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Author: Nadine Senanayake
Publisher: diplom.de
ISBN: 3836639521
Category : Business & Economics
Languages : en
Pages : 83
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Book Description
Inhaltsangabe:Introduction: In the past the basic concept of banking was when depositors were aspired to pay into banks or financial institutions which successively transferred these funds at a margin to individuals, businesses and credit worthy borrowers using methods of lending. The proportionate credit risk was the main apprehension of financial institutions that utilized existing functions and developed techniques to estimate the probability of these investors defaulting. In the 1980's significant technological advances assisted in the Securitization process, which enabled banks to hedge their credit-risk exposure by means of Securitization. Securitization was ranked amongst the big developments in the past years, like De-regulation, Globalization, Internationalization and the increasing permeation of technology. Securitization can be defined as a process of packaging individual loans and other debt instruments, concerting the package into a security, and enhancing their credit status or rating. Whereas the eighties were the age of securitization, one could describe the nineties as the age of asset securitization.[...] The worldwide issuance of assetbacked securities is expected to grow enormously in the future. In the 1990's we have seen a notable shift from the traditional loan financing to Securitization of bank assets within financial markets. The ABS has and remains to be an important form of balance sheet financing for financial institutions. Securitization is a widely used mechanism by financial institutions which add value to investors/shareholders and stakeholders if implemented in it's eligible framework. Since the proposed Financial Services Modernization Act of 1999 came into effect, the Glass-Steagall Act of 1933 which previously imposed restrictions on the integration process of banks, insurance and stock trading was eradicated; consequently: Boundaries between governments and markets were redrawn. This enabled consenting bankers the liberty to utilize mechanisms, which imparted in trail-blazing structures being introduced into the market. Moreover, dexterous bankers who have the capability to understand the complicated nature or intricacy of these structures did use them for their benefit by exploiting lacunas or setbacks in both the product and market sphere of the system. Hence, the focus of the paper will be to analyze the product functions namely, how the product was first initiated and the main incitement [...]
Author: Nadine Senanayake
Publisher: diplom.de
ISBN: 3836639521
Category : Business & Economics
Languages : en
Pages : 83
Get Book Here
Book Description
Inhaltsangabe:Introduction: In the past the basic concept of banking was when depositors were aspired to pay into banks or financial institutions which successively transferred these funds at a margin to individuals, businesses and credit worthy borrowers using methods of lending. The proportionate credit risk was the main apprehension of financial institutions that utilized existing functions and developed techniques to estimate the probability of these investors defaulting. In the 1980's significant technological advances assisted in the Securitization process, which enabled banks to hedge their credit-risk exposure by means of Securitization. Securitization was ranked amongst the big developments in the past years, like De-regulation, Globalization, Internationalization and the increasing permeation of technology. Securitization can be defined as a process of packaging individual loans and other debt instruments, concerting the package into a security, and enhancing their credit status or rating. Whereas the eighties were the age of securitization, one could describe the nineties as the age of asset securitization.[...] The worldwide issuance of assetbacked securities is expected to grow enormously in the future. In the 1990's we have seen a notable shift from the traditional loan financing to Securitization of bank assets within financial markets. The ABS has and remains to be an important form of balance sheet financing for financial institutions. Securitization is a widely used mechanism by financial institutions which add value to investors/shareholders and stakeholders if implemented in it's eligible framework. Since the proposed Financial Services Modernization Act of 1999 came into effect, the Glass-Steagall Act of 1933 which previously imposed restrictions on the integration process of banks, insurance and stock trading was eradicated; consequently: Boundaries between governments and markets were redrawn. This enabled consenting bankers the liberty to utilize mechanisms, which imparted in trail-blazing structures being introduced into the market. Moreover, dexterous bankers who have the capability to understand the complicated nature or intricacy of these structures did use them for their benefit by exploiting lacunas or setbacks in both the product and market sphere of the system. Hence, the focus of the paper will be to analyze the product functions namely, how the product was first initiated and the main incitement [...]
Author: Nadine Senanayake
Publisher: Diplomica Verlag
ISBN: 3836691418
Category : Asset-backed financing
Languages : en
Pages : 84
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Book Description
The study aims at analyzing the product and market functions of Asset-backed Securities (ABS) by firstly, distinguishing characteristics of the product functions and market functions in relation to Asset-backed Securitization within a general compass. The product functions the author refers to the phase prior to the issuing of securities, namely the structuring phase. Thus, the author will be drawing from history and developments in the market, players involved in the structuring process and descriptions of the basic product functions. Secondly, the author will elaborate on the market functions; the phase subsequent to the product being implemented into the market. Furthermore the author strives to give the reader a clear definition of the types of asset-backed securities and their functions within the market framework. Thirdly, the author will elaborate on the shortfalls in the ABS structure with relation to it's risk and continue to discuss the risks attributable to the product and market functions of ABS. Finally, the author will submit solutions for the featured risks within the framework and draw an outline as to the ABS securitization market in the future. Chapter 1: distinguishes characteristics of the product functions of Asset Backed Securitization, by explaining the key definitions associated with initiating the product phase. Initially the history and development of the ABS market will be unraveled; thereafter the author continues to describe the structure of the ABS process, explained by describing the role played by the key players in the process. Conclusively, the author exemplifies the two main concepts of securitization's product sphere namely, True sale/Conventional and Synthetic Securitization Chapter 2: distinguishes characteristics of the Market functions of Asset Backed Securitization, by explaining the different types of ABS also by giving a short description of each type of asset backed securities, namely, ABS, MBS, and CDO. Furthermore, the a
Author: Stefano Caselli
Publisher: Springer
ISBN: 3319541242
Category : Business & Economics
Languages : en
Pages : 215
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Book Description
This book, now in its second edition, provides an in-depth overview of all segments of the structured finance business, with particular reference to market trends, deal characteristics and deal structuring. The goal is to assist readers in gaining a clear understanding of the common features of structured finance transactions. The process of deal structuring for each type of transaction is carefully analyzed, with extensively updated chapters on asset securitization, project finance, structured leasing transactions and leveraged acquisitions. In the new edition, particular attention is paid to novel areas of intervention, such as public–private partnerships and non-performing loans in the resolution of bank restructuring. Although the subject of much criticism, structured finance, when used properly, offers an effective solution to the credit crunch that many European countries are suffering and is also a way to revive a single capital market for debt instruments. Readers will find this book to be an illuminating guide to the business and to the best market practices in organizing transactions. It will be of value for BSc and MSc finance students, professionals and consultants alike.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 79
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Book Description
Author: Andrew Davidson
Publisher: John Wiley & Sons
ISBN: 9780471022602
Category : Business & Economics
Languages : en
Pages : 584
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Book Description
A complete guide to securitization. * Analyzes leases, tax liens, and other new securitization markets developing globally. * Contains exercises and examples taken from real transactions. * Companion CD-ROM includes calculation tools and examples, data for models, ongoing updates on models, and Q&A with authors to address complex securitization questions.
Author: Frank J. Fabozzi
Publisher: John Wiley & Sons
ISBN: 1118044711
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
An in-depth look at the latest innovations in mortgage-backed securities The largest sector of the fixed-income market is the mortgage market. Understanding this market is critical for portfolio managers, as well as issuers who must be familiar with how these securities are structured. Mortgage-Backed Securities is a timely guide to the investment characteristics, creation, and analysis of residential real estate-backed securities. Each chapter contains cutting-edge information for investors, traders, and other professionals involved in this market, including discussions of structuring mortgage products-such as agency CMOs and new types of mortgages-and an in-depth explanation of the concept of option-adjusted spreads and other analytical concepts used to assess relative value.
Author: Anand K. Bhattacharya
Publisher: John Wiley & Sons
ISBN: 9781883249106
Category : Business & Economics
Languages : en
Pages : 436
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Book Description
Asset-Backed Securities provides comprehensive coverage of the major asset-backed securities, structuring issues, and relative value analysis from the leading experts in the field. Comprehensive coverage includes the expanding frontiers of asset securitization, introduction to ABS accounting, trends in the structuring of ABSs, and prepayment nomenclature in the ABS market.
Author: Suleman Baig
Publisher: John Wiley & Sons
ISBN: 1118234545
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
A step-by-step guide to implementing and closing securitization transactions Securitization is still in wide use despite the reduction in transactions. The reality is that investors and institutions continue to use this vehicle for raising funds and the demand for their use will continue to rise as the world's capital needs increase. The Mechanics of Securitization specifically analyzes and describes the process by which a bank successfully implements and closes a securitization transaction in the post subprime era. This book begins with an introduction to asset-backed securities and takes you through the historical impact of these transactions including the implications of the recent credit crisis and how the market has changed. Discusses, in great detail, rating agency reviews, liaising with third parties, marketing the deals, and securing investors Reviews due diligence and cash flow analysis techniques Examines credit and cash considerations as well as how to list and close deals Describes the process by which a bank will structure and implement the deal, and how the process is project managed and tested across internal bank departments While securitization transactions have been taking place for over twenty-five years, there is still a lack of information on exactly how they are processed successfully. This book will put you in a better position to understand how it all happens, and show you how to effectively implement an ABS transaction yourself.
Author: Charles Austin Stone
Publisher: John Wiley & Sons
ISBN: 1118006747
Category : Business & Economics
Languages : en
Pages : 469
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Book Description
A comprehensive guide to the continuously evolving world of securitization The Second Edition of The Securitization Markets Handbook is a valuable resource for both experienced money managers trying to put a securitization strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline. This edition takes a close look at the pre- and post-crash mortgage market and the mortgage-backed securities based on those mortgages, as well as other asset-backed securities including commercial paper or credit cards. The crash of the subprime market and the failure of the asset-backed markets offer an opportunity to learn about banking finance, specifically off-balance sheet finance, and the many costly mistakes that resulted in one of the most severe downturns in financial markets. With this book, you'll discover why certain mortgage and asset-backed securities imploded and others didn't. This new edition examines why the market failed and how the next crisis can be averted or made less severe. It also explains why securitization remains a primary source of capital for the mortgage market, credit card market, home equity market, auto loan market, and segments of the commercial paper market. Offers an informed overview of how the securitization market works, how to make money in it, and what's next for asset- and mortgage-backed securities after the crisis Contains new chapters on CDOs and SIVs, along with a history of the growth and crash of the subprime market, asset-backed securities, and home equity lines of credit Written by securitization experts Charles Stone and Anne Zissu Updated to reflect the current market environment, the Second Edition of The Securitization Markets Handbook offers clear, comprehensive guidance to these complex markets.
Author: Joseph C. Hu
Publisher: John Wiley & Sons
ISBN: 0470828994
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products. Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China. Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.
