TSI Training

17 & 18 September 2025

TSI Training

Intensive Seminar Cash Securitisation Auto, Consumer and Leasing ABS in cooperation with JonesDay

The event
Italian/English
Dates
17. September 2025
09.00-17.30
18. September 2025
09.00-17.30
Onsite

Jones Day (Second Floor)
Via Turati 18
20121 Milan, Italy

Participation fee
1.070 EUR Early Bird Ticket
 

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, 17.09.2025

9.00 – 9.15

Registration

9.15 – 10.15

Welcome, Introduction and Overview  
Jan-Peter Hülbert, True Sale International

  • Different types of securitisations
  • Purpose for issuers and investors  
  • Market overview   
10.15 – 10.40

Coffee break

10.40 – 11.40

Legal aspects – true sale, assignment, insolvency and tax issues 
Pietro Bellone, A&O Shearman 

  • Legal requirements for true sale structures
  • Limited recourse and non petition
  • Tax issues
  • Special legal requirement for lease receivables 
11.40 – 12.40

Auto ABS Securitisation – Originator’s perspective 
Marco Bosso, CA Auto Bank

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

 

12.40 – 14.10

Lunch

14.10 – 15.15

Regulatory aspects of securitisations  
Giuseppina Pagano, Jones Day  

  • Securitisation Regulation as a central regulatory framework  
  • Scope of application, definitions and parties involved  
  • Risk retention and due diligence obligations  
  • Transparency requirements  
  • Recognition of securitisations as part of the liquidity coverage ratio  
     
15.15 – 16.20

Structuring and cash flow modelling in auto securitisation
Paolo Stefano Sala, UniCredit

  • 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  
  • Grafik 1, BildSignificance of prepayments, defaults, delinquencies, granularity etc. for cash flow modelling  
  • Modelling examples  
16.20 – 16.40

Coffee break

16.40 – 17.30

Overview of 3rd-party certification of STS transactions
Carlo Barbarisi, STS Verification International 

  • Regulatory aspects of STS notification and verification  
  • Introduction to SVI  
  • STS verification methodology and process  
  • STS verification in practice  

     

 

From 17.30

Get together

Thursday, 18.09.2025

9.00 – 10.00

Eurosystem and securitisations
N.N. 

  • Collateral framework of the Eurosystem 
  • Eligibility criteria for ABS
  • Transparency requirements of the Eurosystem under the new Securitisation Regulation
  • Haircut and assessment aspects
  • Purchase programmes in the reinvestment phase, most recent monetary policy decisions 
     
10.00 – 10.50

Transparency and the role of Securitisation Repositories 
Gianluca Ginelli, 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 
     
10.50 – 11.10

Coffee Break
 

11.10 – 12.20

Overview of Lease Securitisations 
Enzo Morgese, Crédit Agricole CIB & Fabio Maria Guidi, Jones Day

  • Lease receivables securitisation from the originator's perspective (Orange Lion case study)
  • Structuring and placement from an arranger's perspective  
  • Special features of lease receivables and differences to Auto ABS
  • Securitisations of lease receivables with “patrimonio destinato” under Article 7 of the Italian securitisation law
     
12.20 – 13.10

Economic and Prudential aspects of securitizations
Gabriele Guggiola, Pricewaterhousecoopers Italia SRL 

  • Economic perspective: Regulation and prudential requirements
  • Securitization best practices
  • Synthetic securitization: peculiarities and impacts
13.10 – 14.30

Lunch
 

14.30 – 15.30

Rating matters – explained with example of Auto ABS transaction
Benedetta Avesani, S&P Global  

  • Rating methodology  
  • Rating process and specific aspects of Auto and Leasing ABS  
  • Performance and Transaction monitoring  
     
15.30 – 15.45

Coffee Break
 

15.45 – 16.30

Securitisation Services  
Luigi Bussi, Banca FinInt 

  • Establishment of SPVs
  • Collateral management
  • Transaction reporting 
16.30 – 17.20

ABS from an investor’s point of view  
Paolo Binarelli, Intesa Sanpaolo

  • Adding ABS to a fixed income investment portfolio

  • Overview, value and risks of different asset classes

  • Deal analysis: documentation, structure, performance

  • European ABS primary and secondary markets

  • Recent trends, spreads, pricing and liquidity

17.20 - 17.30

Conclusion 
Jan-Peter Hülbert, True Sale International

Benedetta
Benedetta Avesani
Associate Director
S&P Global Ratings Europe Limited
Benedetta Avesani is an experienced analyst and an Associate Director at S&P Global Ratings.

She has over 17 years of experience in Structured Finance, covering ABS, RMBS, CLOs of SMEs and Trade Receivables in different jurisdictions.

She played a key role in the creation of new global trade receivables criteria for S&P in 2021. More recently, she published an article about the MCC guarantee in 2024, which had great coverage in the Italian press. She is often involved in the rating of non-traditional transactions, requiring innovative analytical approaches.

Her carrear began at Intesa Sanpaolo, focusing on securitisation on the arranger’s side.

She holds an master degree in Economics from Bocconi University and an advanced S&P analytical certification.
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Carlo
Carlo Barbarisi
Senior Advisor
STS Verification International GmbH
Carlo Barbarisi is Senior Advisor to STS Verification International GmbH where he is primarily involved in business development across Europe. He brings in thirty-five years of diversified international experience in credit and capital markets, mainly rooted within the rating agencies industry (S&P Global Ratings, FitchRatings, CRIF Ratings) and the commercial banking sector (UniCredit Group, BPER Group) at managerial and strategic levels. Carlo is also serving as independent non-executive director and as university lecturer at various educational institutions. Carlo holds a Degree with full marks in Economics from Università Bocconi in Milan.
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Pietro
Pietro Bellone
Partner, Structured finance and securitizations, Structured finance and securitizations
Allen & Overy Studio Legale Associato
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Paolo Binarelli
Head of Securitised Products Trading, IMI Corporate & Investment Banking Division
Intesa Sanpaolo
Paolo Binarelli has twenty+ years of experience in the Italian and European ABS/MBS market; having worked with different roles as structurer, ABS analyst and sales product specialist, ABS/MBS Trader in various Italian banks: Banca di Roma, Mediocredito Centrale, Capitalia (now UniCredit), Mediobanca and MPS Finance (Banca Monte dei Paschi di Siena). Prior to joining Intesa Sanpaolo, Paolo Binarelli was a Fund/CDO portfolio manager at P&G Alternative Investments SGR.
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Marco
Marco Bosso
Treasury - Head of Securitisation and Risk Transfer
CA Auto Bank S.p.A.
With over 20 years professional experience in the financial services industry, including almost 15 years in the securitisation market as Originator across various European jurisdictions (Italy, Germany,France, Spain and the UK). In-depth knowledge of different asset classes (auto loans/leases, dealer financing and rental receivables) and relevant ABS structures (public, private, traditional and synthetic SRT transactions)
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Luigi
Luigi Bussi
Managing Director, Head of CIB, Corporate & Investment Banking
BANCA FININT S.p.A
Luigi Bussi began his career at Finanziaria Internazionale in 1995 working on the first securitisation transactions carried out in Italy. He then joined the Mediobanca Group handling their structured finance transactions. In 2000 he returned to Finanziaria Internazionale where in 2002 he was appointed Managing Director of Securitisation Services S.p.A. (the leading Italian Master Servicer and provider of complementary services to structured finance transactions) and Head of Structured Finance and, for several years, Managing Director also of FISG S.r.l. (leader in structuring securitisation transactions in Italy). After the merger of both the companies into Banca Finint he was appointed first as Head of CIB and then as Chief Group Corporate & Investment Banking. He is also board member of several SPV. He holds a degree in Business and Economics from the University of Trieste.
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Gianluca
Gianluca Ginelli
Structured Finance Data Manager, Structured Finance Data
European DataWarehouse GmbH
Gianluca Ginelli is a Structured Finance Data Manager at European DataWarehouse, working in the Data Management department.

This team is responsible for monitoring the quality of the loan-by-loan template uploaded by ABS Issuers.

On behalf of European DataWarehouse, Gianluca has been involved in the implementation of the Technical standards for the ABS loan-level data templates defined by ESMA.
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Gabriele Guggiola
Partner
Pricewaterhousecoopers Italia SRL
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Fabio Maria
Fabio Maria Guidi
Partner, Financial Markets
Jones Day
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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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Enzo
Enzo Morgese
Head of Securitisation for financial institutions covering Italy
Crédit Agricole CIB
Highly experienced securitisation professional with over 25 years work experience within the securitisation market and deep knowledge of a very wide variety of asset classes (including RMBS, CMBS, consumer loans, auto loans, trade receivables, leasing) and structures (term ABS and ABCP conduit transactions).
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Giuseppina
Giuseppina Pagano
Partner, Financial Markets
Jones Day
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Paolo Stefano
Paolo Stefano Sala

UniCredit Bank GmbH, Milan Branch
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Contact

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I will be happy to answer them!