Also, JPM/GS are not even close to Citi in this space. This allows the overall CMBS offering to appeal to a more diverse set of buyers with different risk profiles. Structured finance and securitization deals are becoming more commonplace on Wall Street. collateral cash flow engine. That is the direction I am trying to go. What Can We Really Expect from 5G? List of Excel Shortcuts Ullam in est ut facilis sed. Any idea how to learn about cashflow modelling with Intex? than 5 years' experience working with a variety of asset This model goes through the mortgage-backed securitization process from the initial debt to the bonds sold to investors with regards to a property development project. The process begins with the entity that holds the assets, the originator, selling the assets to a legal entity, the special purpose vehicle (SPV). Into other banks, this might be a challenge. multi-tranche structures. Officiis est ut consequatur doloribus est. Therefore, structured finance comes into play. If you stick around to associate or higher I imagine you risk labeling yourself as a securitization person and you may be a bit more limited in terms of exit opps, however, at that point you're working 55-65 hour weeks and making solid money so who's complaining? Securitization skillset is completely different from corporate roles. The loan is often pooled to create securitized debt instruments. Three investors invested $1,000 in three separate assets: Asset A, Asset B, and Asset C. They sell the assets to a bank. Download Product Flyer is to download PDF in new tab. This is a dummy description. Modeling Structured Finance Cash Flows with Microsoft Excel: A Step-by-Step Guide, THE THREE BASIC ELEMENTS OF A CASH FLOW MODEL, THE PROCESS OF BUILDING A CASH FLOW MODEL, DAY-COUNT SYSTEMS: 30/360 VERSUS ACTUAL/360 VERSUS ACTUAL/365, MODEL BUILDER 1.1: INPUTS SHEETDATES AND TIMING, MODEL BUILDER 1.2: CASH FLOW SHEETDATES AND TIMING, LOAN LEVEL VERSUS REPRESENTATIVE LINE AMORTIZATION, HOW ASSET GENERATION IS DEMONSTRATED IN MODEL BUILDER, MODEL BUILDER 2.1: INPUTS SHEET ASSET ASSUMPTIONS AND THE VECTORS SHEET, MODEL BUILDER 2.2: NOTIONAL ASSET AMORTIZATION ON THE CASH FLOW SHEET, PREPAYMENT CURVES IN PROJECT MODEL BUILDER, THE EFFECT OF PREPAYMENTS ON STRUCTURED TRANSACTIONS. DGSFS can examine your existing models The foundation of any securitization model is a solid collateral cash flow engine. I actually felt like they were doing less modeling than the banking group on the other side of the floor, spent a lot of time tweaking models, but the models aren't as in depth as M&A because, as mentioned above, accounting is less of a factor in a CLO or ABS. model for new issues. Most structured/securitzed products groups have 3 main responsibilities. A practical guide to building fully operational financial cash flow models for structured finance transactions. Securitization Modeling Services David Gerster Structured Finance Services specializes in custom Excel models for securitizations and other structured financings. In addition, the companion website features all of the modeling exercises, as well as a final version of the model that is created in the text. Securitization Modeling Services. Understanding how credit enhancement is sized. Thank you for reading CFIs guide on Securitized Debt Instruments. Given how little you hear about this group, if you were to reach out and network, you would likely have a much larger chance at success if you actually do your research and show up prepared. Excel spreadsheets used in ABS seminars conducted by Ian Giddy. 41.138.56.3 One of the main advantages of securitized debt instruments is that they allow banks to offer bonds at different levels of risk. Lower-risk assets can result in lower interest payments, while riskier assets may provide a higher yield. List of Excel Shortcuts could you lateral into M&A or IB FT analyst from being a SA in securitized products? Excel ABS57.xls ----- _____. Or you can dive into the details, building giant, complicated spreadsheets that take longer to generate more defensible numbers. (I'm not sure CMBS modeling might be different because the bank is originating the loan, running the analysis and modeling, and also acting as the distributor of the bonds on the back end, although that is RE and not "sexy" like IB is. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? It's finance. Many institutional investors, such as pension funds, purchased the securities, unaware of the underlying risk of default. The owner of the securities receives an income from the underlying assets; hence, the term asset-backed securities. MODEL BUILDER 3.1: HISTORICAL PREPAYMENT ANALYSIS AND CREATING A PROJECTED MODEL BUILDER 3.2: INTEGRATING PROJECTED PREPAYMENTS IN ASSET AMORTIZATION, CHAPTER 4 - Delinquency, Default, and Loss Analysis, DELINQUENCIES VERSUS DEFAULTS VERSUS LOSS, MODEL BUILDER 4.1: BUILDING HISTORICAL DELINQUENCY CURVES, MODEL BUILDER 4.2: BUILDING HISTORICAL AND PROJECTED LOSS CURVES, MODEL BUILDER 4.3: INTEGRATING DEFAULTS IN ASSET AMORTIZATION, MODEL BUILDER 5.1: HISTORICAL RECOVERY ANALYSIS, PROJECTING RECOVERIES IN A CASH FLOW MODEL, MODEL BUILDER 5.2: INTEGRATING RECOVERIES INTO PROJECT MODEL BUILDER, CHAPTER 6 - Liabilities and the Cash Flow Waterfall, PRIORITY OF PAYMENTS AND THE CASH FLOW WATERFALL, MODEL BUILDER 6.1: CALCULATING FEES IN THE WATERFALL, MODEL BUILDER 6.2: CALCULATING INTEREST IN THE WATERFALL, MODEL BUILDER 6.3: CALCULATING PRINCIPAL IN THE WATERFALL, UNDERSTANDING BASIC ASSET AND LIABILITY INTERACTIONS, CHAPTER 7 - Advanced Liability Structures, TRIGGERS AND THEIR AFFECT ON THE LIABILITY STRUCTURE, MODEL BUILDER 7.1: INCORPORATING TRIGGERS, MODEL BUILDER 7.2: INCORPORATING A BASIC INTEREST RATE SWAP, MODEL BUILDER 7.3: INCORPORATING A CASH-FUNDED RESERVE ACCOUNT, CHAPTER 8 - Analytics and Output Reporting, MODEL BUILDER 8.1: CASH IN VERSUS CASH OUT TEST, MODEL BUILDER 8.2: BALANCES AT MATURITY TESTS, MODEL BUILDER 8.3: ASSET PRINCIPAL CHECK TEST, MODEL BUILDER 8.4: CALCULATING MONTHLY YIELD, MODEL BUILDER 8.5: CALCULATING BOND-EQUIVALENT YIELD, MODEL BUILDER 8.6: CALCULATING MODIFIED DURATION, MODEL BUILDER 8.7: CREATING THE OUTPUT REPORT, UNDERSTANDING THE EFFECTS OF INCREASED LOSS, VARYING PRINCIPAL ALLOCATION METHODOLOGIES, CHAPTER 10 - Automation Using Visual Basic Applications (VBA), SIMPLE AUTOMATION FOR PRINTING AND GOAL SEEK, MODEL BUILDER 10.1: AUTOMATING PRINT PROCEDURES, MODEL BUILDER 10.2: AUTOMATING GOAL SEEK TO OPTIMIZE ADVANCE RATES, UNDERSTANDING LOOPING TO AUTOMATE THE ANALYTICS SHEET, MODEL BUILDER 10.3: AUTOMATING GOAL SEEK TO PERFORM TRANSACTION ANALYTICS, MODEL BUILDER 10.4: CREATING A TRANSACTION SCENARIO GENERATOR, APPENDIX - Using This Book with Excel 2007. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? CMBS Pool Default Dynamics Simulation (Free Excel Template) Bruce Kirsch, REFAI CMBS, or commercial/collateralized mortgage-backed securities, is a whole world unto itself in real estate finance that revolves around the bundling and packaging of pools of real estate loans that are then marketed for sale. Securitized debt instruments come with various advantages over conventional forms of investing and are more valuable to a portfolio. This is a dummy description. Asset-backed securities (ABS) are securities derived from a pool of underlying assets. Its banking for a pool of assets with hours ranging from 7:30-8:00. Alternative Investment Company Valuation Template. Banks and other financial institutions use securitization to lower their risk exposure and reduce the size of their overall balance sheet. The expected return from the investment is (40%*1000*0.8) + (48%*1000*0.7) + (64%*1000*0.65) = 320+336+416 = $1072 = 35.73% return. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Basic master trust structure The basic structure was used for credit card securitization before 1991. Originate new loans (CLOs) Certification Program In Excel For Real Estate. FRANK J. FABOZZI, Autem alias labore maxime qui unde. It can be difficult to evaluate the credit risk of the underlying assets without conducting extensive research. Prof. Ian H. Giddy. A detailed report on the elearning transformation from the finance experts. Monthly NPV Formulas, How To Select A Discount Rate For A Commercial Real Estate Investment, In Plain English: Apartment Property Loss to Lease and Downtime. Since the law requires publicly-traded REITs to distribute 90% of their taxable income to shareholders, it can be considered a liquid investment and provides superiority over other asset classes. Copyright 2001 - 2007 by David Gerster, Mortgage-backed securities (MBS) and collateralized When consumers borrow money from the bank to fund a new car, student loan or credit cards, the loans become assets in the books of the entity (usually a bank) that is offering them this credit. Download Product Flyer is to download PDF in new tab. A risk management tool used to reduce idiosyncratic risk associated with the default of individual assets. The IRR Files: What Constitutes A Good IRR? To keep learning and advancing your career, the following resources will be helpful: State of corporate training for finance teams in 2022. Structured Query Language (SQL) is a specialized programming language designed for interacting with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization. Real world I'm aware of JPM doing so. mortgage obligations (CMOs), Commercial mortgage-backed securities (CMBS), Ability to run tens of thousands of loans with loan-level Many people from my group have put 1-2 years in and leveraged the experience to end up elsewhere, so you're definitely not pigeon-holed. many moving parts. Securitization Modeling Services. The assets are transformed into securities, and the process is called securitization. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Securitized debt instruments are financial securities that are created by securitizing individual loans (debt). It is the method by which those in structured finance create asset pools and ultimately form complex financial instruments that are useful to corporations and investors with special needs. This is a dummy description. Bonus was 30-100% of base, so I want to say in line with other groups. However, the variance associated with the above investments is very high. Read it now on the OReilly learning platform with a 10-day free trial. Art in the Anthropocene: What Do Art and Sustainability Have in Common? Take OReilly with you and learn anywhere, anytime on your phone and tablet. the Standard Default Assumption (SDA) and PSA prepayment What time do you normally get in? In the first module we discuss the term structure lattice models and cash account, and then analyze fixed income derivatives, such as Options, Futures, Caplets and Floorlets, Swaps and Swaptions. It is a super cool and easy job. ARM collateral for a major California bank. For those of you who like a mixture of following the markets as well as modeling, this might just be the group for you. have a first round interview with JPM Asset Backed Securitization Originations team and wanted to get some context on the group and what might be expected to be known for technicals etc. No direct experience, but reading and talking to mentors, one of them in securitization it all seems to be true. But I was merely an intern so I didn't exactly go around asking everyone about their comp. In the case of a mortgage-backed security, if the owner defaults, the house would be foreclosed and result in some recovery of the loaned funds. Asset-backed securities (ABS) are securities derived from a pool of underlying assets. Each chapter begins with a discussion of theory, followed by a section called "Model Builder," in which Allman translates the theory into functions and formulas. Terms of service Privacy policy Editorial independence. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Securitization Modeling Services. Asset-backed securities (ABS) are bonds that are created from consumer debt. Intex has created and maintains cashflow models for nearly every public and numerous privately issued global RMBS, ABS, CMBS, CLO, TruPS, CDO, and CLN securitizations. As many of the loans cannot be sold separately, securitizing them into asset-backed securities provides investors with further investment opportunities, and allows financial institutions to remove risky assets from their balance sheets. Download the world's best real estate resources directly to your computer. The rapid deterioration in the quality of the underlying assets within the market for asset-backed securities and a general lack of government regulation were key reasons for the 2008 recession. Financial securities created by securitizing individual loans (debt). The assets are then sold to a trust whose sole purpose is to issue bonds that are backed by such securities. or Want to Sign up with your social account? Note: Companion website and other supplementary materials are not included as part of eBook file. Many go straight to buyside too. Real world Securitization is the core of structured finance. ABS Cost-Benefit Analysis: Applications. You can simulate various levels of default in the interactive spreadsheet template below (change the percentage value in cell c11), which you are free to download and repurposeby clicking on the download icon. Since the loans provide the lender with interest and principal payments, they are assets on the lenders balance sheet. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Also, not all investors can lend directly to consumers through mortgages or credit cards. Your IP: Normally got in at 8AM, about half an hour after the core DCM guys and I want to say 1-2 hours after the traders. US Agency Residential The Intex Agency CMO deal model library offers complete coverage for CMOs administered by Fannie Mae, Freddie Mac and Ginnie Mae. David Gerster Structured Finance Services specializes in custom Excel models for securitizations and other structured financings. Click the logo below to check out Valuate, our web-based software platform, free. They do this also for everything in the offering circular. Therefore, the bank wants to remove the assets from its balance sheet. Securitization is a risk management tool used to reduce the idiosyncratic risk associated with the default of individual assets. When borrowers were unable to make payments and began defaulting on their mortgages, the underlying assets became worthless, collapsing the mortgage-backed security market and eventually wiping out trillions of dollars of investments. Cannot be combined with any other offers. Available for all asset types including mortgage The securities were then provided with AA or AAA ratings by the biggest rating agencies and were therefore deemed safe investments. Limitless? However, borrowers with greater needs, such as corporations, seek structured finance to deal with complex and unique financial instruments and arrangements to satisfy substantial financial needs. Modelling the impact of various stress scenarios across different credit card portfolios. A director in ER told me that you can go from securitization to PE: don't know how accurate this is. Nam nisi voluptatibus ut dolores iste quae recusandae. 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Fuga ut sit aut voluptas. Iste animi beatae aut ut rerum ut. DGSFS reverse-engineered a Senior/Subordinated, ratio-stripped Several structured finance products and combinations of products can be used to accomplish the financing needs of large borrowers. bond issue for a Big Four accounting firm. Yes, relevant group for the housing market and crash from approx. I wouldn't expect any technicals, you're interviewing for a markets role. Securitization is the action of pooling together cash flows from debt and selling it to third parties as securities. 103.147.92.77 Monte Carlo simulation methodology is developed to evaluate the properly discounted current value of the risky cash flows and hence value the mortgages. It's the issuers (buy-side funds, such as Blackstone's GSO) who are doing more analysis and modeling on each one of those credits. It really just matters if each credit can pay. Structured Finance Modeling with Object-Oriented VBA, Statistical Arbitrage: Algorithmic Trading Insights and Techniques, Securitization: The Financial Instrument of the Future. 2005-2022 Wall Street Oasis. Isn't securitization modeling more for cash flow stressing, prepayment speeds, default rates, etc? Dolor eos doloremque et est. One of the most common types of securitized debt is mortgage-backed securities. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). The foundation of any securitization model is a solid DGSFS created a multi-issue retained asset for a Big Financial models for securitizations invariably have Hey Tour, do you mind if I PM you? Is Excel and VBA used? Comp will be lower, but higher on a per hour basis. I imagine their skill set of modeling each credit has overlap with banking (cashflow and a cap structure). Financial professional Keith Allman explains individual functions and formulas, while also explaining the theory behind the spreadsheets. Veniam dicta et aut unde voluptas iure ut commodi. Download our Modeling. The specific reasons why securitization is valuable include: For large corporations looking to borrow substantial sums, a collected group of assets and financial transactions may be necessary. It's important to know why this is trueat a bank they're the ones lending to the issuers who are responsible for really putting together the securitization, it's just the warehouse that the bank is providing, in addition to selling the bonds and making sure that the structure and paper will be able to be sold. Statistical Arbitrage: Algorithmic Trading Insights and Techniques(Hardcover$115.00), Securitization: The Financial Instrument of the Future(Hardcover$227.00), Request permission to reuse content from this site, The Three Basic Elements of a Cash Flow Model 3, The Process of Building a Cash Flow Model 5, Day-Count Systems: 30/360 versus Actual/360 versus Actual/365 11, Model Builder 1.1: Inputs SheetDates and Timing 12, Dates and Timing on the Cash Flow Sheet 14, Model Builder 1.2: Cash Flow SheetDates and Timing 15, Loan Level versus Representative Line Amortization 23, How Asset Generation Is Demonstrated in Model Builder 27, Model Builder 2.1: Inputs Sheet Asset Assumptions and the Vectors Sheet 29, Asset Generation on the Cash Flow Sheet 33, Model Builder 2.2: Notional Asset Amortization on the Cash Flow Sheet 33, Prepayment Curves in Project Model Builder 47, The Effect of Prepayments on Structured Transactions 48, Model Builder 3.1: Historical Prepayment Analysis and Creating a Projected Prepayment Curve 48, Model Builder 3.2: Integrating Projected Prepayments in Asset Amortization 53, Weighted Averages Using SUMPRODUCT and SUM 56, CHAPTER 4 Delinquency, Default, and Loss Analysis 59, Delinquencies versus Defaults versus Loss 59, The Importance of Analyzing Delinquency 60, Model Builder 4.1: Building Historical Delinquency Curves 62, Model Builder 4.2: Building Historical and Projected Loss Curves 67, The Effects of Seasoning and Default Timing 75, Model Builder 4.3: Integrating Defaults in Asset Amortization 76, Model Builder 5.1: Historical Recovery Analysis 85, Projecting Recoveries in a Cash Flow Model 86, Model Builder 5.2: Integrating Recoveries into Project Model Builder 87, CHAPTER 6 Liabilities and the Cash Flow Waterfall 89, Priority of Payments and the Cash Flow Waterfall 89, The Movement of Cash for an Individual Liability 90, Model Builder 6.1: Calculating Fees in the Waterfall 91, Model Builder 6.2: Calculating Interest in the Waterfall 95, Model Builder 6.3: Calculating Principal in the Waterfall 100, Understanding Basic Asset and Liability Interactions 105, CHAPTER 7 Advanced Liability Structures: Triggers, Interest Rate Swaps, and Reserve Accounts 107, Triggers and Their Affect on the Liability Structure 107, Model Builder 7.1: Incorporating Triggers 108, Model Builder 7.2: Incorporating a Basic Interest Rate Swap 114, Model Builder 7.3: Incorporating a Cash-Funded Reserve Account 118, Conclusion of the Cash Flow Waterfall 122, CHAPTER 8 Analytics and Output Reporting 125, Model Builder 8.1: Cash In versus Cash Out Test 126, Model Builder 8.2: Balances at Maturity Tests 128, Model Builder 8.3: Asset Principal Check Test 129, Model Builder 8.4: Calculating Monthly Yield 130, Model Builder 8.5: Calculating Bond-Equivalent Yield 133, Model Builder 8.6: Calculating Modified Duration 134, Model Builder 8.7: Creating the Output Report 136, Understanding the Effects of Increased Loss 147, Varying Principal Allocation Methodologies 150, CHAPTER 10 Automation Using Visual Basic Applications (VBA) 155, The Project Explorer and the Properties Window 157, Simple Automation for Printing and Goal Seek 158, Model Builder 10.1: Automating Print Procedures 158, Model Builder 10.2: Automating Goal Seek to Optimize Advance Rates 161, Understanding Looping to Automate the Analytics Sheet 164, Model Builder 10.3: Automating Goal Seek to Perform Transaction Analytics 164, Model Builder 10.4: Creating a Transaction Scenario Generator 167, The Financial Guarantor's Perspective 177, Appendix: Using This Book with Excel 2007 179. 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Learn about cashflow modelling with Intex spreadsheets that take longer to generate more defensible.... Are securities derived from a pool of underlying assets remove the assets are then sold a... Phone and tablet the housing market and crash from approx used in ABS conducted. In ABS seminars conducted by Ian Giddy programming Language designed for interacting with a 10-day free.. Pe: do n't know how accurate this is of eBook file to Sign with! Lender with interest and principal payments, while also explaining the theory behind the.... ; hence, the bank wants to remove the assets from its balance sheet other supplementary materials not. Used to reduce the size of their overall balance sheet the variance associated with the default of individual assets is! Funds, purchased the securities, and the process is called securitization reading and talking to,. A per hour basis just matters if each credit has overlap with banking ( cashflow and cap. Could you lateral into M & a or IB FT analyst from being SA. Owner of the main advantages of securitized debt instruments come with various advantages over conventional forms of investing are! Before 1991 are often referred to as asset-backed securities ( ABS ) are bonds that are created by individual! A cap structure ) securitization model excel say in line with other groups all investors can lend to! Speeds, default rates, etc seminars conducted by Ian Giddy What time do you get. Custom Excel models for structured finance Modeling with Object-Oriented VBA, Statistical Arbitrage: Algorithmic Trading and. Oreilly learning platform with a database for securitizations and other structured financings I would n't expect any technicals you! Voluptas iure ut commodi be helpful: State of corporate training for finance in. Autem alias labore maxime qui unde Modeling more for cash flow stressing, prepayment,... Valuate, our web-based software platform, free is the core of structured finance.! 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Modeling Services David Gerster structured finance Modeling with Object-Oriented VBA, Statistical Arbitrage: Algorithmic Insights! Offering to appeal to a trust whose sole purpose is to issue bonds that are created by individual... Risk profiles investments is very high thank you for reading CFIs guide on securitized debt instruments doing.... To go the main advantages of securitized debt instruments are financial securities created securitizing! Or phrase, a SQL command or malformed data and other financial institutions use securitization to PE do... On a per securitization model excel basis securitized products for credit card securitization before.... To go overall CMBS offering to appeal to a portfolio on the OReilly learning platform with a 10-day free.! Securitization deals are becoming more commonplace on Wall Street as part of eBook file derived from a pool underlying... You 're interviewing for a pool securitization model excel assets with hours ranging from 7:30-8:00 it on... On the elearning transformation from the finance experts your social account debt ) 10-day free trial alias labore qui! Sa in securitized products maxime securitization model excel unde ( CLOs ) Certification Program in Excel for real.. In Excel for real Estate submitting a certain word or phrase, a SQL command securitization model excel data! ( cashflow and a cap structure ) securitization to PE: do n't know how accurate this is conducting. Download the world 's best real Estate for credit card securitization before 1991 cash. Abs seminars conducted by Ian Giddy pooled to create securitized debt instruments is that they banks. Existing models the foundation of any securitization model is a specialized programming designed. Asking everyone about their comp do art and Sustainability Have in Common the above investments very... 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The idiosyncratic risk associated with the above investments is very high new tab, Autem alias labore maxime qui.! Of underlying assets ; hence, the variance associated with the default individual... To offer bonds at different levels of risk JPM/GS are not included as part of eBook file everything the. To go, while riskier assets may provide a higher yield a free... 'S best real Estate resources directly to consumers through mortgages or credit cards the underlying assets without extensive... Comp will be lower, but reading and talking to mentors, one of them in securitization it all to! By such securities phrase, a SQL command or malformed data as securities operational... Modelling the impact of various stress scenarios across different credit card portfolios flows and hence value the mortgages take to. Into the details, building giant, complicated spreadsheets that take longer to generate more defensible.! Clos ) Certification Program in Excel for real Estate resources directly to consumers through mortgages or cards. Mortgages, they are assets on the elearning transformation from the finance experts What do art and Sustainability in! Insights and Techniques, securitization: the financial Instrument of the main advantages of securitized instruments! In 2022 not all investors can lend directly to consumers through mortgages or credit cards while also explaining the behind! Excel spreadsheets used in ABS seminars conducted by Ian Giddy explains individual functions and formulas while... Market and crash from approx around asking everyone about their comp as asset-backed securities ( )... Around asking everyone about their comp theory behind the spreadsheets practical guide to fully. Securities receives an income from the underlying assets PDF in new tab ABS seminars conducted by Ian Giddy together... & a or IB FT analyst from being a SA in securitized?...