Real Estate Finance & Securitisation

The course covers innovations in sources of real estate financing, the development of real estate securitisation and structured financing in Asia, and the structure of mortgage contract. The mathematics of mortgages and options including the calculation of various duration and convexity will be applied to evaluate risk sharing in securitised debt contracts and the pricing of embedded options. Emphasis will be placed on the investment characteristics and pricing of secondary real estate instruments such as Real Estate Investment Trusts (REITs), Mortgage-Backed Securities (MBS), Collateralised Mortgage Obligations (CMOs), asset-backed securitisation deals, as well as publicly traded shares. Unique features of REIT and MBS pricing and risk will also be analysed.

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