the mandate How to structure the syndicated deal Analysing the right price Bidding strategies Case study: Delegates will work in groups on a case study involving the assessment of an invitation to underwrite a syndicated loan. Delegates will use a summary term sheet to: Evaluate alternative syndication strategies Conduct a comparables analysis, set up an investor universe, complete a liquidity analysis Yield calculation for brackets in a deal Cost and usefulness of underwriting Course summary and close
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