Securitisation 1.01: Overview
- Its history and what it is
- Its role in global capital markets
- How it has developed/evolved
- Examples of securitisation - Examples of when securitisation has gone wrong- Main terms of reference
Iain Barbour, Chairman of the European Securitisation Forum and Global Head of Structured Finance Research,, Commerzbank
14:30
Securitisation 1.02: The main markets
- MBS - RMBS, CMBS
- CDOs/CLOs
- ABS - auto, credit cards
- Whole business
- Credit derivatives and Synthetics
What they have in common - what distinguishes them
Securitisation 1.03: Investment issues
- key issues for investors
- Relative value - contrasting the risk/return profile
- ABS v other fixed income products - what are the differences
- Credit analysis - understanding the credit attributes
- Understanding the ratings
- Repayment - collateral analysis
Securitisation 1.05: Third party roles and types of credit enhancement
- Credit enhancement
- Role of monolines
- Role of collateral managers
- Role of rating agencies
- Role of trustees
- Role of servicers
