The Primary Market Certificate (PMC) is a qualification examining the entire bond issuance lifecycle. The course covers corporate finance theory, different types of borrowers and instruments, credit ratings, securitization, regulation and more. Taught through a combination of lectures and case studies, it is intended for professionals working in bond origination, syndication and transaction management. The PMC provides the tools to add value in primary debt capital markets activities.

1. Primary Market Certificate
(PMC)
I C M A E X E C U T I V E E D U C AT I O N

2. Course Overview
The Primary Market Certificate (PMC), is a second level qualification for those with an interest or involvement in
the debt primary markets. The programme examines the entire life cycle of bond issuance, from considering the
financing choices through to the closing of transactions in the marketplace. While the course examines the
theoretical principles underpinning the markets, and the instruments and financing techniques that are available,
emphasis is placed on interpreting and using that knowledge in practical case studies. Candidates who gain this
qualification will have all the requisite tools to add value to their company’s activities in the primary markets.
Course Topics
1. Corporate Finance Theory
8. Securitisation
Understanding the financing decision and the choice
Understanding the key drivers for securitisation
between debt and equity.
and reviewing current issuance activity.
2. Borrower
9. Covered bonds
Examining the characteristics of different borrower
Understanding the mechanics of the covered bond
types; sovereign, supranational and agencies (SSAs),
market and its increasing importance in primary
financial institutions and corporates.
issuance.
3. Commercial Paper
10. Investor Protection
Reviewing the functioning of the Euro Commercial
Events of default, debt ranking and covenants.
Paper market from both an issuer's and investor's
11. Liability Management
perspective.
Reviewing current liability management techniques,
4. Bonds
their applicability and outcomes.
Defining the attributes of a bond and examining
12. Syndication
key variations.
Syndication practices, their aims and effects.
5. Credit
13. Pricing, Launch and Distribution
Understanding the credit rating process, Credit
Pricing for success, launch requirements and good
Rating Agencies (CRAs) and credit enhancement.
market practice.
6. Working with Swaps
14. ICMA’s Role and Legal and Documentation
Understanding swaps and swap pricing and the
Full documentary requirements for a transaction.
value of comparative advantage in the liability context.
15. Closing and Settlement procedures
7. Hybrid Capital
16. Regulation and the Primary Markets
Examining permissable hybrid capital issuance
US Regulation
structures under Basel III and Solvency II.
EU Regulation
“I learnt a lot and enjoyed the PMC course very much – thank you!”
Ina Reiprich, Debt Listing, Irish Stock Exchange

3. Course Content and Format
The course is delivered by a combination of professional trainers and market
Programme Recognition
professionals. The programme emphasises current market practice and much use
CFA Charterholders may claim 31.5 PD hours for attending the PMC.
is made of experienced practitioners to discuss key areas. Delegate numbers are
limited to enable interaction with the presenters.
The structure of the PMC, as regards the order of the modules and content taught
within the programme, is flexible due to the use of professional experts, market
practitioners and practical case studies on the course.
Target Audience
The PMC is intended primarily for persons working in the origination, syndication
and transaction management areas of investment banks or securities houses.
It is also a valuable qualification for capital markets lawyers looking to expand their
understanding of the workings of the primary markets and for those employed
in institutions that may be looking to raise funds in the international capital markets.
The programme is most suited to those in the early stages of focusing on primary
market activities, but is open to anyone who would benefit from a more complete
knowledge of the debt primary markets.
The course is open to ICMA members and non-members.
“The PMC is an extremely well organised opportunity to get in touch with expert level speakers who offer
the degree of insight information that is essential to keep pace with the primary markets.”
Felix Biedermann, Associate – Banking & Capital Markets, Clifford Chance

4. Programme Director and Speakers
Programme Director
Peter Eisenhardt is responsible for Short Term Fixed Income Origination at Bank
Chris O’Malley is a Senior Advisor to the International Capital Market Association
of America Merrill Lynch in London. Over his twenty-five year career he has worked
(ICMA) and a freelance trainer. Based in the Regulatory Policy Department of ICMA,
in treasury, money market trading, bond options trading, repo, credit and origination
he focuses on primary market practices, capital markets and skills-based training.
in New York, London and Tokyo. He is the chairman of the ICMA ECP Committee.
Chris developed, and is Course Director for, the ICMA Primary Market Certificate.
He has 30 years’ experience in the capital markets on the sales and origination sides
of the business.
Ramadurai Krishnan is currently a Managing Director in Fitch Ratings’ Credit Policy
department, where he is responsible for Structured Finance for Europe, the Middle
East and Africa and research on Regulatory issues (Basel II, III, CRD and Solvency 2).
Expert Speakers
Before joining Fitch in 2001, Krishnan worked for HSBC Bank for 15 years.
Marco G. Carbonare is a U.S. qualified Counsel in the Capital Markets Group,
Dan Kuhnel is a Director and senior executive in the Primary Market Relationship
based in the London office of Linklaters, concentrating on corporate finance
Management Group within Euroclear’s Commercial Division, based in Hong Kong.
transactions by European companies and financial institutions. He has extensive
He is responsible for managing relationships with issuers, lead managers, issuing
experience dealing with a wide range of high profile offerings of equity and debt
and paying agents, as well as various primary market related associations.
securities in a wide number of jurisdictions.
John Cavanagh is a Managing Director and Head of Bank of America Merrill Lynch’s
Jonathan Melton is a Partner at Allen & Overy specialising in the international capital
markets, including MTNs and equity-linked transactions. He has extensive experience
EMEA Liability Management and EMEA DCM Product Solutions groups, which includes
of emerging market debt transactions, with a particular focus on liability management
the firm’s Ratings Advisory and Hybrid Capital Development practices. John joined Bank
exercises.
of America Merrill Lynch in 2006, having spent 16 years with J.P.Morgan, where he headed
the firm’s European Liability Management and US cross-border issuer coverage teams.
Carol Padgett is a lecturer in finance at the ICMA Centre, Henley Business School.
She has extensive teaching experience and is the Director of Studies for the MSc
Veenay Chheda is an Executive Director and Co-Head of EMEA Hybrid Capital Structuring
in Corporate Finance. Carol has run executive courses on mergers and acquisitions
at J.P. Morgan. Veenay has structured and executed hybrid capital transactions across
as well as corporate governance.
many sectors (banks, insurers and corporates) and jurisdictions. He has also been
involved in many bank recapitalisation plans, complex liability management exercises
and influencing recent regulatory developments.
Tim Skeet is Managing Director for Royal Bank of Scotland and the Chairman of
ICMA's Committee of Regional Representatives. Tim was one of the early members
of the European Covered Bond Council (ECBC) Steering Committee and is currently
Martin Egan is Global Head of Primary Markets & Origination at BNP Paribas,
a member of the steering committee of the US Covered Bond council. Most recently
encapsulating Syndicate, Debt Capital Markets and Securitisation. In addition,
Tim has worked with investors to set up the ICMA Covered Bond Investor Council (CBIC).
Martin co-heads the management of the Corporate Sales/Marketing for IR, FX and credit
hedging products and Global Structuring. He is Chairman of ICMA’s Primary Market
Practices Committee.

5. Course Information and Registration
Fees
Further Information and Course Registration
The cost is GBP 3,000 for ICMA members and GBP 3900 for non-members
To register please use our online registration system:
with further discounts as follows:
www.icmacentre.ac.uk/exec_registration
2 to 4 candidates – 5% discount each*
For any questions about the course, please contact:
5 to 9 candidates – 10% discount each*
*Please note that discounts are applied by way of a refund to the organisation when registration
has closed and the final number of candidates from the firm has been determined.
Please note that if you require accommodation for the course, this will be your
David Senior
Business Development Director
Email: david.senior@icmagroup.org
Tel: +44 (0)20 7213 0329
own responsibility; the programme is class-based, but it is a non-residential course.
Payment can be made by secure online credit card or by invoice. Please note that
selecting the invoice method will add GBP 50 (administration fee) to the course price.
“The course gave a comprehensive review of regulatory policies and current market practices.
I really enjoyed the contribution from the leading industry specialists.”
Juha Mustonen, Senior Manager, Pohjola Bank

6. ICMA Executive Education
For many years ICMA Exective Education has made investment in executive
• Operations Certificate Programme (OCP)
education for the financial markets a priority. Its courses are administered and
• Primary Market Certificate (PMC)
overseen by the ICMA Centre at Henley Business School, University of Reading.
All are recognised as certificates of competence in the capital markets and are
Five Certificate Programmes are offered:
successfully completed by large numbers of international participants each year.
• Financial Markets Foundation Course (FMFC)
• Securities Operations Foundation Course (SOFC)
• International Fixed Income and Derivatives (IFID) Certificate
ICMA Centre
The ICMA Centre, University of Reading has an international reputation for providing
facilities including two dealing rooms. In 2008, ICMA enabled an expansion
quality teaching programmes tailored to the capital markets industry. Established in
to the building that now includes an additional 50 seat dealing room, 170 seat
1991 with funding provided by the International Capital Market Association (ICMA),
lecture theatre as well as new seminar rooms and a dedicated research area.
the Centre is housed in a purpose-built modernist building with state-of-the-art
The International Capital Market Association
The International Capital Market Association (ICMA) is a unique organisation
banks, as well as asset managers, exchanges, central banks, law firms and other
and an influential voice for the global capital market. It represents a broad range
professional advisers. ICMA’s market conventions and standards have been the
of capital market interests including global investment banks and smaller regional
pillars of the international debt market for over 40 years.
International Capital Market Association
(ICMA)
Talacker 29
PO Box CH-8022 Zurich
Switzerland
International Capital Market Association Limited
(ICMA Ltd)
23 College Hill
London EC4R 2RP
UK
ICMA Centre
Henley Business School
University of Reading
Whiteknights
Reading RG6 6BA, UK
Tel: :+41 (0)44 363 4222
Fax: +41 (0)44 363 7772
Email: education@icmagroup.org
www.icmagroup.org
Tel: +44 (0)20 7213 0310
Fax: +44 (0)20 7213 0311
Email: education@icmagroup.org
www.icmagroup.org
Tel: +44 (0)118 378 8239
Fax: +44 (0)118 931 4741
www.icmacentre.ac.uk