Structured Finance
| Course Provider |  |
| Dates Duration | 20-22 September 2010 2 Days |
| Venue | TBC |
| Course Fees | Full Fee: €2200 Network Members Fee: €1500 |
Course Objectives
In this three day training course we will seek to illustrate the most important actions and issues arising out of various types (as shown below) of structured finance transactions. The course ensure the attendees understand how to created structured products will on the structuring of products and those aspects that are likely to cause disputes or grievances as well as other forms of risk.
As far as possible the course will be illustrated with examples drawn from current and recent transactions. The course will be delivered by a structuring expert.
Optional eLearning
Securitization - CDOs - An Introduction
Securitization - CDOs - Structures & Ratings
Credit Derivatives - Synthetic CDOs
Credit Derivatives - Capital Structure Arbitrage
Range Accrual Structures
Inverse FRNs
Capped & Collared FRNs
Trigger Structures
Power Reverse Dual Currency (PRDC) Notes
Target Redemption Notes (TARNs)
CMS Option Structures
Course Outline
Introduction - Areas of Focus
- Risk Transfer
- Structures
- Concepts of Default
- Credit Ratings in Structured Finance
- Selling and 'Appropriateness'
Securitisation and SPV's
- True Sale
- Bankruptcy Remoteness
- Cash Flow 'Waterfall'
- Discussion: Can Asset Backed Securities Default?
- 'Alter Ego' concepts
- Regulatory Capital
- Use of Standard ISDA and PSA ISMA documents
CDO's
- Motives to Create a CDO (Collateralised Debt Obligation)
- CDO structures
- CDO Pricing
- Confidentiality
- Substitution
- Manager conflicts of interest
- Moral Hazard and loan transactions
Risks in Securitized Products
- Problems with Credit Rating methodology
- Risks not detected by Credit Rating Agencies
- Secondary Market Illiquidity
- Lack of Price Transparency
- Availability of Investor Financing
- Risks related to dealer withdrawal or reduction of finance facilities
Trainer: Peter Leahy
Peter has developed a reputation for providing the highest quality in consultancy and training for the financial services industry. Peter specialises in fixed income and fixed income related capital markets, including derivatives, repos and swaps.
Up to1995 Peter was a Senior Vice President at Bear Stearns in London where he was responsible for developing and selling Asset Backed and Derivatives products. He has worked in the financial markets for more than fifteen years and advises various institutions at the highest level on matters concerning the international capital markets. His extensive experience includes senior fixed income markets positions at J.P. Morgan, Kleinwort Benson and Bear Stearns.
Peter has been contracted on numerous occasions to act as a discussion facilitator for internal discussions and ‘town hall’ meetings within major Investment Banks.
Peter also has considerable experience as an expert witness, including a recent high profile bond sales professional negligence cases involving CDOs and defaulted bonds.
Peter has delivered courses in about twenty countries on topics including Swaps, Credit Derivatives, Securitisation and Structured Products. He is also a visiting lecturer at the City University Business School (London). In addition Peter has delivered many public training programmes on Credit Derivatives and Securitisation.
Banks that have used Peter’s services include Lehman Brothers, HSBC, CSFB, Citigroup, Merrill Lynch, JP Morgan Chase and the Bank of England.
Peter has a wide and very positive renown in the areas of Financial Markets training, product and investment consultancy as well as Expert Witness / Dispute Resolution. He will be very happy to supply example work, working papers and references upon request.