Collateralized Debt Obligations and Structured Finance : New Developments in Cash and Synthetic Securitization

 
9780471462200: Collateralized Debt Obligations and Structured Finance : New Developments in Cash and Synthetic Securitization
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The most cutting-edge read on CDO and credit market structures
Collateralized Debt Obligations and Structured Finance provides a state-of-the-art look at the exploding CDO and structured credit products market. Financial expert Janet Tavakoli examines securitization topics never before seen in print, including the huge increase in the CDO arbitrage created by synthetics; the tranches most at risk from this new technology; dumping securitizations on bank balance sheets; the abuse of offshore vehicles by companies such as Enron; and securitizations made possible by new securitization techniques and the introduction of the Euro. This valuable guide comprehensively covers one of the fastest growing markets on Wall Street, predicting where new bank regulations and other developments may lead to product growth or product extinction. While providing an overview of the market and its dynamic growth, Collateralized Debt Obligations and Structured Finance explores the types of products offered, hedging techniques, and valuation and risk/return issues associated with investment in CDOs and synthetic CDOs.
Janet M. Tavakoli, MBA (Chicago, IL), has over eighteen years of experience trading, structuring, and marketing derivatives and structured products with major financial institutions in New York and London. She is also the author of Credit Derivatives and Synthetic Structures, now in its Second Edition (0-471-41266-X).

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From the Inside Flap:

What is a collateralized debt obligation (CDO)? What is securitization? What is a synthetic credit structure? What is an asset-backed security? Ask any market professional and they will all agree that these are structured products, but total agreement usually ends there–mainly because, in a global financial environment, one product may have more than one definition.

To help you keep up with the expanding CDO market and the various elements of structured finance, Collateralized Debt Obligations and Structured Finance digs deep to explain some of the newest areas in structured finance, particularly the CDO market and some of the problems created by its rapid growth.

Collateralized Debt Obligations and Structured Finance provides a state-of-the-art look at the exploding CDO and structured credit products market. Financial expert Janet Tavakoli–author of the widely popular Credit Derivatives and Synthetic Structures–examines a variety of securitization topics never before seen in print, including the huge increase in the CDO arbitrage created by synthetics; the tranches most at risk from this new technology; dumping securitizations on bank balance sheets; the abuse of offshore vehicles by companies such as Enron; and securitizations made possible by new securitization techniques and the introduction of the Euro.

This valuable guide comprehensively covers one of the fastest growing markets on Wall Street, predicting where new bank regulations and other developments may lead to product growth or product extinction. While providing an overview of the market and its dynamic growth, Collateralized Debt Obligations and Structured Finance also explores the types of products offered, hedging techniques, and valuation and risk/return issues associated with investing in CDOs and synthetic CDOs.

Written in a clear and accessible style, this book is a valuable resource that will provide you with critical insights into many areas of this important market sector.

From the Back Cover:

Praise for Collateralized Debt Obligations & Structured Finance

"Caveat emptor! Never in the history of finance has this warning been more appropriate. With the development of CDOs, credit derivatives, and other esoteric structured finance techniques, market participants–the savvy as well as the novice–are exposed to a bewildering array of new ideas, concepts, and structures. Janet Tavakoli has tackled these subjects in an outstanding mixture of exposition, mathematics, and skepticism. A must-read for anyone who plans to play in these markets."
–Jack Caouette
Vice Chairman, MBIA Insurance Corporation

"A timely and comprehensive survey of the latest developments in structured finance, particularly given the rapid pace of change in the last few years. The author’s depth of knowledge and wide experience are conveyed clearly to the reader. At a time when the industry’s ability to meet the complexities of the differing requirements of market participants is under challenge from both the events of the last cycle and the authorities, the insights offered in this book are especially valuable."
–Mark Hale
Group Strategist, Ansbacher & Co., Ltd.

"Structured finance is central to the continued development of active credit portfolio management. In this book, Tavakoli not only provides an authoritative account of many of the structured finance products employed by portfolio managers, but also addresses, in a forthright manner, a number of the ‘burning issues’ affecting the industry in a post-Enron world."
–John Cross
Global Head, Portfolio Management, Standard Chartered Bank

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