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 – 9.20

Welcome and Introduction from TSI
Jan-Peter Hülbert, TSI

9.20 - 10.00

Overview Securitisations

Stefan Rolf, ROLF Advisory

  • Types of Securitisations and Structures
  • Objectives, Advantages, and Disadvantages
  • Securitisation Markets in Europe
  • Overview of the Structuring Process 
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
Carl Baker, Hyundai Capital Bank

  • 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
Philipp Wallaschek, Deutsche Bundesbank 

  • 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)
Olga Kashkina, 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
Sebastian Dietzsch, Scope

  • 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
 

Carl
Carl Baker
Senior Manager Treasury, Treasury
Hyundai Capital Bank Europe GmbH
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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. As part of TSIs advocacy activities, he has closely monitored the revision of the European securitisation framework through dialogue with the Commission, the Council and the Parliament.
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Olga
Olga Kashkina
Asset Securitisation - VP, Asset Securitisation
ING Bank
Securitisation professional with experience across origination, rating analysis, cash flow modelling, portfolio valuation and legal documentation review. Experienced across European RMBS, auto and consumer loan ABS, SME lending and equipment leasing, with active coverage of German, BeNeLux and UK clients.
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Ulf
Ulf Kreppel
Partner
Jones Day
With more than 20 years of product experience, Ulf Kreppel's practice focuses on securitization and structured finance involving a broad variety of asset classes. He has worked with financial institutions as well as alternative capital providers (in their various roles). His experience includes complex and multijurisdictional, public and private traditional and synthetic securitizations, asset-based lending, and covered bond financings that have been part of stand-alone term transactions, warehousing deals, or asset-backed commercial paper programs. Ulf advises on a broad range of asset classes, including auto loans and leases, commercial and noncommercial real estate loans, and trade receivables. He also represents two major European financial institutions as counsel for their asset-backed commercial paper programs (ABCP).
During his professional career, Ulf has advised on a number of innovative and market-first transactions and participated in several legislative initiatives, most recently in relation to implementation of a legal framework for simple, transparent, and standardized securitizations and the blockchain-based settlement of securities under an ABCP program. As an integrated part of his practice, he also advises on derivatives (including credit derivatives) and has significant experience dealing with regulatory, capital markets, and tax-related issues pertaining to structured financings. Most recently, Ulf also has been advising on IBOR transition matters.
Ulf is recognized as a leading German lawyer in the areas of capital markets, structured finance, and securitization by IFLR 1000, JUVE, Chambers, and PLC Which lawyer? He has coauthored several articles on the legal risks and structural solutions for securitizations in Germany.
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Salah
Salah Maklada
Director
STS Verification International GmbH
Salah has been a Director of STS Verification International GmbH (“SVI”) since July 2021. His areas of responsibility at SVI include the STS verification of ABCP, non-ABCP, and synthetic securitisations across Europe in accordance with the EU Securitisation Regulation. He has extensive experience in the securitisation industry, which he gained from 2011 onwards while working in Deloitte’s Credit & Securitisation Advisory team in Düsseldorf, Germany.

His responsibilities at Deloitte covered trustee and verification services for a wide range of clients in Germany (originators, investors and sponsors) in various synthetic and true sale transactions. As a Senior Manager at Deloitte he was mainly responsible, as the lead manager, for the performance of agreed-upon procedures and credit file due diligences at banks in the context of securitisation and portfolio transactions for consumer, auto and mortgage loans. In addition, he led asset audits of trade receivables within the framework of ABCP programmes. Salah holds a degree (Diploma) in Business Administration from the University of Cologne.
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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
Head of Term-ABS Origination, 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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Thomas
Thomas Reinicke
CFA, Partner, A&A Capital Markets (Accounting Advisory)
BDO AG
As a partner at BDO AG Wirtschaftsprüfungsgesellschaft in Munich, Thomas Reinicke is responsible for auditing and consulting in connection with the accounting of financial instruments in accordance with IFRS and HGB throughout Germany. He has over 16 years of experience in this area, 15 of which he spent at a “Big 4” company. Within this specialization, his focus is on the accounting assessment of securitization and factoring transactions. In this function, he was a member of the IDW working group “Derecognition of Financial Assets” according to IFRS 9 in 2014.

Mr. Reinicke holds a degree in economics from the University of Hohenheim and is a Chartered Financial Analyst (CFA).
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Stefan
Stefan Rolf
Founder & CEO
ROLF Advisory GmbH
Stefan Rolf is an internationally experienced senior executive in finance and banking with a strong global network. He has a proven track record of building and transforming businesses and driving change. Stefan has deep expertise in corporate treasury, debt capital markets, securitization, and private debt, as well as a focus on sustainable and impact financing solutions. Before founding ROLF Advisory GmbH, Stefan has held various international leadership roles, including Global Head of Securitisation and Private Debt at IQ-EQ, Global Head of Balance Sheet Distribution and Securitisation at ING Wholesale Bank as well as Head of Securitisation and Treasurer of the Asia-Pacific region at Volkswagen Financial Services. Stefan has worked on many ground-breaking and innovative transactions in the global securitisation and structured finance markets, such as first time transactions in China, Turkey and Brazil. He has also done deals across a broad range of asset classes such as auto, consumer lending, SME loans, equipment, infrastructure and sustainability improvement loans and even more esoteric ones. Stefan is a frequent speaker at structured finance/capital markets events in Europe, the US and the Asia- Pacific region, and has worked closely with the European Central Bank, national central banks and various supervisory institutions. He holds an MBA in Economics and is fluent in German and English, with intermediate proficiency in French and Spanish. Stefan is married and has one daughter.
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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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Philipp
Philipp Wallaschek

Deutsche Bundesbank
Philipp Wallaschek arbeitet seit 2021 im Zentralbereich Märkte der Deutschen Bundesbank. Seine Hauptgruppe befasst sich mit der Umsetzung des Sicherheitenrahmens des Eurosystems in Deutschland. Er ist für die Notenbankfähigkeitsprüfung und das Monitoring in Deutschland gelisteter ABS sowie die Due Diligence deutscher ABSPP-Transaktionen zuständig. Darüber hinaus befasst er sich mit Grundsatzfragen des Sicherheitenrahmens, der Einreichbarkeit marktfähiger und nicht-marktfähiger Sicherheiten zur Besicherung geldpolitischer Operationen mit dem Eurosystem und der Digitalisierung von Vermögenswerten.
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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