• Develop a conceptual framework for Asset Securitization
• Analyze the factors that influence pricing of Asset-backed Securities
• Review the Rating Agency’s perspective on Asset Securitization
• Evaluate the alternative structures for Credit Enhancement
• Analyze the products and structures of several real-life examples of Securitization
• Understand various other aspects such as Legal, Accounting, Tax and Supervision

Instructional Method
Dynamic, Interactive e-learning

Recommended Background
Familiarity with basic financial concepts

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Phone: +1-858-755-8527 Fax: +1-858-755-6973, +1-858-756-8587, E-mail: information@kesdee.com, Website: www.kesdee.com

1.Overview

• Objectives
  
• Introduction
  
• Process of Asset Securitization
  
• Cash Flows in Asset Securitization
  
• Motives for Asset Securitization
  
• Global Scenario

2.Credit Enhancement

• Objectives
  
• Fundamentals of Credit Enhancement
  
• Internal Credit Enhancement
  
• External Credit Enhancement
  
• Calculating Credit Enhancement

3.Ratings Approach to Asset Securitization

• Objectives
  
• Concepts
  
• Concerns
  
• Rating Process
  
• Rating Agencies

4. Residential Mortgage Backed Securities-Basics

• Basics of Mortgage backed securities
  
• Federally sponsored mortgage securities

5. Residential Mortgage Backed Securities-Prepayments

• Concept of prepayment
  
• Different prepayment standards

6. Residential Mortgage Backed Securities-Basic Structures

• Pass Through Securities
  
• Pay Through Securities

7. Residential Mortgage Backed Securities-Complex Structures

• Planned Amortization Class
  
• Targeted Amortization Class
  
• Stripped Mortgage Backed Securities
  
• Floaters
  
• CMO Residuals
  

8. Mortgage-backed Securitization (Commercial)

• Objectives
  
• Introduction
  
• Features of a CMBS transaction
  
• Loan Evaluation and Rating Process
  
• Case Studies

9. Auto Loan Receivables Securitization

• Objectives
  
• Introductory Concepts
  
• Types of Loans
  
• Auto Loan backed Securities Structure
  
• Rating Process
  
• Securitization for the First Time
  
• Case Study

10. Credit Card Receivables Securitization

• Objectives
  
• Fundamentals of Credit Cards
  
• Credit Card Securitization Process
  
• Phases in Securitization and Trust Structures
  
• Amortization Structures
  
• Measures of Maturity and Early Amortization
  
• Rating Process
  
• Case Studies

11. Collateralized Debt Obligations (CDOs)

• Objectives
  
• Fundamentals
  
• Types of CDOs
  
• Synthetic CDOs
  
• Different Periods for CDO
  
• Rating Process
  
• Role of Collateral Manager
  
• CBOs Vs. CLOs

12. Case Studies (CDOs,CLOs,CBOs)

• Objectives
  
• Jubilee CDO I B.V.
  
• ROSE Transaction
  
• SBC Glacier Transaction
  
• Panther CDO II B.V.

13. Future Flow Receivables Securitization

• Objectives
  
• Introduction to Future Flow Securitization
  
• Reasons for Future Flow Securitization
  
• Risks Involved
  
• Securitization of Airline Ticket Receivables
  
• Securitization of Export Receivables
  
• Case Study

14.Home Equity Loans

• Objectives
  
• Introduction to Home Equity Loans
  
• Types of Home Equity Loans
  
• Pros and Cons of Home Equity Loans
  
• Securitization of Home Equity Loans
  
• Structures based on Credit Enhancement
  
• Case Study - 1
  
• Case Study - 2

15. Insurance Risk Securitization-I

• Objectives
  
• Concepts and Origin
  
• Insurance Loss Indices
  
• Instruments for Insurance Risk Securitization
  
• Weather Risk Securitization
  
• Analyzing Risk Securitization
  

16. Insurance Risk Securitization-II

• Objectives
  
• Catastrophe Bonds
  
• Issuance of CAT Bonds
  
• Insurance Risk Structure

17. Case Studies (Non-Performing Loans)

• Objectives
  
• Introduction
  
• KAMCO
• Ariosto s.l.r
• Danaharta
• Japan II Ltd.

18. Case Studies (Different Products)

• Objectives
  
• Trade Receivables Securitization
  
• Equipment Lease Securitization
  
• Inventory Securitization
  
• Floor Plan Receivables Securitization

19. Case Studies (Asia & Australia)

• Objectives
  
• LG Card
  
• Hanareum International Funding
  
• RAMS Mortgage Corp. Ltd. Series 11
  
• Series 2002-1G Medallion Trust

20. Case Studies (North America & Europe)

• Objectives
  
• Student Loans Securitization
  
• Electricity Receivables Securitization
  
• Defaulted Loans Securitization
  
• Consumer Loans Securitization
  

21. Healthcare Receivable Securitization

• Objectives
  
• Introduction
  
• National Century Financial Enterprise

22. Asset-backed Commercial Paper

• Objectives
  
• Introduction
  
• Key Parties Involved
  
• Risk Mitigation
  
• Assets Securitized through ABCP Conduits
  
• Legal Aspects of an ABCP Conduit
  
• Market Scenario

23.Project Management

• Objectives
  
• Policy Statement
  
• Project Plan for Credit Cards Receivables
  
• Project Plan for Auto Loans Receivables

24. Risk Management

• Objectives
  
• Introduction
  
• Types of Risks
  
• Types of Risks (Cont.)
  
• General Risk Management Measures
  
• Risk-based Capital

25. Legal Aspects

• Objectives
  
• Introduction
  
• Secured transaction
  
• Perfection, Priority and Enforcement
  
• Bankruptcy Issues
  
• Securities Regulations
  
• UN Convention on the Assignment of Receivables

26. Accounting

• Objectives
  
• Fundamentals of Accounting under FASB 140
  
• Determining Gain or Loss on Sale
  
• Investor Accounting-EITF 99-20
  
• Bank Regulatory Capital Relief
  
• International Accounting Standards

27. Tax

• Objectives
  
• Introduction
  
• Tax Treatment of Participants
  
• Withholding
  
• Taxation in Different Countries
  
• The U.S. FASIT Law

28. Supervision

• Objectives
  
• Introduction
  
• Guidelines from Various Agencies

JOB AIDS

• Measurement Tools
• Disclosures
• Regulations
• Global Best Practices
• Benchmarking Data
• Policy Templates
• Prospectuses

Calculators in Asset Securitization

1. Early Amortization
2. Calculating Return on Assets (ROA)
3. Conversion of Prepayment Rates
4. Convexity
5. CDO Cash Flows
6. Changes in Subordination Levels after Default
7. Default Loss
8. Loss Curves
9. Repossession
10. Loan to Value Ratio
11. Pass-throughs
12. Pay-throughs
13. Calculation of Credit Enhancement
14. Diversity Score Calculation
15. Accounting
16.Debt Service Coverage Ratio
17. Average Collateral Rating
18. Pricing reinsurance contract using CAT bonds
19. Risk-based capital
20. Credit Cards - Cash Flow Structures

• Asset Liability Management Library of 28 Courses
  
• Liquidity Management and Contingency Funding Plan Library of 14 Courses
  
• Financial Institution Analysis - CAMELS Approach Library of 8 Courses
  
• Financial Mathematics Library of 7 Courses
  
• Global Banking Supervision Library of 15 Courses
  
• Capital Adequacy Planning (Basel I) Library of 7 Courses
  
• Basel-II: University Library of 63 Courses
• Sarbanes-Oxley Act Library of 12 courses
  
• Futures & Forwards Library of 7 Courses
  
• Swaps Library of 7 Courses
  
• Options Library of 10 Courses
  
• Market Risk (Basic Level) Library of 8 Courses
  
• Market Risk (Intermediate Level) Library of 8 Courses
  
• Market Risk (Advanced Level) Library of 4 Courses
  
• Value at Risk Library of 16 Courses
  
• Credit Analysis Library of 13 Courses
  
• Credit Ratings Library of 3 Courses
  
• Counterparty Credit Risk Library of 9 Courses
  
• Credit Risk Modeling Library of 6 Courses
  
• Credit Derivatives Library of 23 Courses
  
• Operational Risk Management Library of 21 Courses
  
• Asset Securitization Library of 28 Courses
  
• Asset Liability Management for Insurance Companies Library of 29 Courses
  
• Anti-Money Laundering Library of 6 Courses
  
• Financial Privacy Library of 6 Courses
  
• Corporate Governance Library of 9 Courses
  
• Money Markets Library of 9 Courses
  
• Fixed Income Markets Library of 17 Courses
  
• Equity Markets Library of 10 Courses
  
• Foreign Exchange Markets Library of 9 Courses
  
• Foreign Exchange Management Library of 7 Courses
  
• Treasury Analytics Library of 5 Courses
  
• Interest Rate Risk Management Library of 4 Courses
  
• Funding and Investments Library of 5 Courses
  
• Implementation - Treasury Management Library of 4 Courses
  
• Case Studies - Treasury Management Library of 5 Courses
  
• Understanding Financial Statements Library of 2 Courses
  
• Budgeting Library of 5 Courses
  
• Management Accounting Library of 7 Courses
  
• Financial Accounting Library of 9 Courses
• Mutual Funds Library of 11 Courses
  
• ePRM Coach Library of 68 Courses
  
• eFRM Coach Library of 61 Courses

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