Asset Backed Securities
This introductory series guides students through the evolution of asset securitization, which results in new products for investors and expanded sources of funding and risk transfer opportunities for issuers. It shows how an asset-backed security is constructed, rated by the credit agencies, traded, and valued. The series also explores the different ABS market segments, from the large, established segments like automobile loans, to emerging and subprime market segments. The series concludes with a look at current trends in the industry.
This curriculum is made up of the following modules:
- Introduction to Asset-Backed Securities
- Structure and Rating of Asset-Backed Securities
- Major Sectors of the Asset-Backed Securities Market
- Pricing and Trading of Asset-Backed Securities
- The Future of the Asset-Backed Securities Market
| Program Level | Basic |
| Prerequisites | This course has no prerequisites. |
| Advance Preparation | No advance preparation required. |
| Recent Revision Date | March 4, 2015 |
| Instructional Delivery Method | QAS Self Study |
| Field of Study | Management Advisory Services |
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Duration : 1 hour
- Defining an asset-backed security
- Evolution of the ABS market
- Players in the ABS market
- Comparing the ABS market to other fixed income markets
Duration : 1 hour
- Assets
- Special purpose vehicles
- Cash flows
- Rating agencies and credit ratings
- Credit enhancements
Duration : 1 hour
- Mortgage-backed securities
- Credit card receivables
- Auto loans
- Home equity loans
- Equipment leases
- Collateralized debt obligations
Duration : 1 hour
- Mechanics of pricing
- Determining the spread
- Relative pricing of ABS compared to other fixed income sectors
- Relative pricing among ABS products
Duration : 1 hour
- Development of new assets as collateral
- Future development of existing ABS products
- Use of derivatives
- New structuring techniques
- Growing global investment base for ABS products