Asset-backed securities constitute a growing segment of the European and global capital markets. The asset securitization technique, while complex, has won a secure place in corporate financing and investment portfolios because it can, paradoxically, offer originators a cheaper source of funding and investors a superior return. Not only does securitization transform illiquid assets into tradable securities, but it also manages to transform risk by means of the separation of good financial assets from a company or financial institution with little loss of revenue. The assets, once separated from the originator, are employed as backing for high-quality securities designed to appeal to investors.
For more details see the instructor's website, ABSresearch.com
InstructorIan Giddy has taught finance at NYU, Columbia, Wharton, Chicago and in 30+ countries abroad for the past two decades. He was Director of International Fixed Income Research at Drexel Burnham Lambert from 1986 to 1989. The author of more than fifty articles on international finance, he has served at the International Monetary Fund and the U.S. Treasury and has been a consultant with numerous corporations and financial institutions in the U.S. and abroad. He is the author or co-author of The International Money Market, The Handbook of International Finance, Cases in International Finance, Global Financial Markets, Asset Securitization in Asia and The Hudson River Watertrail Guide.
Prof Ian Giddy
Stern School of Business
New York University
44 West 4th Street
New York, NY 10024
+1 212 998 0332
This workshop provides investors, issuers and bankers with an evaluation of trends in the asset-backed securities market, with an focus on the legal and credit structures of some of the newer techniques. The emphasis is on understanding the benefits, costs and risks from the issuer's and the investor's viewpoints, and how the rating agencies look at ABS risks. Special attention is given to the European ABS market, although the workshop looks at a number of different asset classes and structures, in the USA and Asia as well as Europe.
The workshop will include case studies of actual deals, as well as hands-on exercises, and will give participants the opportunity to demonstrate their understanding of deals through group meetings and general discussions.
One goal for participants is to develop a check list or rapid overview of the key criteria in an ABS deal, to consider when analysing an ABS structure, so as to grasp the main strengths and risks of each deal after an initial rapid analysis.
Some of the issues to be discussed include:
The seminar is of relevance to both potential originators and investors in asset-backed securities: corporate treasurers and CFOs; investment officers; investment fund managers; bank officers; securities analysts; legal and accounting advisors; and other individuals whose professional future may be enhanced by an understanding of the asset securitization technique.
Participants will be provided with a package of materials useful
to the structuring and analysis of asset-backed deals, including pertinent
articles, rating agency reports and sample documentation from actual deals
done in Europe and elsewhere.
Contact: Christiane Bauder at firstname.lastname@example.org
Other resources on asset-backed securities: