Emerging Market Corporate Credit

Course review:

The overall goal of this four day workshop is to enhance existing analytic skills, using a structured and systematic approach to evaluate the credit standing of a company and the attractiveness of the risk ~ return profile of a transaction. Participants are encouraged to become more time efficient, focused and concise in articulating credit judgement.

Specifically participants will be equipped to:

• Apply a 4-step model to assess the creditworthiness of a borrower in a developing financial market: purpose, payback, risks and structure.
• Evaluate the performance of a company based on qualitative and quantitative frameworks and tools (e.g. ratios and cash flow measures) ,
• Identify the key drivers that drive a company's future performance and evaluate the key challenges of emerging markets credits: e.g. generating cash flow in growth markets and refinancing in volatile conditions.
• Use a cash flow approach to ascertain a company's ability to service / refinance its debt as it comes due
• Review debt structures to assess to what extent they meet the commercial needs of the borrower and protect the lender's interests
• Use appropriate market indicators, where available (e.g. ratings, equity indicators, bond and CDS spreads) to understand refinancing risk and the market view on a credit.

This workshop makes extensive use of case studies, live examples and exercises to ensure that the training is highly interactive, practical, topical and challenging. Case studies are drawn from a range of industries and emerging markets (primarily BRIC, Latin American, and Asia) in order to provide participants with the opportunity to practise the application of the analytic frameworks and tools in context. The emphasis is on developing critical judgement; participants are required to be focused, practical and realistic in their approach.