|
|
Usually ships within 1 to 3 working days
|
- Product code: 20886
- ISBN: 0470869879,
ISBN13: 9780470869871,
688 pages, hardback
Published by John Wiley & Sons on 2004
, 1st Rate this book...
Rating: 0.0/5 (0 votes cast)
|
|
|
|
|
Description of Global Securitisation and CDOs |
'This is an essential book for any practitioner, researcher or student of securitisation - concise and accurate coverage of the key aspects of securitisation on all the main and secondary markets of the world' - Alexander Batchvarov, Managing Director, International Structured Product Strategy, Merrill Lynch, London. 'John Deacon's original book became the leading textbook for those genuinely interested in gaining a profound and detailed understanding of the arcane world of securitisation. The new, updated version confirms John's status as the top writer in this sector. Securitisation has moved on, becoming ever more complex in both its detail and its variety, but John's book never fails to deal with all the intellectual challenges posed, in a clear, logical and comprehensive fashion. A must for all practitioners - I thoroughly enjoyed it' - Robert Palache, Managing Director, Head of European Infrastructure Finance and Corporate Securitisation, Barclays Capital.'
Deacon's book is an unparalleled treatise on all aspects of asset securitisation and CDOs and is ideal for use by both experienced market practitioners and by those new to the seemingly ever-expanding world of securitisation. The book comprehensively outlines the various structures encountered, ranging from true sale and future flow financings to synthetics and whole business, addressing not only the framework of the structures but also the regulatory and accounting implications. A must have reference book' - David Newby, Executive Director, ABN AMRO BANK N.V., Head of UK and Irish Securitisation, Head of European Commercial Real Estate Securitisation.Synthetic credit derivatives technology, CDOs, the covered bond market, the mortgage-backed market and M&A financing have all come together to make securitization the fastest growing and most flexible area of the global credit markets. This authoritative work looks at the recent synthetic structures and credit derivatives used in CDOs and at the new Basel Capital Accord and addresses the framework of these structures as well as the regulatory and accounting implications.
You'll find truly global insights, coverage of both the financial and legal aspects of securitization, and a glossary of market and legal terminology.
|
Reviews"This is an essential book for any practitioner, researcher or student of securitisation - concise and accurate coverage of the key aspects of securitisation on all the main and secondary markets of the world."
- Alexander Batchvarov, Managing Director, International Structured Product Strategy, Merrill Lynch, London
"John Deacon's original book became the leading textbook for those genuinely interested in gaining a profound and detailed understanding of the arcane world of securitisation. The new, updated version confirms John's status as the top writer in this sector. Securitisation has moved on, becoming ever more complex in both its detail and its variety, but John's book never fails to deal with all the intellectual challenges posed, in a clear, logical and comprehensive fashion. A must for all practitioners - I thoroughly enjoyed it."
- Robert Palache, Managing Director, Head of European Infrastr ucture Finance and Corporate Securitisation, Barclays Capi tal
"Deacon’s book is an unparalleled treatise on all aspects of asset securitisation and CDOs and is ideal for use by both experienced market practitioners and by those new to the seemingly ever-expanding world of securitisation. The book comprehensively outlines the various structures encountered, ranging from true sale and future flow financings to synthetics and whole business, addressing not only the framework of the structures but also the regulatory and accounting implications. A must have reference book."
- David Newby, Executive Director, ABN AMRO BANK N.V., Head of UK and Irish Securitisation, Head of European Commercial Real Estate Securitisation
"John Deacon’s experience in seeing a myriad of securitisation structures as an investor, as well as in using securitisation technology to create investment capacity brings a unique, practical perspective to the securitisation market. This book will become fundamental reading for both experienced securitisation professionals and those looking to understand this critical component of the capital markets."
- Iain Barbour, Global Head of Securitisation, Commerzbank Securities
"This book is one of the most comprehensive pieces covering the asset backed and CDO markets that I have ever read over my 15 years of involvement in the most innovative deals in the European Securitisation market. It provides a great knowledge base and reference point for CFOs, treasurers, investment bankers, lawyers, regulators, rating agencies and other market participants. I would recommend this book to anyone involved in the industry, whether they are new to the market or have 20 years experience."
- Andy Clapham, Senior Managing Director, Bear Stearns, Head of European Securitisation & CDOs; voted one of the top 10 Structured Finance professionals of all time in 2002
"This latest edition of John Deacon's book on securitisation once again provides bankers, lawyers and others with an up-to-date analysis of the whole range of securitisation - from simple receivables, through future flow and whole business, to synthetic. In addition to providing core legal analysis (which readers can research in more depth elsewhere if required), the book gives valuable insight into the key business issues that have to be addressed as well as the rationale for particular structures. The country analysis is an especially good starting point in looking at any jurisdiction."
- Neil Campbell, Partner, Paul, Hastings, Janofsky & Walker LLP, Head of Securitisation and Structured Finance, Asia-exJapan
"Drawing on his extensive experience as a highly successful market professional John Deacon has written an important, authoritative and comprehensive work on the burgeoning and highly dynamic global securitisation, credit derivative and CDO markets. His distinct and unique perspective combined with his lucid style results in an exceptionally clear, insightful and meticulous account of the markets including future opportunities and challenges. It is the essential reference book for all those involved in this area whether seasoned market professionals or those approaching it for the first time."
- Paul D Severs, Partner Clifford Chance LLP
"The most comprehensive text on securitisation I've seen. Most impressive. Required reference book for all my staff."
- Marcus Giancaterino, Managing Director, Head of European Securitisation, Citigroup
| Contents of Global Securitisation and CDOs |
Preface
About the Author
1. Introduction
1.1 Forms of securitisation
1.2 Rationale for securitisation
1.3 Global ABS markets
2. Rating and Credit Structure
2.1 Rating agencies
2.2 Credit enhancement and liquidity
2.3 Hedging and prepayment risk
3. Deal Structure
3.1 Ring-fencing and true sale
3.2 SPVs and trusts
3.3 Offshore centers
3.4 Commonly used offshore jurisdictions
3.5 Bonds and CP funding
3.6 Securities laws
3.7 US securities laws
3.8 UK securities laws
3.9 EU securities laws
3.10 Tax treatment
3.11 Accounting treatment
3.12 Capital treatment
3.13 Data and consumer regulation
3.14 Regulatory approvals
3.15 Administration and systems
4. Investor Concerns
4.1 Investor credit analysis
4.2 Eligibility criteria
4.3 Cash flow waterfall
4.4 Bond pricing and valuation
4.5 Performance and reporting
5. Asset Classes
5.1 ABS: Commercial and EETCs
5.2 ABS: Consumer and credit cards
5.3 Collateralised debt obligations
5.4 Commercial mortgage-backed securities
5.5 Covered bonds and Pfandbriefe
5.6 Future flows
5.7 Non-performing loans
5.8 Real estate investment trusts
5.9 Repackagings
5.10 Residential mortgage-backed securities
5.11 Trade receivables
5.12 Whole business securitisation
6. Opportunities and Challenges
6.1 Introduction
6.2 Significance of accounting and capital off-balance-sheet reform
6.3 New Basel Accord
7. Synthetics and Credit Derivatives
7.1 Synthetic securitisation: Credit derivatives.
7.2 Super-senior pieces
7.3 Pros and cons of synthetic securitisations for investors
7.4 Terminology and types of credit derivative
7.5 Use and pricing for credit derivatives
7.6 Structure and concerns
7.7 Regulatory capital advantages of synthetics
7.8 International capital treatment for credit derivatives
8. Whole Business Securitisation
8.1 Benefits and requirements of whole business deals
8.2 Structures
8.3 Corporate valuation
8.4 Rating analysis
8.5 Feasibility in different countries
8.6 Threats to whole business technology
9. The European Union
9.1 Ring-fencing and true sale
9.2 Securities laws
9.3 Tax treatment
9.4 Accounting treatment
9.5 Capital treatment
9.6 Data protection/confidentiality
9.7 Consumer protection
9.8 Other issues
10. Accounting for Securitisation
10.1 US accounting standards
10.2 UK accounting standards
10.3 International Accounting Standards
10.4 The influence of the European Union
11. Capital
11.1 Banking book
11.2 Trading book
11.3 New Basel Accord
11.4 Basel capital arbitrage
11.5 Off-balance-sheet treatment under Basel
11.6 Basel capital treatment and new Basel proposals
11.7 Capital for banking book exposures
11.8 Capital for trading book exposures
12. Global Securitisation Markets
12.1 Argentina
12.2 Australia
12.3 Austria
12.4 Belgium
12.5 Bolivia
12.6 Brazil
12.7 Canada
12.8 Chile
12.9 China
12.10 Colombia
12.11 Czech Repuplic
12.12 Denmark
12.13 Egypt
12.14 Finland
12.15 France
12.16 Germany
12.17 Greece
12.18 Hong Kong SAR
12.19 Hungary
12.20 India
12.21 Indonesia
12.22 Ireland
12.23 Israel
12.24 Italy
12.25 Japan
12.26 Korea
12.27 Luxembourg
12.28 Malaysia
12.29 Mexico
12.30 The Netherlands
12.31 New Zealand
12.32 Norway
12.33 Pakistan
12.34 Panama
12.35 Paraguay
12.36 Peru
12.37 The Philippines
12.38 Poland
12.39 Portugal
12.40 Russia
12.41 Scotland
12.42 Singapore
12.43 South Africa
12.44 Spain
12.45 Sweden
12.46 Switzerland
12.47 Taiwan
12.48 Thailand
12.49 Turkey
12.50 United Kingdom
12.51 United States
12.52 Venezuela
13. Terminology in the Securitisation and Derivatives Markets
References
Index
|
About John Deacon |
JOHN DEACON is Executive Director and Head of Debt Principal Finance at UBS in London where he focuses on asset-backed investment opportunities for the Euro 3 billion Brooklands Synthetic CDO series originated by UBS Principal Finance in London since 2001. He is also a co-founder of the ThorABS asset-backed securities website (www.ThorABS.com). Prior to joining UBS he was Head of Principal Finance at Greenwich NatWest, where he was responsible for the acquisition and restructuring of performing and non-performing assets for the balance sheet of the bank. Mr. Deacon has worked as a securitisation, principal finance and derivatives specialist in the European and Asian markets as an investor, issuer, investment banker and lawyer in London, Paris and Hong Kong. He has extensive global securitisation and principal finance experience from transactions in France, Hong Kong, Indonesia, Italy, Spain, Thailand and the UK and structuring in Germany, Japan, Korea, the Netherlands, Singapore, Sweden and the Philippines, for products as diverse as: * Principal finance * Non-performing loans * Whole business * Commercial mortgages * Synthetics * Residential mortgages * Credit derivatives * Auto leases and hire purchase contracts * Structured derivatives * Trade receivables * Bond repackagings * Multi-family residential real estate * CDO structures * Commercial real estate * Commercial paper conduits * Nuclear moratorium credits * Asset-backed MTN programmes * PFI receivables Mr. Deacon qualified as a lawyer at Clifford Chance. He is a Solicitor of the Supreme Court in England and Wales, a Solicitor of the Supreme Court in Hong Kong and an ACIB and has written articles for the International Securitisation Report and for the International Securitization & Structured Finance Report. He has spoken at seminars and workshops for securitisation and credit derivatives industry professionals organised by Euromoney, AIC Conferences, ICC and Futures & Options World.
|
Buyers of Global Securitisation and CDOs also bought
Bulk buying
| If you need bulk copies of Global Securitisation and CDOs, or are interested in opening a corporate account, please contact us. |
|
|
Shopping basket