Credit Derivatives Brochure
-
Upload
aileen-arao -
Category
Documents
-
view
224 -
download
0
Transcript of Credit Derivatives Brochure
8/8/2019 Credit Derivatives Brochure
http://slidepdf.com/reader/full/credit-derivatives-brochure 1/3
COURSE OVERVIEW
Credit derivatives, ABS and CDOs have received a lot of negative
ttention post credit-crisis, with many market participants blaming
hem for leading to the credit crisis. While these products have in the
past contributed to too much systemic leverage and an over-reliance
on rating agencies, they have also been of great utility to various market
participants. This 2-day course looks at the mechanics, uses and misuses
of credit derivatives and securitisation, how they contributed to and
were aected by the credit crisis and where we currently are in these
markets.
WHO SHOULD ATTEND?
his course is appropriate for those who are looking for a broad market
overview of credit and structured credit products and an understanding
of how these t into the credit crisis. Given it is a market overview
ourse, it should appeal to a broad audience, including nancial market
alespeople, risk managers, compliance and operations personnel.
The course requires knowledge of general nancial markets concepts
.g. going short, xed income instruments such as bonds and loans
nd basic derivatives such as swaps, but does not require prior credit
derivatives experience.
EARNING OUTCOME
Upon completion of this course, participants are able to:
ASSESS the overall purpose for entering into a complex transaction
DRAW diagrams to show the cash ows during the transaction
ASSESS what movements in underlying variables create credit risk
ESTIMATE the amount and timing of the resultant credit risks.
GAIN understanding on the various case studies during the creditcrisis and how companies can cope with these situations.
ABOUT EURO EVENTSuro Events is the leading organizer and event management company
n Asia, specializing in Finance, Banking, Information Technology, Risk
Management, Marketing & Human Resources Management. With local
oces in Hong Kong, Beijing, Tokyo and Singapore, Euro Events is
dedicated to serve clients from all around Asia.
uro Events services consist of two main categories namely hosting
proprietary conferences and managing clients’ events. With experienced
nd dedicated sta specializing in several industries, Euro Events
manage from conceptualization to execution of your events needs. To
now more about us, visit www.euro-events.com
Your Distinguished Master Trainer
Anu Munshi has 13 years experience working in nancial markets
starting with 8 years in structured credit at JPMorgan in the US,
Asia and Europe. She started her career in New York structuringemerging market derivative products, following which she
focused on credit derivatives within emerging markets. She then
moved to Singapore as product manager for credit derivatives,
CDOs and ABS for JPMorgan in Asia. She developed a market for
these products, educating clients and distributing structured
credit to Asian investors where there had been little knowledge
or activity before.
Anu moved to London in 2003 to set up the SPV notes business
for JPMorgan in Europe, structuring and marketing credit-
linked, asset-backed and hybrid notes. She was instrumental in
developing the new generation of credit derivative products at
JPMorgan including CMCDS and options on CDS and synthetic
tranches of CDOs. Anu joined B&B in summer 2005 and has since
undertaken a variety of derivatives- and securitization-focusedconsulting projects, provided an expert opinion in several
derivatives litigation cases, and conducted numerous training
assignments in Europe, North America and Asia. Anu graduated
with a BA in Economics and Mathematics from Franklin & Marshall
College, Pennsylvania.
Organised by:
AnuMunshiProgram Director, Partner
B&B Structured Finance
Strictly Limited Available Seats!Exclusivity is guaranteed. The class size will be kept small
so that you receive maximum attention in learning,
discussion and mentorship by our master trainer.
100% Actionable & Practical TipsMore than just textbook theory, the courses will equip
you with practical know-how and recent case studies
to complement your learning & knowledge for your
workplace.
Highly Interactive The program will focus on the practical realities of the
market, rather than taking an excessively mathematical
or academic approach. The course style is discussion and
case study based rather than pure lecture, allowing the
participants to think through the products themselvesand thus gain a more
REGISTERTODAY!Tel:(65)65769697•Fax:(65)67363830•Email:[email protected]•Website:http://www.euro-events.com
S I D C C P E - A P P R O V E D 10 P O I N T S
8/8/2019 Credit Derivatives Brochure
http://slidepdf.com/reader/full/credit-derivatives-brochure 2/3
Credit Derivatives & Securitisation21-22 February 2011 | Kuala Lumpur, Malaysia
COURSE OUTLINE*Registration and coee starts at 8:30am daily. The course begins at 9:00am sharp and ends at 5:30pm. Lunch and refreshments will be provided for all attendees during the 2- day workshop.
DAY 1- 21FEBRUARY2011(MONDAY)
REGISTERTODAY!Tel:(65)63251788•Fax:(65)63251778•Email:[email protected]•Website:http://www.euro-events.com
9.00amIntroduction
• What does the credit market look like today?
• Credit market evolution and current market drivers
• Bank regulatory capital requirements
• Regulatory capital relief via CDS and securitization
Case study: Regulatory capital
This section will serve as a general market overview and will allow
the trainer to assess the credit knowledge in the room.
10.30am-1.00pmSingleNameCreditProducts
• Bonds and asset swaps
• Credit default swaps
• Terminology and conventions
• Product lifecycle• Mechanics and cash ows
• Standardization of the CDS contract
- Fixed coupons
- Auction settlement process
• Pricing fundamentals
- What is a CDS spread?
- Credit curves: upward sloping and inverted
- MTM and valuations
- Counterparty credit risk
- CDS-bond basis
• Total return swaps
• Credit-linked notes
Case study: What does it mean to invest?
Case study: Trading CDS upfronts
Case study: Negative basis trades
This section will serve as an overview of credit default swaps
including key CDS terminology and conventions, the recent
developments in the CDS contract and CDS pricing.
2.00pm-5.30pmIndexProducts
• Cash vs. synthetic indices
• Corporate CDS indices: iTraxx / CDX
• Loan CDS indices: LevX / LCDX
• Index mechanics
Case study: Index mechanics
Case study: iTraxx Asia ex-Japan schedule
This section will review the basic index product suite recently
launched. The overview will cover pricing, trading, and basic
documentation.
9.00am-10.30am Securitized Products
• Basic boxes and arrows
• Transforming risk and return
• Market drivers
• Issuer motivations
• Investor attractions
• Rating agency methodology
• Securitization categorizations
• ABS
• ABS vs. MBS
• Underlying asset classes
• CDOs
• Synthetic vs. cash
• Single tranche vs. fully distributed
• CDS on ABS (ABCDS)
• ABCDS indices: ABX / CMBX
Case study: ABS ratings
Case study: Harvest CDO pre-sale report
Case study: CDO economics
This section identies the key features of securitized products and how
they dier from single name exposures. This section also discusses
market drivers and typical transactions.
11.00am–1.00pmCreditCrisisTimeline
• New Century les for Chapter 11
• Bear Stearns hedge funds
• SIVs and ABCP
• Bank losses
• Northern Rock
• CLO sell-o
• LBOs come to a halt
• Lehman collapse
Case study: CDS counterparty risks
Case study: Margin calls
This section will review the timeline of the credit crisis and how it was
sparked o by, and how it inuenced, various credit products and
market players.
2.30pm–5.30pmLookingahead
• Where do we go from here?
• Are CDS nancial weapons of mass destruction?
• Is the securitization market dead?
• Are rating agencies responsible?
• Is this the end of leverage?
• Should there be more regulation?
This section will wrap up the workshop with a discussion of the changes in
the structured credit market and a look ahead at how this market is likely to
develop.
DAY 2- 22FEBRUARY2011(TUESDAY)
TOPICS NOT INCLUDED
• Detailed credit derivatives documentation and pricing
• CDS options, baskets and tranches
• DOs and ABS not covered in detail
The objective of this course is to introduce the participants to credit
markets. The course will cover single name as well as portfolio
products as potential credit investments; however, a discussion of
hybrid products is beyond the scope of this two days event.
• Inter-bank lending freeze
• AIG rescue
• Hedge fund redemptions
• Icelandic banks
• GM bankruptcy
• Dubai World and Nakheel
• Greece
8/8/2019 Credit Derivatives Brochure
http://slidepdf.com/reader/full/credit-derivatives-brochure 3/3
Delegate Details Payment Method
1) Name: ____________________________________________
Job title: ____________________________________________
Department: _________________________________________
Email: ___________________Mobile: _____________________Direct Line: ____________________ Fax: _________________
Organisation: ________________________________________
Address: ____________________________________________
___________________________________________________
Country: ______________________ Postal Code: ___________
Signature: ___________________________________________
2) Name: ___________________________________________
Job title: ____________________________________________
Department: _________________________________________
Email: ___________________Mobile: _____________________
Direct Line: ____________________ Fax: _________________
Signature: ___________________________________________
3) Name: ____________________________________________
Job title: ____________________________________________
Department: _________________________________________
Email: ___________________Mobile:_____________________
Direct Line: ____________________ Fax: _________________
Signature: ___________________________________________
Approved by: (if applicable)
Name: ______________________________________________
Job title: ____________________________________________
Department: _________________________________________
Email: ___________________Mobile:_____________________
Direct Line: ____________________ Fax: _________________
Signature: ___________________________________________
RegistrationCharges:
*Disclaimer:
It is at the Organizer’s sole discretion to accept or decline any
individual’s enrollment to the said event.
ByCheck/BankDraft:Made Payable to Euro Events
Management (S) Pte Ltd
ByDirectTransfer: Please quote invoice number (s) with
remittance adviceEuro Events Management (S) Pte Ltd Bank Details:
Account: Euro Events Management (S) Pte Ltd
Bank: DBS Bank Ltd
Branch: 6 Shenton Way, DBS Building Tower 1, Singapore 068809
Account No: 048-902442-9
Swift Code: DBSSSGSG All bank charges to be borne by payer. Please ensure that Euro Events
receives the full invoiced amount.
ByCreditCard:Please charge my credit card:
Visa MasterCard
Card No: ____________________________________________Expiry Date: _________________________________________
CVC Security Number: __________________
Card Holder’s Name:__________________________________
Signature: ___________________________________________
Card Billing Address (if dierent from company’s address):
______________________________________________________
______________________________________________________
Country: ________________Postal Code____________________
1. Organizer reserves the right to change the name of the event(s), re-locates the
event(s) to another event facility within the same city, or changes the date for theevent(s) to dates that are not more than 60 days earlier or later than the dates on
which the event(s) originally was scheduled to be held.
2. Organizer may cancel all or any part of the event(s) or for any reason in its sole
discretion or for acts beyond its reasonable control.
3. If all or any part of the Conference are canceled in its entirety, the Organizer shall
refund for the registration fees paid. Any registrant who cancels this agreement
prior to any cancellation of the Event by Organizer shall not be entitled to any
refunds paid pursuant to this section. In any circumstances, the Organizer’s liability
shall not exceed the total rental fees paid by the delegate or approving manager
for each part of the events.
4. In the event the delegate cancels all, or part of the registration charges, the
delegate or the organization will be responsible for full payment.
5. Full payment is due within 14 days of the invoice date, upon receipt of this
registration on form Overdue payment might be subject to interest charges at
the rate of 1.5% per month for the period commencing from the date of each
outstanding invoice until each such invoice has been paid in full.
6. Delegate or approving manager shall pay the said fee in gross invoice value to
Euro Events Management (S) Pte Ltd, without deductions of any taxes and costs.
Delegate or approving manager agrees to be responsible for any taxes, including
withholding tax, indirect tax, remittance tax etc, arising from such payment. In the
event if the delegate or approving manager is obligated to deduct payments under
the laws of his country jurisdictions, such deductions shall be fully responsible by
the delegate or the organization.
7. All other expenses for extra products and services requested by the delegate
or approving manager such as Hotel accommodation, IDD call charges, Internet
Connections, extra electricity etc. are to borne by the requested parties.
8. Any discounts given in this agreement shall only be applicable for this event.
9. The contents of this agreement are strictly condential.
10. This Agreement shall be governed by and construed in accordance with the
laws of the Republic of Singapore.
Terms and Conditions
SGD$ MYR
Early Bird
(until November 30,2010)SGD 1599 MYR 3840
Regular Price
After November 30, 2010SGD 1699 MYR 4080
Credit Derivatives & Securitisation21-22 February 2011 | Kuala Lumpur, Malaysia