Book description
Structured bonds are often viewed as complex and opaque, and participants in the securitization and structured finance markets have traditionally had a narrow focus on a specific part of the securitization value chain. However, in the post credit crunch environment, the market is more regulated, standardized, transparent, and better structured with closer-aligned and more balanced incentives for all participants, more focus on investors and improved comprehension of these bond instruments. In order for the market to succeed, it is vital that all participants take a broader view and understand every part of the transaction lifecycle.
In Securitization and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide, Markus Krebsz draws on his years of experience in the global finance markets to provide a jargon-free guide to the entire lifecycle of securitization and structured finance deals. The book:
Introduces much needed sound practice principles, based on lessons learnt post credit crisis
Takes the reader through a generic deal's typical lifecycle stages
Discusses each stage of the deal in detail, from 'Pre-Close' (strategic aims, feasibility studies, deal economic analysis and transaction documentation) through 'Close' (credit ratings, investor appetite/marketability, legal considerations) and 'Aftercare' (reporting, surveillance and performance analysis, and ordinary and extraordinary repayment)
Opens up the author's personal 'tool box' and provides the reader with a comprehensive selection of references, tables, a glossary and other useful resources. Electronic versions of these tools are available from the book's companion website at
www.structuredfinanceguide.com
This unique, holistic and pragmatic insight into all deal life cycle stages makes Securitization and Structured Finance Post Credit Crunch an invaluable reference for all market participants in their efforts to get this important and – if used properly – hugely beneficial part of the capital markets back up and running.
Table of contents
- The Chartered Institute for Securities & Investment
- Title Page
- Copyright
- Dedication
- Preface
- Acknowledgments
- Chapter 1: Introduction
-
Part I: The credit crisis and beyond
-
Chapter 2: Looking back: What went wrong?
- 2.1 OVERVIEW
- 2.2 DATA, DISCLOSURE, AND STANDARDIZATION
- 2.3 PAPER REPORTS
- 2.4 ELECTRONIC REPORTS
- 2.5 DATA FEEDS
- 2.6 DEFINITIONS
- 2.7 REPORTING STANDARDS
- 2.8 UNDERWRITING STANDARDS
- 2.9 DUE DILIGENCE
- 2.10 DEAL MOTIVES
- 2.11 ARBITRAGE
- 2.12 RATING SHOPPING
- 2.13 OVERRELIANCE ON CREDIT RATINGS
- 2.14 MODELS, ASSUMPTIONS, AND BLACK BOXES
- 2.15 PROPRIETARY ANALYSIS
- 2.16 RISK MANAGEMENT AND RISK MITIGANTS
- 2.17 SENIOR MANAGEMENT AWARENESS
- 2.18 LACK OF DRILLDOWN CAPABILITY AND GROUP-WIDE CONTROLS
- 2.19 MARK TO MARKET, MARK TO MODEL, AND PRICING OF ILLIQUID BONDS
- 2.20 GOVERNMENT SALVAGE SCHEMES: WHAT’S NEXT?
- 2.21 RE-REMICS: PRIVATE VS. PUBLIC RATINGS
- 2.22 CONCLUSION
- Chapter 3: Looking ahead: What has happened since?
- Chapter 4: Sound practice principles
-
Chapter 2: Looking back: What went wrong?
-
Part II: Deal lifecycle
-
Chapter 5: Strategy and feasibility
- 5.1 STRATEGIC CONSIDERATIONS
- 5.2 KEY SIGNS FOR SECURITIZATION
- 5.3 DEAL STRUCTURE TYPE
- 5.4 ASSET CLASSES
- 5.5 PRIVATE ISSUANCE, PUBLIC ISSUANCE, OR CONDUIT FINANCING
- 5.6 CREDIT ENHANCEMENT AND PRICING
- 5.7 ASSET READINESS AND FEASIBILITY STUDIES
- 5.8 DOCUMENTATION REVIEW
- 5.9 TARGET PORTFOLIO AND DEAL ECONOMICS
- 5.10 INDICATIVE RATING AGENCY AND FINANCIAL MODELING
- 5.11 RATINGS MODELS
- 5.12 RATING METHODOLOGIES
- Chapter 6: Pre close
- Chapter 7: At close
- Chapter 8: Post close
-
Chapter 5: Strategy and feasibility
- Part III: Toolbox
-
Part IV: Analytical tools
- Chapter 11: Vendors
- Chapter 12: ABSXchange
- Chapter 13: Bloomberg
- Chapter 14: CapitalTrack
- Chapter 15: Fitch Solutions
- Chapter 16: Intex
-
Chapter 17: Lewtan Technologies
- 17.1 PIONEERS IN A FAST-GROWING INDUSTRY
- 17.2 BROADENING THE HORIZON
- 17.3 A GLOBAL SOLUTION
- 17.4 RESPONDING TO REGULATORY REQUIREMENTS
- 17.5 STREAMLINING WORKFLOWS WITH AUTOMATION TOOLS AND DATA FEEDS
- 17.6 ABSNet SCHEDULED EXPORT
- 17.7 HOME PRICE DEPRECIATION AND THE NEED FOR BETTER TOOLS
- 17.8 THE DEMAND FOR GREATER GRANULARITY
- 17.9 A BRIGHTER FUTURE
- Chapter 18: Moody’s Wall Street Analytics
- Chapter 19: Principia Partners: The Principia Structured Finance Platform
- Chapter 20: Trepp
- Chapter 21: Author’s toolbox
-
Chapter 22: Bloomberg’s structured finance tools: Tricks and tips
- 22.1 STRUCTURE PAYDOWN FUNCTION (SPA)
- 22.2 SUPER YIELD TABLE (SYT)
- 22.3 MORTGAGE CREDIT SUPPORT (MTCS)
- 22.4 COLLATERAL PERFORMANCE FUNCTION (CLP)
- 22.5 CMBS LOAN DETAIL SCREEN (LDES)
- 22.6 DELINQUENCY REPORT (DQRP)
- 22.7 COLLATERAL COMPOSITION GRAPH (CLCG)
- 22.8 CASH FLOW TABLE (CFT)
- 22.9 CLASS PAY DOWN (CPD)
- 22.10 RATING CHANGES (RATT)
- 22.11 MORTGAGE API EXCEL WORKBOOKS (MAPI)
- Chapter 23: Websites and other resources
- Appendix A: Glossary
- Appendix B: Ratings
- Appendix C: List of abbreviations
- Appendix D: Bibliography
- Index
Product information
- Title: Securitization and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide
- Author(s):
- Release date: May 2011
- Publisher(s): Wiley
- ISBN: 9780470713914
You might also like
book
Private Capital Investing
A step-by-step, comprehensive approach to private equity and private debt Private Capital Investing: The Handbook of …
book
Credit Securitisations and Derivatives: Challenges for the Global Markets
A comprehensive resource providing extensive coverage of the state of the art in credit secruritisations, derivatives, …
book
Private Capital Markets: Valuation, Capitalization, and Transfer of Private Business Interests + Website, 2nd Edition
Praise for Private Capital Markets Valuation, Capitalization, and Transfer of Private Business Interests "In the years …
book
Bonds without Borders: A History of the Eurobond Market
Bonds without Borders tells the extraordinary story of how the market developed into the principal source …