Workshop 21 y 22 Junio: "Convertible Bonds and other Hybrid Instruments"

Le informamos sobre las características básicas del Workshop "Convertible Bonds and other Hybrid Instruments" impartido por Izzy Nelken, Super Computer Consulting, en el evento Risk Management & Trading Conference 2017 que tendrá lugar los días 21 a 24 de Junio en Santa Fe (México). Este evento reúne a los mejores profesionales de la industria de toda América Latina. 

Datos Workshop "Convertible Bonds and other Hybrid Instruments"

• Miércoles 21 y Jueves 22 de Junio
• Duración: 12 Horas
• Hotel JW Marriott Santa Fe

Izzy Nelken
Super Computer Consulting

---

Objetivo del curso:

Aprender todos los aspectos de los bonos convertibles: estructura, modo de valuación y cobertura y mecanismos de operación.

Durante este seminario con duración de un día y medio, los participantes tendrán la oportunidad de interactuar con ConvB, el modelo de bonos convertibles desarrollado por el expositor y cuya licencia posee Thomson Reuters.

---

Temario:

• Hybrid Instruments Introduction to convertible bonds and other hybrid instruments.
  • Introduction to hybrid instruments.
  • The market and its size.
  • Convertibles, Preferred Shares, Elks, Decs, Percs etc.
  • The issuers: who issues them and why.
  • The investors: advantages / disadvantages to the investor.
  • The brokerage house: a study of the underwriting process.
  • The secondary market.
  • Convertible bonds in the US.
  • Hybrid instruments in emerging markets.
  • Overnight financing or bought deals.
  • CoCo – contingent convertible.
  • Accreting Convertible Bonds.
  • Reverse convertibles in Germany.
  • Exchangeable bonds in Canadá.
  • Dual currency convertibles.
  • Other embedded features.
  • A catalog of hybrid instruments: the precise definitions of all the different acronyms.
• Convertible Bonds in Detail We look under the hood of a convertible bond.
  • Why use them.
  • The different regions of a convertible: equity equivalent, hybrid, bond equivalent and the bankruptcy región.
  • The different types of convertibles.
  • Convertible = a bond + a warrant ???
  • What are their special features and how do they effect the convertible.
  • Call and put options.
  • The credit spread.
  • The special risks of convertible bonds.
  • Dilution.
  • The “waterfall” effect.
  • Hedging.
• Relative value What are the measures of value for convertibles.
  • Conversion value.
  • Conversion Premium.
  • The concept of payback and cash payback.
  • YTM – yield to maturity.
  • YTC – yield to call.
  • YTW – yield to worst.
  • Premium.
  • Investment Premium.
  • What is the expected maturity, how to compute it and how to use it.
• Pricing for Convertible Bonds An introduction to pricing theory.
• Two ideas:
  • The no arbitrage condition.
  • The reverse engineering principle.
  • The interest rate tree.
  • How to construct a tree.
  • Construct the forward curve.
  • Nodes and probabilities.
  • The role of volatility.
  • Why are trees so powerful.
  • The stock price tree: risk neutral valuation.
  • Why is a convertible not a bond plus a warrant.
  • The Goldman Sachs model.
  • Two factor models and beyond.
  • Partial Differential Equations (PDE) Models.
  • How to model credit spreads.
  • Adapting the models to cope with the special features of convertibles.
• Some of the products to be covered include:
  • Decs.
  • Percs.
  • Convertible Bonds.
  • Mandatory Convertibles.
  • Preferred Shares.

 

El evento engloba más de 30 workshops impartidos por los líderes de la industria financiera global de trading y riesgos (ver todos los workshops). El coste del evento completo es de $44,660.00 MXN ($2.400USD aproximadamente). Si quieres inscribirte en el mismo completa el formulario a continuación: