Collateralized Debt Obligations: Structures and Analysis - Hardcover

Goodman, Laurie S.; Fabozzi, Frank J.

Hardcover

ISBN 10: 0471234869 ISBN 13: 9780471234869

Publisher: John Wiley & Sons Inc, 2002

Synopsis

The collateralized debt obligation market has seen explosive growth in the last few years. To help you keep up with the expanding CDO market and its various instruments, Laurie Goodman and Frank Fabozzi have collaborated to bring you Collateralized Debt Obligations: Structures and Analysis. Written in a clear and accessible style, this book is a valuable guide that provides you with critical insights into many areas of this important market sector

This straightforward and well-rounded resource offers a wealth of practical information on the collateralized debt obligation market and its products

Topics covered include

• Cash flow versus market value structures
• Synthetic structures
• Structures backed by speculative and investment grade corporate bonds and loans, emerging market bonds, and structured finance products
• The appropriate default rate for high yield-backed structures
• Mezzanine and equity tranches
• PIK tranches
• Structural considerations and the CDO arbitrage

Filled with in-depth insight and expert advice, Collateralized Debt Obligation is required reading for those who seek to understand this market

About this title

About the Author

LAURIE S. GOODMAN, PhD, is a Managing Director at UBS Warburg and Head of the U.S. Securitized Products Strategy Group. She is responsible for research on the full range of securitized products–RMBS, ABS, CMBS, and CDOs. Dr. Goodman has worked on Wall Street for twenty years and is very well regarded by the investor community, having won more #1 slots on the Institutional Investor All-American Fixed-Income Research Team than any other analyst. She earned a doctorate in economics from Stanford University in 1978.

FRANK J. FABOZZI, PhD, CFA, is Editor of the Journal of Portfolio Management and an Adjunct Professor of Finance at Yale Universitys School of Management. Dr. Fabozzi is on the board of directors of the Guardian Life family of funds and the BlackRock complex of funds. He is also an Advisory Analyst for Global Asset Management (GAM) with responsibilities as Consulting Director for portfolio construction, risk control, and evaluation. He earned a doctorate in economics from the City University of New York in 1972 and, in 1994, received an honorary doctorate of humane letters from Nova Southeastern University. Dr. Fabozzi is a Fellow of the International Center for Finance at Yale University.

From the Back Cover

The collateralized debt obligation market has seen explosive growth in the last few years. To help you keep up with the expanding CDO market and its various instruments, Laurie Goodman and Frank Fabozzi have collaborated to bring you Collateralized Debt Obligations: Structures and Analysis. Written in a clear and accessible style, this book is a valuable guide that provides you with critical insights into many areas of this important market sector.

This straightforward and well-rounded resource offers a wealth of practical information on the collateralized debt obligation market and its products.

Topics covered include:
* Cash flow versus market value structures
* Synthetic structures
* Structures backed by speculative and investment grade corporate bonds and loans, emerging market bonds, and structured finance products
* The appropriate default rate for high yield-backed structures
* Mezzanine and equity tranches
* PIK tranches
* Structural considerations and the CDO arbitrage

Filled with in-depth insight and expert advice, Collateralized Debt Obligation is required reading for those who seek to understand this market.

From the Inside Flap

The market for collateralized debt obligations?including both collateralized bond obligations (CBOs) and collateralized loan obligations (CLOs)?is the fastest growing sector of the asset-backed securities market. In 1995, a major bond rating agency rated only six deals with a par value of $1 billion. By 2001, that same rating agency rated 277 deals with a par value of $101 billion.

To help you keep up with the expanding CDO market and its various instruments, Laurie Goodman and Frank Fabozzi have collaborated to bring you Collateralized Debt Obligations: Structures and Analysis. Written in a clear and accessible style, this book is a valuable guide that provides you with critical insights into many areas of this important market sector.

Collateralized Debt Obligations defines and describes many of the current products in the CDO arena?cash flow CDOs, market value CDOs, synthetic CDOs?and explains how to evaluate each of them. Whether you?re an investment manager or institutional investor, with this book as your guide you?ll learn how to analyze the risks associated with different types of CDOs, create and manage a portfolio of CDOs, and assess trading opportunities in the secondary market.

Filled with in-depth insights gleaned from years of investment and credit experience, Collateralized Debt Obligations examines a wide range of CDO topics that cannot be found in any other text.

Topics covered include:

• Cash flow versus market value structures
• Synthetic structures
• Structures backed by speculative and investment grade corporate bonds and loans, emerging market bonds, and structured finance products
• The appropriate default rate for evaluating high yield-backed structures
• Mezzanine and equity tranches
• PIK tranches
• Structural considerations and the CDO arbitrage

With the number of CDOs backed by structured financial products on the rise, there is even a chapter that covers the ABS, RMBS, CMBS, and REIT products typically used as collateral.

The collateralized debt obligations market is an exciting and profitable place for those who understand its complexities. With Collateralized Debt Obligations as your guide, you can begin to understand and take advantage of this ever-evolving market and its products.

Edition details

• Publisher: John Wiley & Sons Inc
• Publication date: 2002
• ISBN 10: 0471234869
• ISBN 13: 9780471234869
• Binding: Hardcover
• Language: English
• Edition number: 1
• Number of pages: 374