• Understanding the great divide between the bustling North and the quiet South
• Examining profiles of the issuers and market participants – who and where are the big players?
• Examining potential asset classes; e.g. securitisation of infrastructure assets
• Identifying commonalities and differences for securitisation preferences between North Asia and South Asia

• Singapore/Asian landscape for securitization
• Singapore/Asian landscape for Investors
• Singapore/Asian landscape for Portfolio Managers
• Local asset securitization vs. global asset
• Outlook of Asian CDO market: Origination, Investment, and Portfolio Management
  

• Understanding the risks involved in different Asian countries
• What implications do they have?
• What measures should be taken to minimise these risks and if good ratings make a difference.
• Case Study
  

• Understanding the regulatory frameworks and landscape for securitisation growth in India
• Enterprise securitisation in India: relevance of future flows securitisation and featuring recent examples
• CLOs in India : Recognising tremendous potential for bank loans securitisation and unlocking regulatory and economic arbitrage of bank CLOs for profit maximisation
• RMBS in India: Understanding the opportunities and challenges in executing RMBS transactions
• The Indian securitisation market: Sieving for opportunities, especially in future flows and CMBS growth and analysing the impact of RBI guidelines on bank securitisations

• What are the challenges facing the Indian RMBS market?
• What are the latest structural innovations and market developments?
• Predicting future market outlook and developments
• What is the demand for highly rated RMBS and what yields are investors looking for?

• Major developments of the Indian securitisation market over the last few years
• Internal and external, adverse and stressful default and loss conditions
• Identifying the risks involved in future innovations
  

• Outlook for 2007
• Determining the future volume of transactions
• Developments in the corporate debt market, public vs. private
• Boosting liquidity and promoting selling points to emerging markets investors
• Examining investor behavior, concerns and changes
  

• Examining the options, weighing the benefits
• How do financial institutions determine how much capital can be raised?
• Financing an acquisition using securitization
• Problems certain Asian countries are experiencing
• How making securitization to gain traction in their respective jurisdictions
• Solutions for future flow securitisation

• The attraction of an Islamic REIT
• What type of real estate funds lend themselves most to Islamic funds
• How effective a tool are real estate securities for Islamic portfolio divestment
  

• Case study: The promise of securitisation of project financing and construction projects
• Analysing recent structures and transactions
• Going forward: the potential for possible structures within the Middle East and why this may work for Asia
  

• Overview of explosive growth in REITs in Asia
• Comparative usage of REITs and CMBS
• CMBS transaction by REITs

• Identifying assets and market demands for real estate securitisation products
• Marrying investors’ demands with issuer’s capabilities – challenges and opportunities
• Implications of legal and regulatory frameworks and requirements
• Understanding the value of ratings in a good securitisation deal
• Appropriate pricing and placement strategies
  

• Challenges in developing new markets, maintaining rental yields
• Can the current level of yield be sustained?
• Examining investors motivation for CMBS: Diversification vs. enhancing yield
• Valuation challenges of assessing the cash flow and CMBS portfolio
• How can investors protect themselves from a regional or national real estate bubble?

• Repeat issuers
• Larger deals, less often
• Dominant asset classes
• Narrowing spreads
• Unwrapped execution
• Credit tranching
  

• Understanding the mechanics of NPL securitisation and identifying appropriate investors
• Evaluating the potential for NPL securitisation in Asia
• Case study – NPL securitisation in Malaysia, India, China
  

• Latest products and structures in the CDO market
• Structured credit trading, index trading and tracking
• Evaluating the attractiveness of CDO equity funds for Asian corporations
  

• Overview of the securitisation trends and activities in 2005 and 2006 in Asia
• Determining if securitisation is fuelling the mortgage origination market or vice versa
• Analysing the impact of slowing mortgage origination activities on securitisation growth?
• Assessing Asian securitisation investors and their demands
• Forecasting growth engines for the coming years

• What are the motivations for corporate treasurers and financial directors when considering securitisation?
• When will issuers choose for cross border issuance and why? Which markets will remain mostly domestic and why?
• When is it beneficial to have a monoline wrap? Are you considering these or other forms of third party credit enhancement?
• Common stumbling blocks faced by first time issuers
• What are the expectations for credit cards issuance after seeing rising defaults in Taiwan in 2005 and 2006 and in Korea a few years before?
• Why aren't we seeing more repeat issuers in Asia like we see in Australia or Japan?
• Which will be the major markets and major asset classes in 2007?
  

• What is the Investor Community in Asia looking for?
• Investor profile and how securitisation deals can accommodate various investor classes needs
• Examining the criteria involved when Investors determine their investment portfolio
• Understanding the type of securitisation offerings preferred
• Risks vs. rewards - Do ratings tell all?
• Are there more risks involved with innovative structures?
  

In this session each delegate will be asked to join a table of their choice to discuss and network with like-minded individuals facing similar challenges. Each round table will be led by an industry expert.

Table One: Applying best practices to Asian securitisation – Rating agency approach, methodology and identification of risks to various asset classes.

Kevin Stephenson, Managing Director – Asia Pacific Structured Finance and Credit
Products, Fitch (Hong Kong) Limited, Hong Kong

Table Two: Prospects and challenges for generating more innovative and higher yielding securitisations

Jichuan Yang, Director, Structured Credit Products, Wachovia Securities, HK

Table Three: Is securitisation applicable to all types of industry and how can first time issuers compete with big issuers?

Chompunute Sumanaseni, Senior Executive VP and CFO, Government Housing Bank, Thailand

Table Four: Which sectors, types of structures and countries interest Investors now? What are the crucial factors in a due diligence process?

Apichat Nantaterm, Executive Director, Aeon Thana Sinsap (Thailand) Public Company Limited, Thailand

• Identifying operational risks in “non-commoditised” asset classes
• Weighing operational risks against legal risks
  

Vinod Kothari

Executive Director

Asian Securitisation Forum, India

Cashflow modeling and securitisations:
The heart of any securitisation transaction is in its cashflows, as essentially, securitisation, by definition, is hiving off of cashflows which are self-sustaining and create self-liquidating securities. The numbers make a transaction come alive – you would never realize how good or fragile a transaction is unless you put it down in numbers.

A securitisation transaction is like a miniature corporation – the dedicated pool of assets will pay off liabilities over time. Whatever support, either credit or liquidity, is required, must be envisaged and put in place at the inception.

Cashflow modeling has been the holy grail of securitisation transactions – models are either proprietary, or are gray, with most workings happening behind the screen in VBA sheets.

In this workshop, we take up cashflow modeling headlong – starting with most simple classroom examples, we take successively complicated real life examples and put them on screen.

Approach to modeling:
Subject to the objective of a certain minimum speed and coverage of intended course contents, the faculty intends to hand-hold participants and take them through the process of building cashflow models.

In addition, you will walk out of the course with whatever models you yourself and the faculty wrote in course of the day’s routine. Sometimes, you may pay thousands of dollars to have these cashflow models written.

What do you need for this workshop:
All participants are expected to work throughout the day on Excel along with the faculty, or as determined by the faculty. Hence, participants are expected to have reasonable proficiency on Excel. The faculty will communicate in advance the formulae/functions expected to be used for the workshop.

Knowledge of VBA is not required for the course.

All participants are expected to bring their notebooks/laptops for this course.

What do you hope to achieve by this workshop:
Vinod Kothari has done modeling workshops all over the World, and the response has been spontaneous all over the World. Participants have appreciated the logical, step-wise illustration of the modeling process.

While 1 day is too short to be a modeling expert, you may surely hope to get enough insights into the modeling process to develop the art of modeling.

Course contents:
This workshop is dedicated mainly to developing models for retail securitisation transactions. Having developed the basic framework of cashflow models, we will understand the working and sizing of credit enhancements, liquidity enhancements, residual profits, excess spread, loss allocation, etc.

We intend to take examples of auto loans, RMBS and CMBS transactions.

Intensive Excel work expected. Knowledge of VBA is not required for the course.
All participants are expected to bring their notebooks/laptops for this course

Vinod Kothari

Executive Director

Asian Securitisation Forum, India

Cashflow modeling and CDOs:
CDOs are all about cashflows and risks. A CDO identifies a pool of cashflows, in form of loans or bonds, and creates a highly leveraged financing to refinance such pool.  The risk created due to leverage is intended to be mitigated by diversification in the asset pool. Diversification is the opposite of correlation – existence of correlation can lead to several correlated risk events which might mean intensive extreme losses, a phenomenon known as “fat tails” in the probability distribution of losses.

Hence, the heart of any CDO is to understand the cashflows, and the risk of losses or lapses in the cashflows. CDOs, like any other securitisation, is to create a pool of cashflows funded by self-liquidating liabilities.

There is no better way to understand a CDO that to put it down into a cashflow model. The numbers make a transaction come alive – you would never realize how good or fragile a transaction is unless you put it down in numbers.

Synthetic securitisations are more focused on risk trading – the pool of assets is created synthetically by selling protection, mitigated wholly or in part by issuing credit linked notes.

Future flows is a completely different asset, but extremely innovative and fast growing. Here, liabilities are sought to be repaid based on expected rather than contractual cashflows. The expected cashflows have volatility – the idea is to identify the sources of volatilities, stress the same, and see how the cashflows take care of the liabilities.

In this workshop, we take up cashflow modeling for CDOs, synthetic CDOs and future flows headlong – starting with most simple classroom examples, we take successively complicated real life examples and put them on screen.

Approach to modeling:
Subject to the objective of a certain minimum speed and coverage of intended course contents, the faculty intends to hand-hold participants and take them through the process of building cashflow models.

In addition, you will walk out of the course with whatever models you yourself and the faculty wrote in course of the day’s routine. Sometimes, you may pay thousands of dollars to have these cashflow models written.

What do you need for this workshop:
All participants are expected to work throughout the day on Excel along with the faculty, or as determined by the faculty. Hence, participants are expected to have reasonable proficiency on Excel. The faculty will communicate in advance the formulae/functions expected to be used for the workshop.

Knowledge of VBA is not required for the course.

All participants are expected to bring their notebooks/laptops for this course.

What do you hope to achieve by this workshop:
Vinod Kothari has done modeling workshops all over the World, and the response has been spontaneous all over the World. Participants have appreciated the logical, step-wise illustration of the modeling process.

While 1 day is too short to be a modeling expert, you may surely hope to get enough insights into the modeling process to develop the art of modeling.

Course contents:
This workshop is dedicated mainly to developing models for cash CDOs, synthetic CDOs, and future flows securitisations. We intend to take examples of each of these asset classes.

Intensive Excel work expected. Knowledge of VBA is not required for the course.
All participants are expected to bring their notebooks/laptops for this