Securitization and structured finance post creditcrunch: a best practice deal lifecycle guide

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 comprehensionof 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 creditcrisisTakes the reader through a generic deal's typical lifecycle stagesDiscusses 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.comThis 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."Krebsz has provided a thorough and helpful reference book on all aspects of structured finance. For the layman, the opening chapters will provide a useful account of the processes and motivations behind structured finance products. For those involved in the ongoing management of data and risk processes, the detail in later chapters on systems and infrastructure available is unique and it is good to find all of this information in one place.”Faten Bizzari, Principal at Eastfield Capital Ltd"Markus Krebsz has achieved a rare feat. He haswritten a book about securitization that is practical and useful for practitioners but at the same time provides enlightenment to the general reader If allmarket participants and investors were to read, learn and inwardly digest this book, common sense would doubtless prevail.”Ian Fraser, Financial Times correspondent and consulting editor at Bloomsbury Publishing's Qfinance" an authoritative text on the practicalities of securitization, providing a wealth of detailed information on the lifecycle of a typical deal. As the market for structured finance products comes gradually back to life, this book is likely to become a valuable reference for market participants.”Professor Alexander J. McNeil, Department of Actuarial Mathematics and Statistics, Heriot-Watt University"This is a fantastically researched in-depth publication that I learned a great deal from reading and will continue to consult on an ongoing basis. No matter which angle you come from this should be a must-read for all market participants both old and new.”Martin Sampson, European ABS Business Manager, Bloomberg L.P." a book that is both encyclopaedic in its coverage of the structured products business and a model of clarity of exposition.”Paul Wilmott, financial engineer and founder of Wilmott.com INDICE: Preface.Acknowledgments.1 Introduction.1.1 Setting the scene: About this book.1.2 Diagrammatical overview of deal lifecycle stages.1.3 Role-based roadmap to the book.PART I THE CREDIT CRISIS AND BEYOND.2 Looking back: Whatwent 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 andrisk 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.3 Looking ahead: What has happened since?3.1 Current initiatives: An overview.4 Sound practice principles.4.1 Data.4.2 Definitions.4.3 Standards.4.4 Investor focused.4.5 Motivation and deal drivers.4.6 Analysis.PART II DEAL LIFECYCLE.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.6 Pre close.6.1 Typical execution timing.6.2 Execution resources.6.3 Transaction counterparties.6.4 Transaction documents.6.5 Deal configuration.7 At close.7.1 Deal documents, marketing, and roadshow.7.2 Pre-sale report.7.3 Deal pricing and close.7.4 New-issuance reports.8 Post close.8.1 Servicing and reporting.8.2 Deal performance measurement.8.3 The performance analytics process.8.4 Deal redemption.PART III TOOLBOX.9 Understanding complex transactions.9.1 Structure diagrams.9.2 Analytical capabilities.9.3 The risk of overrelianceon ratings.9.4 Analytical roadmap.10 Data.10.1 The "meaning" of data.10.2 Static information.10.3 Dynamic data points.10.4 Data providers.PART IV ANALYTICAL TOOLS.11 Vendors.12 ABSXchange.12.1 Introduction.12.2 Performance data.12.3 Pool performance.12.4 Portfolio monitoring.12.5 Creating benchmark indexes.12.6 Cash flow analytics.12.7 Single-bond cash flow analysis.12.8 Single cash flow projection results.12.9 Advanced functionality.13 Bloomberg.14 CapitalTrack.14.1 Changing the data model used for structured finance instrument administration.14.2 The big fly in the ointment.14.3 CapitalTrack€”the new model.15 Fitch Solutions.15.1 Products and services.15.2 Research services.15.3 Structured finance solutions.15.4 Residential mortgage models.16 Intex.16.1 Company history.16.2 Overview.16.3 Cash flow models and data.16.4 New developments/releases.16.5 Partners.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 forbetter tools.17.8 The demand for greater granularity.17.9 A brighter future.18 Moody's Wall Street Analytics.18.1 ABS/MBS investors tools: Structured Finance Workstation.18.2 CDO investors' tools.18.3 ABS/MBS issuer tools.18.4 CDO tools for asset managers.18.5 CDOEdge for structurers.18.6 CDOnet Underwriter.19Principia Partners: The Principia Structured Finance Platform.19.1 Portfolio management.19.2 Risk management: Cash flow and exposure analysis.19.3 Operations and administration.19.4 Summary.20 Trepp.20.1 Company history.20.2 Product suite.20.3 Trepp for CMBS.20.4 Trepp derivative.20.5 Trepp loan.20.6 Powered by Trepp.20.7 Recent developments.20.8 Trepp's market affiliations.20.9 The future.21 Author's toolbox.21.1 Overview.21.2 Ratings tools.22 Bloomberg's structured finance tools: Tricks and tips.22.1 Structure paydown function (SPA).22.2Super Yield Table (SYT).22.3 Mortgage Credit Support (MTCS).22.4 Collateral Performance function (CLP).22.5 CMBS Loan Detail screen (LDES).22.6 DelinquencyReport (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).23 Websites and other resources.23.1 Trade bodies.23.2 Free data portals.23.3 Vendors.23.4 Structured finance periodicals and other useful resources.23.5 Rating agencies.APPENDIXES.A Glossary.B Ratings.B.1 FitchRatings.B.2 Moody's.B.3 Standard and Poor's.C List of abbreviations.D Bibliography.Index.

• ISBN: 978-1-119-97381-2
• Editorial: John Wiley & Sons
• Encuadernacion: Rústica
• Páginas: 344
• Fecha Publicación: 10/04/2012
• Nº Volúmenes: 1
• Idioma: Inglés