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Debt Capital Markets (LAWS70111)
Graduate coursework level 7Points: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
March
Lecturer
Mr Jan Job de Vries Robbé, Coordinator
Email: law-masters@unimelb.edu.au
Phone: +61 3 8344 6190
Website: law.unimelb.edu.au
Overview
Availability(Quotas apply) | March |
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Fees | Look up fees |
Following the global financial crisis (GFC) and the sovereign debt crisis, the debt capital markets have seen major changes. A lack of trust and disclosure led to a surge in bondholder litigation, along with ongoing enforcement action from supervisors and regulators. Investors continue to explore all available avenues to recoup losses. More recently, structured products have made a comeback as investors hunt for yield or, alternatively, seek sustainable investments in the bond markets. The focus of this subject is distinctly practical. Real-life examples from international practice will be analysed and discussed. The lecturer draws on his international experience and brings in guest lecturers from top tier law firms and financial institutions, as well as other disciplines, contributing to a highly interactive, challenging, flexible and overall rewarding subject.
This subject covers the law and practice of the international debt capital markets. It discusses the mechanics of the capital markets generally, explaining how these differ from the loan and derivatives markets. It covers the relevant actors and the (highly dynamic) legal and regulatory framework. There is emphasis in class on the legal and structuring aspects of actual capital market transactions, such as covered bonds, securitisations, (structured) bonds and hybrid transactions.
Restructuring of bond transactions (as evident in the recent sovereign debt crises) is a prominent feature. Consideration of financial markets litigation (involving investment banks, hedge funds, ratings agencies, derivative dealers and regulators) is another important aspect of the subject. Green and inclusive finance (through green bonds, some project bonds and microfinance securitisation) also features. Actual transactions, their structure, term sheet and documentation, are discussed in class, in order to provide students with a skillset that is applicable in legal practice and thus further enhance their legal prospects and careers.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have a sophisticated appreciation for the legal and commercial drivers for various debt capital market products
- Have developed a thorough and detailed understanding of structuring issues in these types of transactions
- Have an advanced understanding of and be able to demonstrate autonomy, expert judgment and responsibility in practice in applying the general legal issues involved in these transactions along with a working knowledge of key documentation issues and recognise and avoid common pitfalls in practice
- Have developed a sophisticated appreciation for the legal risks in structured finance transactions and have developed the cognitive and technical skills to mitigate these legal risks
- Have developed an advanced and integrated understanding of the (international and domestic) case law and laws and regulations relevant for (structured) finance transactions generally, and be able to critically examine, analyse, interpret and assess this case law and regulations.
Last updated: 30 October 2023
Eligibility and requirements
Prerequisites
Melbourne Law Masters Students: None
JD Students: Not available to JD students in 2018. Successful completion of the below subject:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
LAWS50035 | Corporations Law | Semester 2 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Applicants without legal qualifications should note that subjects are offered in the discipline of law at an advanced graduate level. While every effort will be made to meet the needs of students trained in other fields, concessions will not be made in the general level of instruction or assessment. Most subjects assume the knowledge usually acquired in a degree in law (LLB, JD or equivalent). Applicants should note that admission to some subjects in the Melbourne Law Masters will be dependent upon the individual applicant’s educational background and professional experience.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 30 October 2023
Assessment
Additional details
- Class participation (10%)
- Research paper (7,500 - 9,000 words) (90%) (20 June) on a topic approved by the subject coordinator
A minimum of 75% attendance is a hurdle requirement.
Last updated: 30 October 2023
Quotas apply to this subject
Dates & times
- March
Principal coordinator Jan Job de Vries Robbe Mode of delivery On Campus (Parkville) Contact hours 24-34 hours Total time commitment 150 hours Pre teaching start date 22 February 2018 Pre teaching requirements The pre-teaching period commences four weeks before the subject commencement date. From this time, students are expected to access and review the Reading Guide that will be available from the LMS subject page and the subject materials provided by the subject coordinator, which will be available from Melbourne Law School. Refer to the Reading Guide for confirmation of which resources need to be read and what other preparation is required before the teaching period commences. Teaching period 22 March 2018 to 28 March 2018 Last self-enrol date 8 December 2017 Census date 22 March 2018 Last date to withdraw without fail 11 May 2018 Assessment period ends 20 June 2018 March contact information
Lecturer
Mr Jan Job de Vries Robbé, Coordinator
Email: law-masters@unimelb.edu.au
Phone: +61 3 8344 6190
Website: law.unimelb.edu.au
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a first come, first served basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of places in subjects will be given as follows:
- To currently enrolled Graduate Diploma and Masters students with a satisfactory record in their degree
- To other students enrolling on a single subject basis, eg Community Access Program (CAP) students, cross-institutional study and cross-faculty study.
Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.
Last updated: 30 October 2023
Further information
- Texts
Prescribed texts
Specialist printed materials will be made available free of charge from the Melbourne Law School prior to the pre-teaching period.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Master of Banking and Finance Law Course Graduate Diploma in Banking and Finance Law Course Graduate Diploma in Legal Studies Course Juris Doctor Course Master of Commercial Law Course Master of Law and Development Course Master of Laws - Links to additional information
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Additional information for this subject
If required, please contact law-admissions@unimelb.edu.au for subject coordinator approval.
Last updated: 30 October 2023