TSI Training

11 & 12 November 2026

TSI Training

Intensivseminar True Sale Verbriefung (Auto ABS & RMBS)

The event
English
Dates
11. November 2026
08.45-17.50
12. November 2026
09.00-15.50
Onsite

True Sale International GmbH
Mainzer Landstraße 61
60329 Frankfurt

Participation fee
1.190 EUR for TSI Partner
1.495 EUR for all other participants

Early bird fee
1.070 EUR for TSI Partner
1.345 EUR for all other participants

Prime Auto ABS and Prime RMBS have always been a showcase example of simple, transparent and standardised ABS transactions that have been very effective in performance and quality ever since their origins and through the financial crisis.

In the past ten years, our comprehensive and periodic ABS training events have contributed to creating a uniform understanding of quality among all parties involved – knowledge that will become even more important under the new securitisation rules.

Our two-day intensive seminar is a gateway into the world of securitisation that will give you excellent access to relevant themes from a legal, accounting, regulatory, economic and practical perspective, and from credit perspective from rating agencies and investors.

Training will focus on the following thematic focal areas:
  • Overview of a specific, current securitisation transaction
  • What matters in the credit process and what the STS regulation requires
  • Legal aspects – assignment, insolvency protection, tax matters and how STS comes into play
  • Overview of ECB approval
  • Regulatory framework under the new Securitisation Regulation
  • Accounting aspects
  • The work of rating agencies
  • Cash flow modelling and transaction evaluation
  • Investors’ perspective
     

The thematic focal areas will be explored on the basis of a current transaction.

Agenda

Wednesday, 11.11.2026

8.45 – 9.00

Registration

9.00 – 10.00

Welcome and Overview Securitisations from TSI
Jan-Peter Hülbert, TSI

10.00 – 11.00

Legal aspects – Assignment, Insolvency Protection, Tax Issues
Sebastian Oebels, Hogan Lovells Cadwalader

  • Legal requirements for true sale structures
  • Tax questions
  • SWAP role and mechanisms
  • “Securitisation of lease receivables” 
11.00 – 11.20

Coffee break

11.20 – 12.20

Overview of a Specific Securitisation Transaction in the Auto ABS Segment
Robert Westermann, Santander

  • Underlying, credit granting and processing
  • Portfolio selection
  • Transaction structure
  • Project time frame
  • Reporting
  • What to be mindful of under STS
  • Marketing
12.20 – 13.20

Regulatory Aspects of Securitisation – An Overview
Ulf Kreppel, Jones Day

  • The Securitisation Regulation as a central regulatory framework 
  • Scope of application, definitions and parties involved  
  • Risk retention and due diligence obligations  
  • Transparency requirements  
  • STS securitisations 
  • Recognition of securitisations as part of the liquidity coverage ratio 
  • Principles of effective risk transfer 
  • The CRR capital adequacy approaches for investors and other transaction participants  
13.20 – 14.45

Lunch

14.45 – 15.45

Structuring and Cash Flow Modelling Using the Example of a Specific Auto Securitisation
Tom Oelrich, DZ Bank

  • Objective and areas of application 
  • Significance of the cash flows model in STS regulation 
  • Levels of analysis for ABS transactions - pool level and bond level 
  • Significance of prepayments, defaults, delinquencies, granularity etc. for cash flow modelling 
  • Modelling examples  
15.45 – 16.00

Coffee break

16.00 – 16.50

Accounting aspects for the Originator and Investor
Thomas Reinicke, BDO 

  • Fundamentals of derecognition and recognition of consolidation and assessment in accounting under the German Commercial Code and in IFRS 
  • Specific accounting aspects of a particular transaction
     
16.50 – 17.50

Transparency in the European ABS market
Dr Christian Thun, European DataWarehouse

  • Disclosure obligations according to Art. 7 SecReg  
  • EDW - from data repository to securitisation repository  
  • Current discussion about further disclosure  
  • Advantages of data in the current market environment  
From 17.50

Get Together
 

Thursday, 12.11.2026

9.00 – 9.50

Eurosystem and Securitisation
N.N.    

  • Collateral framework of the Eurosystem  
  • Eligibility criteria for ABS
  • Transparency requirements of the Eurosystem
  • Haircut and assessment aspects
  • Most recent monetary policy decisions  
9.50 – 10.10

Coffee break

10.10 – 11.10

Overview of Residential Mortgage Securitisation (RMBS)
Sergej Seiz, ING   

  • RMBS from the originator's perspective (Orange Lion case study)
  • Structuring and placement of RMBS from an arranger's perspective (EDML case study)
  • Special features of RMBS and differences to Auto ABS 
11.10 - 12.10

Overview of Third-Party Verification of STS Transactions
Salah Maklada, SVI

  • Regulatory Fundamentals  
  • Verification Process
  • Practical Experiences  
12.10 – 13.40

Lunch

13.40 – 14.40

Rating matters – Explained Using an Auto Transaction
N.N.

  • Rating methodology  
  • Rating process and specific aspects of the sample transaction   
  • Transaction monitoring
14.40 – 15.40

ABS from an Investor’s Perspective: What Do Investors Need for Assessment?
Bernhard Zahel, DWS Investment

  • Analysis of offering circulars, rating reports, deal review   
  • Risk clusters, identification of risk drivers  
  • Multi-dimensional due diligence, analysis of fundamentals  
  • Transparency requirements and reporting standards  
  • Relevance of collecting additional information, due diligence  
  • Applied risk management instruments and strategies  
  • Assessment and forecast risks in modelling  
  • Where STS comes into play for the investor
15.40 – 15.50

Summary and Closing Remarks
Jan-Peter Hülbert, TSI
 

Sebastian
Sebastian Dietzsch
Director Stuctured Finance , Structured Finance
Scope Ratings GmbH
Sebastian Dietzsch, Senior Director, is a senior analyst in Scope Ratings’ structured finance department in Berlin. Since he joined Scope in 2013, he has been responsible for the analysis of structured finance transactions including SME ABS, Consumer and Residential Mortgage ABS as well as Commercial Real Estate.
Sebastian Dietzsch holds a Master’s degree in Business Administration from the Technische Universität Berlin, a Master of Science degree in Finance from Lunds Universitet, Sweden and is a certified Financial Risk Manager (Global Association of Risk Professionals, GARP).
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Jan-Peter
Jan-Peter Hülbert
Managing Director
True Sale International GmbH
Jan-Peter Hülbert has been Managing Director of True Sale International GmbH since July 2018. He brings over 20 years of experience in the banking and capital markets business, including 16 years in securitisation on the banking side. Jan-Peter has been responsible for client transactions for banks, corporates and leasing companies in the public ABS, private securitisation and ABCP segments. He holds a degree in business administration from LMU Munich and is a member of the Supervisory Board of STS Verification International GmbH and of the Supervisory Board of European DataWarehouse GmbH.
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Ulf
Ulf Kreppel
Partner
Jones Day
Ulf Kreppel's practice focuses on cross-border securitizations and structured finance transactions. Amongst his clients are international financial institutions, investment firms and so-called "alternative capital providers".
With more than 20 years of product experience, Mr. Kreppel has extensive expertise in the structuring and execution of structured finance transactions. This includes public and private securitizations, asset-based lending and covered bond transactions, structured as stand-alone term transactions as well as asset-backed notes programs. Mr. Kreppel advises on a variety of asset classes, such as auto loans and leases, consumer credits, trade receivables and real estate loans. He also acts as program counsel for several European-based asset-backed commercial paper programs.
Mr. Kreppel has advised on a number of innovative and market-first transactions, including the purely blockchain-based issuance and settlement of asset-backed commercial paper. In addition, he regularly advises on regulatory aspects in financing transactions, e.g. on so-called "simple, transparent and standardized" (STS) securitizations as well as questions regarding the European Securitization Regulation. Mr. Kreppel has coauthored several articles on the legal risks and structural solutions for securitizations.
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Sebastian
Sebastian Oebels
Counsel, International Debt Capital Markets
Hogan Lovells Cadwalader International LLP
Sebastian Oebels advises national and international companies on German and international structured finance transactions. He has a strong focus on traditional securitisations, significant risk transfer securitisations and other types of asset-based lending structures. In particular, Sebastian has extensive experience in advising banks, issuers and originators on securitisations backed by auto loans/leases, renewable energy (solar and heat pump systems) and digital infrastructure-related assets.
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Tom
Tom Oelrich
Senior Structurer, ABS Term Transactions
DZ BANK AG
Tom Oelrich has been working for DZ BANK AG in Frankfurt am Main in the securitisation department since 2003. As a senior structurer, he has been advising DZ BANK’s clients in all aspects relating to term-ABS capital market transactions since 2015 with a focus on auto-ABS, consumer and SME loans as well as leasing transactions. Previously, Mr. Oelrich arranged ABCP transactions for corporate clients of DZ BANK.
Since entering into the securitisation business, he has structured a large number of customer transactions and has successfully accompanied numerous transactions as placement agent and swap counterparty. Mr. Oelrich has graduated from Frankfurt School of Finance & Management and holds a degree in Business Administration.
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Marco
Marco Pause
Director
STS Verification International GmbH
Marco Pause has been a Director of STS Verification International GmbH since December 2019. He joined the STS Verification International GmbH in September 2019 as an Associate Director. Mr. Pause has many years of securitisation experience which he gained at the auditing company Deloitte in the Credit & Securitisation Advisory Team in Düsseldorf since 2005.
In his position as Senior Manager he was primarily responsible for the execution of numerous due diligences at German automotive and consumer banks as well as banks with mortgage portfolios in the context of securitisation and portfolio transactions. In the context of a multi-year project Mr. Pause directed the organisation and implementation of the project management of a state guarantee for a German Landesbank in connection with credit and solvency checks of individual exposures in the Shipping, Corporate Clients and Aviation segments.
Mr. Pause holds a degree in Business Administration from the Georg-August-University in Göttingen.
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Sergej
Sergej Seiz
Vice President, Asset Securitisation
ING Bank
Sergej Seiz is Vice President of Asset Securitisation at ING Germany, specializing in auto, consumer, and leasing ABS. He is also actively involved in a working group focused on digital infrastructure securitisation, including Data Center ABS. Sergej joined ING Germany in July 2021 as a Securitisation Manager within the Group Treasury department, where he was responsible for developing ING’s retained ABS/RMBS programme. In 2024, he transitioned to the Asset Securitisation team. Prior to ING, Sergej worked at Moody’s until June 2021, primarily covering new ratings for EMEA ABS/RMBS transactions, later expanding his scope to include CLO and ABCP deals. He holds a Master’s degree in Financial Economics from Maastricht University and is a CFA charterholder.
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Christian
Dr Christian Thun
Chief Executive Officer (CEO)
European DataWarehouse GmbH
Dr. Christian Thun joined European DataWarehouse GmbH in 2016 as Chief Operating Officer and one year later, was appointed as CEO. Dr Thun worked previously at Moody’s Analytics for 14 years in various senior positions, most recently as senior director with inter alia responsibility for the DACH region. In the early stage of his career, Mr. Thun was a team leader at the risk consulting firm Baetge & Partner (an OliverWyman affiliate) and also worked in structured finance for Dresdner Bank in Frankfurt and London. Christian Thun has published more than 50 articles on topics such as securitisation, risk modelling, stress testing, and data management. He studied business administration and earned his Ph.D. in artificial intelligence at the University of Münster.
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Robert
Robert Westermann
Head of Asset Based Finance, Capital Markets
Openbank Deutschland Aktiengesellschaft
Robert Westermann has been responsible for structuring in the ABS department of Santander Consumer Bank AG (SCB) in Mönchengladbach since 2019. Here, the focus is on equity management transactions and the implementation of captive and joint venture funding transactions. Previously, Robert spent four years at Raiffeisen Bank International AG, structuring client transactions in the area of auto and consumer ABS as an arranger. Robert graduated from the Swiss Federal Institute of Technology (ETH) Zurich with a Master‘s degree in „Management, Technology and Economics“.
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Bernhard
Bernhard Zahel
Director, Portfolio Management Fixed Income EMEA
DWS Investment GmbH
Bernhard Zahel is a senior portfolio manager with DWS Investment GmbH in Frankfurt am Main, Germany. He is focusing on investments into structured products like Asset Backed Securities as well as illiquid investments such as loans guaranteed by export credit agencies or trade finance receivables. In addition to the management of portfolios his role includes the coverage of certain markets in the respective sectors. In 2014 and 2015 Bernhard was responsible within Deutsche Asset Management for the advisory of the European Central Bank within the ABS Purchase program.

After graduating with a masters degree in economics (Diplom Volkswirt) at University of Bonn, Bernhard started his career in 2001 as a workout analyst for corporate credits with Deutsche Bank AG. From there he joined DWS Investments GmbH in 2004 to become a portfolio manager where he stayed with different responsibilities in various asset classes in fixed income until today.
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Contact

Do you have any questions about this event?

I would be happy to answer your questions!
 

Jennifer Stefano

Event management