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Debt Capital Markets Simulation

In this hands-on Debt Capital Markets Simulation, participants act as capital markets advisors helping companies raise debt. They structure bond issuances, price credit risk, and navigate volatile markets to meet client and investor needs.

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Debt Capital Markets Simulation Overview


The Debt Capital Markets Simulation places participants in the role of DCM analysts and associates at an investment bank. Their job: advise corporate clients on issuing debt securities, balancing issuer needs, investor demand, and prevailing market conditions.

Participants guide clients through the end-to-end bond issuance process - from credit assessment and deal sizing to pricing and launch strategy. They monitor market sentiment, analyze yield curves, respond to credit rating actions, and manage syndication decisions under time pressure.

Built by capital markets professionals, this simulation mirrors real DCM workflows. It develops judgment in timing, pricing, and messaging - giving participants the confidence to manage live deal dynamics and client relationships.

Perfect for students or professionals aiming to enter investment banking, corporate finance, or treasury roles.
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Debt Capital Markets Simulation Concepts


Participants explore real-world DCM challenges in structured rounds. The simulation can be tailored to emphasize issuance strategy, credit markets, or investor communication. Key topics include:
  • Bond Types & Instruments: Investment-grade, high-yield, green bonds, convertibles

  • Market Timing: Issuer readiness vs. investor sentiment and macro indicators

  • Credit Ratings: Understanding how ratings drive pricing and investor appetite

  • Term Sheet Design: Tenor, coupon type, call features, covenants

  • Pricing Strategy: Benchmarking yield curves, setting new issue premiums

  • Syndication: Allocation, book-building, and investor targeting

  • Client Advisory: Communicating issuance strategy, risk, and timing to issuers

  • Macroeconomic Drivers: Rates, inflation, monetary policy, and risk sentiment

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Gameflow

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What Participants Do


Participants act as DCM bankers across a series of simulated mandates. In each round, they:
  • Analyze a client’s funding needs and credit profile

  • Assess the market environment - yields, spreads, sentiment, comparable deals

  • Structure the bond - type, size, tenor, and terms

  • Decide on timing and investor communication strategy

  • Simulate a deal launch, price guidance, and investor response

  • Adjust strategy based on market volatility or new information

  • Present recommendations and results to clients or internal teams

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Learning Objectives


By the end of the simulation, participants will be more confident in:

  • Structuring debt instruments for different corporate needs

  • Interpreting credit risk and aligning with market pricing

  • Navigating market timing and investor sentiment

  • Explaining DCM strategy clearly to clients and internal stakeholders

  • Making high-pressure pricing and syndication decisions

  • Understanding how bonds are marketed, sold, and distributed

  • Integrating macro and micro data into deal execution

  • Managing the complex coordination of stakeholders in capital markets

This simulation helps bridge the gap between theory and real-world investment banking dynamics.

How the Debt Capital Markets Simulation Works


The simulation can be run for individuals or teams and mirrors real DCM processes from mandate to market.

1. Client Mandate Participants receive a corporate client's brief: funding needs, timing constraints, credit profile, and strategic objectives.

2. Market Analysis They assess market indicators (rates, spreads, recent deals) and sector appetite to determine feasibility and timing.

3. Deal Structuring Participants choose bond type, size, maturity, and terms, considering the credit profile and market comparables.

4. Investor Strategy and Pricing Based on investor demand scenarios, they price the deal and simulate pre-marketing efforts, book-building, or changes to pricing.

5. Syndication and Outcome Review Participants receive feedback on investor response, pricing success, and issuer satisfaction. Adjustments may be made, and deals can succeed or fail.

6. Iteration with New Deals or Challenges Subsequent rounds introduce different types of issuers, markets (emerging, volatile, or ESG-linked), or macroeconomic shocks.

This iterative format allows for reflection, strategy refinement, and development of real-world capital markets intuition.

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Why This Debt Capital Markets Simulation Works


DCM is fast-paced, high-stakes, and deeply collaborative - and this simulation captures it all. It’s ideal for students exploring investment banking or corporate treasury, and professionals needing deal exposure without real capital at risk.

Participants practice the real advisory, structuring, and pricing decisions that define success in capital markets. It sharpens their technical, market, and communication skills in an immersive and risk-free environment.
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Frequently Asked Questions


  • Do participants need prior capital markets experience? No. Key concepts are introduced in onboarding. Basic finance or fixed income knowledge is helpful but not required.

  • Are real-world bond types included? Yes. The simulation features investment-grade, high-yield, green bonds, and other formats relevant to today’s market.

  • How is pricing determined? Participants analyze yield curves, recent deals, and market conditions to simulate pricing outcomes.

  • Is this simulation suitable for teams? Yes. Teams can split roles (client lead, pricing analyst, syndication) to reflect a real DCM desk structure.

  • Does it simulate investor feedback? Yes. The simulation includes investor reaction based on deal structure, timing, and external market conditions.

  • How long does it take to run? Sessions can range from 2 hours (one deal cycle) to multi-round courses run over multiple days or weeks.

  • Can ESG bonds or emerging markets be simulated? Yes. The simulation can include custom issuer profiles, ESG-linked deals, or macro-specific contexts.

  • What data is provided? Participants receive issuer financials, market data, rating summaries, and comparable deal benchmarks.

  • Is communication skill assessed? Yes. Participants present deal strategies and rationales to clients or internal stakeholders in written or verbal format.

  • Can instructors adjust complexity? Absolutely. The simulation is customizable for undergrad, MBA, or executive levels—adjusting inputs, deal types, and stakeholder interactions.

Assessment

Participants can be assessed on:

  • Quality of deal structure and pricing logic

  • Strategic alignment with issuer objectives

  • Responsiveness to market conditions

  • Clarity and confidence in internal or client presentations

  • Team collaboration and stakeholder management

  • Adaptability across changing rounds or scenarios

  • Optional memos, pitch decks, and peer/self-assessments

This simulation integrates well into capital markets, investment banking, and finance strategy courses.

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Enquire

Webinar 17 Nov 2025 00:00

Join this 20-minute webinar, followed by a Q&A session, to immerse yourself in the simulation.

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Private Demo

Book a 15-minute Zoom demo with one of our experts to explore how the simulation can benefit you.