The International Capital Market Association (ICMA) Executive Education’s Primary Market Certificate (formerly known as the IPMA Diploma) is a second level qualification intended for persons 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 therefore will have all the requisite tools to add value now to their company’s activities in the primary markets.

As a second-level qualification the PMC syllabus requires that the candidate should already have some familiarity with:

• Fundamental numeric skills, the time value of money, PV, yields and yield curves
• The main debt market sectors, products and key players

Target Audience

The PMC programme 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.


Accreditation
  
CFA Charterholders may claim 31.5 PD hours for attending the ICMA Primary Market Certificate.
  
  
Speakers/Teachers on the Programme
  
Programme Director
Chris O’Malley is a Senior Advisor to the International Capital Market Association (ICMA) and a freelance trainer. Based in the Market Practice and Regulatory Policy Department of ICMA, he focuses on primary market practices and, particularly, capital markets and skills-based training. 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

Expert Speakers
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 in Corporate Finance.  Carol has run executive courses on mergers and acquisitions as well as corporate governance and is the author of Corporate Governance: Theory and Practice, published by Palgrave Macmillan.

Peter Eisenhardt is responsible for Short Term Fixed Income Origination at Bank of America Merrill Lynch in London. Over his twenty-five year career he has worked in treasury, money market trading, bond options trading, repo, credit, and origination in New York, London, and Tokyo. He is the chairman of the ICMA ECP Committee.

Veenay Chheda is an Executive Director and Co-Head of EMEA Hybrid Capital Structuring at J.P. Morgan. Veenay has structured and executed hybrid capital transactions across 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.

Jonathan Melton is a partner at Allen & Overy specialising in the international capital markets work, including MTNs and equity linked transactions and with extensive experience of emerging markets debt transactions and also particular focus on liability management exercises.

Marco G. Carbonare is a U.S. qualified counsel in the Capital Markets Group in the London office of Linklaters LLP concentrating on corporate finance transactions by European companies and financial institutions. Mr. Carbonare has extensive experience with a wide range of high profile offerings of equity and debt securities in a wide number of jurisdictions.

Dan Kuhnel, Director, is a senior executive in the Primary Market Relationship Management group within Euroclear’s Commercial Division. He relocated to Euroclear Bank’s Hong Kong office from April 2011.  He is responsible for managing relationships with issuers, lead managers, issuing and paying agents, and various primary-market related associations.

John Cavanagh is a Managing Director and Head of Bank of America Merrill Lynch’s EMEA Liability Management and EMEA DCM Product Solutions groups, which includes the firm’s Ratings Advisory and Hybrid Capital Development practices. John joined Bank of America Merrill Lynch in 2006 after having spent 16 years with J.P. Morgan, where he most recently headed that firm’s European Liability Management and US cross-border issuer coverage teams.

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). Before joining Fitch in 2001, Krishnan worked for HSBC Bank for 15 years.

Martin Egan is Global Head of Primary Markets & Origination at BNP Paribas encapsulating Syndicate, Debt Capital Markets and Securitisation. In addition, 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.

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 a member of the steering committee of the US Covered Bond council.  Most recently Tim has worked with investors to set up the ICMA Covered Bond Investor Council (CBIC).