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

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

by Janet M. Tavakoli
     
 

ISBN-10: 0470288949

ISBN-13: 9780470288948

Pub. Date: 09/16/2008

Publisher: Wiley

The structured finance landscape has changed radically in the last several years, especially when it comes to collateralized debt obligations (CDOs). New technologies, tools, and products have opened the door to many profitable opportunities within this market, and an equal number of debacles have arisen due to misunderstandings, misuse, and outright fraud. In

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Overview

The structured finance landscape has changed radically in the last several years, especially when it comes to collateralized debt obligations (CDOs). New technologies, tools, and products have opened the door to many profitable opportunities within this market, and an equal number of debacles have arisen due to misunderstandings, misuse, and outright fraud. In order to achieve success and use structured technology in a beneficial fashion's well as avoid potential pitfalls—you need to gain a firm understanding of how to operate within such a dynamic environment.

That's why financial expert Janet Tavakoli has created Structured Finance and Collateralized Debt Obligations, Second Edition. Filled with in-depth insights and practical advice, this updated guide provides you with everything you need to value structured financial products. Incorporating a comprehensive overview of the CDO market and the elements of structured finance amid recent developments, Tavakoli provides the substance necessary to evaluate structured products—while making clear that mechanical models most often used by institutions and professionals have critical shortcomings. The models, she asserts, will inevitably fail if one does not understand how to evaluate fundamental value and handle quality control.

Chapter by chapter, Tavakoli shares her extensive experiences in this field, as she explores important securitization topics, including cash versus synthetic arbitrage CDOs; recent changes in the CDS market posed by CDSs on asset-backed securities (CDSs of ABS); synthetic indexes; subprime and Alt-A securitization; the role of hedge funds in this arena; securitizations made possible by the emergence of the Euro; and much more.

Along the way, Tavakoli takes the time to detail the different types of products now available, highlight new hedging techniques, and outline various valuation and risk/return issues associated with investing in CDOs and synthetic CDOs. She also looks at some instances of fraud and what can be done to recognize and remedy such situations, and focuses on some gray areas of opportunity presented by today's structured products.

Written with the serious financial professional in mind, Structured Finance and Collateralized Debt Obligations, Second Edition skillfully puts this discipline in perspective. It sheds much-needed light on how existing structuring technology has benefited new markets and has the potential to create even better products—and it provides a clearer understanding of these products so that you can confidently participate in this market and make more-informed decisions within it.

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Product Details

ISBN-13:
9780470288948
Publisher:
Wiley
Publication date:
09/16/2008
Series:
Wiley Finance Series, #461
Edition description:
New Edition
Pages:
480
Sales rank:
739,330
Product dimensions:
6.40(w) x 9.10(h) x 1.60(d)

Table of Contents

Preface.

Acronym Key.

CHAPTER 1: Securitization Terminology.

CHAPTER 2: Structured Finance and Special Purpose Entities.

CHAPTER 3: Credit Derivatives and Total Rate of Return Swaps.

CHAPTER 4: CDOs and the Global Capital Markets.

CHAPTER 5: Risk and Valuation Issues.

CHAPTER 6: Early CDO Technology.

CHAPTER 7: Early Warning Commercial Financial Services.

CHAPTER 8: Subprime and Alt-A Mortgages: Collateral Damage.

CHAPTER 9: Cash versus Synthetic Arbitrage CDOs.

CHAPTER 10: CDO Equity Structures.

CHAPTER 11: CDO Managers.

CHAPTER 12: Balance-Sheet CLOs and CDOs.

CHAPTER 13: Super Senior Sophistry.

CHAPTER 14: Synthetics and Mark-to-Market Issues.

CHAPTER 15: Comments on Selected Structured Finance Products.

CHAPTER 16: Credit Funds.

CHAPTER 17: The Credit Crunch and CDOs.

CHAPTER 18: Future Developments in Structured Finance.

APPENDIX: Interesting Web Sites.

Bibliography.

Index.

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