Securitisation – An Introduction
 
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.


Details of the next seminar

London
tbc


Programme Recognition

Candidates who are successful in gaining the Financial Markets Foundation Qualification qualify for 13 credit hours which can be used towards study with the CFA Institute.

Course Trainers

The syllabus is divided into several topic areas:


Fundamentals

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

Case study: Whole business securitisation

Case study: Asset backed commercial paper


Structures

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

  • Legal issues and regulation


    Collateralised Loan Obligations

    Case study: Collateralised Loan Obligations



Details of the next course



London
tbc

International Capital Market Association (ICMA) Limited

3rd Floor
23 College Hill
London EC4R 2RP
United Kingdom

Please email education@icmagroup.org to register your interest to attend our next publicly scheduled course.

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.




Cost

£1,650 for members and £1,950 for non-members.

Payment can be made by secure online credit card or by invoice.


Terms and conditions


Please click here to view our terms and conditions before registering.


Contact

Should you have any queries, please contact education@icmagroup.org





 
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