Suleman Baig, Moorad Choudhry

The Mechanics of Securitization (eBook, PDF)

A Practical Guide to Structuring and Closing Asset-Backed Security Transactions

• Format: PDF

Produktbeschreibung

A step-by-step guide to implementing and closing securitization transactions Securitization is still in wide use despite the reduction in transactions. The reality is that investors and institutions continue to use this vehicle for raising funds and the demand for their use will continue to rise as the world's capital needs increase. The Mechanics of Securitization specifically analyzes and describes the process by which a bank successfully implements and closes a securitization transaction in the post subprime era. This book begins with an introduction to asset-backed securities and takes you through the historical impact of these transactions including the implications of the recent credit crisis and how the market has changed. * Discusses, in great detail, rating agency reviews, liaising with third parties, marketing the deals, and securing investors * Reviews due diligence and cash flow analysis techniques * Examines credit and cash considerations as well as how to list and close deals * Describes the process by which a bank will structure and implement the deal, and how the process is project managed and tested across internal bank departments While securitization transactions have been taking place for over twenty-five years, there is still a lack of information on exactly how they are processed successfully. This book will put you in a better position to understand how it all happens, and show you how to effectively implement an ABS transaction yourself.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 208
• Erscheinungstermin: 1. Februar 2013
• Englisch
• ISBN-13: 9781118220733
• Artikelnr.: 37486268

Autorenporträt

SULEMAN BAIG works with the credit structuring team at Deutsche Bank AG in London. He has extensive experience dealing with first-time issuers and has structured a number of securitization transactions (both agency and principal) in a variety of asset classes and jurisdictions. Suleman graduated with a degree in mathematics from the London School of Economics. MOORAD CHOUDHRY is Treasurer, Corporate Banking Division at the Royal Bank of Scotland, and visiting professor in the Department of Mathematical Sciences, Brunel University. He is on the editorial board of the Journal of Structured Finance and a member of the editorial advisory board of American Securitization.

Inhaltsangabe

Foreword xi Preface xv PART ONE Introduction to Securitization 1 CHAPTER 1
Introduction to Securitization and Asset-Backed Securities 3 The Concept of
Securitization 4 The Process of Securitization 7 Securitizing Mortgages 14
ABS Structures: A Primer on Performance Metrics and Test Measures 18
Securitization: Features of the 2007-2008 Financial Crisis 24 Summary and
Conclusions 33 References 34 CHAPTER 2 The Securitization Market Post-2007
35 Market Observation 35 Impact on Rating Agencies 40 Summary and
Conclusions 42 PART TWO Guide to Closing a Securitization Transaction 45
CHAPTER 3 Structuring and Execution of a Transaction 47 A Securitization
Process 47 Summary and Conclusions 69 CHAPTER 4 The Rating Agency Process
and Legal Review 71 Select Rating Agencies 71 Undertaking Legal Due
Diligence 73 Begin Drafting Documents 78 Set Up the SPV 82 Modeling the
Transaction 85 Determine Capital Structure/Trigger Levels 90 Prepare
Marketing Materials 96 Pricing, Close, and Settlement 98 Summary and
Conclusions 99 CHAPTER 5 Static Synthetic CDO Cash Flow Waterfall Model 101
Summary and Conclusions 107 PART THREE Transaction Closing Templates and
Checklists 111 CHAPTER 6 Transaction Templates and Checklists 113 Red Sea
Master Series Limited Structure Diagram 113 Underlying Asset Pool 113 Draft
Term Sheet 120 Closing Process 126 Structuring Notes 127 Rating Agency
Preparation and Questionnaire 129 Loan-Level Data: Rating Agency Checklist
138 Agenda for Rating Agency Site Visit 140 Legal Counsel Review 140 Form
of Transfer Certificate 144 Investor and Rating Agency Presentation
Template 147 In-House Credit Rating Mapping Chart: Lower and Upper Values
149 Rating Agency Presentation: Corporate Bank Origination Processes 149
Loan Transfer Schedule of Tasks 154 Loan Transfers, Accounting Movements
158 Sign-Off Document: Securitization Project 160 Securitization Testing:
Finance Department 161 Accounting Process on Closing 166 EUR Junior Tranche
Trade Ticket 167 Senior Tranche Trade Ticket 168 Internal Transfer Booking
Process 169 Questions from Trustee, Paying Agent, and Services Provider 169
Summary and Conclusions 172 About the Authors 173 Index 175