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Debt Capital Markets (LAWS70111)
Graduate coursework level 7Points: 12.5Not available in 2022
From 2023 most subjects will be taught on campus only with flexible options limited to a select number of postgraduate programs and individual subjects.
To learn more, visit COVID-19 course and subject delivery.
Overview
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Following the global financial crisis, the sovereign debt crisis and the ongoing pandemic, the debt capital markets have seen major changes. This subject will cover not just the ‘hard’ law of debt capital markets, but also provide a deep dive into the structuring, best practice and documentation of a wide range of products, from plain vanilla to pandemic bonds.
Real-life examples from international practice will be analysed and discussed. The lecturer draws on his international experience and works with guest lecturers from top tier law firms and financial institutions, as well as other disciplines, forging a highly interactive, challenging, flexible and overall rewarding subject.
Principal topics include:
- The terms and operation of the debt capital markets and the differences compared to the loan and derivatives markets, underlying principles and relevant regulation in this dynamic market
- A range of debt capital markets products: from plain vanilla to hybrids, from securitisation to covered bonds and transactions such as project bonds, catastrophe bonds and vaccine bonds, including the mechanics of derivatives in structured products such as credit-linked notes
- Bondholder activism, the role of hedge funds and the challenges they pose for issuers, as well as the restructuring of DCM transactions, learning from experiences in for instance the sovereign debt market (Argentina, Mozambique, Ukraine to name a few)
- The potential of debt capital markets for sustainability or other themes: green, social and sustainable bonds – and the recourse (or lack thereof) for investors
- An overview of bondholder and NGO litigation, issuer liability as well as the position of credit rating agencies
Actual transactions, their structure, term sheet and documentation are discussed, pitched and negotiated, in order to provide students with a skillset that is applicable in their 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 relevant (international and domestic) case law and laws and regulations, and be able to critically examine, analyse, interpret and assess these.
Last updated: 24 January 2023
Eligibility and requirements
Prerequisites
Students must meet one of the following prerequisite options:
Option 1
Admission into a relevant Melbourne Law Masters program
Option 2
Admission into the MC-JURISD Juris Doctor
AND
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| LAWS50035 | Corporations Law | Semester 2 (Dual-Delivery - 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: 24 January 2023
Assessment
| Description | Timing | Percentage |
|---|---|---|
Class participation | Throughout the teaching period | 10% |
Research paper on a topic approved by the subject coordinator
| 17 November | 90% |
| Hurdle requirement: Hurdle requirement: A minimum of 75% attendance. Not required when the subject is delivered online. | Throughout the teaching period | N/A |
Last updated: 24 January 2023
Quotas apply to this subject
Dates & times
Not available in 2022
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a 'first in' basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of waitlisted 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.
Melbourne Law School may reserve places in a subject for incoming international cohorts or where a subject is core to a specialisation with limited alternate options.
Last updated: 24 January 2023
Further information
- Texts
Prescribed texts
Specialist materials will be made available via the LMS in the pre-teaching period.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Master of Banking and Finance Law Course Master of Law and Development Course Graduate Diploma in Legal Studies Course Juris Doctor Course Master of Commercial Law Course Master of Laws Course Graduate Diploma in Banking and Finance Law - 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.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 24 January 2023