Introduction to Securitisation


An Introduction to Securitisation - Livestreamed format
Live sessions: October 5-6 and 12-13

OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE
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.

Course Outcomes


By completing the course you will be able to:
  • 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

Neil Schofield
The syllabus is divided into several topic areas:
  • Whole business securitisation
  • Characteristics of securitisation that include:
    Typical structures
    Analysing the underlying assets
    The nature of the cash flows
    Forms of credit enhancement
    Other protection mechanisms such as interest rate swaps
    Regulation
  • Collateralised Loan Obligations
    Structure
    Motivations
    Participants
    Concept of credit correlation
  • Capital relief trades
    Understanding the concept of risk-weighted capital
    Calculating issuer and investor capital requirements
    Significant risk transfer
    Credit default swaps
    Capital Relief Trades (‘synthetic securitisations’)


Assessment


Although there is no formal exam-style assessment, the course will make extensive use of a web-based system used as a way of ensuring that participants are fully engaged in the learning process.  This will allow participants to informally and anonymously self-assess their learning across a series of dimensions:
  • Recall of facts
  • Understanding of concepts
  • Applications of principles
  • Critical thinking
  • Reason-based thinking.
If you are taking the livestreamed course, you have six months to study the material.

If you’re taking the classroom-based course, the training is delivered on two consecutive days between Monday and Friday.

Livestreamed Course


ICMA courses are delivered via video conferencing accessed on our digital learning platform, using the most effective pedagogical approaches and incorporating interactive functions like virtual breakout rooms.

The Introduction to Securitisation live sessions are delivered in four 3.5 hour sessions over the course of two weeks. You will be given access to the course materials before the live sessions, and will have access to those for a total of six months. During these six months you will have the option to keep working through the course materials at your own pace.

Live sessions:
September 14-15, 21-22





Livestreamed course fees

Members: EUR 1,650 + VAT (if applicable)
Non-members: EUR 2,050 + VAT (if applicable)

Costs include full access to the online campus, associated learning materials and the examination fee. Please note that payment must be received before the start of the course.




Contact

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



Test your knowledge

A financing technique in which debt is secured by a priority claim on a pool of loans that remain on the originator's balance sheet and investors have dual recourse to the issuer and the collateral pool in the event of default
A financing technique in which assets or receivables that generate cash flows are purchased by a special purpose vehicle (SPV) that simultaneously issues securities that are sold to investors
Any financing technique in which investors are granted a security interest over specified assets
Purchases the securities initially and ensures that they are placed with investors
Ensures that the underlying receivables are collected and administered
Monitors covenants and rights in the securities on behalf of investors
The difference between the total value of the collateral asset held by the SPV and the nominal value of the securities issued by the SPV
The difference between what the SPV earns on the collateral and what it promises to pay to investors in the securities that it issues
Insurance purchased by the SPV from a third party
Ensuring that the collateral in the SPV does not suffer any defaults
Ensuring that the originator of the collateral and the SPV will be treated as the same entity in the event of insolvency of the originator
Protecting investors in the securitisation from claims that may be made by creditors of the originator of the collateral, should the originator become insolvent
Multiple classes or tranches of securities are issued, each linked to a different pool of collateral assets
Multiple classes or tranches of securities are issued, each linked to the same pool of collateral assets but with a different priority of claim over those assets
A single class or tranche of securities is issued, but each security is linked to multiple pools of collateral assets
Follow ICMA Education:

linkedin
ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
 
Copyright © 2020 International Capital Market Association.