Introduction to Securitization outlines the basics of
securitization, addressing applications for this technology to
mortgages, collateralized debt obligations, future flows, credit
cards, and auto loans. The authors present a comprehensive overview
of the topic based on the experience they have gathered through
years of interaction with practitioners and graduate students
around the world. The authors offer coverage of such key topics as:
structuring agency MBS deals and nonagency deals, credit
enhancements and sizing, using interest rate derivatives in
securitization transactions, asset classes securitized, operational
risk factors, implications for financial markets, and applying
securitization technology to CDOs. Finally, in the appendices, the
authors provide an essential introduction to credit derivatives, an
explanation of the methodology for the valuation of MBSABS, and
the estimation of interest rate risk.
Securitization is a financial technique that pools assets together
and, in effect, turns them into a tradable security. The end result
of a securitization transaction is that a corporation can obtain
proceeds by selling assets and not borrowing funds. In real life,
many securitization structures are quite complex and enigmatic for
practitioners, investors, and finance students. Typically, books
detailing this topic are either too lengthy, too technical, or too
superficial in their presentation. Introduction to Securitization
is the first to offer essential information on this topic at a
fundamental, yet comprehensive level-providing readers with a
working understanding of what has become one of today''s most
important areas of finance.
Authors Frank Fabozzi and Vinod Kothari, internationally
recognized experts in the field, clearly define securitization,
contrast it with corporate finance, and explain its advantages.
They carefully illustrate the structuring of asset-backed
securities ABS transactions, including agency mortgage-backed
securities MBS deals and nonagency deals, and show the use of
credit enhancements and interest rate derivatives in such
transactions. They review the collateral classes in ABS, such as
retail loans, credit cards, and future flows, and discuss ongoing
funding vehicles such as asset-backed commercial paper conduits and
other structured vehicles. And they explain the different types of
collateralized debt obligations CDOs and structured credit,
detailing their structuring and analysis. To complement the
discussion, an introduction to credit derivatives is also
provided.
The authors conclude with a close look at securitization''s impact
on the financial markets and the economy, with a review of the now
well-documented problems of the securitization of one asset class:
subprime mortgages. While questions about the contribution of
securitization have been tainted by the subprime mortgage crisis,
it remains an important process for corporations, municipalities,
and government entities seeking funding. The significance of this
financial innovation is that it has been an important form of
raising capital for corporations and government entities throughout
the world, as well as a vehicle for risk management. Introduction
to Securitization offers practitioners and students a simple and
comprehensive entry into the interesting world of securitization
and structured credit.
關於作者：
Frank J. Fabozzi, PhD, CFA, CPA, is Professor in the Practice
of Finance at Yale University''s School of Management, Editor of the
Journal of Portfolio Management, and Associate Editor of the
Journal of Structured Finance and the Journal of Fixed Income.
Vinod Kothari, chartered accountant, is an author, trainer,
and consultant on securitization, asset-based finance, credit
derivatives, and derivatives accounting. Kothari is a visiting
faculty member at the Indian Institute of Management, where he
teaches structured finance.
目錄：
Preface.
About the Authors.
Part One. Background.
Chapter 1. Introduction.
Chapter 2. Issuer Motivation for Securitizing Assets and the Goals
of Structuring.
Part Two. Structuring ABS Transactions.
Chapter 3. Structuring Agency MBS Deals.
Chapter 4. Structuring Nonagency Deals.
Chapter 5. Credit Enhancements.
Chapter 6. Use of Interest rate Derivatives in Securitization
Transactions.
Chapter 7. Operational Issues in Securitization.
Part Three. Review of ABS Collateral.
Chapter 8. Collateral Classes in ABS: Retail Loans.
Chapter 9. Asset-Backed Commercial Paper Conduits and Other
Structured Vehicles.
Chapter 10. Securitization of Future Cash Flows:Future Revenues,
Operating Revenues, and Insurance Profits.
Part Four. Collateralized Debt Obligations.
Chapter 11. Introduction to Collateralized Debt Obligations.
Chapter 12. Types of Collateralized Debt Obligations.
Chapter 13. Structuring and Analysis of CDOs.
Part Five. Implications for Financial Markets.
Chapter 14. Benefits of Securitization to Financial Markets and
Economies.
Chapter 15. Concerns with Securitization’s Impact on Financial
Markets and Economies.
Appendix A. Basics of Credit Derivatives.
Appendix B. Valuing Mortgage-Backed and Asset-Backed
Securities.
References.
Index.
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