Asset-Backed Securities 
in the New European Capital Market

A 2-day seminar of
Institut für Kapitalmarktforschung - Center for Financial Studies
Frankfurt-am-Main, Germany


Offered by the Center for Financial Studies, this seminar is one of a series of courses and workshops providing up-to-date insights into key topics in modern finance designed for banks and other financial institutions participating in Europe's new capital market.

Seminar Description

Asset-backed securities constitute a growing segment of the European and global capital markets. The asset securitization techniques, while complex, has won a secure place in corporate financing and investment portfolios because it can, paradoxically, offer originators a cheaper source of funding and investors a superior return. Not only does securitization transform illiquid assets into tradeable securities, but it also manages to transform risk by means of the separation of good financial assets from a company or financial institution with little loss of revenue. The assets, once separated from the originator, are employed as backing for high-quality securities designed to appeal to investors.

This seminar asks why and when corporations and financial institutions should issue asset-backed securities, and which kind of such instruments make sense to investors. In two information-packed days of instruction and application, we hope to offer an economic cost-benefit analysis of the technique, an insight into the legal, accounting, tax and regulatory principles, the risks and how they can be managed, and a roadmap for choosing this technique over others in today's capital market.

Who Should Attend

The seminar is of relevance to both potential originators and investors in asset-backed securities: corporate treasurers and CFOs; investment officers; plan sponsors; bank officers; securities analysts; and other individuals whose professional future may be enhanced by an understanding of the asset securitization technique.

Materials

Participants will be provided with a package of materials useful to the structuring and analysis of asset-backed deals, including pertinent articles, rating agency reports and sample documentation from actual deals done in Europe and elsewhere. See the web site, ABS Articles and Case Studies

Instructors

Ian Giddy is a professor of finance at New York University, USA. He has taught finance at NYU, Columbia, Wharton, Chicago and abroad for the past twenty-two years. He was Director of International Fixed Income Research at Drexel Burnham Lambert from 1986 to 1989. The author of more than fifty articles on international finance, Dr Giddy has served at the International Monetary Fund and the U.S. Treasury and has been a consultant with numerous financial institutions and corporations in Europe, the U.S. and Asia. He is the author or co-author of The International Money Market, The Handbook of International Finance, Cases in International Finance, Global Financial Markets and The Hudson River Watertrail Guide. He is currently completing a book on asset securitization in Asia.

Wolfhard  Küppers is attorney-at-law in Düsseldorf. He has been active in securitization since 1992, when he worked in the asset-backed department of the New York office of Shearman & Sterling. At Shearman & Sterling he assisted Japanese Banks and Citibank in structuring asset-backed transactions. During his time at the law firm of Hengeler Müller Weitzel Witz (1995) he prepared several legal opinions on asset-backed transactions and structured a floorplan dealer receivables transaction for a Japanese client. In 1996 he joined the firm of Haarmann Hemmelrath & Partner to head the firm's asset-backed department. Since then he structured several (including tax-driven) asset-backed transactions for financial institutions. As of January 1999 Wolfhard Küppers has left Haarmann Hemmelrath & Partner in order to more exclusively focus on asset-backed financing. He published several articles on tax, legal and accounting aspects of securitizations in Germany and has continuously been retained as speaker of the German Annual Asset-Backed.

Schedule
 
Morning Afternoon
Friday
  • Corporate Finance and the Economics of Asset Securitization
  • The Key Elements of ABS
  • The Securitization Process
 Lunch
  • Cost-Benefit Analysis
  • Legal, Tax, Accounting and Disclosure Aspects of ABS in Europe
Saturday
  • Structuring and Pricing Asset-Backed Securities: Case Studies in Different Countries and with Different Assets
  • Managing the Credit Risks
 Lunch
  • Managing the Non-Credit Risks
  • New Applications of the ABS Techniques
  • Summary and Outlook for the ABS Market

Seminar Content

Corporate Finance and the Economics of Asset Securitization The Key Elements of Asset-Backed Securities The Securitization Process Cost-Benefit Analysis Legal, Tax, Accounting and Disclosure Aspects of ABS in Europe (Dr. Wolfhard  Küppers)

Structuring and Pricing Asset-Backed Securities: Case Studies in Different Countries and with Different Assets

Credit Risk Management in Asset-Backed Financing Non-Credit Risk Management in Asset-Backed Financing Asset-Backed Financing Applications New Directions in Asset-Backed Securities

Summary and Outlook for the ABS Market


Other resources on asset securitization:
http://giddy.org/abs Powerpoint presentation documents
Articles Case studies
Spreadsheets Internet links

For more information, contact: Anja Wodrich
Institut für Kapitalmarktforschung - Center for Financial Studies
an der Johann Wolfgang Goethe-Universität
Tel +49 69 2429-4131 • Fax +49 69 2429-4133
Taunusanlage 6, Frankfurt am Main, D-60329 Germany 

Go to Giddy's Web Portal • Contact Ian Giddy at ian.giddy@nyu.edu