CIFT/Rabobank Seminar on
Asset-Backed Securities
and Structured Credit
Instructor:
Prof. Ian Giddy
New York University
| Asset Securitization Asset-backed securities constitute a growing segment of the US, 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 35+ countries abroad for the past three 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 New York, USA
Related websites: |
The Seminar
This
Seminar provides Rabobank professionals 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 innovations in the market, as the techniques gets extended to a wider and wider range of assets. The Seminar 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. 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 the US, Europe and elsewhere. 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:
Outline of Seminar Day 1
Presentations Day 1 The Market and Process ABS Ratings and Credit Enhancement Day 2 CLOs and Synthetics ABCP MBS and Other Structures Other resources on asset-backed securities:
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