Debt Capital Markets - Part I

The debt markets are far larger than the equity markets, and yet get far less media attention. This is the first of two pathways that provide an extensive overview of the debt capital markets, starting with the basics.




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15 video modules • 3 hours 16 minutes

  • What is Debt Capital Markets (DCM)?

    Tim provides a detailed overview of the debt capital markets - their uses, users, salient features and how the markets are regulated.

    Tim Skeet27:19

  • What does DCM do at a Bank?

    In this video, Tim gives an overview of the global bond market before going into the specifics of the DCM roles beyond assisting issuers to raise financing.

    Tim Hall24:36

  • Key Benchmark Curves in Capital Markets

    In his first video on benchmark curves, Nigel begins by explaining the benchmark curves which are used in global debt markets. Each benchmark curve is the foundation for bond pricing in its relevant market. This video will shed light on the ‘US treasury benchmark curve’, ‘Euro benchmark swap rate curve’ and the ‘Sterling benchmark gilt curve’.

    Nigel Owen10:33

  • What is Risk-Free Debt?

    The concept of risk-free debt is deeply embedded in financial markets as short-hand for high-quality liquid debt that retains its value over time. In the first video of this series, Keith explains what is meant by "risk-free" and how nothing in financial markets can ever carry zero risk.

    Keith Mullin09:41

  • What is a Government Bond?

    The government bond market is huge - at the end of 2018 it was estimated to be in the region of $66tn. In this video, Tim provides an introduction to government bonds and compares purchasing these from countries around the world.

    Tim Skeet06:56

  • What are Syndicated Government Bonds?

    In 2018, sovereigns, supranationals and agencies around the globe issued a total of $1.4tn worth of new debt in the public syndicated debt capital markets. Tim explains the process in which these syndicated bonds are issued.

    Tim Skeet03:24

  • What are Corporate Bonds?

    Just like sovereigns, corporations raise debt to supplement operational revenues. In this video, Tim covers what a corporate bond is and how it is issued, the importance of credit ratings, and capital structure.

    Tim Skeet09:56

  • What are Medium-Term Notes? I

    A Medium-Term Note, or MTN, is a form of privately placed debt in a bond format. In this video, Aya answers the questions: what is a MTN, what is a private placement and what are the differences between MTNs and Public Benchmark Transactions?

    Aya Suzuki10:17

  • What are Medium-Term Notes? II

    In the second part of Aya's video on Medium-Term Notes (MTNs), she discusses the benefits of issuing MTNs, explains the dealer's role and identifies the key buyers.

    Aya Suzuki08:41

  • Covered Bonds Introduction

    Tim delves into covered bonds and key ratios when analysing them. He includes the safety features against a debtor including credit enhancements.

    Tim Skeet11:01

  • What are Green Bonds?

    Green bonds are a variant of conventional bonds, where the key point of distinction is the use of proceeds. Join Tim as he provides a detailed introduction to green bonds and highlights their key attributes.

    Tim Skeet13:49

  • What are High Yield Bonds?

    High yield bonds offer investors an attractive rate of return. However, this comes with a risk. Tim provides a brief history of this type of volatile security, typical characteristics and information on default and recovery rates.

    Tim Hall24:09

  • What is a Perpetual Bond?

    Perpetual bonds mean that investors will never receive their principal back and issuers will always pay interest. In this video Tim delves into the details of perpetuals and the potential benefits to investors and issuers.

    Tim Skeet12:36

  • What are Corporate Hybrids?

    In this video Tim covers hybrid securities and explains why issuers use them.

    Tim Skeet05:20

  • What are Preference Shares?

    Preference shares were initially a form of ‘temporary rescue' capital used by companies in distress. Today, however, preference share capital is used far more broadly and represents a stable form and source of capital. Prasad explains how preference shares are issued, the different types that exist and how they are priced.

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