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Advanced Debt Capital Markets - JURD7427
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Faculty: Faculty of Law
 
 
School:  Faculty of Law
 
 
Course Outline: See below
 
 
Campus: Kensington Campus
 
 
Career: Postgraduate
 
 
Units of Credit: 6
 
 
EFTSL: 0.12500 (more info)
 
 
Indicative Contact Hours per Week: 2
 
 
Enrolment Requirements:
 
 
Prerequisite: Academic Program JD (9150) Co: JURD7211
 
 
Excluded: LAWS8027
 
 
CSS Contribution Charge:Band 3 (more info)
 
 
Tuition Fee:See Tuition Fee Schedule
 
 
Further Information: See Class Timetable
 
 

Description

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

None

Course Objectives

A candidate who has successfully completed the subject should have:

1. Acquired expansive and comprehensive knowledge of:

  • the debt capital markets and securitisation in particular (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.
  • the variety of structured capital markets products available.
2. By completing the take-home exam improved their:
  • ability to analyse, problem solve and think critically.
  • written communication skills.
3. Improved their oral communication skills by participating in class discussions where the seminars allow.

 

Main Topics

The course will cover the following:
  • The course will cover the following:
  • What debt capital markets are.
  • What debt and hybrid instruments are.
  • Disclosure regimes for retail and wholesale debt instruments in Australia and overseas.
  • Relevant prudential regulation issues.
  • Traditional securitisations.
  • Credit default swaps and their use in synthetic securitisations.
  • General applications for derivatives in debt capital markets.
  • Covered bond structures.
  • Conduits and structured investment vehicles structures.
  • Tax and stamp duty charges on debt instruments.
  • Insolvency issues as they apply to insolvent issuers of debt instruments.
  • Marketing and pricing residential mortgage backed securitisation transactions.
  • The role of rating agencies in a capital markets issue.
  • Clearing houses.
  • Recent developments and future reforms.

Assessment

Class participation 10%
Take-home exam: End of session 90%
 

Course Texts

Prescribed
Course materials have been prepared and are available for students from the UNSW Bookshop.


Order from UNSW Bookshop


Recommended
As set out in the Course Outline

Resources

Please refer to the Course Outline.

URL for this page:

© The University of New South Wales (CRICOS Provider No.: 00098G), 2004-2011. The information contained in this Handbook is indicative only. While every effort is made to keep this information up-to-date, the University reserves the right to discontinue or vary arrangements, programs and courses at any time without notice and at its discretion. While the University will try to avoid or minimise any inconvenience, changes may also be made to programs, courses and staff after enrolment. The University may also set limits on the number of students in a course.