What the Session is About
constitute a growing and complex segment of the global capital markets.
The technique is becoming widely employed in developing as well as
The workshop provides an insight into the state of the art in
securitization and structured credit risk transfer, with an emphasis on
consumer finance and automobile leasing. In addition to
covering the technique of asset-backed securities in emerging markets,
we look at synthetic
asset securitization, a versatile and
fast-growing technique in the ABS market. It opens new possibilities
for receivables funding and the management of credit risk.
Open for Discussion
is the global asset-backed securities market headed?
is a securitization deal structured?
are the key legal and regulatory issues in the asset-backed market
today, and how are they addressed in different forms of ABS?
is special about consumer credit securitization?
is "future flow securitization"? What
risk transfer choices do emerging market banks have?
- The state of the
- Getting an ABS deal
- Credit enhancement
- Cash flow analysis
Finance Company Berhad. We review the
process, structure and cash flows of this Malaysian deal
- Key legal
prerequisites of ABS today
- Illustration: Hyundai Auto Loan
- Tiering the funding
- Example: Pakistan Telecommunications:
as a local-currency
asset-liability management tool.
- Illustration: Microfinance Securitization
Risk Transfer: Beyond Asset-Backed
growing importance of collateralized collateralized loan obligations
(CLOs) and credit derivatives
- CLO credit enhancement and ratings
- Alternative risk transfer methods via
Red & Black. A French synthetic consumer credit
- Conclusion: risk transfer choices for
banks in emerging markets
Consumer Credit ABS
About the Instructor
Ian Giddy is
on the faculty of finance at New York University, USA. He has taught
finance at NYU, Columbia,
Wharton, Chicago and abroad for the past thirty years. He was
of International Fixed Income Research at Drexel Burnham Lambert from
to 1989. The author of more than fifty articles on international
Dr Giddy has served at the International Monetary Fund and the U.S.
and has been a consultant with numerous financial institutions and
in Europe, North America, the Middle East and Asia. He has lectured in
more than forty countries, and has been involved in the asset-backed
securities market for over 15 years. He is the author or co-author of
Money Market, The Handbook of International Finance, Cases
in International Finance, Global Financial Markets, Asset
Securitization in Asia, and The
Hudson River Watertrail Guide. He and his
wife are the founders of Cloudbridge, a nature reserve in Costa