Securitization and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide

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ABSXchange

12.1 INTRODUCTION

Standard & Poor’s Fixed Income Risk Management Services (S&P FIRMS) delivers a portfolio of products and services to investors that serve the global financial markets by providing market intelligence and analytic insight for risk-driven investment analysis, including for debt, structured finance, derivative, and credit markets. Standard & Poor’s Fixed Income Risk Management Services are performed separately from any other analytic activity of Standard & Poor’s.

ABSXchange is a core offering of S&P FIRMS. It is an advanced structured finance analytic resource that combines performance data, a deal model library, and cash flow analytics for a wide range of deal types, including RMBS, CMBS, ABS, and cash CDOs. The functionality at the core of ABSXchange is a cash flow generation engine. The engine was originally designed in 1991 as a bond administration application widely used in the U.S. by CMO issuers. Over time, the application evolved into a market-facing resource for ABS analytics with a strong focus on European content.

ABSXchange combines offering circulars, investor reports, collateral and deal performance data, cash flow models, portfolio monitoring tools, and cash flow analytics. The goal of this service is to provide end-users with similar or an improved level of disclosure throughout the life of a transaction as existed at its initial offering. Importantly, the service addresses three major challenges that investors have typically faced ...