Course description
Advanced Corporate Credit Analysis
- Advanced financial analysis, with case studies based on complex financial statements
- How firms may manipulate GAAP and non-GAAP figures
- Recommended adjustments to financial statements
- Complex group structures
- Understanding the credit impact of different consolidation methods
- Parent and subsidiary rating linkage
- Understanding the credit impact of legal and structural subordination and security
- Debt structuring - creating an optimal capital structure for a client, including debt layering, subject to minimizing WACC and market constraints
- Overview of new ESG debt products and of supplier finance
- Understanding how different types of hybrid securities are rated and how they can impact credit quality
- Deteriorating credits, potential and actual NPLs: warning signs and strategies for restructuring the firm and minimizing loss
Mathodology
The course combines formal theoretical instruction with frequent use of exercises and case studies. These are based on real situations and are designed to help Participants implement new practices and to learn from empirical experience. Participants are expected to know how to use Excel. The course is practical and inter-active, with Participants encouraged to ask questions. The techniques taught are intended to be of immediate practical use in the workplace. The lecturer will be available throughout the duration of the course to offer additional help if required. All Participants must bring their laptops to facilitate in-class studies and exercises.
Suitability - Who should attend?
- Credit analysts on the sell-side
- Credit counter-party risk analysts
- Fixed income fund managers
- Asset management credit analysts on the buy-side
- Debt capital markets executives on the sell side
- Investment bankers
- Fixed income/credit traders
- Fixed income/credit sales people
- Private equity executives
- Treasurers
- Equity analysts and strategists
- Compliance officers and internal audit
- Equity sales and traders
- Corporate finance lawyers
Training Course Content
Day 1: Morning
Section 1: Advanced financial analysis for complex credits
Income statement forecasts and adjustments
Day 1: Afternoon
Balance sheet forecasts and adjustments
Day 2: Morning
Cashflow statement forecasts and adjustments
Section 2: Complex group structures and parent and subsidiary rating linkage
Complex group structures
Day 2: Afternoon
- Parent and subsidiary rating linkage
- Factors that could limit credit risk
Section 3: Analysing and understanding various debt products
- Green loans/bonds, social loans/bonds and commodity bonds
- Supplier finance
- Hybrids instruments
Day 3: Morning
Section 4: Debt structuring
- Financial objectives and achieving an optimal capital structure
- Debt capacity and debt tranches
Day 3: Afternoon
Section 6: Analysing distressed firms
- Early warning signs of distress
- What to do in the event of distress and potential restructuring solutions
Why choose Euromoney Learning
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80+ countries where training is delivered
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Expenses
Course fee: £3645 + VAT
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Euromoney Learning
At Euromoney Learning, we understand that learning doesn’t start and end when you leave the classroom. We know that the financial markets never stand still, and that technology has both simplified and added complexity at a break-neck pace. That’s why...