Introduction to Structured Finance
by Frank J. Fabozzi (School of Management, Yale Univ.); Henry A. Davis; Moorad Choudhry ( )Format: eBook
Pub. Date: 2007-01-01
Publisher(s): Wiley
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Summary
Created by the experienced author team of Frank Fabozzi, Henry Davis, and Moorad Choudhry, Introduction to Structured Finance examines the essential elements of this discipline. It is a convenient reference guide-which covers all the important transaction types in one place-and an excellent opportunity to enhance your understanding of finance.
Table of Contents
| Preface | |
| About the Authors | |
| Introduction | |
| Definition of Structured Finance | |
| Other Definitions of Structured Finance | |
| Case Study: How Enron Has Affected the Boundaries of Structured Finance | |
| Conclusions | |
| Interest Rate Derivatives | |
| Interest Rate Forward and Futures Contracts | |
| Futures Contracts | |
| Interest Rate Swaps | |
| Options | |
| Caps and Floors | |
| Credit Derivatives | |
| Documentation and Credit Derivative Terms | |
| Credit Default Swaps | |
| Credit Default Swap | |
| Index | |
| Basket Default Swaps | |
| Asset Swaps | |
| Total Return Swaps | |
| Economics of a Total Return Swap | |
| Basic Principles of Securitization | |
| What Is a Securitized Transaction? | |
| Illustration of a Securitization | |
| Reasons Why Entities Securitize Assets | |
| Benefits of Securitization to Investors | |
| What Rating Agencies Look at in Rating Asset-Backed Securities | |
| Description of the Collateral | |
| Prepayments Measures | |
| Defaults and Delinquencies | |
| Securitization Structures | |
| Use of Interest Rate Derivatives in Securitization Transactions | |
| Credit Enhancement | |
| More Detailed Illustration of a Securitization | |
| Cash Flow Collateralized Debt Obligations | |
| Family of CDOs | |
| Basic Structure of a Cash Flow CDO | |
| CDOs and Sponsor Motivation | |
| Compliance Tests | |
| Synthetic Collateralized Debt Obligation Structures | |
| Motivations for Synthetic CDOs | |
| Mechanics | |
| Funding Mechanics | |
| Investor Risks in Synthetic Transactions | |
| Variations in Synthetic CDOs | |
| The Single-Tranche Synthetic CDO | |
| Summary of the Advantages of Synthetic Structures | |
| Factors to Consider in CDO Analysis | |
| Case Study | |
| Securitized and Synthetic Funding Structures | |
| Commerical Paper | |
| Asset-Backed Commercial Paper | |
| Synthetic Funding Structures | |
| Credit -Linked Notes | |
| Description of CLNs | |
| Illustration of a CLN | |
| Investor Motivation | |
| Settlement | |
| Forms of Credit Linking | |
| The First-to-Default Credit-Linked Note | |
| Structured | |
| Notes | |
| Structured Notes Defined | |
| Motivation for Investors and Issuers | |
| Issuance Form and Issuers | |
| Creating Structured Notes | |
| Examples of Structured Notes | |
| Large Ticket Leasing: Leasing Fundamentals | |
| How Leasing Works | |
| Types of Equipment Leases | |
| Full Payout Leases versus Operating Leases | |
| Reasons for Leasing | |
| Types of Lessors | |
| Lease Brokers and Financial Advisers | |
| Lease Programs | |
| Financial Reporting of Lease Transactions by Lessees | |
| Federal Income Tax Requirements for True Lease Transactions | |
| Synthetic Leases | |
| Valuing a Lease: The Lease or Borrow-to-Buy Decision | |
| Leveraged Lease Fundamentals | |
| Parties to a Leveraged Lease | |
| Structure of a Leveraged Lease | |
| Closing the Transaction | |
| Cash Flows During the Lease | |
| Debt For Leveraged Leases | |
| Facility Leases | |
| Construction Financing | |
| Credit Exposure of Equity Participants | |
| Tax Indemnification for Future Changes in Tax Law | |
| Need for a Financial Adviser | |
| The Steps in Structuring, Negotiating, and Closing a Leveraged Lease | |
| Project Financing | |
| What Is Project Financing? | |
| Reasons for Jointly Owned or Sponsored Projects | |
| Credit Exposures in a Project Financing | |
| Key Elements of a Successful Project Financing | |
| Causes for Project Failures | |
| Credit Impa | |
| Table of Contents provided by Publisher. All Rights Reserved. |
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