TSI Training

23 & 24 June 2026

TSI Training

Intensive Seminar Cash Securitisation (Auto ABS and RMBS)

The event
English
Dates
23. June 2026
08.45-17.50
24. June 2026
09.00-15.40
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

Early Bird Participation Fee
1.125 EUR for TSI Partner
1.410 EUR for all other participants

Participants of the Training can take advantage of exclusive DB event tickets for long-distance travel throughout Germany (ICE, IC/EC).
Book your DB journey now

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

Tuesday, 23.06.2026

8.45 – 9.00

Registration

9.00 – 9.20

Welcome and Introduction by TSI
Jan-Peter Hülbert

9.20 –10.10

Overview Securitisations
Stefan Rolf, ROLF Advisory

  • Types of Securitisations and Structures
  • Objectives, Advantages, and Disadvantages
  • Securitisation Markets in Europe
  • Overview of the Structuring Process 
10.10 – 11.10

Legal aspects – Assignment, Insolvency Protection, Tax Issues
Dr Martin Kaiser, Ashurst

  • Legal requirements for true sale structures
  • Tax questions
  • SWAP role and mechanisms
  • “Securitisation of lease receivables” 
11.10 – 11.30

Coffee break

11.30 – 12.30

Accounting aspects for the Originator and Investor
Sven Meyer, PwC

  • 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 
12.30 – 13.30

Regulatory Aspects of Securitisation – 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  

 

13.30 – 15.00

Lunch

15.00 – 16.00

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  
16.00 – 16.15

Coffee break

16.15 – 17.15

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 17.15

Get together

Wednesday, 24.06.2026

9.00 – 9.50

Eurosystem and Securitisation
Miriam Schmelter-Coste, 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 Third-Party Verification of STS Transactions
Marco Pause, SVI

  • Regulatory Fundamentals
  • Verification Process
  • Practical Experiences 
10.50 – 11.05

Coffee Break
 

11.05 – 12.05

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 
     
12.05 – 13.30

Lunch
 

13.30 - 14.30

Overview of a Specific Securitisation Transaction in the Auto ABS Segment
Uli Maute, BMW

 

14.30 – 15.20

Rating matters – Explained Using an Auto Transaction
Sebastian Mauersberger, S&P Global

  • Rating methodology  
  • Rating process and specific aspects of the sample transaction   
  • Transaction monitoring
     
15.20 – 15.40

Coffee Break

15.40 – 16.40

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  

 

16.40 – 16.45

Summary and Closing Remarks 
Jan-Peter Hülbert

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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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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Claire-Marie
Claire-Marie Mallad
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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Uli
Uli Maute
, Structured Finance
BMW Group
Uli Maute leads the ABS structuring efforts at BMW Group, overseeing the planning, arrangement, structuring, and execution of auto ABS transactions across various markets.

Before joining BMW, Uli was a Director in the Securitised Products Group at Lloyds Bank, where he managed the origination, structuring, and distribution of primarily term auto ABS and credit card transactions for clients in the UK and continental Europe. Prior to his role at Lloyds, he worked at Fitch Ratings in Frankfurt and London, ultimately holding the position of Senior Director and heading Fitch’s EMEA Consumer ABS rating team based in London.

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Sven
Sven Meyer
Partner, FS-CMAAS
PricewaterhouseCoopers GmbH WPG
Sven Meyer is Partner in the Financial Services Capital Markets Accounting & Advisory Service (FS-CMAAS) at PwC in Frankfurt am Main. He advises clients regarding the accounting of financial instruments, structured products and leasing transactions. He has more than 20 years experience from IFRS projects in the financial service sector.
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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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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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Miriam Schmelter-Coste
Market Analyst, Märkte
Deutsche Bundesbank
Miriam Schmelter-Coste arbeitet seit 2022 im Sicherheiten Team der Deutschen Bundesbank mit dem Fokus auf strukturierte Finanzprodukte als notenbankfähige Sicherheiten im Eurosystem.
Nach dem Abschluss ihres Studiums in Frankfurt am Main als Diplom Bertriebswirtin im Jahr 1995 begann Miriam Schmelter-Coste im Firmenkundenkreditgeschäft der Deutsche Bank AG. Von dort wechselte sie 1997 zur Deutschen Bundesbank, wo sie bis heute in verschiedenen Funktionen tätig ist.

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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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