Corporates are encountering difficulties that are comparable in severity to those encountered during the financial crisis of 2008–2009 as the economic outlook in Europe and the US continues to worsen. Commercial banks and other lending institutions will be vulnerable to significant credit losses if they do not accurately analyze their credit risk exposures and update their forecasting models. This training assists a variety of credit professionals in overcoming the analytical, structure, and forecasting difficulties they now encounter. In order to evaluate, limit, and balance credit risks, we analyze complex accounts, group structures, and scenarios using increasingly sophisticated analytical and structuring tools. We evaluate the relationships between parent and subsidiary credit as well as how to apply notching to layered capital structures.
We also look at debt structuring, including different forms of hybrid capital, ESG-related issuance, and supplier finance, as well as how to assist a borrower in creating an ideal capital structure. In our final section, we go through how to analyze troubled and deteriorating credits, how to recognize early indicators of a credit profile that is deteriorating, and how to reorganize companies that are still viable.
At the end of this course, participants will be able to:
Know how firms may manipulate GAAP and non-GAAP figures
Recommended adjustments to financial statements
Know Complex group structures
Understand the credit impact of different consolidation methods
Understand the credit impact of legal and structural subordination and security
Understand how different types of hybrid securities are rated and how they can impact credit quality
Market-side credit analysts
Credit counterparty risk specialists
fund managers for fixed income
Credit analysts in asset management working for the buy-side
Managers of the sell side of the debt capital markets
Investing bankers
Investors in fixed income and credit
those who sell credit or fixed income
Directors of private equity
Treasurers
Securities analysts and strategists
Internal auditing personnel and compliance officials
trades and sells of equity
Business finance attorneys
How do income statement entries affect the credit analysis and what adjustments should we make?
Revenues and costs
Segmental analysis
IFRS reported numbers versus management adjustments
Adjusted EBITDA versus underlying EBITDA; EBITDA add-backs
Key adjustments to reported numbers
Can losses be hidden in off-balance sheet vehicles?
Understanding lease expense post IFRS 16
Taxation – effective, statutory and marginal rates
Items in the statement of other comprehensive income
How do balance sheet entries affect the credit analysis and what adjustments should we make?
Non-current tangible assets
Intangible assets
Shareholdings in equity accounted entities
Deferred tax assets
Current assets
Discontinued items
Current liabilities
Seasonality of Net Working Capital and Manipulating NWC
Current and non-current provisions
Deferred revenues - effect of unwinds on liquidity
Retained earnings from taxes
Post-IFRS 16 analysis of lease obligations
Dealing with leases that are still off-balance sheet under IFRS 16
Differences between a lease and a service agreement
Unfunded liabilities for retirees
Subsidiaries' and non-consolidated enterprises' non-recourse debt
The management of "other creditors"
How do cash ow statement entries affect the credit analysis and what adjustments should we make?
Are operating earnings turning into operating cash flow?
What is the impact on cash ow of NWC changes, provisions, equit accounted entities and other non-cash items?
Is the firm under or over-investing in maintenance and expansionary capex?
Are investment forecasts consistent with growth forecasts?
How are leases dealt with in the cash ow statement, post IFRS 16?
Can the firm cover debt service, tax and investment spending?
How are dividends funded? Are they sustainable?
What is the scope for dividend increases and share buybacks?
Is the firm reliant on external funding?
Complex group structures and parent and subsidiary rating linkage
Defining complex group structures
The credit and rating impacts of partial ownership, a high level of NCI and
off balance sheet entities
Proportional debt, earnings and cash ow of entities that are not whollyowned
Who owns/controls the debt, assets, earnings, cash flows?
The impacts of different consolidation methods and how to make
adjustments
The credit and rating impacts of different types of subordination
The credit and rating impacts of security packages
Credit assessment of groups, the importance of ownership, analysing a
group
Non-recourse projects e.g. associates and joint-ventures
Because supervisory levels are the link between the executive and senior management levels, achieving the organization's objectives, increasing productivity and overall performance of the organization, affects the effectiveness and efficiency of supervisors' performance.
And because of the skills of supervisors in any organization in need of continuous development, and to acquire advanced tools and methods that reflect on the deepening of these skills and activate their role in motivating individuals working, and push them to commit to the goals of the organization.
You need this conference to learn about supervisory skills and advanced methods, to be able to play an effective and supervisory role in your organization.
Managing an office has become an increasingly sophisticated and complex job. The increased demand for speed and accuracy, knowledge of new technology, and an increasingly diverse workforce bring challenges and also opportunities for growth. This dynamic and in-depth course explores some of the more advanced skills which can help an office manager to work more confidently, creatively, and effectively.
As a supervisor, the success of your organization rests in your hands. This course provides you with the opportunity to develop highly effective and essential supervisory skills that will strengthen teamwork and organizational success. Also, this course will help you manage everyday operations with greater ease. Furthermore, it will help you leverage both your managerial and people skills to meet your new challenges as the 21st-century supervisor.
This course is designed for participants to introduce to key issues and themes in international development.
Participants will explore and engage in academic debates and discussions around a set of key factors that shape, influence, and constrain the development and prosperity of nations.
The course will explore a number of key themes in international development, including how questions of gender and generation shape the impact of poverty; how processes of globalization, migration, and violent conflict impact development; and how development and the environment are linked.
It also considers what exactly we mean by poverty, and how different ways of understanding poverty feed into different approaches to tackling it.
It will also consider development institutions: what are the key institutions in the architecture of international development? How do they differ, and what are the challenges and opportunities they present? Through this module, participants will gain a solid background in the various factors which shape current approaches to and debates on international development.
By introducing participants to a range of problems in economic development, we will look to analyze how economic theory and models can explain the lack of development in some nations. We will apply such theory to real-world economies to understand the nature of the problems they face and how effective policies can be in tackling the problems.
A five-day course on the practical aspects of piping and pipeline design, integrity, maintenance, and repair. The participants will obtain an in-depth understanding of the ASME B31 code rules and API standards, their technical basis, and practical application to field conditions.
Corporate/Public governance and risk management are critical There is increasing attention being paid to corporate governance and risk management in business schools and among legislators.