Training Course:Covered Bonds: Credit & Market Risk WorkshopSchool/Trainer:FitchTraining
London, United Kingdom
Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced
Course Description:
'' A two day workshop covering the analysis of covered bonds backed by mortgages and public sector assets. Prepare yourself to assess the risk and rewards inherent in Covered Bonds.
TARGET AUDIENCE
A two-day workshop for investors, credit risk managers, issuers, regulators, bankers and other professionals who need to understand the key risks and rewards of covered bonds.
FitchTraining offers programmes at an intermediate level and advanced level of continuing education. Although no prerequisite courses or experience is required to participate in this programme, working knowledge of financial statement analysis is required, as well as prior knowledge of the programme topic.
CONTENT
INTRODUCTION
Industry overview
Features of covered bonds
Motivations for issuance
Covered bonds vs. unsecured financings vs. securitisations.
Analytic approach to credit
A structured approach to analysis: purpose, payback, risks and structure
Application to different types of covered bonds.
RISKS TO REPAYMENT
Issuer risk
Credit quality of the issuer: Issuer Default Rating (IDR)
The link between IDR and rating of the covered bond
Evaluating the issuer’s business organization: origination practices, client base and IT systems
Implications of covered bond issuance on bank ratings.
Cover pool risk
Characteristics of eligible assets
Static analysis: residential mortgages, commercial mortgages and public sector pools
Drivers of PD’s based on specific asset pools
Recovery assumptions: timing and magnitude based on collateral and jurisdiction
Calculation of expected defaults and losses
Portfolio realisation analysis
Impact of dynamic pools on creditworthiness
Understanding cover pool credit quality under various stress scenarios.
Operational risk
Scope of asset monitor’s role and relevance to performance
Appointing a substitute manager and providing back-up servicing.
Continuity risk
Considering asset segregation, liquidity gaps, alternative management and covered bond oversight.
STRUCTURE
Legal framework
Understanding the differences between regulatory (special-law) and contractual (general-law) framework
Segregation of cover assets
Ranking of covered bondholder claims in a bankruptcy scenario
Likelihood of interruption of payments.
Debt profile
Priority of payment
Bullet terms: hard vs. soft, extension risk and call options.
Program features
Asset / liability management: maturity, interest rate and currency mismatches
Assessing potential liquidity gaps
Governing substitute assets
Cash flow analysis
Overcollateralisation: use of asset coverage tests (ACT), enforceability
Hedging and associated counterparty risk.
Pricing
Credit tiering
Basel II implications for investors
Current market conditions: impact on spreads across the sector
Relative value: risk vs. return across asset classes (RMBS, CMBS, unsecured bank debt etc.)
Assessing mark to market risk
Jumbos vs. private placements.
MONITORING PERFORMANCE
Comparison of cover pools and covered bonds exposure to credit and market risks
The need for vigilance in turbulent times.
...''
Please go to the school's official website for training price and schedule:
http://www.fitchtraining.com/
Phone:+ 44 (0) 20 7201 2770
School Address:
28 Headfort Place, London, SW1X 7DH, United Kingdom.
Jobs & Resumes: London
Houses & Roommates: London
Travel Agencies: London
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