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Description

Securitisation: Structuring Transactions, Analysing Tranches and Monitoring Risk

Understand how a portfolio of receivables becomes a tradable security and who ultimately carries the risk

  • 2 days — 14 h
  • In-person or virtual
  • Intermediate
  • Up to 6 participants

Securitisation remains poorly understood outside structuring teams: past excesses are remembered, but the underlying mechanics are rarely mastered. Yet receivables refinancing transactions affect a wide range of institutions across the region, from retail lending to corporate funding, and the risks sit in the detail of each structure.

These two days establish the fundamentals: setting up the issuing vehicle, transferring the receivables, dividing the issue into tranches, applying the payment waterfall, using credit enhancement mechanisms and identifying the role of each party. Participants follow a single transaction from start to finish and observe how each tranche behaves as default rates rise.

Learning objectives

  • Describe the structure of a securitisation transaction and the role of each party
  • Explain the risk transfer achieved through the sale of receivables
  • Analyse the tranching structure and the cash flow waterfall
  • Identify credit enhancement mechanisms and their effect on each tranche
  • Assess the risks borne by an investor depending on the tranche held

What makes this programme different

A single transaction runs through the programme and is built up module by module
Tranche behaviour is simulated under several default scenarios
Participants clearly distinguish securitisation from bonds secured by a pool retained on the balance sheet

Programme

1Principles and Parties Involved

Understanding why receivables leave the balance sheet

  • Refinancing and risk transfer objectives
  • Issuing vehicle and ring-fencing of the transferred assets
  • Roles of the originator, arranger, servicer and custodian
  • Categories of transaction according to the nature of the receivables

2Building the Portfolio

Selecting and transferring the receivables

  • Eligibility criteria and portfolio homogeneity
  • Legal mechanics of the transfer and enforceability against third parties
  • Replenishment and revolving periods
  • Continuity of collection and delegated servicing

3Tranches and the Cash Flow Waterfall

Allocating losses before allocating income

  • Tranching and order of priority
  • Waterfall allocation of interest and principal
  • Internal and external credit enhancement
  • Reallocation triggers and early amortisation

4Analysing and Monitoring a Transaction

Reading the transaction from the investor's standpoint

  • Reading offering documents and investor reporting
  • Sensitivity of tranches to defaults and early repayments
  • Liquidity risk and valuation in stressed markets
  • Comparison with other forms of receivables refinancing

Who is it for

Banking and asset management professionals, credit analysts, middle office officers, financial legal counsel and auditors.

Prerequisites

Familiarity with common financial instruments and credit mechanisms.

Dates & locations

24 scheduled dates between November 2026 and December 2027. Seats are confirmed in the order enquiries are received.

November 2026

December 2026

January 2027

February 2027

March 2027

April 2027

May 2027

June 2027

September 2027

October 2027

November 2027

December 2027

None of these dates suit you? We open additional sessions on request, and any programme can be run privately for your team.

Practical details

Before the programme
Online positioning questionnaire. Your development objectives are shared with the trainer, who tailors the practical case studies to your context.
Teaching methods
Theoretical input, workshops and practical case studies. Digital course materials and method sheets provided.
Assessment
Multiple-choice tests and role-play exercises. Assessment of learning at the start and end of the programme, with immediate and 60-day follow-up evaluations.
After the programme
One year of access to the e-learning platform. Self-assessment of the skills acquired and a 30-day follow-up session with your trainer.
How to register
Registration online or on the basis of a quotation.
Lead time
11 working days after confirmation of registration.
Accessibility
Accessible to people of determination. Contact our accessibility coordinator to design a suitable solution: contact@mpf-academy.ae
Start dates
Rolling intake: in addition to the scheduled sessions, this programme can start on request.