Cashflow Programming for Securitisation Course – Amsterdam

Amsterdam, Netherlands

A 4-day, practical, computer-based cashflow programming for securitisation training course.
Delegates will learn how to:
- Select the correct analysis to suit all asset classes
- Analyse how Moody’s, Standard & Poor’s and Fitch approach securitisation theory
- Apply rating agency techniques to calculate the default probabilities for a portfolio
- Simulate loss scenarios for different assets
- Construct a fully working rating agency cash flow model using a recent pre-sale report
- Ratings agencies – tricks of the trade revealed

Why a Cashflow Programming for Securitisation Training Course 

Securitisation has evolved from a financing tool used in specialist markets to become one of the largest sectors of the debt capital market. Its uses are now far more widespread than the traditional asset classes (such as mortgages and credit cards) and new classes of asset-backed securities are being introduced every month (film rights, royalty receivables). Most practitioners now agree that the philosophy of securitisation has become “what cannot be securitised?” rather than the previous “can this asset class be securitised?”

Underpinning every securitisation deal are cashflow models. At the most basic stage cashflow modelling will determine whether a transaction is feasible or not. On a more complex level, numerous parties will rely on the effectiveness of cashflow modelling to ascertain every aspect of a securitisation. Any securitisation cashflow model will be required to meet the needs of issuers, investors, underwriters, lawyers, auditors and not least the rating agencies.

In short, within any securitisation, the cashflow model is regarded as the “keystone” to the deals success. The use of ratings as absolute measures by investors and regulators is increasing, as is the requirements for bankers and investors to understand the criteria the ratings agencies use. No longer a simple benchmark, ratings affect investment decisions and the success or failure of companies or products. While banks are being encouraged to apply their own internal ratings systems, these benchmarks often replicate those of the officially recognised rating agencies.

Now more than ever securitisations rely more upon understanding the rating agencies of approach to the various asset classes. As a result of this, securitisation structures require more detailed development in order that issuers can take advantage of or “structure around” the individual approaches from each of the rating agencies. Through case studies and cashflow models delegates will become familiar with the rating agencies of these conditions imposed on the assets. Never has the work of the rating agencies been so influential, varied and complex. To succeed in the current environment practitioners must have a sound understanding of rating agency securitisation theory.

Who Should Attend

Corporate financiers who want to expand their cashflow modelling skills
Senior traders & sales directors/ managers
Capital markets practitioners
Heads of business divisions in any industry
Executives responsible for high-value capital expenditure
Senior business development executives
M&A and strategic planning executives
Lawyers, corporate financiers and other professionals pricing on major deals who wish to gain a greater understanding of securitisation
Derivatives experts who want to transfer into securitisation
Course Level
Delegates must have experience in using spreadsheets and be comfortable with Excel common functions. Delegates are not required to have experience with Macros or Visual Basic Applications.

Attendance cost: £4190

Event organizer: Euromoney