Introduction to Money Markets and Debt Capital Markets (DCM)

This course provides an overview of the main markets for fixed income products.

It begins by looking at money markets, and the benchmark interest rates which serve as a reference point for other products and markets. The course then introduces Repurchase Agreements (Repo), how these can be used as a way of collateralised lending and the different features of the market.

Debt capital markets are explored, including the different instruments which are traded, and the potential ways in which the debt is initially issued.


This course is for individuals new to the financial markets.

Learning Outcomes

At the end of this course delegates should understand:

  • The dynamics of the money market and benchmark interest rates
  • The mechanics of repos and shorting bonds via repo
  • The key components of debt capital markets and private placements

Course Content

Money market dynamics

  • Market participants
  • London interbank market
  • T-bills and Commercial Paper (CP)

Benchmark interest rates

  • Overnight reference rates
  • LIBOR fixings and waterfall methodology
  • Fed funds rate upper and lower bounds
  • Interest on Excess Reserves (IOER)

Repurchase agreements (Repo)

  • Repo cash flows
  • LIBOR/repo spread
  • Overnight Reverse Repo (RRP)
  • Shorting bonds via repo
  • Repo pricing
  • Types of collateral

Debt Capital Markets

  • Origination and syndication
  • Debt instruments
  • Investment grade bonds
  • Sub-investment grade bonds
  • Mezzanine debt
  • Convertible bonds

Private placements

  • The advantages and when not to issue a private placement
  • Issuer and investor profiles


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Why study with Alpha?

Innovation and creativity born from experience

We are thought leaders in instructional and learning journey design and holistic solution architects. We have extensive finance and investments experience combined with skills application to deliver performance improving results. We develop immersive learning environments that maximize time to productivity, support talent retention and added value to improving quality of hires.

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We are focused on mining the embedded organisational intellectual capital for the benefit of the next generation. We create and curate best in class practice gathered from our experience with the leading financial institutions. We design our programmes with the end in mind – what results are you trying to achieve with this intervention? What metrics will we set ourselves to achieve that?

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Quality and innovation, using current market and industry best practices, have made us a trusted partner in delivering dynamic and motivating training for the financial and capital markets. Our programmes are generation proof and responsive to evolving learner needs and styles. Our solutions use a multi-stakeholder engagement strategy that expands beyond relationships between the learner and learning provider. We create connections with managers, peers and the wider business to drive impactful return on investment..

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