TSI Training

03 & 04 February 2026

TSI Training

Intensivseminar True Sale Verbriefung (Auto ABS & RMBS)

The event
German
Dates
3. February 2026
08.45-17.15
4. February 2026
09.00-16.45
Onsite

True Sale International GmbH
Mainzer Landstraße 61
60329 Frankfurt

Participation fee
1.250 EUR for TSI Partner
1.570 EUR for all other participants
 

Der deutsche Verbriefungsmarkt war immer ein Musterbeispiel für einfache, transparente und standardisierte ABS-Transaktionen, die sich in Performance und Qualität von ihren Ursprüngen über die Finanzkrise hinweg bis heute gut bewährt haben.

Unsere umfassenden und regelmäßigen ABS-Trainings haben in den letzten dreizehn Jahren dazu beigetragen, dass sich bei allen beteiligten Parteien ein einheitliches Qualitätsverständnis herausbildet, was unter den neuen Verbriefungsregeln noch an Bedeutung gewinnt.

Mit unserem zweitägigen Intensivseminar in die Verbriefungswelt bekommen Sie einen hervorragenden Zugang zu den relevanten Themen aus rechtlicher, bilanzieller, regulatorischer, wirtschaftlicher und praktischer sowie kreditprozessbezogener Sicht.

Im Einzelnen geht es um folgende Themenschwerpunkte:
 

  • Überblick über eine konkrete, aktuelle Verbriefungstransaktion
  • Worauf kommt es beim Kreditprozess an, was verlangt die STS-Regulierung
  • Rechtliche Fragen – Abtretung, Insolvenzabschirmung, steuerliche Fragen und wo kommt

    dabei STS ins Spiel

  • EZB-Zulassung im Überblick
  • Regulatorische Rahmenbedingungen nach der neuen Verbriefungsregulierung
  • Bilanzierungsfragen
  • Arbeit der Ratingagenturen
  • Cash Flow Modellierung und Transaktionsbewertung
  • Wohnhypothekenverbriefung (RMBS)
  • Die Investorensicht 

Agenda

Dienstag, 03.02.2026

8.45 – 9.00 Uhr

Registrierung

9.00 – 9.20 Uhr

Begrüßung, Überblick und Vorstellungsrunde durch die TSI
Jan-Peter Hülbert, TSI

9.20 – 10.10 Uhr

Überblick Verbriefungen
Stefan Rolf, Rolf Advisory  

  • Arten von Verbriefungen und Strukturen
  • Zielsetzungen, Vor- und Nachteile
  • Verbriefungsmärkte in Europa
  • Strukturierungsprozess im Überblick 
10.10 – 11.10 Uhr

Rechtliche Themen – Abtretung, Insolvenzabschirmung, steuerliche Fragen
Sandra Wittinghofer, Baker McKenzie

  • Rechtliche Anforderungen an True Sale Strukturen
  • Steuerliche Fragen
  • Securitisation of lease receivables 
11.10 – 11.30 Uhr

Kaffeepause

11.30 – 12.30 Uhr

Bilanzierungsfragen beim Originator und Investor 
Christian Bauer, KPMG AG

  • Grundlagen des Bilanzabgangs
  • Konsolidierung, Bewertung 
12.30 – 13.30 Uhr

Aufsichtsrechtliche Aspekte bei Verbriefungen – ein Überblick 
Dr. Oliver Kronat, Clifford Chance

  • Was ist eine Verbriefung? Der aufsichtsrechtliche Begriff
  • Kernelement der neuen Verbriefungsverordnung
  • Grundlagen des Risikotransfers und der RWA-Berechnung
  • Risikoselbstbehalt bei Verbriefungen
  • Transparenzanforderungen
  • Spezifische STS-Anforderungen für den Originator, das Portfolio, die Transaktionsstruktur und die Transaktionsparteien
  • Bedeutung von STS-ABS in anderen Vorschriften: Liquidity Coverage Ratio, Solvency II 
13.30 – 15.00 Uhr

Mittagspause

15.00 – 16.00 Uhr

Überblick über die Strukturierung und Cash Flow Modellierungen am Beispiel einer konkreten Autoverbriefung 
Tom Oelrich, DZ BANK  

  • Ziel und Anwendungsgebiete
  • Bedeutung des Cash-Flows Modells in der STS-Regulierung
  • Analyse-Ebenen bei ABS Transaktionen – Poolebene und Anleiheebene
  • Bedeutung von prepayments, defaults, delinquencies, granularity etc. für die Cash Flow-Modellierung
  • Modellierungsbeispiele
  • SWAP-Rolle und Mechanismen 
16.00 – 16.20 Uhr

Kaffeepause
 

16.20 – 17.10 Uhr

Überblick Drittpartei-Verifizierung von STS-Transaktionen
Michael Osswald, SVI

  • Regulatorische Grundlagen 
  • Verifizierungsprozess 
  • Praxiserfahrungen    
Ab 17.10 Uhr

Umtrunk
 

Mittwoch, 04.02.2026

9.00 – 9.50 Uhr

Eurosystem und Verbriefungen 
Philipp Wallaschek, Deutsche Bundesbank    

  • Sicherheitenrahmen des Eurosystems
  • Notenbankfähigkeitskriterien für ABS
  • Transparenzanforderungen des Eurosystems
  • Haircut und Bewertungsfragen
  • Aktuelle Geldpolitische Beschlüsse (inkl. Ankaufprogramme) 
09.50 – 10.50 Uhr

Übersicht über die Wohnhypothekenverbriefung (RMBS) 
Olga Kashkina,  ING   

  • Einbehaltener RMBS aus der Sicht eines Arrangers (Fallstudie German Lion) 
  • (Green-) Funding RMBS aus der Sicht eines Originators (Fallstudie Green & Orange Lion)   
  • Full-stack RMBS aus der Perspektive eines Lead Managers (Fallstudie EDML) 
10.50 – 11.05 Uhr

Kaffeepause
 

11.05 – 12.05 Uhr

Ratingfragen – exemplarisch erläutert an einer Autotransaktion 
Thomas Krug, Fitch Ratings 

  • Rating-Methodik
  • Transaktionsüberwachung und Ratingentwicklung
  • Konkrete Ratingfragen bei vorliegender Transaktion 
12.05 – 13.30 Uhr

Mittagspause

13.30 - 14.30 Uhr

Überblick über eine konkrete Verbriefungstransaktion aus dem Bereich Auto-ABS
Martin J. Williamson, Volkswagen Bank GmbH  

  • Basiswert, Kreditvergabe und -abwicklung
  • Portfolioauswahl
  • Transaktionsstruktur
  • Projektzeitrahmen
  • Berichterstattung
  • Worauf man bei STS achten sollte
  • Marketing 
14.30 – 15.30

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

  • Offenlegungspflichten nach Art. 7 SecReg 
  • EDW - vom Data Repository zum Securitisation Repository 
  • Aktuelle Diskussion um weitere Offenlegung 
  • Vorteile von Daten im aktuellen Marktumfeld
15.30 – 15.45 Uhr

Kaffeepause
 

15.45 – 16.45 Uhr

ABS aus Investorensicht: Was brauchen Investoren zur Bewertung?
Bernhard Zahel, DWS Investment  

  • Analyse von Offering Circulars, Ratingreports, Deal Review
  • Mehrdimensionale Analyse von potentiellen ABS-Investments
  • Datenquellen im Rahmen der Analyse (Prospectus, Loan Data, Ratingreports)
  • Rolle von STS für Investoren
  • Szenarioanalyse und Bewertungs-/Prognoserisiken bei der Modellierung 
16.45 - 16.50 Uhr

Resümee und Schlusswort der TSI-Geschäftsführung 
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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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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Olga
Olga Kashkina
Global Capital Markets - VP, Asset Securitisation
ING Bank
Olga Kashkina has joined the ING’s Asset Securitisation team in 2022, following 5 successful years at Fitch, where she focused on rating assessments for European ABS deals across asset classes (Auto/SME Lease/Consumer ABS, RMBS). At ING, Olga closely works with group treasury on arranging/placement of RMBS (incl. in green format), supports external clients as an arranger for public German ABS transactions, as well on the origination of private lending facilities.
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Oliver
Dr Oliver Kronat
Partner, Global Financial Markets
Clifford Chance Partnerschaft mit beschränkter Berufshaftung
Dr Oliver Kronat is Partner in the Frankfurt office of Clifford Chance. Oliver specialises in advising on German and international structured finance transactions. His experience includes the securitisation of trade, consumer, leasing and loan receivables and the establishment of ABCP Conduit Programmes. as well as Fintech, Speciality Finance and Fund-Linked Note transactions. He also advises on the restructuring of securitisation and other structured finance transactions as well as on securitisations by insolvent companies.
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Thomas
Thomas Krug
Director Senior Director , European Structured Finance
Fitch Ratings – a branch of Fitch Ratings Ireland Limited
Thomas Krug is a Senior Director in Fitch Ratings’ European Structured Finance team. Based in Fitch’s Frankfurt office, Thomas works on securitisations of a variety of asset types in different jurisdictions, including auto loans and leases, equipment leases, and residential mortgages in Germany, the Netherlands, Scandinavia and Eastern Europe. He also published several research pieces on these asset types.

Prior to joining Fitch in 2013, Thomas worked for three years as a hedge fund analyst in the asset management department of a Hamburg-based bank. There, he was responsible for quantitative and qualitative investment manager due diligence reviews and fund-of-funds portfolio management.

Thomas holds a diploma in Economics from the University of Mannheim. He also is a Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) charterholder.
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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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Michael
Michael Osswald
Managing Director
STS Verification International GmbH
Michael Osswald is the Managing Director of STS Verification International GmbH (“SVI”), a third party verifier providing STS verifications of ABCP, non-ABCP and synthetic securitisations under the European securitisation regulation. He joined SVI in February 2019 and oversees all verification and related corporate activities of SVI across Europe. Michael has extensive securitisation experience both as investor and the origination and structuring of term ABS, ABCP and synthetic transactions, which he gained from 1998 at Landesbank Baden-Württemberg in Stuttgart and London and subsequently at ABN AMRO Bank in Frankfurt as part of the European ABS team. In 2009, he moved to the transportation finance division of KfW IPEX-Bank and was, prior to joining SVI, Senior Credit Officer at Erste Abwicklungsanstalt in Düsseldorf, where he was responsible for the asset securitisation, infrastructure, aviation and shipping sub-portfolios. Michael holds a degree in business administration from the Julius Maximilian University of Würzburg.
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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 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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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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Martin J.
Martin J. Williamson
Structurer, Treasury Department
Volkswagen Bank GmbH
Martin Williamson has been a member of the ABS Structuring team of Volkswagen Bank GmbH since 2017. In this role, he coordinates Investor Relation topics and has overseen transactions throughout Europe and the Asia Pacific Region. Volkswagen Financial Services and its subsidiaries are one of the largest Auto ABS issuers in the world with a global outstanding volume of approximately EUR 50.0bn. Martin holds a Master’s degree in Money and Finance from the Goethe University of Frankfurt.
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Sandra
Sandra Wittinghofer
Partner, Banking & Finance
Baker McKenzie Rechtsanwaltsgesellschaft mbH von Rechtsanwälten und Steuerberatern
Sandra Wittinghofer advises national and international banks and corporations in matters of finance and regulatory law. Her focus on structured finance and related banking regulatory matters covers work for arrangers, sponsors, originators, trustees and rating agencies. She has extensive experience in ABCP securitization transactions as well in term transactions, covering a wide range of asset classes. Since June 2019, she has been listed under "Best Lawyers" for Banking and Finance and Banking Regulatory law by Handelsblatt and is also ranked in Chambers Europe 2023 for Capital Markets - Structured Finance.
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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!
 

Aminata Camara

Veranstaltungsmanagement