Advanced Securitisation Workshop
Accounting and Finance
Training
Provided by Ethan Hathaway
This course is patterned after the Advanced Securitisation Workshop, which has been developed for the Australian Securitisation Forum over the course of twelve years.
The course features three interlocking themes: deal structuring, deal modelling, and what can be termed deal microstructure".
The course features three interlocking themes: deal structuring, deal modelling, and what can be termed deal microstructure".
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Advanced Securitisation Workshop
FUNDAMENTALS OF STRUCTURING
* Securitisation in a nutshell
o function definition of securitisation
o events of default
o the role of the trustee
* Securitisation in a Post-Enron world
o benefits to securitisers
o off-balance sheet treatment: consolidation and de-recognition
o regulatory aspects
* Principles of Credit Enhancement
o sizing the credit enhancement
o pool vs. asset-by-asset approach to sizing
o forms of credit enhancement and nesting
o monoline insurance companies
* Basic Structuring Rules
* Asset Backed Commercial Paper
o the ABCP market
o deferred purchase price accounting
o yield-curve arbitrage
* Commercial Mortgage Backed Securities
o true CMBSs and the importance of IOs
o mortgage bonds
* Collaterised Debt Obligations
o balance-sheet CDOs
o cash and synthetic structures
* Extending the Frontier
o securitisation and the business cycle
o infrastructure assets
o future flow deals
FINANCIAL ANALYSIS
* Basic Financial Analysis
o NPVs and IRRs of conventional bonds
o all-in cost and duration
* Principles of Prepayments Analysis
o deconstruction of historical repayment data SMM and CPR - developing a prepayment model the PSA and ABS standard prepayment models
* Financial Analysis of Prepayable Securities average life
o pricing a new issue
o evaluating a secondary market transaction modified, effective and spread durations negative convexity and option-adjusted spread
* Advanced Modelling
o fixed and floating rate bonds daily accrual loss modelling
INFRASTRUCTURING
* Basic Cash-Flow Allocation
o principal and interest cascades losses and restorations
o invested and stated amounts
* Advanced Cash-Flow Allocation seller's
o interest redraws
o tranching
o turbo provisions
* Advance Mechanisms simple interest
o Rule of 78s
o principal advances
* Periods and dates
o collection and accrual periods period
o mismatch and delay fully modified advances
* Case Study
o Project Chatterbox:
needs analysis credit aspects
microstructuring
documentation
Who should attend?
The course starts with securitisation basics, so as to accommodate participants who have not had the benefit of a basic securitisation course. Nonetheless, it is quite aggressive in its target outcomes, and is suitable even for experienced securitisation professionals.
This course is suitable for securitisation professionals, capital markets professionals, corporate financiers, structured financiers, credit staff and risk professionals.
Can't attend the scheduled dates?
No problem. This course is also available to be conducted on an in-house basis where, when and tailored to how you want it.
You can gather a group of your colleagues or invite your clients, all you need is a group of 7 or more.
Find out more about running any one of our courses in-house.
Stay within your budget
We have various ways for you to save on the course fees so you can stay within your given budget:
* Group discounts: Register 3 colleagues (and/or clients) or more and you can save
* Register early before the Early Bird deadlines and we'll reward you for it
Each course is different (i.e. not all discounts are offered for every course) so refer to the course brochure for further details.
Limited to 25 people
Ethan Hathaway courses are limited to a maximum of 25 seats per course. Why? We believe any class size over 25 reduces the quality of the course and the experience that you, as a delegate will have.
This means you have a better chance to ask questions relating to your job and organisation and you're not stuffed into a small room full of people.
Register early and get your approval as soon as possible so you can secure one of these limited 25 seats.
What will you get for your investment?
* First rate, carefully selected international trainer specifically flown in to teach you
* A comfortable and professional venue
* Delicious cuisine lunch and refreshments served to you daily (Vegetarian meals are available for those who request it)
* Full set of course and reference materials
* A prestigious certificate of completion
* Priceless experience and advice that will last you your whole career (more than just a lecture)
* Sharing of experiences
* Meeting your peers, making new friends and meeting colleagues from all over the world
No-Risk Guarantee
We want you to come away from Ethan Hathaway courses with useful information, knowledge and the satisfaction of having chosen Ethan Hathaway.
If you attend an Ethan Hathaway course, we expect you to be able to come away with at least one piece of information that you can take away with you and be able to apply to your job or to help you perform better.
If you don't find at least one piece of course information useful to you (after having carefully read the course details prior to registering), or the quality of the course is not up to an acceptable standard, please let us know and you may attend another one of our courses of your choosing for free (we know you're nice enough to give us a second chance) or we'll refund your full course fee back to you and the course materials are yours to keep.
Either way you're guaranteed to be happy with your experience.
Why Ethan Hathaway?
* Practical. Learn from experienced industry practitioners and what's being practiced by your peers.
* Applicable. Apply what you learn in your job and your career
* Valuable. Earn more revenue or save your organisation from monetary loss . You and your organisation will quickly earn back your investment on the course fee and more
* Enjoyable. Speakers who have a passion for their topic
* Clear. Turning complex concepts into easy to understand concepts
* Securitisation in a nutshell
o function definition of securitisation
o events of default
o the role of the trustee
* Securitisation in a Post-Enron world
o benefits to securitisers
o off-balance sheet treatment: consolidation and de-recognition
o regulatory aspects
* Principles of Credit Enhancement
o sizing the credit enhancement
o pool vs. asset-by-asset approach to sizing
o forms of credit enhancement and nesting
o monoline insurance companies
* Basic Structuring Rules
* Asset Backed Commercial Paper
o the ABCP market
o deferred purchase price accounting
o yield-curve arbitrage
* Commercial Mortgage Backed Securities
o true CMBSs and the importance of IOs
o mortgage bonds
* Collaterised Debt Obligations
o balance-sheet CDOs
o cash and synthetic structures
* Extending the Frontier
o securitisation and the business cycle
o infrastructure assets
o future flow deals
FINANCIAL ANALYSIS
* Basic Financial Analysis
o NPVs and IRRs of conventional bonds
o all-in cost and duration
* Principles of Prepayments Analysis
o deconstruction of historical repayment data SMM and CPR - developing a prepayment model the PSA and ABS standard prepayment models
* Financial Analysis of Prepayable Securities average life
o pricing a new issue
o evaluating a secondary market transaction modified, effective and spread durations negative convexity and option-adjusted spread
* Advanced Modelling
o fixed and floating rate bonds daily accrual loss modelling
INFRASTRUCTURING
* Basic Cash-Flow Allocation
o principal and interest cascades losses and restorations
o invested and stated amounts
* Advanced Cash-Flow Allocation seller's
o interest redraws
o tranching
o turbo provisions
* Advance Mechanisms simple interest
o Rule of 78s
o principal advances
* Periods and dates
o collection and accrual periods period
o mismatch and delay fully modified advances
* Case Study
o Project Chatterbox:
needs analysis credit aspects
microstructuring
documentation
Who should attend?
The course starts with securitisation basics, so as to accommodate participants who have not had the benefit of a basic securitisation course. Nonetheless, it is quite aggressive in its target outcomes, and is suitable even for experienced securitisation professionals.
This course is suitable for securitisation professionals, capital markets professionals, corporate financiers, structured financiers, credit staff and risk professionals.
Can't attend the scheduled dates?
No problem. This course is also available to be conducted on an in-house basis where, when and tailored to how you want it.
You can gather a group of your colleagues or invite your clients, all you need is a group of 7 or more.
Find out more about running any one of our courses in-house.
Stay within your budget
We have various ways for you to save on the course fees so you can stay within your given budget:
* Group discounts: Register 3 colleagues (and/or clients) or more and you can save
* Register early before the Early Bird deadlines and we'll reward you for it
Each course is different (i.e. not all discounts are offered for every course) so refer to the course brochure for further details.
Limited to 25 people
Ethan Hathaway courses are limited to a maximum of 25 seats per course. Why? We believe any class size over 25 reduces the quality of the course and the experience that you, as a delegate will have.
This means you have a better chance to ask questions relating to your job and organisation and you're not stuffed into a small room full of people.
Register early and get your approval as soon as possible so you can secure one of these limited 25 seats.
What will you get for your investment?
* First rate, carefully selected international trainer specifically flown in to teach you
* A comfortable and professional venue
* Delicious cuisine lunch and refreshments served to you daily (Vegetarian meals are available for those who request it)
* Full set of course and reference materials
* A prestigious certificate of completion
* Priceless experience and advice that will last you your whole career (more than just a lecture)
* Sharing of experiences
* Meeting your peers, making new friends and meeting colleagues from all over the world
No-Risk Guarantee
We want you to come away from Ethan Hathaway courses with useful information, knowledge and the satisfaction of having chosen Ethan Hathaway.
If you attend an Ethan Hathaway course, we expect you to be able to come away with at least one piece of information that you can take away with you and be able to apply to your job or to help you perform better.
If you don't find at least one piece of course information useful to you (after having carefully read the course details prior to registering), or the quality of the course is not up to an acceptable standard, please let us know and you may attend another one of our courses of your choosing for free (we know you're nice enough to give us a second chance) or we'll refund your full course fee back to you and the course materials are yours to keep.
Either way you're guaranteed to be happy with your experience.
Why Ethan Hathaway?
* Practical. Learn from experienced industry practitioners and what's being practiced by your peers.
* Applicable. Apply what you learn in your job and your career
* Valuable. Earn more revenue or save your organisation from monetary loss . You and your organisation will quickly earn back your investment on the course fee and more
* Enjoyable. Speakers who have a passion for their topic
* Clear. Turning complex concepts into easy to understand concepts
About The Training Provider: Ethan Hathaway
Ethan Hathaway - We organise banking and finance training courses for banking and finance professionals. We cover topis such as capital markets, treasury, risk management, trade finance and more.
Course usually run between 2-4 days.
We presently run public programmes throughout the Asia-Pacific, Middle-East and Europe.
Ethan Hathaway organises interactive, practical, applicable and valuable professional...
