The most significant development in the Australian financial markets over the last decade has been the development of the debt capital markets. Over $221 billion of debt securities are now outstanding domestically. The local and international debt capital markets represent an important source of funds for Australian business and provide competitive tension with the traditional bank lending market. In this advanced course, students will examine in detail the operation of the capital markets and focus on the key legal and other issues relevant to a comprehensive understanding of these markets.
Recommended Prior Knowledge
A candidate who has successfully completed the subject should have:
- Acquired expansive and comprehensive knowledge of the debt capital markets (how they operate and are regulated, particularly in Australia but also in other areas around the world; the interaction of tax and stamp duty law with debt capital markets issues; the role of rating agencies in a capital markets issue; and the variety of structured capital markets products available)
- Improved their problem solving skills by completing the take-home exam
- Improved their ability to analyse and think critically by completing both pieces of assessment
- Improved their written communication skills by completing the final take home exam
- Improved their oral communication skills by participating in class discussions where the seminars allow
The course will cover the following:
- The operation of the capital markets in Australia
- Disclosure requirements for issues
- Insolvency in the context of the debt capital markets
- The operation of the capital markets in the United States, Europe and Asia
- Tax, stamp duty and rating agency issues relevant to debt capital markets
- A variety of structured capital markets products, including Securitisation, Hybrids, Subordinated notes and Synthetics
Please refer to the Course Outline for assessment information.
Please refer to the Course Outline.