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This course describes securitization and the analysis of transactions, based on three pillars: the underlying pool of assets, the transaction structure, and the legal aspects. It covers the principles found throughout the securitization market, as well as specific characteristics of the main asset classes, including residential mortgages, consumer loans, and corporate debt. The course also gives an overview of the publicly available credit rating methodologies and monitoring practices employed by our sister company, Moody's Investors Service. It combines instructor-led sessions with case studies, group exercises, computer-based simulations, and discussions.
- Understand the mechanics of a securitization transaction, including the roles of the major participants.
- Interpret the varying rationales of market participants for issuing or buying securitized products.
- Understand the different cash-flow and asset-loss allocation mechanisms in securitizations.
- Identify the credit enhancement mechanisms found in structures.
- Anticipate the main legal issues that are likely to arise regarding a securitization.
- Investment and commercial bankers
- Credit analysts
- Legal advisers
- Fixed-income professionals
- Portfolio/asset/fund managers
- Bond researchers (both the buy and sell sides)