Asset Securitisation
Asset securitisation was at the heart of the financial crisis but most losses were due to just one sector, in one country – US sub-prime mortgages. Elsewhere, securitisation continued its roles in providing an alternative funding source for issuers and a menu of risk/return for investors – from AAA that performs as AAA to ‘Equity’ – across an ever-widening range of asset types. This course explains how securitisation is done, why it is done – from issuers’ and investors’ perspectives, the various risks involved, how – and to what extent – they are mitigated. It incorporates case studies from each of the major asset sectors – residential mortgages, auto loans, CLOs, commercial MBS, etc.
Expected Outcomes
Delegates will understand:
- How securitisation is done
- The role of the SPV/SPE
- The various parties involved and their roles
- How the rating agencies effectively determine the ‘tranching’
- The attractions for issuers
- The various risks and how they are managed
- The pros and cons for investors
- How and why structures vary
Instructor
Michael Stafferton
Michael began his financial markets career in 1986 on the Financial Engineering desk at Yamaichi International, then one of the so-called ‘Big Four’ Japanese securities houses. The desk was mainly responsible for designing, structuring and swapping vanilla and structured bond issues for European clients. He then moved to a coverage role, predominantly in the UK and Eire, with responsibility for some of the more technically demanding clients, including the Bank of England and the European Investment Bank. He greatly expanded the volume of deals done, including a government, major banks, building societies and corporates. The role also involved working on UK privatisations and with the bank and fund management arm. In 1994 he moved to Kleinwort Benson with responsibility for debt, convertible and tax-structured origination with a number of top UK companies and helped launch an FRN.
He has been training across a wide spectrum of cash instruments, derivatives, commodities and in risk management and regulation since 1999, at up to senior management level globally, his clients comprising mainly the top tier investment banks and fund managers, and is the author of a textbook on credit derivatives (Credit Derivatives Workbook, Euromoney, 2004).
He is an Associate with Moody’s
DATE: 5, 6 March
DURATION: 14 Hours
CPD UNITS: 5
LOCATION: EIMF Premises, Nicosia
TIME: 09:00 – 17:15
FEES: HRDA eligible €292, non-HRDA eligible €530 (both + €100.70 VAT)
| Start Date | Course Title | Location | CPD Units | Status |
|---|---|---|---|---|
| 21 March | Understanding the role and responsibilities of the depository under AIF, UCITS and AIFLNPs | Nicosia | 5 | COMPLETED |
| 27 March | Overview of the Cyprus Fund Sector: A legal Operational Approach | Nicosia | 5 | COMPLETED |
| 23 April | Fund Administration A to Z | Nicosia | 6 | UPCOMING |
| 12 May | Prospectus Law and Public Takeovers | Nicosia | UPCOMING | |
| 17 May | Packaged Retail and Insurance-based Investment Products (PRIIPs) | Nicosia | UPCOMING | |
| 29 May | Alternative Investment Funds (AIF), AIFMD, and Undertakings for Collective Investment in Transferable Securities (UCITS) | Nicosia | 6 | UPCOMING |
| 14 June | Compliance in the Financial Services Sector – the Compliance Function in Practice | Limassol | 10 | UPCOMING |
| 18 June | Understanding and Negotiating ISDA Master Agreement OTC Documentation | Nicosia | UPCOMING |
Who should attend:
The seminar is of relevance to both originators and investors in asset-backed securities:
- Corporate treasurers and CFOs
- Risk Managers
- Compliance Officers
- Investment officers
- Investment advisers
- Plan sponsors
- Bank officers
- Securities analysts
- other individuals whose professional future may be enhanced by an understanding of the asset securitization technique.
Registration Form
In-House Training
If you would like to discuss bringing this or another topic to your organization on an in-house basis please call us at 22274470 or email us at info@eimf.eu.
Online Training
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