Dcm Clb

DEBT CAPITAL MARKETS

AREA: FINANCE COURSE Nr. 7 SESSIONS: 6 PROFESSOR:

ELOY B. GARCIA ALVAREZ

E–mail: ega@faculty.ie.edu Former Treasurer – Inter-American Development Bank (IADB), Washington, D.C., U.S.A. Over 35 years experience in international banking, investments and project financing.  Visiting Professor in Finance, Banking and Economics at IE Business School since 2006.  Executive in Residence at the Johns Hopkins University Carey B.S. since 1977.  Professional Lecturer in Fixed Income at Georgetown University McDonough B.S.since 2004.  Economist in Residence, International Finance at American University Dep. Of Economics since 1999.  B.S.B.A. in International Finance and M.A. in Economic Development from Georgetown University.  Co-founding member of the Financieros Sin Fronteras N.G.O. at IE Business School.  Member of the M.B.A. Advisory Board at the London City University Cass Business School.

 Published by IE Publishing Department Last revised, April 2012 

COURSE DESCRIPTION AND OBJECTIVES

The objective of this course is to provide a sound grounding on the fundamentals of debt capital markets from the point of view a borrower since a decision is made to access the public debt markets until the time of paying off that debt at maturity, i.e. normally retiring or refinancing the maturing debt with a new borrowing. The emphasis of the course will be on the international bond markets. The course´s structure comprises two aspects:

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Institutional Overview: how the debt markets are organized. Breath and depth of the international bond markets. Main players on the supply (issuers) and demand (investors) side. Our focus will be on the Eurobond markets, whose main center of activity is the City of London. Since the documentation for bond issuances in this market is governed mostly by English law, it will be necessary to become acquainted with the main characteristic of this jurisdiction vis-à-vis that of New York, which is practically the...