Understanding Securitization and ABS

Introduction: Why securitization? Originator and investor motivations, Overview of securitization market Purpose; Payback: Introducing a structured approach to analysis: purpose, payback, risk and structure Risk to repayment: Analytic focus: credit card ABS, Key performance variables: applying steady state assumptions and credit stresses, Company analysis: commercial and financial viability, Servicer ratings: why, how and impact on credit enhancement Structure: Understanding the role and various forms of CE, Safeguards: ensuring credit enhancement mechanisms provide adequate protection, Cash-flow waterfalls: Amortizing and non-amortizing assets, Interpreting performance to identify early warning signals, Credit trends in ABS: pockets of risk