GFTT
Global Financial Training and Techonology

A Division of KESDEE Inc.

Asset Securitization
Program integrates traditional instructor-led training with dynamic, interactive e-learning
Accreditations & Training Subsidy
CERTIFIED FINANCIAL PLANNER™ Certificant

Sam L Srinivasulu, Ph.D.
Consultant & Trainer for the U.S. Federal Reserve System and leading financial institutions worldwide

Corporate Office
PO Box 910207
San Diego, CA 92191
U.S.A.
Phone: 858-755-8527
Fax: 858-755-6973
Email: information@gftt.com
Web: www.gftt.com

Orrick, Herrington & Sutcliffe LLP, a global law firm, has earned number-one ranking in asset-backed finance for the past five out of six years. Orrick’s 80-lawyer Structured Finance Group serves as counsel to issuers, underwriters, credit enhancement providers, sellers, servicers, institutional purchasers, and trustees in connection with the securitization of a wide variety of assets from offices across the U.S. as well as in London, Tokyo, and Singapore.

Ed DeSear, a partner in Orrick’s New York office, is Chairman of the Structured Finance Group. His practice focuses on
asset-backed securities, an area of law in which Orrick has been at the cutting edge in the U.S. and other countries. Mr. DeSear has extensive experience in the areas of securitization of credit card receivables, auto loans, leases, trade receivables, utility receivables, mutual fund fees, tobacco settlement payments and legal fees, and catastrophe risk coverage assets.

Paul Weiffenbach is a partner in Orrick’s London office and a member of the firm’s Structured Finance Group. His practice focuses on international asset-backed and mortgage-backed securities transactions. He has acted as U.S. counsel for the first SEC registered asset-backed securities transaction by a European bank. He represented the first cross-border Japanese securitization using a master trust structure and has also acted for originators, issuers, credit enhancers, and lenders in securitizations for numerous credit card companies in the U.S. and the U.K.

Howard Goldwasser is a partner in Orrick’s Structured Finance Group in the Tokyo office. He represents underwriters and other arrangers, asset originators and issuers, and investors in securitization transactions, both public and private. In recent years, the focus of Mr. Goldwasser’s work has included collateralized debt obligation issuances, both CBOs and CLOs; credit card receivables securitizations; auto loan securitizations; emerging market “future flows” securitizations; and export/trade receivables securitizations.

Well-known guest speakers will address several legal issues and other current topics of interest

ASSET-BACKED Alert
SPOT SECURITIZATION OPPORTUNITIES
Every week, Asset-Backed Alert steers subscribers to money-making deals in the market for securitized loans and receivables. The newsletter also guarantees your edge in the CDO market. Sign up for a three-issue FREE trial subscription to Asset-Backed Alert. To start your free trial, call 201-659-1700 or visit www.ABAlert.com.

Balance Sheet
Balance Sheet Magazine gives you the information and the management tools you need to maximize Balance Sheet profitability. Each issue offers sharply focused advice, analysis, surveys, guidelines and case studies on every aspect of ALM, Balance Sheet and Risk Management. For further information, an online free trial or sample copy, contact fmanks@managementfirst.com or visit our website at www.managementfirst.com

Bondweek
BondWeek (BW) focuses specifically on the U.S. and European taxable fixed income and credit markets. Each weekly issue of BondWeek includes breaking news and analysis of Asset and Mortgage-backed Securities, Investment Grade and High Yield Corporates, Agency and Government Bonds. Regular features include Investment Strategies, Emerging Trends, Interest Rate Analysis and Forecasts, Economic Regulatory Developments and New Technology and how they will affect the U.S. and Overseas Bond Markets. For a free trial subscription please call 212.224.3096 or visit our website at www.bondweek.com

Gtnews.com
Updated weekly, gtnews.com is the number one web site for cash, payments & treasury information. Access hundreds of articles on banking, risk, cash management, working capital, treasury management, outsourcing, capital markets, careers, payments, online trading, and systems, plus job listings, directories, guides, news, Q&A forums & events. GTNews is FREE to read so register today at www.gtnews.com

Inside MBS & ABS
Since 1985 Inside MBS & ABS has been the secondary mortgage market’s premier source of news and data on agency MBS, CMO/REMIC, and private-label MBS markets. The publication offers weekly exclusive statistics of every publicly offered MBS, CMO and ABS security deal as well as the top MBS and ABS underwriters, issuers and rating services. For a free trial subscription call (301) 951-1240, or email service@imfpubs.com or visit us at www.imfpubs.com

Instituto del Riesgo Financiero
Instituto del Riesgo Financiero (IRF) is a specialized consulting firm dedicated to the financial services industries in Latin America and Spain. Based on the management practices promoted by the Basel Committee, IRF offers systems, training, and consulting in: Asset & Liabilities Management, Value at Risk, Credit Risk, Internal Funds Pricing and Budgeting & Control. Our focus is on improving management of balance sheet risk, profitability analysis, adequate derivatives hedging and sustainable growth of economic value and earnings at financial institution throughout Latin America. For more information, contact:
Gonzalo Ruiz, IRF Latin America, gruiz@riesgofinanciero.com URL : www.RiesgoFinanciero.com

Securitizability.com
Securitizability.com is a recognised destination for corporate firms worldwide active or potentially active in the securitization marketplace to locate, source and learn more about people. Initially containing securitization lawyers, the portal will eventually include banks, accountants and rating agency professionals. For more information, visit: www.securitizability.com

Securitization.net
Securitization.net™ is designed to be a resource for the structured finance industry, providing information from a variety of industry players. Contributing to, using and linking with Securitization. Net™ are all free. To learn about the benefits of free registration,
visit:www.securitization.net

Securitizationews
Securitization News is the one publication that covers the entire global structured finance and securitization markets. Each weekly issue provides the latest news on deals, trends, innovative financing techniques, investment strategies, regulation and other critical issues. Sign up for 4 FREE issues today and find out for yourself how Securitization News will help you increase your business. Call 212-224-3457 or visit our website at www.securitizationnews.com

This seminar integrates instructor-led training with interactive e-learning. You will receive:

Instructor-led training

• Pre-course material- Access our online preparation material four weeks prior to the course
  
• Course binder- A comprehensive set of case studies, exercises and reference material
  
• Exposure to actual case studies based on our vast consulting experience
  
• The latest regulations from regulatory institutions worldwide
  
• Practitioner’s perspective on Securitization issues
  
  Post Seminar 3-months FREE Access to e-learning
  
• Financial Calculators for Asset Securitization covering Accounting, Credit Enhancement, Pricing and other subjects
  
• Dynamic simulations, self-tests and job aids
  
• Interactive excercises and case studies
  
• Policy Templates for Asset Securitization
  
• Database of Asset Securitization Disclosures/Regulations
  
• American, Asian, Australian and European Case Studies of actual deals

Global Financial Training and Technology (GFTT) is a division of KESDEE Inc. KESDEE develops e-learning products based on the in-house, public training programs and consultancy services provided by GFTT for over two decades. GFTT specializes in conducting seminars & conferences for financial practitioners worldwide. Kesdee offers a portfolio of reference products focusing on Balance Sheet Management of Financial Institutions such as Asset Liability Management, Liquidity Management & Contingency Funding Plan, Capital Adequacy Planning, Asset Securitization, Asset Liability Management for Insurance Companies, Operational Risk Management, and several others. Over 500 institutions and 10,000 professionals worldwide have benefited from GFTTs training programs. The training sessions have received outstanding reviews from well-known finance practitioners.

In-house Training
GFTT also provides in-house training in Asset Securitization, Asset Liability Management, Risk Management, Capital Adequacy Planning, Basel-II: New Capital Proposals and other subjects.

Global Financial Training and Technology (GFTT) is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. NASBA phone number: 615.880.4200 Web site: www.nasba.org

Program Level: Intermediate, Advanced
Recommended CPE Credits: 28 hrs. (3-day Seminar)
Field of Study: Balance Sheet and Treasury Management Functions of Organizations in the Global Financial Services Industry
Prerequisites: Graduate
Method of Presentation: Instructor-led training with dynamic interactive e-learning
Advanced Preparation: Access to pre-course binder one month prior to the event

Financial Sector Development Fund (FSDF) Training Subsidy

Participants may be eligible for FSDF support on a case by case basis. Please submit applications to the FSDF Secretariat directly. As part of the application and evaluation process, participants will be required to complete and submit an FSDF evaluation form upon completion of course.

• Office of the Superintendent of Financial Institutions (OSFI) in Canada
  
• Office of Thrift Supervision(OTS), the US Department of Treasury
  
• Federal Reserve System
  
• New York State Banking Department
  
• Royal Bank of Canada
  
• UBS
  
• ABN AMRO
  
• American Express
  
• Hong Kong Mortgage Corp.
  
• Monetary Authority of Singapore
  
• DBS Bank
  
• Bank Negara Malaysia
  
• Bank Boston
  
• Bank of Montreal
  
• Korea Supervisory Agency
  
• Southern Bank
  
• Bancomer
  
• Bank Exim-Indonesia
  
• Asian Development Bank
  
• Toronto Dominion Bank
  
• Several delegates from Insurance companies, Mutual Funds, Multinational Corporations and Regulatory Agencies worldwide
  
  Testimonials
  
• Very comprehensive and thought provoking course, particularly useful that Dr. Sam addressed individual questions and interests”. - Asst. Vice President Structured Finance, Deutsche Bank.
• “Simply excellent. Have not attended a better one.” — Assistant Vice-President, ABN-AMRO
  
• “The knowledge, competence & communication skills of the trainer are very high.” ANZ Grindlays
  
• “Very Comprehensive and thought provoking (Asset Securitization) course”-East West United Bank-Managing Director
  “ The E-Learning concept makes the core principles of Securitization easily accessible at all times and places”
  -Telia Finans-CFO
• “The course was well organized and the materials are very complete and a valuable reference source.” — Senior Vice-President, Banco Popular
  
• “Sam was a marvelous course leader. He’s obviously a seasoned practitioner…” — Vice-President, Bank of America
  
• “The analytical insights given during the program were vividly explained.” - Citibank
  
• “Sam was extremely knowledgeable on all topics covered; he was able to communicate complex ideas in easy-to-understand terms” — Senior Officer, Federal Reserve Bank
  
• “Dr. Srinivasulu has given concrete shape to a concept that in my mind beforehand was merely an abstraction.” - Fortis Finance
  
• “Sam was very explicit and easy to follow. He is truly an expert in the area of ALM.” - Jamaica Mutual Life
  
• “ Sam did a fantastic job. His expertise and experience were clear.”-Morgan Stanley
  
• “Very interesting presentations, enhanced greatly by actual case studies on companies that were up to date” -
  Petroleum Co. of Trinidad & Tobago
  
• “The very informative course material could serve as a reference guide!” - Societe Generale
  
• “A superb course, the sheer experience & wisdom of Dr. Sam was a real delight.” - Standard Chartered Bank

Introduction to Asset Securitization

• A Conceptual Framework
  
• Definition of Asset Securitization
  
• Motives for Asset Securitization
  
• Sources of Benefits
  
• Liquidity/Fee Income
  
• The Impact of Risk-Based Capital Guidelines on Originators
  and Buyers of Asset-backed Securities
  
• How Securitization Enhances Liquidity and Optimizes
  Utilization of Capital
  
• Assets Suitable for Securitization
  

Participants and Their Roles

• Originators/Sellers
  
• Services
  
• Underwriters
  
• Advisors (Legal, Accounting, Tax)
  
• Credit and Liquidity Enhancers
  
• Trustees
  
• Rating Agencies
  

Pricing the Securitization

• Benchmarks
  
• Yield Spreads for Credit Prepayment and Other Risks
  
• Relative Value Analysis
  

Securitization of Mortgages

• Pass- Throughs
  
• Collateralized Mortgage Obligations (CMOs)
  
• Complex CMO Structures
  

Cash Flow Modeling

• “Stress Test” Scenarios for different types of Asset-backed Securities
  
• Rating Agencies
  
• Case Studies

Securitization of Car Loans

• Securitization of Automobile Receivables
  
• Case Study on CARs • Credit Enhancement Techniques
• The Rating Process: Assumptions, Collateralization,
  Letters of Credit, Spread Account, Put Options, and
  “First Loss” to Issuer
• Pay- Through vs. Pass-Through Structures

Securitization of Credit Card Loans

• Market Overview
  
• Case Study
  
• Alternative Amortizing Structures
  
• Trigger Events for Payout
  
• Cash Flow Modeling for Different Time Frames
  (Revolving Period, Accumulation Period,
  Amortization Period, and Early Termination Scenario)
  

Exercise: Cash Flow Modeling of Credit Cards

Special Cases of Securitization

Deal Mechanics: Rating Agency Perspective

Credit Rating Process

• Due Diligence
  
• General and Asset Specific Factors
  
• Investor Objectives/Originator Objectives
  

Credit Enhancement

• Issuer Provided Credit Enhancement
  
• Third Party Provided Credit Enhancement
  
• Role of Credit Enhancement: Investor Objectives and Rating Agency Objectives Plan
  
• Balance Sheet Objectives
  

Accounting, Disclosure, Tax, and Legal Issues of Asset Securitization

• Multiple Roles of an Institution: Lender, Packager, Trustee, Servicer, Investor, Credit Enhancer
  
• Risks and Rewards of each role
  
• Regulatory perspectives and guidelines of Asset Securitization
  
• Basel- II Proposals on Asset Securitization
  

Management of Risks in Securitization: Strategic Issues

• The Strategic Issues and Management Challenges
  
• Sell/Securitize/Hold Decision
  
• Capital Allocation
  
• Systems Requirements for Securitization
  

Collateralized Bond Obligations (CBOs)

• Product Overview: Repackaging of Bonds
  
• Cash Flows of CBOs
  
• Key Areas of Risk (Soverign Risk, Credit Risk, Market Risk) and Risk Management
  
• Credit Enhancement
  
• Operational and Legal Aspects
  
• Simple vs. Multi-jurisdiction Transactions
  
• Case Study of a CBO transaction
  

Collateralized Loan Obligations (CLOs)

• Product Overview: Repackaging of Loans
• Motives: Credit Risk Management and Regulatory Capital Arbitrage
  
• Differences between CBOs and CLOs
  
• Key Areas of Risk and Risk Management
  
• Case Study
  

Collateralized Debt Obligation (CDOs)

• Case studies and current issues
  

CERTIFIED FINANCIAL PLANNER™ Certificant

KESDEE’s e-learning & reference product on Asset Securitization meets the requirements of the
Certified Financial Planner Board of Standards for Continuing Education Credits.
Granted CE Credits: 16.0