Securitisation 100 - Introduction to Securitisation
Day 1 - 28th November 2005
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| Go to Advanced programme |
| Time Slot |
Event | Speakers |
| 08:00 |
Registration | |
| 08:45 |
Overview by Chairman and Course Leader
| Moorad Choudhry, Visiting Professor, Department of Economics, London Metropolitan University, and Visiting Research Fellow, ISMA Centre, University of Reading |
| 09:15 |
Securitisation 101: Market and background overview
· Importance of securitisation in the global financial markets
· US v European securitisation markets: latest developments
· Main terms of reference
· Developing uses of securitisation
· SPVs: understanding different types of issuers, their asset configuration and funding structure
· What is Ireland’s role in securitisation? | Paul Hawkins, Vice President, EMEA Asset Based Finance, Securitisation & Principal Transactions, Merrill Lynch International |
| 10:00 |
Securitisation 102(a): Overview of main instrument types
· ABS and wholes
· MBS, RMBS, CMBS
| Andrew Dennis, Executive Director, ABS Syndicate, UBS Investment Bank |
| 10:30 |
Securitisation 102(b): Overview of main instrument types
· CDOs, CLOs
· Credit derivatives and synthetics
· Hybrids
· CP conduits and SIVs | Michelangelo Margaria, Analyst, Structured Finance, Moody's Investor Services Ltd. |
| 11:00 |
COFFEE
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| 11:15 |
Securitisation 103: Issuance and regulation
· Types of issuers
· Originator motivations
· Parties involved and their roles
· Repackaging – a definition
· Insolvency law issues, anti-money laundering procedures
· Securities law issues - Prospectus Directive
· Taxes
· Basel II, IAS and CADIII/CRD
· Future regulatory directions
| Tara Doyle, Partner, Matheson Ormsby Prentice |
| 12:00 |
Securitisation 104: Investment issues
· Key issues for investors
· Risk-return profile: relative value
· ABS vs. other fixed income products – what are the differences?
· Comparing and contrasting fixed income products
· Credit analysis – understanding the credit attributes
· Risk analysis and ratings
· Repayment - collateral analysis
| Peng Sun CFA, Manager, ABS Strategist, Global Fixed Income Strategy, HSBC Bank plc |
| 12:30 |
Securitisation 105: Role of third parties
· Role of trustees
· Role of monolines
· Role of rating agencies
· Role of servicers and administrators
| Alex Cataldo, Vice President, Senior Credit Officer, Moody's Investor Services Ltd. |
| 13:00 |
LUNCH - Sponsored by GMAC Commercial Mortgage Bank Europe, PLC | |
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