SIDC
CPE-A
COURSE OVERVIEW
Credit derivatives, ABS and CDOs have received a lot of negative
attention post credit-crisis, with many market participants blaming
them 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 affected by the credit crisis and where we currently are in these
markets.
WHO SHOULD ATTEND?
This 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 fit into the credit crisis. Given it is a market overview
course, it should appeal to a broad audience, including financial market
salespeople, risk managers, compliance and operations personnel.
The course requires knowledge of general financial markets concepts
e.g. going short, fixed income instruments such as bonds and loans
and basic derivatives such as swaps, but does not require prior credit
derivatives experience.
LEARNING 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 flows 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 credit
crisis and how companies can cope with these situations.
ABOUT EURO EVENTS
Euro Events is the leading organizer and event management company
in Asia, specializing in Finance, Banking, Information Technology, Risk
Management, Marketing & Human Resources Management. With local
offices in Hong Kong, Beijing, Tokyo and Singapore, Euro Events is
dedicated to serve clients from all around Asia.
Euro Events services consist of two main categories namely hosting
proprietary conferences and managing clients’ events. With experienced
and dedicated staff specializing in several industries, Euro Events
manage from conceptualization to execution of your events needs. To
know more about us, visit www.euro-events.com
REGISTER TODAY! Tel: (65) 6576 9697 • Fax: (65) 6736 3830 • Email: info@euro-events.com • Website: http://www.euro-events.com
PPRO
10 PO VED
INTS
Your Distinguished Master Trainer
Anu Munshi
Program Director, Partner
B&B Structured Finance
Anu Munshi has 13 years experience working in financial markets
starting with 8 years in structured credit at JPMorgan in the US,
Asia and Europe. She started her career in New York structuring
emerging 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-focused
consulting 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.
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 Tips
More 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 themselves
and thus gain a more
Organised by:
Credit Derivatives & Securitisation
21-22 February 2011 | Kuala Lumpur, Malaysia

COURSE OUTLINE*
Registration and coffee 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- 21 FEBRUARY 2011 (MONDAY) DAY 2- 22 FEBRUARY 2011 (TUESDAY)

9.00am Introduction 9.00am-10.30am Securitized Products
• What does the credit market look like today? • Basic boxes and arrows
• Credit market evolution and current market drivers • Transforming risk and return
• Bank regulatory capital requirements • Market drivers
• Regulatory capital relief via CDS and securitization • Issuer motivations
Case study: Regulatory capital • Investor attractions
This section will serve as a general market overview and will allow • Rating agency methodology
the trainer to assess the credit knowledge in the room. • Securitization categorizations

10.30am-1.00pm Single Name Credit Products • ABS

• Bonds and asset swaps • ABS vs. MBS

• Credit default swaps • Underlying asset classes

• Terminology and conventions • CDOs

• Product lifecycle • Synthetic vs. cash

• Mechanics and cash flows • Single tranche vs. fully distributed

• Standardization of the CDS contract • CDS on ABS (ABCDS)

- Fixed coupons • ABCDS indices: ABX / CMBX

- Auction settlement process Case study: ABS ratings

• Pricing fundamentals Case study: Harvest CDO pre-sale report

- What is a CDS spread? Case study: CDO economics

This section identifies the key features of securitized products and how
- Credit curves: upward sloping and inverted they differ from single name exposures. This section also discusses
- MTM and valuations market drivers and typical transactions.
- Counterparty credit risk 11.00am – 1.00pm Credit Crisis Timeline
- CDS-bond basis • New Century files for Chapter 11 • Inter-bank lending freeze
• Total return swaps • Bear Stearns hedge funds • AIG rescue
• Credit-linked notes • SIVs and ABCP • Hedge fund redemptions
Case study: What does it mean to invest? • Bank losses • Icelandic banks
Case study: Trading CDS upfronts • Northern Rock • GM bankruptcy
Case study: Negative basis trades • CLO sell-off • Dubai World and Nakheel
This section will serve as an overview of credit default swaps
• LBOs come to a halt • Greece
including key CDS terminology and conventions, the recent
developments in the CDS contract and CDS pricing. • Lehman collapse
Case study: CDS counterparty risks
2.00pm-5.30pm Index Products
Case study: Margin calls
• Cash vs. synthetic indices
This section will review the timeline of the credit crisis and how it was
• Corporate CDS indices: iTraxx / CDX sparked off by, and how it influenced, various credit products and
• Loan CDS indices: LevX / LCDX market players.
• Index mechanics
2.30pm – 5.30pm Looking ahead
Case study: Index mechanics
• Where do we go from here?
Case study: iTraxx Asia ex-Japan schedule
• Are CDS financial weapons of mass destruction?
This section will review the basic index product suite recently
launched. The overview will cover pricing, trading, and basic • Is the securitization market dead?
documentation. • Are rating agencies responsible?
• Is this the end of leverage?
TOPICS NOT INCLUDED • Should there be more regulation?
• Detailed credit derivatives documentation and pricing This section will wrap up the workshop with a discussion of the changes in
• CDS options, baskets and tranches
the structured credit market and a look ahead at how this market is likely to
• DOs and ABS not covered in detail
develop.
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.

REGISTER TODAY! Tel: (65) 6325 1788 • Fax: (65) 6325 1778 • Email: info@euro-events.com • Website: http://www.euro-events.com
Credit Derivatives & Securitisation
21-22 February 2011 | Kuala Lumpur, Malaysia
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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 the
event(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
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for each part of the events.
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