New York University
Leonard N. Stern School of Business

Asset-Backed Securities

Offered by the Stern School's Executive Development Programs, this seminar is one of a series of seminars and workshops providing up-to-date insights into key topics in modern finance, including credit risk analysis, corporate valuation, and others.

Seminar Description

Asset-backed securities constitute a growing proportion of the U.S. 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 insight into the legal, accounting, tax and regulatory aspects, 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 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.

Principal Instructor

Ian Giddy 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, he has served at the International Monetary Fund and the U.S. Treasury and has been a consultant with numerous financial institutions and corporations in the U.S. and abroad. 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.

Professor Giddy will invite an experienced practitioner to join him in making this a stimulating and practical learning experience.

Seminar Content

The Basic Elements Cost-Benefit Analysis The Securitization Process Applications of the ABS technique Risk Management in Asset-Backed Financing Pricing and Hedging Asset Backed Securities Project Finance: Asset-Backed Financing Applications Variations and Wider Applications of the ABS Techniques

Conclusion and Synopsis


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

Ian H. Giddy | Ian Giddy's professional workshops | Ian Giddy's on-line courses | The Stern School of Business | Executive Development Programs at Stern

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