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FINANCIAL MARKET COURSES

Securitization - Asset-Backed Securities (ABS)

Although the residential mortgage-backed securities (RMBS) market accounts for the majority of securitized transactions, the basic securitization technique is asset-independent. This course looks at how securitization has evolved to face the challenges presented by different asset classes. In addition to descriptions of some of the major classes outside of RMBS, the course also examines how the markets for the associated securities operate and how valuation techniques have been developed to cope with the idiosyncrasies associated with securitization.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Explain how the securitization technique has extended beyond its roots in the US residential mortgage market

    Describe the various asset-independent structures of securitization

    Identify the key factors in a securitization that are examined by investors, rating agencies, or other analysts

    Explain how measurements of value have evolved beyond simple fixed interest paradigms

  • COURSE OUTLINE

    Topic 1: Overview of the ABS Market

    From Computers to Credit Cards

    Typical Assets

    o Commercial Mortgages

    o Credit Card Receivables

    o Auto Loans

    o Student Loans

    o Home Equity Loans (HELs)

    Topic 2: Asset-Independent Structures

    Future Flows

    Collateralized Debt Obligations (CDOs)

    Collateralized Loan Obligations (CLOs)

    Synthetics

    Asset-Backed Commercial Paper (ABCP)

    Topic 3: Key Factors

    Underlying Asset Quality

    Simulations & Monitoring

    Third Parties

    Structure of Deal Reflecting

    Structure of Assets

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    120 Minutes

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