01

Foundations

The essential building blocks of credit and debt markets. Develop a working understanding of how debt functions within the capital structure, why it exists, and the core principles that underpin every concept that follows.

02

Debt Instrument Mechanics

A deep mechanical breakdown of how debt instruments work in practice. From structural terms and risk quantification to lifecycle dynamics, these modules cover the technical knowledge expected in leveraged finance roles.

How Debt is Structured
Instrument types, seniority, covenants, credit agreements, and the structural mechanics that define how debt is packaged and governed.
How Debt is Structured
Returns and Risk Quantification
Yield analysis, spread mechanics, credit risk frameworks, recovery modelling, and the quantitative tools used to price and evaluate debt.
Returns & Risk
Lifecycle and Portfolio Dynamics
Origination through maturity, refinancing, amendments, trading dynamics, and how debt portfolios behave across market cycles.
Lifecycle & Portfolio
03

Capital Structure Architecture

How the pieces fit together at the firm level. Analyse capital stacks holistically, understand the ongoing management of leverage, and evaluate how structural decisions impact corporate performance and valuation.

The Capital Stack — Deep Dive
Tranche analysis, subordination mechanics, intercreditor dynamics, and how the full stack is assembled in leveraged transactions.
The Capital Stack
Living with Debt
Ongoing debt management, covenant compliance, amendment and waiver processes, liability management exercises, and distressed situations.
Living with Debt
Capital Structure Impact on Performance
Leverage and valuation, cost of capital optimization, rating agency considerations, and the strategic implications of structural choices.
Impact on Performance