incisive-training.com/bond

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1 Course highlights Regulatory implications and the sovereign debt crisis Dealing with the challenges the increasing cost of issuance The dynamics of bond and loan markets Credit ratings and current market conditions Data and pricing: challenges and opportunities Panel discussion future of bond pricing, a discussion from the buy side and sell side incisive-training.com/bond Managing Bond and Loan Pricing

2 About the course In 2011, the markets saw record numbers in the issuance of bonds, specifically with high yield bond issuance in both the US and European markets. With a healthy pipeline of issuance with companies diversifying their funding sources away from bank loans, this market looks set to continue to grow in the coming years. However, the market has a lot of issues to overcome if it is to continue its growth and this course will be perfectly timed to discuss the issues within the market as well as the opportunities ahead. This course will discuss the dynamics of bond and loan markets and discuss challenges in the bond issuance market. In addition, an examination of credit ratings and the changing macro-economic environment on bond and loan issuance market will also be covered. Venues London New York Who should attend? The course will appeal to delegates at all levels of seniority, however specific job titles may include but are not limited to Head/Director of debt capital markets Head/Director of capital markets Head/Director of debt syndications Head/Director of bond origination Head/Director of loan origination Head/Director of funding Portfolio Manager Analyst Investment Analyst/Officer Treasurer Learning outcomes By the end of the course you will have a better understanding of loan and bond pricing and the skills to: Understand the impact of the macroeconomic environment on loan and bond markets Explore cutting edge methods in bond pricing models Examine the dynamic of bond and loan markets Understand the usage of credit ratings and other market data Find out the political impact using game theory Gain knowledge of the strategies that can be taken when dealing with increasing funding cost Learn about potential developments in bond issuance market Risk Management Book now call +44 (0) / +1 (646)

3 Course Tutors: New York Adam Ashcraft, Senior Vice President and Head of Structured Product, Federal Reserve Bank of New York Zari Rachev, Chief Science Officer, FinAnalytical Joshua Wright, Head of Markets Group, Federal Reserve Bank of New York Jay Surti, Senior Economist, IMF Ben Emons, Senior Vice President, PIMCO London David Kern, Chief Economist, British Chambers of Commerce Alastair Macdonald, Head of Loan Origination, Deutsche Bank Simon Meldrum, Director of Loan Syndicate, RBS Ioannis Akkizidis, Global Product Manager, FRS Global Kevin Connell, Managing Director of High Yield Syndicate, RBS Global Banking & Markets Martin Reeve, Head of High Yield, Legal and General Investment Management Stephen Butcher, Managing Director, HSBC Risk Management Book now call +44 (0) / +1 (646)

4 Can t find what you re looking for? Incisive Training values our delegate feedback and is always looking for new ideas and suggestions for interesting topics you would like to see produced as a training course. If you would like to submit a subject area or have a topic you would like to see covered at one of our training events please contact Helen Carty via helen.carty@incisivemedia.com Coming up in 2012 Risk Based Remuneration London 21 May 2012 training.delegates@incisivemedia.com Advanced Operational Risk for Energy Companies London 22 & 23 May FX Options London 22 & 23 May Operational Risk Management for Banks: Appetite and Management London 24 & 25 May Central Clearing in Canada 2012 and beyond Toronto 22 June Risk Management Book now call +44 (0) / +1 (646)

5 New York Friday 28th September 2012 Day Registration and coffee 0900 Regulatory impact and the sovereign debt crisis on bond and loan pricing Inconsistency in regulatory frameworks Challenges from Basel III and Dodd Frank Impact on ABS and MBS trading Sovereign debt crisis and distressed investment strategies Tutor Adam Ashcraft, Senior Vice President and Head of Structured Product, Federal Reserve Bank of New York 1000 Morning Break 1020 The dynamic of the bond and loan market New developments in the bond market Bond market is getting more attractive Highly rated clients in bond market Cost of funds vs. cost of credits Understanding the demand: challenges from the clients side Tutor Zari Rachev, Chief Science Officer, FinAnalytical 1120 Tea break 1140 The key challenge: the increasing cost of bond and loan issuance Funding cost The generic increase on the funding cost LIBOR Regulation-led increase on funding cost Mitigating liquidity risk Additional cost Credit charge on the trading book Capital charge on the banking book New pricing strategies under the current cost structure Tutor Joshua Wright, Head of Markets Group, Federal Reserve Bank of New York 1340 Credit ratings and current market conditionss Credit ratings: a reality check Current market conditions and the impact on spreads Understanding the difference among different sectors Dealing with potential risks Rate options mitigating rate related risk Bond options overall protection Spread options and CDS couple related risk Dealing with the major challenge: Lack of liquidity Tutor Jay Surti, Senior Economist, IMF 1440 Afternoon Break 1510 Transparency measures and pricing: challenges and opportunities Utilising existing loan level data New analytical tools to enhance investors pricing and valuation Trading tread from ABS reporting the impact of transparency measures on pricing Clean vs. dirty pricing The future of a more transparent market: the good, the bad and the ugly Tutor Ben Emons, Senior Vice President, PIMCO 1610 Tea Break 1630 Future of bond pricing: panal discussion from the buy side and sell side Tutor Adam Ashcraft, Senior Vice President and Head of Structured Product, Federal Reserve Bank of New York 1730 End of the seminar 1240 Lunch Book now call +44 (0) / +1 (646)

6 London Friday 28th September 2012 Day Registration and coffee 0900 Regulatory impact and the sovereign debt crisis on bond and loan pricing Inconsistency in regulatory frameworks Challenges from Basel III Impact on ABS and MBS trading Sovereign debt crisis and distressed investment strategies Tutor David Kern, Chief Economist, British Chambers of Commerce 1000 Morning Break 1020 A key challenge: the increasing costs of issuance Funding cost The generic increase on the funding cost LIBOR Regulation-led increase on funding cost Mitigating liquidity risk Additional cost Credit charge on the trading book Capital charge on the banking book New pricing strategies under the current cost structure Tutor To be confirmed 1120 Tea break 1140 The dynamic of the bond and loan market New developments in the bond market Bond market is getting more attractive Highly rated clients in bond market Cost of funds vs. cost of credits Understanding the demand: challenges from the clients side Tutor Alastair Macdonald, Head of Loan Origination, Deutsche Bank 1240 Lunch 1340 Credit ratings and current market conditions Credit ratings: a reality check Current market conditions and the impact on spreads Understanding the difference among different sectors Dealing with potential risks Rate options mitigating rate related risk Bond options overall protection Spread options and CDS couple related risk Dealing with the major challenge: Lack of liquidity Tutor Simon Meldrum, Director of Loan Syndicate, RBS 1440 Afternoon Break 1510 Data and pricing: challenges and opportunities Utilising existing loan level data Credit ratings and bond pricing New analytical tools to enhance investors pricing and valuation Trading tread from ABS reporting the impact of transparency measures on pricing Tutor Ioannis Akkizidis, Global Product Manager, FRS Global 1610 Tea Break 1630 Future of bond pricing: panel discussion from the buy side and sell side Tutor Kevin Connell, Managing Director of High Yield Syndicate, RBS Global Banking & Markets Martin Reeve, Head of High Yield, Legal and General Investment Management Stephen Butcher, Managing Director, HSBC 1730 End of the seminar Book now call +44 (0) / +1 (646)

7 Registration & payment details I would like to book: Price Early Bird Standard (before 17 August 2012) (after 17 August 2012) New York $2125 $2499 London 1274* 1499* Risk magazine subscribers save 20%. Please add your subscriber discount below: *Price excludes VAT@20% (Discounts cannot be combined) Please complete the form below in BLOCK CAPITALS. London 4554/12 New York 4555/12 Title Family name Job title / Position Department Company Address Post/zipcode Telephone (direct) Telephone (main) Fax Approving manager Training manager First name City Country Please note that payment must be received prior to the start of the event. A pro-forma invoice will be forwarded to you automatically should you not provide details with your booking. I have enclosed a cheque made payable to Incisive Financial Publishing Ltd. Please debit my: Amex Visa Mastercard Maestro Issue number Card no: Expiry date CVS Account address if different from above I have read and agree to the terms and conditions: Signature Date Incisive Financial Publishing Ltd. VAT No: GB For companies in EU member states only. Please write your VAT/TVA/BTW/IVA/ MCMS/MWST/FPA number here: Payment is required prior to the event. If you require an invoice please inform us stating whether you need an original or a fax copy. We accept company cheques, credit cards and bank transfers. Please allow a minimum of seven working days for a bank transfer to reach us and phone or fax us when it has been sent. Please state the event name and delegate name to which it relates. Book now call +44 (0) / +1 (646) fax +44 (0)

8 Your fee Your registration fee includes morning/afternoon refreshment, lunch and your documentation pack. Book online or fax the completed form with your credit card details, or follow up the provisional reservation with a cheque made payable to Incisive Financial Publishing Ltd. In order that we process your registration with maximum efficiency, we request that a copy of this booking form accompanies your payment. Subscriptions If you currently don t subscribe to Risk magazine please contact karen.griffith@incisivemedia.com for more information Accommodation Please see website for more information Customer Services London Office mail ConferenceAdministration, Incisive Media, Haymarket House, Haymarket, London, SW1Y 4RX, UK call +44 (0) fax +44 (0) conf@incisivemedia.com US & Canada Office mail Conference Administration, Incisive Media, 55 Broad Street, 22 Floor, NewYork, NY10004, USA call +1(646) fax +1 (646) conf@incisivemedia.com Warning: Risk is a registered trademark, and the title, contents and style of this brochure are the copyright of Incisive Media. We will act on any infringement of our rights anywhere in the world. Incisive Media. Cancellation: A refund (less 10% administration fee) will be made if notice of cancellation is received in writing three weeks before the event. We regret that no refunds can be given after this period. A substitute delegate is always welcome at no extra charge. Disclaimer: The programme may change due to unforeseen circumstances, and Incisive Media reserves the right to alter the venue and/or speakers. Incisive Media accepts no responsibility for any loss or damage to property belonging to, nor for any personal injury incurred by, attendees at our conferences, whether within the conference venue or otherwise. *All discounts must be redeemed when booking, discounts will not be valid or applied after this time. Incisive Financial Publishing Ltd reserve the right to decline any discount offers and this offer cannot be used in conjunction with any other offer. Incorrect mailing, data protection: If any of the details on the mailing label are incorrect, please return the brochure to our database administrator at Incisive Media so that we can update our records and ensure that future mailings are correct. Please find our mailing address and fax details above. By registering for this training course, Incisive Media* will send you further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Media via a particular medium please tick the following relevant boxes: Mail Phone Fax . Incisive Media will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please tick the relevant boxes: Mail Phone Please tick if you are happy to receive relevant information from carefully selected third parties by and Fax. Please remember that if you choose not to receive other literature you may miss out on some exclusive offers. *For a list of companies included in Incisive Media please see our website