Securitization Accelerator
Get up to speed in just 5 hours
- Step-by-step videos of a simulated securitization deal
- Master concepts, terminology, & deal process
- Build an Excel model from scratch
- Deeply understand the numbers/structures
Why you should take this course
This course demystifies securitization & gives you the skills to hit the ground running.
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Accelerated learning: In ~5 hours gain hands-on experience and real-world context through a simulated deal.
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Practical skills: You will apply concepts learned directly to 'on-the-job' situations / deliverables.
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Build confidence: By mastering the terminology, structures, & numbers, you will have the confidence to execute.
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Expert-led, practical learning: Taught by an instructor with ~20 yrs experience (sell-side Analyst 1 to buy-side MD).
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30-day money back guarantee: We’re so confident that this is the most practical and effective program it comes with an unconditional money-back guarantee for 30 days.
Land the job. Execute. Get promoted.
Who should take this course?
Incoming Analysts
- Hit the ground running with "job-ready" skills crucial to success.
- Master terminology, concepts, & structure.
- Build a comprehensive Excel model from scratch.
Investors New To ABS
- Learn how to analyze and stress-test ABS investments.
- Generate outsized risk-adjusted returns - based on cash flows.
- Use securitization to structure bespoke investments.
FinTech Operators
- Gain an "inside view" of how securitization investors think.
- Learn how to use securitization to raise non-dilutive capital.
Fast Track Your Securitization Career
Frequently Asked Questions
What are the prerequisites for this course?
Is this course applicable to real-world situations?
How long does the course take to complete?
What if I have questions during the course?
Do you offer a satisfaction guarantee or refund policy?
Is there a community or forum where I can connect with other course participants?
Who is this course designed for?
How is this course different from other securitization courses available?
Not Sure If This Course Is Right For You?
Unlock FREE Access to 7 Course Videos!
Accelerate Your Securitization Career with Our Step-by-Step Course!
GET INSTANT ACCESSCourse Syllabus
The Challenge: Can investing auto loans provide a 10% return?
- We assume the role of an analyst at a buy-side firm that has a 10% return hurdle.
- Our boss connects us with a banker pitching us auto loans.
- We learn basics of auto loans, overview of the non-bank lending companies that originate of auto loans.
- Use excel to calc the monthly loan payment & amortization schedule.
- IRR from sched cash flows = coupon
Banker proposes Securitization Leverage to Boost Returns. Is it a good deal?
- Explanation of levered vs. unlevered returns
- Banker offers us securitization debt to boost levered returns
- Overview of ABS Debt vs. ABS Equity (Resid)
- Why does a banker want to lend to a BK Remote SPV?
- Banker sends Initial Term Sheet. We review and model cash flow waterfall.
- Calculate residual cash flows
- Analysis Resid IRR, MOIC, ongoing leverage
How can we change the structure to our benefit?
- Why are the returns on our Resid so bad?
- What is Turbo amortization?
- How can we change structure to our benefit?
- Crafting a counter-proposal to banker
- Banker's counter to our counter!
- Introduction to Securitization Triggers
- Analyzing historical loan performance using static pools
- Creating assumptions curves (e.g. default, prepay, recovery)
Time to get real! Projecting cash flows reflecting performance curves (default, prepay, recovery)
- Review the updated term sheet and structure. Update model accordingly
- Project cash flows that reflect our custom performance assumptions
- Pass loss-adjusted cash flows through the model's latest structural waterfall
- Calculate triggers and compliance tests
- Update analysis of Resid's return profile
Can this deal be saved?
- We research comparable transactions to validate pricing
- Although there is no perfect comp, we get several indications that we are not getting a good deal
- Show results to bankers and demand better pricing
- Banker compares comps vs. our trade and explains nuances between deals
- Banker provides "best and final"
Summarizing The Deal and Fielding Questions
- Update the model to reflect the banker's "best and final" offer.
- We summarize transactions to the boss and convey base case returns on our investment - the auto loan Resid
- Boss requests i) break-even returns; ii) upside returns
- We calculate banker's "write-down scenario" - at the loss level that impairs the bankers' ABS Debt
Not sure if this video course is right for you?
Unlock FREE Access to 7 Course Videos!
Accelerate Your Securitization Career with Our Step-by-Step Course!
GET INSTANT ACCESSI'm Zach Bolster, Lead Instructor
I've worked in securitization since 2004 as a banker, investor, & capital markets consultant to FinTech Lenders. Over the years, I've trained interns, analysts, and "first-time securitizers". I'm thrilled to be teaching securitization.
Investor Experience:
- Apollo (MD- Alternatives)
- Waterfall (FinTech Warehouse Lending).
Banking Experience:
- Wells Fargo RMBS
- Wachovia Consumer ABS
About Me:
- I live in Santa Monica with my wife & two young children.
- I'm co-founder and president of ChemoCars - a nonprofit that's provided over 25,000 free rides to cancer treatment.
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