Course description
The Introduction to Bond Market Qualification (IBMQ) is an introductory level programme intended for anyone seeking a sound foundation in the analysis of fixed income securities. The syllabus offers an overview of fixed income market products and participants and explains the key features of fixed income securities including government bonds, corporate bonds and many more. In addition, it provides candidates with the basic quantitative tools they will need to begin analysing fixed income securities.
Upcoming start dates
Suitability - Who should attend?
The course is intended for anyone who requires a firm grounding in global bond markets and fixed-income analysis as part of their professional development. It is particularly directed at candidates who are entering or have recently entered positions in fixed-income markets, or whose responsibilities require an understanding of fixed-income securities and markets. This might include, for example, professionals whose primary responsibilities are legal, regulatory or technology-related, as well as those working directly in fixed-income trading and investment management.
The IBMQ may also serve as a useful introduction to bond markets for candidates who intend subsequently to study for the ICMA Fixed Income Certificate (FIC).
Outcome / Qualification etc.
By completing this course you will be able to:
- acquire a sound understanding of the risk and return characteristics of fixed-income securities, including sovereign bonds, investment-grade and high-yield corporate bonds, inflation-linked bonds, securitisations, and covered bonds
- learn how to use and interpret market-standard measures of interest rate risk and credit spreads, as well as how to apply these measures to construct and evaluate trades that express views about the level of interest rates, the shape of the yield curve, and relative value in credit risky bonds
- learn how inflation-linked bonds protect investors from inflation risk and provide opportunities for trading views on expected inflation, and how securitisations and covered bonds expand opportunities for investors while diversifying financing sources for financial institutions
- learn how bonds are issued and traded, and how regulatory changes and technological development are transforming fixed-income markets
Training Course Content
Bonds
- Fixed Income Markets
- Fundamental Features of Bonds
- Bond Types and Market Sectors
Analysing Bonds
- Bond Price Quotation and Accrued Interest
- Calculating Accrued Interest
- Bond Price and Yield
- Calculating Yield to Maturity
Government Bonds and the Yield Curve
- The Yield Curve
- Monetary Policy and the Yield Curve
- Interest Rate Risk
- Trading the Yield Curve
Corporate Bonds
- Credit Risk in Corporate Bonds
- Credit Ratings and Credit Spreads
- Securitisation
- Covered Bonds
Inflation-Linked, Green, and Social and Sustainability Bonds
- Why Investors Care About Inflation
- Inflation-Linked Bonds
- Green Bonds
- Social and Sustainability Bonds
Issuing and Trading Bonds
- Issuing Bonds in the Primary Market
- Secondary Market Trading
- Regulation
Course delivery details
Delegates who sign up to online courses will have access for 6 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.
Online courses start at the beginning of each month – please note that payment must be received BEFORE access to these courses are provided.
Classroom Course
Our classroom courses are delivered in-person at a confirmed location.
The Introduction to Bond Markets Qualification classroom sessions will be delivered in London over 3 full days of training. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.
You will be given access to our learning management system and the course materials before the live sessions, and will have access to those for a total of six months. During these six months you will have the option to keep working through the course materials at your own pace. Please note to ensure you book and take the exam within these six months.
Assessment
The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions correctly, with a score of 45 or more earning a distinction. You will have six months in which to study the material, book and complete an online, fully invigilated exam.
Expenses
Online course fees
- ICMA Members: EUR 1,300 (VAT not applicable)
- Non-members: EUR 1,900 (VAT not applicable)
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International Capital Market Association
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