Investment Opportunities On Financial Markets: An interest Rates Perspective



Anca Iftime, ACI - Senior Private Banking Specialist, Member of ACI Romania
Alice Tulbure, ACI - Senior Sales Dealer, BRD – GSG, Member of ACI Romania and Member of ATR – The Association of Corporate Treasurers Romania
Vlad Voicu, PhD, ACI - Fixed Income Trader, Member of ACI Romania

What a company can do in those recurring situations when it has surplus of cash flow? Not to ask about the lucky ones that have persistent cash flow surplus that needs to be put to work in the benefit of the company. The financial theory is abundant with information on the first and foremost steps that need to be taken with the excess cash flow.

From reinvesting the money into the company, to build a cash buffer, to paying down debt or distribute dividends as first in hand destinations we should not forget about investing it. Knowing the investment alternatives available in the market, understanding the mechanics of those alternatives and their building blocks and finally, rationally deciding on the best solution are important steps in maximizing the results of any company.

This online course aims at explaining in a more detailed manner the investment solutions a company has in the local market and in the local context. First part of the course will cover the interest rate as a base instrument in financial markets and the relationship between the economy and this concept.

The second part of the course will tackle the fixed income products which will be presented in a holistic approach, starting from how the price is constructed and what are the variables that define it and builds up further from here up to the accounting methodology, tax implications, regulations and prerequisites for accessing the products.

And the third part is assigned to investments in dedicated funds as a passive investment solution and to structured alternatives that are more sophisticated and that produce higher returns for the company; the content is tailored in the same structure as the second part. 

The course facilitators will introduce market examples within every chapter. This will help participants put in real life context all the information provided during this course and work with actual products and tangible information, similar in structure with those offered by Banks or Investment Companies. The exercises will also contain factual market information and market constraints.

Learning Outcomes

  • Understanding the role of the interest rates in the economy and its implication on several investment products;
  • Gain a better picture on the available solutions the company must invests its excessive cash flows 
  • Understand the building blocks of the fixed income products, especially bonds and the local available investments
  • Gain insights into the local investment funds industry and their dedicated funds to companies
  • Get a better sense of what a structured deposit is and what are the local capabilities
  • Understand the risks and return for each product 
  • Have a real sense of how the company’s accounting books are changed by the investment made as well as the tax regime 
  • Comprehend the investment products regulations and the prerequisites for investing
  • Gain hands-on experience through a multitude of concrete examples provided during the course

Course Content

  • INTRODUCTIONInterest Rates. What an interest rate is and factors that influence the level of interest rates in an economy. We will also look at the financial markets and products that are based on interest rates and clarify the conceptss of future value and present value.
  • PART I: Fixed Income Instruments. Although our time will be mostly devoted to government bonds in general and Romanian government bonds in particular, we will provide a broad overview of the fixed income products. Key concepts will be explained, such as yield to maturity, price sensitivity, risk and return, duration and convexity. All these will be accompanied with practical examples from the local market. We will also touch upon aspects of accounting, tax and regulations.
  • PART II: Investment Funds. These are a feasible alternative of investment and we will explain why.  We will also look at the types of investment funds available in the local market, their characteristics and differences between them. Specific terminology will be clarified: ucits, net asset value, daily valuation. Also, the aspects of accounting, tax and regulations will be discussed for these products.
  • PART III: Structured Products. We will explain the different types and what is the optimal context in which they can be used. We will briefly cover the typology of options that contribute to structured deposits, pros and cons for each type, and will conclude with the accounting impact, tax and regulations.

Learning Activities: During this course, some basic financial mathematics concepts will be presented. Theoretical concepts will be practiced with both interactive and applied cases. 

Prerequisite: A basic financial background is compulsory.

Target Audience: Companies CEO’s and CFO’s who wish to have a clear picture of how to properly invest the cash flow surplus and all the accounting, regulatory and tax implication that come with it; all Treasury personnel at a senior operational level or a managerial role; professionals from other divisions who work closely with treasury and corporate finance and wish to expand their knowledge and skills related to fixed income and alternative investment products available in the local market. The course is also of interest for financial services employees, lawyers, accountants, internal auditors etc.

Number Of Participants: limited to max. 12
The webinars will be highly interactive, based on discussions and case studies

Anca is a member of ACI Romania since 2008. She is a senior banker with 16 years of experience in banking industry, out of which 13 in Treasury and Financial Markets, currently acting as Senior Private Banker at First Bank Romania. Her expertise started as a Trader where she handled price negotiation for FX and Money Market products for Corporate and Retail clients.

After only one year she became a Senior Trader and helped creating and developing the Institutional Client base, highly important companies in terms of volumes, assets under management and products traded. Main goal was to offer quality services and competitive prices for all Treasury products.

Since 2014, she took over High Net Worth Individuals of the bank for which she offered active trading of financial products (Treasury, Capital Markets, Insurance, Real Estate) based on client’s investment objectives. Throughout this time, she held numerous presentations for enhancing the importance of portfolio diversification along with characteristics, risks and returns of financial products.

Facilitator: Anca Iftime
Presenter/Trainer - Senior Private Banking Specialist, Member of ACI Romania

Alice has worked for two decades in the banking industry in one of the most dynamic areas of banking, namely, in the treasury department. Prior to BRD – Groupe Société Générale, where she currently holds the position of Senior Derivatives Sales Dealer, Alice worked for Citibank Bucharest as a Foreign Exchange Derivatives sponsor. Throughout the years, she worked extensively with clients from different sectors of the economy, focusing lately on growing and developing the business relationship with financial institutions. 

Alice graduated from ICMA Centre, Henley Business School - University of Reading, with a Master’s Degree in International Securities, Investment and Banking (2011). She also holds professional certifications related to her area of expertise.
She is an unshakable believer in a brighter future for human civilization and a passionate advocate for high quality education as a pre-requisite ingredient for a better world.

Facilitator: Alice Tulbure, ACI
Presenter/Trainer - Senior Derivatives Sales Dealer, BRD-GSG, member of ACI, member of ATR

When: September 27 – 28 - 29, 2022 (15:00-18:15)  

Duration: 9 hours (net) – 3 sessions of 3 hrs. each    

Registration: September 19, 2022 

The webinars will be hosted and delivered using ENVISIA Online Platform, allowing the virtual participation, both from home or from work, with no risks associated, using just a browser. After the registration to the course, one day before the webinars took place, the participants will receive a link to access the virtual classroom.   
A digital certificate will be issued by Envisia after the course.


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