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
Social media marketing is one of the most important digital marketing channels. Social media marketing uses social media platforms to create awareness about the product. Digital Marketing uses online and offline channels to promote products to the customer.
Organizations typically start using electronic document management systems to transform paper-based operations after reaching an internal tipping point in which customer response times become too slow, departments don’t have enough bandwidth to solve recurring process bottlenecks, paper archiving becomes too costly or large-scale regulatory risks are exposed during a data breach or compliance fines.
For organizations that have defined but resource-intensive business processes, EDMS is an ideal fit. Document management helps organizations across industries sidestep this busy work entirely by eliminating manual document maintenance, reclaiming valuable staff time, and boosting the bottom-line.
This program provides the Public Relations and Service Department Managers the essential skills to create goodwill for your products, services, and ideals. It aims to assist you to do an effective job of building the Image of your Organization or department. It discusses the art and techniques for effective public relations (Image Building). Image building is discussed as an essential planned activity: including PR deliverables, Tasks, Resources, and Strategy Options. Program content includes: Analysis & Definition of PR Issues, Developing Action Plans, Communication & Implementation, and, monitoring and evaluation of outcomes.
Today’s executives have no room for error in navigating the market upturn to ensure their organization's survival and success. This all-new capstone to our Management Program is a fast track to more effective senior management by learning to best leverage your corporation’s competencies and build high value, sustainable growth.
An excellent course for experienced executives looking for late-breaking management ideas centered on strategy and “growth maximization” to prepare for market realities in the next three years.
Self-mastery is not achieved by accident - it is a process that occurs as we interact effectively with the events and circumstances of our lives. Each moment of our lives provides an opportunity to practice self-mastery by expanding our visions, awakening the faculties of our minds and our hearts, and assuming full responsibility for living, growing, and contributing. As we master our own emotions, we can enhance our ability to lead others, acting as a role model and someone others would truly wish to follow. Through this program, you will learn a great deal about yourself – how you think, how you perceive the world and how others perceive you, how you communicate and how you can enrich your communication skills - and through that process, you will learn how to lead others with great skill.
Risk is key in any project yet is often misunderstood as to the huge value that it can deliver, both to the project itself and to the people involved. This interactive, highly practical Risk Management Professional training course is designed to help delegates cover the risk management framework from the fundamentals up to the senior management level. This training course is delivered in such a way that delegates can expect to become skilled risk practitioners themselves.