1. Program Overview

The Debt Capital Markets Program is designed to provide participants with in-depth knowledge and practical skills required to access, structure, and manage debt financing in both domestic and international capital markets. As governments, corporations, financial institutions, and public entities seek alternative financing mechanisms beyond traditional loans, understanding the dynamics of the debt capital markets (DCM) becomes critical for sound financial strategy and sustainability.

The program focuses on how to effectively utilize bonds, commercial papers, sukuks, syndicated loans, and structured finance instruments, while also addressing investor expectations, regulatory frameworks, credit ratings, and market trends influencing debt issuance and trading.

2. Training Objectives

By the end of the program, participants will be able to:

• Understand the structure and function of debt capital markets
• Evaluate various debt instruments and funding strategies
• Structure and issue bonds, notes, and commercial paper effectively
• Understand the role of credit ratings, covenants, and investor relations
• Comply with regulatory and disclosure requirements for debt issuance
• Analyze pricing, demand, and risk in debt market transactions
• Assess the cost of capital and debt sustainability
• Navigate macroeconomic and market dynamics impacting DCM

3. Target Trainees

• Finance directors and treasurers
• Investment bankers and analysts
• CFOs and corporate finance officers
• Government and parastatal finance officers
• Pension fund and insurance investment managers
• Regulators and capital market authorities
• Legal and compliance officers involved in capital market transactions

4. Main Discussion Items / Modules

• Module 1: Introduction to Debt Capital Markets
• Overview of capital markets: equity vs. debt
• Key players: issuers, investors, underwriters, and regulators
• Market segmentation: primary vs. secondary markets
• Module 2: Debt Instruments and Structures
• Bonds (corporate, municipal, sovereign)
• Commercial papers and promissory notes
• Green bonds and sustainability-linked bonds
• Sukuk (Islamic finance instruments)
• Syndicated loans and structured debt
• Module 3: The Issuance Process
• Debt origination, structuring, and documentation
• Roles of investment banks and arrangers
• Roadshows and investor engagement
• Credit rating process and implications
• Module 4: Pricing, Trading, and Risk Management
• Yield curves, spreads, and pricing techniques
• Secondary market liquidity and trading dynamics
• Interest rate, credit, and currency risk mitigation
• Hedging tools: swaps, options, and derivatives
• Module 5: Regulatory and Legal Framework
• Local and international regulatory requirements
• Listing and disclosure obligations
• Tax treatment and legal structuring considerations
• Module 6: Debt Strategy and Market Trends
• Optimal capital structure and funding mix
• Debt refinancing and liability management
• ESG integration in debt issuance
• Trends: fintech, digital bonds, and blockchain in DCM

5. Training Methodology

• Interactive presentations by industry experts
• Real case studies and market examples
• Group exercises on bond structuring and pricing
• Simulated debt issuance scenarios
• Panel discussions with bankers and regulators
• Market data analysis and portfolio review tasks

6. Tasks

• Design a bond issuance roadmap for a listed company
• Compare and evaluate three types of debt instruments
• Draft a debt covenant checklist
• Analyze a recent sovereign or corporate bond issuance
• Prepare a briefing on debt sustainability for a board
• Simulate the pricing of a corporate bond using market data