Securitization & Mortgage Bond Workshop for 2020 has been cancelled due to COVID-19-related travel restrictions


This is a hands-on practical workshop taught by practitioners who will use real-life security/covered bond examples and problem sets. The workshop will be taught by legal experts from the securitization/mortgage bond division of Andrews and Kurth Law Firm, REC- a Brazilian securities firm, senior practitioners from the international capital market divisions of BoA Merrill Lynch and UBS, and Standard and Poor rating agency. It will include the institutional and financial arrangements for mortgage securitization, mortgage bonds, and hybrid deals.

The workshop is held at the Wharton School, University of Pennsylvania, Philadelphia, PA 19104.

The next Securitization Workshop will be held on June 17 and 18, 2021.  Application forms will be posted in November 2020.


The agenda for the 2021 securitization workshop can be found here.

Workshop Topics

The workshop on mortgage-backed securities and covered bonds includes the following topics:

International Trends in Mortgage Securitization
  • Comparing International Models
  • Different Mortgage Securitization Instruments (pros, cons, and requirements)
  • Lessons from the Sub-Prime CDO-SIV Crisis
  • Reassessing the Role of Government in MBS Markets
Legal Structures and Institutions
  • Legal Requirements to Securitize Mortgages/Create Covered Pools
  • Analysis of Alternative Securitization Models
  • Legal steps to complete a Securitization/Covered Bond Transaction
  • International cases of various Structured Finance Assets
Regulatory Issues
  • Risks Mitigation, Disclosure, Oversight, and Enforcement
  • Functions and Organization of the Regulatory Body
Disclosure to investors
  • Transparency
  • Investors’ Protection and Education
Doing a Securitization
Costs and pricing issues for originator/seller
  • Key steps/costs of the Securitization process
  • Understanding collateral characteristics
  • Role of Ratings and Rating Agencies
  • Sizing Credit Enhancement for MBS
Investment Features of Mortgage Securitization
  • MBS Cashflow Concepts and Valuation (mortgage pools and securities)
  • Prepayment Analysis and Yield Measurements
Preparing a Mortgage Bond Issuance
  • The essence of covered bonds
  • Covered bond credit spreads
  • Covered bond investors
  • Credit quality
  • Credit rating methodology
Role of Rating Agencies
  • The role of rating agencies
  • Introduction to Moody’s ratings
  • Moody’s securitization rating process
  • Single-family rental securitization: Emergence of a new asset class in the US
  • GSE Risk Transfers

You may also visit the International Housing Finance Program course page through this link