Produktbild: Securitisation Swaps

Securitisation Swaps A Practitioner's Handbook

Aus der Reihe Wiley Finance Editions

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

08.04.2019

Verlag

John Wiley & Sons

Seitenzahl

232

Maße (L/B/H)

23,1/15,2/2,3 cm

Gewicht

476 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-53227-9

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

08.04.2019

Verlag

John Wiley & Sons

Seitenzahl

232

Maße (L/B/H)

23,1/15,2/2,3 cm

Gewicht

476 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-53227-9

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: Securitisation Swaps
  • About the Author xiii
     
    Foreword xv
     
    Acknowledgements xix
     
    Chapter 1
     
    Introduction 1
     
    Chapter 2
     
    Overview of Structured Funding 5
     
    Funding 5
     
    Funding Instruments 7
     
    Securitisation 8
     
    The Securitisation Process 8
     
    Structured Funding Participants 9
     
    Asset and Cash Flow Transformation 16
     
    Summary of Securitisation 18
     
    Master Trusts 18
     
    Securitisation and the GFC 21
     
    Covered Bonds 22
     
    Documentary Framework 24
     
    Offer Document 24
     
    Subscription Agreement 25
     
    Sale Agreement 25
     
    Trust Documentation 25
     
    Servicing Agreement 27
     
    Swaps 27
     
    Ancillary Service Provider Documentation 28
     
    Structured Funding Markets 31
     
    Risks 32
     
    Credit Risk 32
     
    Market Risk 32
     
    Liquidity Risk 33
     
    Prepayment Risk 33
     
    Extension Risk 34
     
    Downgrade Risk 34
     
    Operational Risk 35
     
    Legal Risk 35
     
    Chapter 3
     
    Asset-Backed Debt Structures 37
     
    Loan Pool Dynamics 37
     
    Derivation of Eq. (3.1) 38
     
    Pool Amortisation 42
     
    Securitisation Structures 42
     
    Standalone Structures with Pass-Through Tranches 42
     
    Standalone Structures with Bullet Tranches 47
     
    Standalone Structures with Controlled Amortisation Tranches 48
     
    Tranche Conservation Laws 49
     
    Master Trust RMBS Structures 50
     
    Credit Card ABS Structures 55
     
    Covered Bond Structures 57
     
    Hard Bullets 57
     
    Extendible Maturity Structures 58
     
    Comparison of Structures 59
     
    Chapter 4
     
    Swaps in Structured Funding 61
     
    An Overview of Vanilla Swaps 61
     
    Interest Rate Swaps 61
     
    Cross-Currency Swaps 64
     
    Vanilla Swap Pricing 66
     
    Asset Swaps 68
     
    Liability Swaps 70
     
    Standby Swaps 72
     
    Swap Priority and Flip Clauses 74
     
    Chapter 5
     
    Swap Prepayment Risk 79
     
    What is Swap Prepayment Risk? 79
     
    The Expected Swap Schedule 80
     
    Balance Guarantee Swaps 83
     
    Re-Hedging 84
     
    What Factors Drive Prepayment Rates? 90
     
    Monte Carlo Modelling of Swap Prepayment Risk 91
     
    Working with a Mixed Measure 92
     
    Modelling Prepayment 93
     
    Modelling the Market Risk Factors 96
     
    Simulation Methodology 97
     
    Greeks, Hedging and VaR 103
     
    Computing Greeks 103
     
    Hedging 104
     
    Value-at-Risk 106
     
    XVA 108
     
    Computing XVA for Swaps with Prepayment Risk 108
     
    Intermediated Asset Swaps 109
     
    Mitigation Strategies 110
     
    Risk Transfer 110
     
    Controlled Amortisation Structures 111
     
    Reducing Prepayment Volatility via Diversification 112
     
    Due Diligence and Surveillance 114
     
    Duty of Continuous Disclosure 115
     
    Step-Ups 116
     
    System Issues and Whole-of-Life Deal Management 116
     
    Trade Capture 116
     
    Trade Maintenance 117
     
    Risk Systems 118
     
    Chapter 6
     
    Swap Extension Risk 119
     
    What is Swap Extension Risk? 119
     
    Examples of Extension Risk 121
     
    Dependence on the Capital Structure: Standalone SPVs 126
     
    Extension Risk in UK RMBS Master Trusts 127
     
    Covered Bond Extension Risk 127
     
    A Simple Pricing Framework for 1-Factor Stochastic FX 128
     
    Full Pricing Framework in a Multi-Factor Setting 132
     
    Mitigation Strategies 133
     
    Pre-Trade Structuring v