Fixed Income and Debt

High Yield and Complex Bonds

New Lunch & Learn


The regulators (HKMA & SFC) issued circulars in 2018, reminding intermediaries to observe the selling practices requirements and suitability obligations when distributing high yield and complex bonds. 

This course outlines the basic structure, features and risks of High Yield and Complex bonds.  There will be a focus on Contingent Convertible bonds (CoCos) concerning how they are structured and function.  With this knowledge, the intermediaries will be able to help their clients understand the complex products before making an investment decision.


By the end of this course, participants will be able to:
- Identify high yield and complex bonds
- Explain the special features of high yield and complex bonds
- Describe the main risks when investing in these higher-risk securities
- List the regulatory (SFC & HKMA) requirements when selling high yield and complex bonds.


1. Complex and High Yield (HY) Bonds.
2. Risks and selling considerations with Complex/HY Bonds
3. Bonds with complex or special features
4. Contingent Convertible bonds (CoCos)
5. SFC & HKMA Complex Products requirements for selling Complex and HY bonds

Who should attend

Licensed intermediaries who want to understand about high yield and complex bonds and may need to explain more about these higher-risk securities to their clients.

Speaker/Course Instructor

Mr. James has over 20 years of international banking experience, which includes risk management, debt capital markets, derivatives trading and investments. He began his career as a derivative risk analyst with a Canadian Bank in Toronto before moving to London, focusing on debt capital markets and derivatives, working for several large international banks as Director of European Derivatives Marketing.

Following 8 years in the UK, he moved to Asia in 1991, working for a large international investment bank and later became the Head of Investment Advisory Group of their Private Bank in Hong Kong. Most recently, he was the Head of Investment Services, Advisory and Discretionary for two boutique Swiss private banks.

Mr. James obtained an Honors business degree from Wilfrid Laurier University, Waterloo Canada, and an MBA from the University of Toronto, Toronto Canada.


Date & Time
Thursday, 17 Oct 2019 (12:20PM - 1:20PM)
HKSI Institute Training Centre
New, Lunch & Learn
SFC:1.00, PWMA:1.00