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Risk Management
Total risk management is the combination of all the elements of risk management into a consistent strategy...
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Training - Investment Banking
Asset Securitisation:
2 days
Course Highlights
* How to recognise the right internal and external conditions
and capitalise on them
* Creating the right product and reaching the market
* Risk management techniques to utilise in securitisation
* The all-important rating process and how it can be managed
Course outline
Introduction: the state of play
- History and growth of securitisation
- Recent developments and trends
- Standard deal technology
The players, their contributions and commitments
- Originator
- Issuer
- Arranger
- Lead manager
- Credit enhancement providers
- Legal advisers
- Trustees
- Paying agents
- Reference banks
- Liquidity provider
- Guaranteed Investment Contract provider
- Servicer
- SPV Management
- Swap provider
- Rating agencies
Rationale for securitisation
- Maintenance of capital requirements
- Improving the balance sheet
- Asset/liability management
- Diversification of funding
- Credit risk management
- Reduced cost of funding
- Funds at any cost
- Receiveables management
Recognising the opportunity
- Critical volume
- Optimal timing or environment
- Overcoming potential legal constraints
- Accounting and tax framework
- Interest rate
- Criteria for a suitable receivables pool
Preparing for first-time securitisation: creating the right
internal environment
- Effectively reviewing contracts for possible constraints
- Comprehensive analysis of systems
- Review of procedures for administration of arrears
management and provisioning
- Developing ongoing policies for collateral
- Cash flow modelling and analysis of the asset pool
- Managing customer relations
Servicing requirements
- Servicing agreements
- Third party and back-up servicing
- The importance of segregating cashflows
- The importance of managing cashflows
- Reporting on the performance of securitised assets
- Potential benefits from servicing charges
Funding the assets
- FRNs
- Conduit fundings
- Asset Backed Commercial Paper (ABCP)
- Private placements
- Bank loans
- Combinations
- Cross border funding opportunities
Multi seller conduits
- What they are
- Who uses them
- Structure
- The growth in use of multi seller conduits
- Suitable assets
- Cost calculations
- Benefits
- Conduit management
Identification and mitigation of risks for the various parties
involved
- Forms of risk
- Risk management techniques available
- Execution strategy
Credit enhancement
- Reasons behind credit enhancement
- Internal and external sources
- Using the originator’s own credit standing
- Optimum factors to take into account
- Analysis of recent credit enhancement decisions - their
logic and performance
Liquidity management
The rating process
- The role of rating agencies
- Benefits each agency can bring
- Compliance with the rating agencies
- How to manage the rating process
Regulatory and legal
- regulatory issues
- European regulatory issues
- Structuring the SPV
- Transferring or assigning the contracts
- Profit extraction
- Ongoing involvement
Tax issues
- Corporation tax, Advance corporation tax, Stamp duty,
withholding tax and VAT
- The relevance to different asset types
- Approaches to get round these issues
- MIRAS
- Profit extraction
- Tax symmetries and asymmetries
- Hosepipes
Course Fees
VAT to be included at the local rate, if applicable. Costs
shown are per delegate inclusive of refreshments, lunches and
seminar materials. Cost of accommodation is not included.
GBP 2700
Certificates of Participation
Certificates of participation are remitted to course
participants upon request. |
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