Advanced International Capital Markets Training Course – Milan, 28 Dec 2026 – 8 Jan 2027

International Capital Markets is a 2-week advanced training course for capital markets professionals, treasury and investment bankers and issuer finance teams, who build a cross-border issuance readiness file during the course. Issuers now compete for global investor attention in shorter, more volatile windows, so structuring, timing and settlement choices decide funding cost. Jupiter Prime Training designed this course around that execution challenge.

Why International Capital Markets Matter Now

Three forces shape cross-border issuance today. Investors move quickly between currencies, sectors and credit grades, so issuance windows open and close within days. Issuers of sovereign, bank and corporate paper face rising disclosure and documentation expectations across several jurisdictions at once. Market infrastructure is shifting towards faster settlement and tighter collateral discipline. An issuer that reads demand well prices tighter, attracts long-term holders and keeps secondary liquidity healthy; one that misjudges timing or structure pays a new-issue premium and sees its bonds trade poorly. The course rests on international market-practice recommendations for primary issuance, bookbuilding conventions and recognised principles for financial market infrastructures.

Who Gains Most from International Capital Markets

• Debt capital markets originators who structure and pitch Eurobond, sukuk and loan-to-bond transactions
• Equity capital markets bankers who run listings, follow-ons and depositary receipt offerings
• Issuer treasury and funding teams who choose currencies, tenors and investor targets
• Syndicate and sales desks who build order books and allocate to investors
• Custody, settlement and operations leads who handle clearing, depositaries and corporate actions

Issuers gain most when a treasury lead, a legal or documentation lead and a funding analyst attend together, because a cross-border deal depends on all three reading the same market signals.

International Capital Markets Capabilities

Participants leave able to judge when, where and how an issuer should tap foreign investors, and to defend each structuring choice before a funding committee.

• Assess issuance windows using primary market indicators and new-issue concessions — funding committee timing decisions
• Design Eurobond and depositary receipt structures for foreign investor access — issuer boards and legal counsel
• Build an order book strategy with tiered investor targeting — syndicate desks and joint bookrunners
• Weigh currency, tenor and listing venue against swap-adjusted cost — treasury funding choices
• Specify clearing, settlement and custody arrangements for cross-border paper — operations and custodians
• Communicate secondary market liquidity risks to issuers and holders — investor relations teams

Key International Capital Markets Terms

• Bookbuilding — the process of collecting investor orders by price and size to set the final pricing and allocation of a new issue.
• Eurobond — a bond issued in a currency other than that of the market where it is sold, usually distributed internationally through a syndicate.
• Global depositary receipt — a certificate issued by a depositary bank representing shares of a foreign company, traded on an overseas exchange.
• New-issue concession — the extra yield an issuer pays on a new bond over its existing bonds to attract investors.
• International central securities depository — an institution that settles and safekeeps internationally traded securities across many currencies and markets.
• Greenshoe option — an over-allotment option letting underwriters sell more shares than planned to stabilise post-listing trading.

International Capital Markets Day by Day

Day 1: Global Capital Flows and Market Architecture

• Primary and Secondary Market Structure — Where Cross-Border Funding Is Raised
• Global Investor Base Segmentation — Real Money, Hedge Funds and Banks
• Capital Flow Drivers and Risk Appetite — Timing Foreign Issuance
• Onshore Versus Offshore Market Access — Choosing the Issuing Route
• Role Map of Arrangers, Agents and Trustees — Accountability on a Deal

Day 2: Debt Capital Markets Instruments

• Eurobond Fixed and Floating Formats — Matching Coupon Profile to Issuer Needs
• Medium-Term Note Shelf Frameworks — Repeat Issuance Flexibility
• Sukuk Structures in International Markets — Asset Backing and Investor Reach
• Hybrid and Subordinated Bank Capital Notes — Regulatory Capital Funding
• Green, Social and Sustainability-Linked Bonds — Labelled Issuance Choices

Day 3: Equity Capital Markets and Depositary Receipts

• Initial Public Offering Process Mapping — Readiness of the Issuer
• Global and American Depositary Receipt Mechanics — Foreign Listing Access
• Follow-On Offerings and Accelerated Bookbuilds — Speed Versus Discount
• Dual Listings and Listing Venue Selection — Liquidity and Visibility
• Equity Valuation for Cross-Border Offerings — Setting the Price Range

Day 4: Credit Ratings, Disclosure and Documentation

• Credit Rating Process and Agency Methodologies — Pricing Implications
• Offering Circular and Prospectus Content — Investor Disclosure Standards
• Subscription and Agency Agreements — Allocation of Deal Duties
• Trust Deeds, Covenants and Events of Default — Bondholder Protection
• Governing Law and Listing Rule Choices — Execution Risk Trade-offs

Day 5: Syndication and Bookbuilding

• Mandate Letters and Syndicate Formation — Bookrunner Roles and Fees
• Investor Roadshows and Deal Marketing — Building Demand Before Launch
• Order Book Building and Price Guidance — Tightening From Initial Talk
• Allocation Policies and Order Inflation — Rewarding Quality Investors
• Stabilisation and Greenshoe Mechanics — Supporting Early Trading

Day 6: Pricing, Hedging and Funding Cost

• New-Issue Concession and Reference Curve — Fair Pricing Judgement
• Cross-Currency Swaps on Foreign Bonds — Swap-Adjusted Funding Comparison
• Interest Rate Hedging Before Launch — Locking Benchmark Levels
• Relative Value Against Peer Issuers — Spread Positioning
• Liability Management and Tender Offers — Refinancing Existing Debt

Day 7: Secondary Markets and Liquidity

• Dealer Quoting and Electronic Bond Trading Venues — Price Discovery
• Bid-Ask Spreads and Market Depth Measures — Liquidity Assessment
• Repo and Securities Lending Markets — Financing Holdings and Short Covering
• Index Inclusion Criteria for Bonds and Equities — Passive Demand
• Investor Relations After Pricing — Supporting Secondary Performance

Day 8: Clearing, Settlement and Market Infrastructure

• International Central Securities Depositories — Cross-Border Settlement Routes
• Delivery Versus Payment and Settlement Cycles — Counterparty Exposure
• Central Counterparty Clearing for Listed Products — Margin Demands
• Custody Chains and Corporate Actions — Coupon and Dividend Flows
• Infrastructure Resilience and Settlement Fail Controls — Operational Risk Choices

Day 9: Market Risk, Conduct and Investor Protection

• Market Abuse and Inside Information Controls — Wall-Crossing Discipline
• Conflicts Management in Syndicate Allocations — Fair Treatment of Investors
• Sanctions and Cross-Border Distribution Restrictions — Selling Restrictions
• Disclosure of Material Events — Continuing Obligations of Issuers
• Sovereign and Corporate Default Case Analysis — Restructuring Lessons

Day 10: Practising the Cross-Border Issuance Readiness File

• Issuance Window Assessment for a Case Issuer — Applying Day 1 and Day 6
• Instrument and Structure Selection — Applying Day 2 and Day 3
• Syndicate Plan and Investor Targeting — Applying Day 5
• Settlement and Custody Route Choice — Applying Day 8
• Cross-Border Issuance Readiness File — Presentation to a Funding Committee

Applying International Capital Markets After the Course

• Run an issuance window assessment for your organisation's next funding need, comparing swap-adjusted cost across two currencies and two investor bases.
• Map the settlement and custody chain for one existing foreign security and flag the points where coupon or corporate action flows can fail.

International Capital Markets Questions (FAQ)

What are International Capital Markets and why do they matter now?

International capital markets are the venues where issuers raise debt and equity from foreign investors. They matter now because volatile windows, demanding disclosure and faster settlement make structuring and timing decisive for funding cost and investor loyalty.

Which roles gain most from International Capital Markets training?

Debt and equity capital markets bankers, issuer treasury teams, syndicate desks and settlement leads gain most. Examples come from both bank capital issuance and infrastructure or energy company funding, so participants from financial and corporate issuers apply the methods directly.

How does International Capital Markets training differ from a fixed income course?

It differs by following a deal end to end rather than valuing bonds alone. A fixed income course focuses on pricing and portfolio risk, while this one covers structuring, syndication, bookbuilding, listing, documentation and settlement of both debt and equity across borders.

What will you bring back from International Capital Markets training?

You bring back a cross-border issuance readiness file for a real or case issuer. It sets out the window assessment, instrument choice, syndicate plan and settlement route that your funding committee needs before mandating banks.

International Capital Markets: The Way Forward

The cross-border issuance readiness file first informs whether an issuer should launch now or wait for a better window. Treasury heads, capital markets bankers and funding committees use it to compare currencies, structures and investor targets on one page. After its first use, the investor targeting and settlement assumptions deserve a fresh look, since demand and infrastructure keep shifting.