Asset Securitization
Time taken to complete each Course: Two - Three hours
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
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