Structured Finance and Collateralized Debt Obligations: New Developments in Cash and Synthetic Securitization, 2nd Edition

by Janet M. Tavakoli ( )

• ISBN13: 9780470391181
• ISBN10: 0470391189
• Format: eBook
• Copyright: 2008-08-01
• Publisher: Wiley

Summary

An up-to-date look at the exploding CDO and structured credit products marketIn this fully updated Second Edition, financial expert Janet Tavakoli provides readers with a comprehensive look at the CDO and structured credit products market amid recent developments. In addition to a detailed overview of the market, this book presents key issues in valuing structured financial products and important quality control issues. Tavakoli shares her experiences in this field, as she examines important securitization topics, including the huge increase in CDO arbitrage created by synthetics, the tranches most at risk from new technology, dumping securitizations on bank balance sheets, the abuse of offshore vehicles by companies, the role of hedge funds, critical issues with subprime, Alt-A, and prime mortgage securitizations, and securitizations made possible by new securitization techniques and the Euro. While providing an overview of the market and its dynamic growth, Tavakoli takes the time to explore the types of products now offered, new hedging techniques, and valuation and risk/return issues associated with investment in CDOs and synthetic CDOs.

Table of Contents

Preface

Acronym Key

Securitization Terminology

Structured Finance and Special Purpose Entities

Credit Derivatives and Total Rate of Return Swaps

CDOs and the Global Capital Markets

Risk and Valuation Issues

Early CDO Technology

Early Warning Commercial Financial Services

Subprime and Alt-A Mortgages: Collateral Damage

Cash versus Synthetic Arbitrage CDOs

CDO Equity Structures

CDO Managers

Balance-Sheet CLOs and CDOs

Super Senior Sophistry

Synthetics and Mark-to-Market Issues

Comments on Selected Structured Finance Products

Credit Funds

The Credit Crunch and CDOs

Future Developments in Structured Finance

Appendix: Interesting Web Sites

Bibliography

Index

Table of Contents provided by Publisher. All Rights Reserved.