Securitization & ABS - US Workshop

FitchTraining
San Francisco, California, United States

Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced

Course Description:

'' Participants will be equipped to:
Use a structured approach to understand ABS (using credit card ABS as the illustration asset class): basic transaction structures, roles of the parties, and originator motivations
Recognize the main risks pertaining to the collateral, originator and servicer
Appreciate how asset characteristics and desired ratings impact credit enhancement levels
Identify key risks and understand how they are allocated within ABS structures.

Target Audience
An introductory workshop for those new to the securitization market or seeking an understanding of the ABS product.

CONTENT
INTRODUCTION
Why securitization? Originator and investor motivations
Parties to the transaction and their roles
Overview of securitization market.
PURPOSE: PAYBACK
Analytic approach to credit
Introducing a structured approach to analysis: purpose, payback, risk and structure
Application of the structured approach to various types of ABS securities.
RISKS TO REPAYMENT
Collateral
Analytic focus: credit card ABS
Key performance variables: applying steady state assumptions and credit stresses
Understanding how credit enhancement is sized
Modelling the impact of various stress scenarios across different credit card portfolios
Originator/servicer evaluation
Company analysis: commercial and financial viability
Risks arising from the business model
Servicer ratings: why, how and impact on credit enhancement
Structure
Credit enhancement (CE)
Understanding the role and various forms of CE
Unravelling CE across asset classes (credit card, auto, and mortgage transactions)
Clarifying loss allocation
Safeguards: ensuring credit enhancement mechanisms provide adequate protection
Note Profile
Cashflow waterfalls: Amortizing and non-amortizing assets
Cash flow allocation mechanics
Trust structures: master, owner and issuance
Early amortization triggers: how they are set and how they operate.
Legal Safeguards
Key legal safeguards: isolation of assets
Reps and warranties.
MONITORING PERFORMANCE
Surveillance: collateral, originator/servicer
Interpreting performance to identify early warning signals
Overview of performance across asset classes
RELATIVE VALUE
Pricing of ABS transactions: risk vs. return
Credit trends in ABS: pockets of risk.
...''

Phone:+ 44 (0) 20 7201 2770

School Address:

28 Headfort Place, London, SW1X 7DH, United Kingdom.


Jobs & Resumes: San Francisco
Houses & Roommates: San Francisco
Travel Agencies: San Francisco

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