By Janet M. Tavakoli(auth.)
An updated examine the exploding CDO and based credits items market
during this totally up-to-date moment version, monetary professional Janet Tavakoli presents readers with a entire examine the CDO and based credits items industry amid contemporary advancements. as well as an in depth review of the marketplace, this publication offers key matters in valuing dependent monetary items and critical quality controls matters. Tavakoli stocks her studies during this box, as she examines very important securitization subject matters, together with the large elevate in CDO arbitrage created via synthetics, the tranches so much in danger from new know-how, dumping securitizations on financial institution stability sheets, the abuse of offshore cars through businesses, the function of hedge cash, severe concerns with subprime, Alt-A, and top loan securitizations, and securitizations made attainable by way of new securitization suggestions and the Euro. whereas delivering an summary of the industry and its dynamic development, Tavakoli takes the time to discover the kinds of goods now provided, new hedging strategies, and valuation and risk/return concerns linked to funding in CDOs and artificial CDOs.Content:
Chapter 1 Securitization Terminology (pages 1–6):
Chapter 2 established Finance and specified objective Entities (pages 7–44):
Chapter three credits Derivatives and overall price of go back Swaps (pages 45–81):
Chapter four CDOs and the worldwide Capital Markets (pages 83–89):
Chapter five hazard and Valuation matters (pages 91–115):
Chapter 6 Early CDO know-how (pages 117–142):
Chapter 7 Early caution advertisement monetary companies (pages 143–154):
Chapter eight Subprime and Alt?A Mortgages: Collateral harm (pages 155–192):
Chapter nine funds as opposed to artificial Arbitrage CDOs (pages 193–246):
Chapter 10 CDO fairness buildings (pages 247–290):
Chapter eleven CDO Managers (pages 291–294):
Chapter 12 Balance?Sheet CLOs and CDOs (pages 295–330):
Chapter thirteen great Senior Sophistry (pages 331–351):
Chapter 14 Synthetics and Mark?to?Market matters (pages 353–371):
Chapter 15 reviews on chosen dependent Finance items (pages 373–395):
Chapter sixteen credits cash (pages 397–404):
Chapter 17 The credits Crunch and CDOs (pages 405–427):
Chapter 18 destiny advancements in established Finance (pages 429–433):
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Additional info for Structured Finance and Collateralized Debt Obligations: New Developments in Cash and Synthetic Securitization, Second Edition
Several lawsuits include the following allegations. The owners allegedly borrowed hundreds of millions and diverted the money through a network of afﬁliated corporations. American Tissue was owned by Middle American Tissue as its sole asset, which was owned by Super American Tissue. It’s estimated American Tissue had more than 25 subsidiaries. One of the owners set up around 45 companies, which were afﬁliates of American Tissue. American Tissue lent money to the afﬁliates, and the loans required no interest payments and had no maturity.
The SPE can buy an asset denominated in one currency and issue an asset denominated in the investor’s preferred currency. Structured Finance and Special Purpose Entities 25 The SPE-issued note can imbed derivatives in the note for investors with regulatory restrictions, or who lack capacity to enter into derivatives transactions. Investors can do business even if they do not have ISDA documentation in place with the arranger, and may prefer the simpler medium-term note (MTN) documentation. The SPE-issued note can imbed derivatives for investors for whom the arranger doesn’t have credit lines or for which it doesn’t want to use up credit lines.
The SPE can issue notes linked to individual loans or clusters of loans for investors who cannot service loans or purchase loans outright. The SPE can issue freely transferable notes even if the underlying asset is a securitization of funding agreements with limited tradability. The SPE can issue notes linked to a portfolio of trade receivables. The SPE can buy an asset denominated in one currency and issue an asset denominated in the investor’s preferred currency. Structured Finance and Special Purpose Entities 25 The SPE-issued note can imbed derivatives in the note for investors with regulatory restrictions, or who lack capacity to enter into derivatives transactions.