TSI Training

12 & 13 November 2025

TSI Training

Intensive Seminar Cash Securitisation (Auto ABS and RMBS)

The event
English
Dates
12. November 2025
08.45-17.50
13. November 2025
09.00-15.40
Onsite

True Sale International GmbH
Mainzer Landstraße 61
60329 Frankfurt

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

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, 12.11.2025

8.45 – 9.00

Registration

9.00 – 9.15

Welcome from TSI
Jan-Peter Hülbert

9.15 – 09.55

Overview Securitisations
Stefan Rolf, ROLF Advisory

  • Types of Securitisations and Structures
  • Objectives, Advantages, and Disadvantages
  • Securitisation Markets in Europe
  • Overview of the Structuring Process 
9.55 – 10.55

Legal aspects – assignment, insolvency shielding, tax issues 
Dr Martin Kaiser, Ashurst

  • Legal requirements for true sale structures
  • Tax questions
  • SWAP role and mechanisms
  • “Securitisation of lease receivables” 
10.55 – 11.15

Coffee break

11.15 – 12.15

Accounting aspects that apply to the originators and investors  
Christian Bauer, KPMG

  • 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 
12.15-13.15

Regulatory aspects of securitisations - an overview
Claire-Marie Mallad, White & Case

  • 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  

 

13.15 – 14.45

Lunch

14.45 – 15.45

Structuring and cash flow modelling in 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

Overview of 3rd-party certification of STS transactions

 Salah Maklada, SVI 

  • Regulatory Fundamentals
  • Verification Process
  • Practical Experiences 
     
16.50 – 17.50

Transparency in the European ABS market
Dr Christian Thun, EDW 

  • 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, 13.11.2025

9.00 – 9.50

Eurosystem and securitisations
Julia Donnecker, 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 – 10.50

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 
     
10.50 – 11.10

Coffee Break
 

11.10 – 12.10

Auto ABS Securitisation – Originator’s perspective
N.N.

  • Underlying, credit granting and processing
  • Portfolio selection
  • Transaction structure
  • Project time frame
  • Reporting
  • What to be mindful of under STS
  • Marketing 
     
12.10 – 13.10

Rating matters – explained using the example of an auto transaction
Sebastian Mauersberger, S&P Global

  • Rating methodology  
  • Rating process and specific aspects of the sample transaction   
  • Transaction monitoring
     
13.10 – 14.30

Lunch
 

14.30 – 15.30

ABS from an investor’s point of view: What do investors need to be able to assess securitisation transactions?
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  

 

15.30 – 15.40

Short summary and conclusion 
Jan-Peter Hülbert

Christian
Christian Bauer
Partner, Financial Services
KPMG AG
Christian Bauer is an auditor at KPMG AG in the Financial Services department in Frankfurt am Main. As a partner, he heads Structured Finance and specialises in leasing, factoring and securitisation (synthetic and true sale securitisations). His experience covers audits at banks in Germany and abroad, leasing companies, factoring companies and special purpose vehicles for securitisations. He is a member of working groups at the Institute of Public Auditors in Germany (IDW) and at the Accounting Standards Committee of Germany (ASCG) and is the author of various publications on accounting issues.

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Julia
Julia Donnecker
, Grundsatzfragen geldpolitische Implementierung (M 12-7)
Deutsche Bundesbank
Julia Donnecker is a legal professional (Ass.iur.) who has been working in the Eligible Assets Section of the Deutsche Bundesbank since 2022. Before that she was working at international law firms and in-house as a banking and finance lawyer for over a decade advising on, inter alia, complex finance transactions. Julia holds a law degree from Goethe University Frankfurt.
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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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Martin
Dr Martin Kaiser
Partner, LL.M.
Ashurst LLP
Dr Martin Kaiser, LL.M. is a partner in the finance department and heads the European securitisation team. He specializes in securitisations and focuses on the true sale securitisation of loan, lease and trade receivables, both listed public transactions as well as ABCP programs and bespoke private transactions, e.g. NPLs and start-up and FinTech finance. His expertise also includes aspects of German and European regulatory law related to securitisations. Martin Kaiser advises leading German and international banks, service providers (such as corporate service providers and trustees), leasing companies, car manufacturers and other corporates.
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Salah
Salah Maklada
Director
STS Verification International GmbH
Salah has been a Director of STS Verification International GmbH since March 2023. He joined the STS Verification International GmbH team in July 2021, bringing in 10 years of securitisation experience gained through his work in the Credit and Securitisation team of Deloitte.

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. Salah was also responsible for the performance of several asset audits at medium-sized businesses with regards to trade receivables securitised in ABCP transactions.
Salah holds a degree (Diploma) in Business Administration from the University of Cologne.
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Claire-Marie
Claire-Marie Mallad
Local Partner
White & Case LLP
Claire-Marie Mallad is a local partner in the firm's Capital Markets group in Frankfurt practicing in the areas of Debt Capital Markets, Structured Finance and Bank Regulatory laws. Claire-Marie represents financial institutions and investors on a wide range of capital markets transactions with a particular focus on structured finance products, including asset-backed and risk transfer transactions for the purposes of managing a bank’s exposure to credit risk. Furthermore she advises on regulatory capital issuances and advises issuers on the establishment and update of refinancing platforms, including EMTN and CP programmes including advice on regulatory laws and their implications on bank issuers and their creditors.
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Sebastian
Sebastian Mauersberger
Associate Director, Structured Finance: ABS/RMBS
S&P Global Ratings Europe Limited
Sebastian Mauersberger ist Senior Analyst im Bereich Structured Finance EMEA mit Sitz in Frankfurt. Nach seiner Tätigkeit bei Deutsche Bank wechselte er 2021 zu S&P Global Ratings. Er arbeitet an Transaktionen der Anlageklassen ABS, RMBS und ABCP. Sebastian hat einen B.Sc. in Wirtschaftswissenschaften von der Goethe-Universität Frankfurt am Main und einen M.Sc. in Quantitative Economics von der Eberhard Karls Universität Tübingen.
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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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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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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 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.
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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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