Asset Backed Securities
Information
A one day highly participative programme
After attending this course clients will be able to understand the products, techniques, practices and application of structured debt finance. The course will include discussion on the causes and consequences of recent upheavals in credit markets. It is assumed that participants already have a basic understanding of credit market terminology and concepts.
Schedule
Session 1:
Introduction to securitization
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Major originators and types of asset securitized
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Motivations for originators, managers and investors
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Basic principles; bankruptcy remoteness, true sale, SPVs
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Credit enhancement methods
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Role of the rating agencies
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Different types of securitisation
Session 2:
Mortgage backed securities
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Overview of mortgage debt market and mechanics
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MBS issuance trends
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How US sub-prime triggered the credit crunch
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Case study: Analysis and discussion of an MBS transaction
Session 3:
Collateralised Loan Obligations
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LBOs and leveraged loan market
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Common structures, deal and instrument types
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Issuance trends and current market challenges
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Case study: Analysis and discussion of a CLO transaction
Session 4:
Collateralised Debt Obligations
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Types of CDO structure and collateral
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Cash and synthetic examples
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Fully funded versus hybrid form
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Senior super swaps
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Hangover after the party – the banks’ CDO write-downs
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Case study: CDO write-down’s at UBS
Course Close
Register interest
As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.