Introduction to Bond Markets Qualification (IBMQ)
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The Introduction to Bond Market Qualification (IBMQ) is an introductory level programme intended for anyone seeking a sound foundation in the analysis of fixed income securities. The syllabus offers an overview of fixed income market products and participants and explains the key features of fixed income securities including government bonds, corporate bonds and many more. In addition, it provides candidates with the basic quantitative tools they will need to begin analysing fixed income securities.
Learning Outcomes
By completing this course you will be able to:
- acquire a sound understanding of the risk and return characteristics of fixed-income securities, including sovereign bonds, investment-grade and high-yield corporate bonds, inflation-linked bonds, securitisations, and covered bonds
- learn how to use and interpret market-standard measures of interest rate risk and credit spreads, as well as how to apply these measures to construct and evaluate trades that express views about the level of interest rates, the shape of the yield curve, and relative value in credit risky bonds
- learn how inflation-linked bonds protect investors from inflation risk and provide opportunities for trading views on expected inflation, and how securitisations and covered bonds expand opportunities for investors while diversifying financing sources for financial institutions
- learn how bonds are issued and traded, and how regulatory changes and technological development are transforming fixed-income markets
Who should attend?
The course is intended for anyone who requires a firm grounding in global bond markets and fixed-income analysis as part of their professional development. It is particularly directed at candidates who are entering or have recently entered positions in fixed-income markets, or whose responsibilities require an understanding of fixed-income securities and markets. This might include, for example, professionals whose primary responsibilities are legal, regulatory or technology-related, as well as those working directly in fixed-income trading and investment management.
The IBMQ may also serve as a useful introduction to bond markets for candidates who intend subsequently to study for the ICMA Fixed Income Certificate (FIC).
The names of successful candidates will be included in our list of certificate holders.
Assessment
The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions correctly, with a score of 45 or more earning a distinction. You will have six months in which to study the material, book and complete an online, fully invigilated exam.
We use a third-party exam invigilation service called ProctorU to administer the exams on our assessed courses. We recommend you take a few minutes to watch this video before you take your exam, which provides information on what to expect on the day. You can also take a look at some further information here.
More information regarding your specific exam will be available in the Exam Orientation page on Moodle, the ICMA training platform.
Certification and Programme Recognition
This course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading and accredited by CPD® Certification Service.
ICMA recommends that 24 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.
A Certificate of Completion will be awarded to those who successfully pass the final exam of this course – see Assessment section for more details.
ICMA is a member of the CPD® Certification Service, an FCA-approved qualifications provider and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).
Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at education@icmagroup.org.
Course Trainer
David Oakes
The course syllabus is divided into the following key topic areas:
Bonds
• Fixed Income Markets
• Fundamental Features of Bonds
• Bond Types and Market Sectors
Analysing Bonds
• Bond Price Quotation and Accrued Interest
• Calculating Accrued Interest
• Bond Price and Yield
• Calculating Yield to Maturity
Government Bonds and the Yield Curve
• The Yield Curve
• Monetary Policy and the Yield Curve
• Interest Rate Risk
• Trading the Yield Curve
Corporate Bonds
• Credit Risk in Corporate Bonds
• Credit Ratings and Credit Spreads
• Securitisation
• Covered Bonds
Inflation-Linked, Green, and Social and Sustainability Bonds
• Why Investors Care About Inflation
• Inflation-Linked Bonds
• Green Bonds
• Social and Sustainability Bonds
Issuing and Trading Bonds
• Issuing Bonds in the Primary Market
• Secondary Market Trading
• Regulation
Classroom Course
Our classroom courses are delivered in-person at a confirmed location.
The Introduction to Bond Markets Qualification classroom sessions will be delivered in London over 3 full days of training. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.
You will be given access to our learning management system and the course materials before the live sessions, and will have access to those for a total of six months. During these six months you will have the option to keep working through the course materials at your own pace. Please note to ensure you book and take the exam within these six months.
Location Address
Venue TBC
Classroom course fees*
ICMA Members: EUR 3,150 + VAT (if applicable)
Non Members: EUR 3,950 + VAT (if applicable)
*Our prices do not include travel/accommodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided 4 weeks in advance of the start date.
For security reasons, delegates who have not registered in advance will not be admitted to the live sessions.
- All payments must be made in Euro.
Contact
Should you have any queries, please contact education@icmagroup.org.
