Securitisation – An Introduction

Next dates: London, 23-24 September

Duration: 14 hours


£1,650* for ICMA members

£1,950* for non-members

*excluding VAT if applicable.

This two-day training programme is designed to provide delegates with a thorough introduction to securitisation. The syllabus will cover the different structures with a primary focus on European transactions.

The main principles of the course will be illustrated using several different real-life case studies.

By completing the programme you will:

  • Understand what is meant by securitisation
  • Explain the main roles performed in the securitisation process
  • Describe the different of structures used in the market
  • Outline the main principles of collateralised loan obligations

Who should attend?

This course is suitable for anyone with an understanding of the fundamental concepts of finance and fixed income that needs a holistic overview of the securitised market.  Previous participants have come from varied backgrounds such as central bankers, traders, middle office analysts and lawyers.

Course Trainers

The syllabus is divided into several topic areas:


  • What is securitisation?
  • Who are the main participants?

Case study: Whole business securitisation

Case study: Asset backed commercial paper


  • Pass through structures
  • Master trusts

Case study: Residential Mortgage Backed Securities

Case study: Credit Card Backed Securities

The assets and their cash flows

  • Static and revolving structures
  • Prepayments
  • Redemption profiles
  • Issuer call options and clean up calls

Case study: Commercial Mortgage Backed Securities

Case study: Auto loan structures

Credit enhancement techniques

  • Examples of ‘internal’ credit enhancements (e.g. subordination, excess spread, reserve funds, liquidity provisions)
  • Payment waterfalls

Other protection mechanisms
  • Interest rate and currency swaps

Legal issues and regulation

  • Why the need for re-regulation?
  • Simplicity, transparency, standardisation framework
  • Risk retention
  • How are they structured?
  • Credit correlation
  • Synthetic structures 

Collateralised Loan Obligations

Case study: Collateralised Loan Obligations

Details of next course


23-24 September 2020



For security reasons, delegates who have not registered in advance will not be admitted to this course.  Delegates will be required to provide photo identification on arrival, to ensure entry.


ICMA Members: £1,650.00 + VAT if applicable
Non Members: £1,950.00 + VAT if applicable


Should you have any queries, please contact

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