Developments in Collateralized Debt Obligations: New Products and Insights
by Lucas, Douglas J.; Goodman, Laurie... | HC | Good
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ApproximatelyΒ£7.79
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βPages can have notes/highlighting. Spine may show signs of wear. ~ ThriftBooks: Read More, β... Read moreAbout condition
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A book that has been read, but is in good condition. Minimal damage to the book cover eg. scuff marks, but no holes or tears. If this is a hard cover, the dust jacket may be missing. Binding has minimal wear. The majority of pages are undamaged with some creasing or tearing, and pencil underlining of text, but this is minimal. No highlighting of text, no writing in the margins, and no missing pages. See the sellerβs listing for full details and description of any imperfections.
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eBay item number:145821666059
Item specifics
- Condition
- Good
- Seller notes
- Binding
- Hardcover
- Weight
- 1 lbs
- Product Group
- Book
- IsTextBook
- No
- ISBN
- 9780470135549
About this product
Product Identifiers
Publisher
Wiley & Sons, Incorporated, John
ISBN-10
0470135549
ISBN-13
9780470135549
eBay Product ID (ePID)
57095478
Product Key Features
Book Title
Developments in Collateralized Debt Obligations : New Products and Insights
Number of Pages
304 Pages
Language
English
Topic
Investments & Securities / Real Estate, Finance / General, Investments & Securities / General
Publication Year
2007
Illustrator
Yes
Genre
Business & Economics
Book Series
Frank J. Fabozzi Ser.
Format
Hardcover
Dimensions
Item Height
1.1 in
Item Weight
17.1 Oz
Item Length
9.5 in
Item Width
6.4 in
Additional Product Features
Intended Audience
Trade
Dewey Edition
22
Series Volume Number
154
Dewey Decimal
332.6323
Table Of Content
Preface xi About the Authors xv Part One Introduction 1 Chapter 1 Review of Collateralized Debt Obligations 3 Understanding CDOs 3 Cash Flow CDOs 10 Synthetic Arbitrage CDOs 28 Conclusion 37 Chapter 2 Impact of CDOs on Collateral Markets 39 Collateralized Loan Obligations and the High-Yield Bank Loan Market 39 Structured Finance CDOs and the Mezzanine Mortgage ABS Market 42 Trust Preferred Securities CDOs and their Collateral Market 46 Conclusion 48 Chapter 3 CDO Rating Experience 49 CDO Rating Downgrade Data 50 CDO and Tranche Rating Downgrade Frequency 52 CDO Downgrade Patterns 54 Why Downgrade Patterns? 56 Downgrade Severity 58 Extreme Rating Downgrades 58 CDO "Defaults" and Near "Defaults" 61 Summary 71 Part Two Developments in Synthetic CDOs 73 Chapter 4 ABS CDO Collateral Choices: Cash, ABCDS, and the ABX 75 Growth of the Subprime Synthetic Market 75 Importance of ABCDS to CDO Managers 76 ABCDS 79 The ABX Index 82 Fundamental Contractual Differences--Single-Name ABCDS/ABX Index/Cash 83 Supply/Demand Technicals 89 What Keeps the Arbitrage From Going Away? 92 Bottom Line--Buyers versus Sellers 94 The Cash/ABCDS Basis and the CDO Arbitrage 94 Single-Name ABCDS versus ABX in CDOs 96 Summary 97 Chapter 5 Hybrid Assets in an ABS CDO 99 Corporate CDS and ABCDS 100 Advantages of Hybrid Assets in an ABS CDO 103 Illustrative Hybrid ABS CDO Structure 105 Cash Flow Challenges 107 Conclusions 115 Chapter 6 Synthetic CDO Ratings 117 Tests of Index Portfolios 117 AAA Ratings and Expected Loss versus Default Probability 120 Barbell Portfolios 121 Summary 122 Chapter 7 Credit Default Swaps on CDOs 125 CDO CDS Nomenclature 126 CDO Credit Problems and their Consequences 127 Alternative Interest Cap Options 130 Miscellaneous Terms 133 Cash CDO versus CDO CDS 134 Exiting a CDO CDS 135 Rating Agency Concerns on CDOs that Sell Protection via CDO CDS 136 Summary 137 Part Three Emerging CDO Products 139 Chapter 8 Trust-Preferred CDOs 141 Trust-Preferred Securities 141 Other TruPS CDO Assets 144 TruPS CDO Issuance 144 Bank TruPS Prepayments and New CDO Issuance 147 TruPS CDO Structure 148 Assumptions Used by Rating Agencies 150 TruPS CDO Performance 161 TruPS Issuers and Issues 163 Summary 166 Chapter 9 Commercial Real Estate Primer 169 Loan Origination 170 Property-Level Loans 172 Commercial Mortgage-Backed Securities 178 REIT Securities 182 Evaluating CREL and CMBS 183 CREL Historical Performance 186 CMBS Historical Performance 197 Summary 203 Chapter 10 Commercial Real Estate CDOs 205 CRE CDO Defined 205 Market Trends 207 CRE Finance before CDOs 209 Types of CRE CDOs 210 CRE CDO Performance 211 Investors 212 CRE CDO Credit Analysis 214 Rating CRE CDOs 215 Summary 220 Chapter 11 CRE CDO Relative Value Methodology 221 Whole Loan CREL CDOs versus High-Yield CLOs 221 Investment-Grade CMBS CDOs versus Mezzanine Structured Finance CDOs 228 Relative Value among CRE CDOs 234 Summary 241 Part Four Other CDO Topics 243 Chapter 12 Rating Agency Research on CDOs 245 Using Rating Watches and Outlooks to Improve the Default Prediction Power of Ratings 245 Changes in Rating Methodologies 252 Conclusions 255 Chapter 13 Collateral Overlap and Single-Name Exposure in CLO Portfolios 257 Collateral Overlap in U.S. CLOs 258 Favorite CLO Credits 263 Single-Name Risk and Tranche Protections 265 Excess Overcollateralization and Excess Overcollateralization Delta 266 Summary 272 Index 275
Synopsis
The fastest growing sector of the fixed income market is the market for collateralized debt obligations (CDOs). Subsequent to the publication of Collateralized Debt Obligations , Second Edition , there have been a number of market developments that the participants in the CDO market need to understand., Developments In Collateralized Debt Obligations The fastest growing sector of the fixed income market is the market for collateralized debt obligations (CDOs). Fostered by the development of credit default swaps (CDS) on all types of indexes of corporate bonds, emerging market bonds, commercial loans, and structured products, new products are being introduced into this market with incredible speed. In order to keep up with this dynamic market and its various instruments, you need a guide that provides you with the most up-to-date information available. That's why Douglas Lucas, Laurie Goodman, Frank Fabozzi, and Rebecca Manning have created Developments in Collateralized Debt Obligations . Filled with in-depth insights regarding new products, like hybrid assets in ABS CDOs and trust preferred CDOs, and detailed discussions on important issues-such as the impact of CDOs on underlying collateral markets-this book will bring you completely up to speed on essential developments in this field. Written in a straightforward and accessible style, Developments in Collateralized Debt Obligations will enhance your understanding of this ever-evolving market-and its numerous products., Developments In Collateralized Debt Obligations The fastest growing sector of the fixed income market is the market for collateralized debt obligations (CDOs). Fostered by the development of credit default swaps (CDS) on all types of indexes of corporate bonds, emerging market bonds, commercial loans, and structured products, new products are being introduced into this market with incredible speed. In order to keep up with this dynamic market and its various instruments, you need a guide that provides you with the most up-to-date information available. That's why Douglas Lucas, Laurie Goodman, Frank Fabozzi, and Rebecca Manning have created Developments in Collateralized Debt Obligations. Filled with in-depth insights regarding new products, like hybrid assets in ABS CDOs and trust preferred CDOs, and detailed discussions on important issues such as the impact of CDOs on underlying collateral markets this book will bring you completely up to speed on essential developments in this field. Written in a straightforward and accessible style, Developments in Collateralized Debt Obligations will enhance your understanding of this ever-evolving market and its numerous products.
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- f***f (1508)- Feedback left by buyer.Past 6 monthsVerified purchaseThe seller was incredibly communicative and was willing to lump together multiple items I'd purchased to combine shipping, which was greatly appreciated. The item itself was in perfect condition, looks better than in the photo, and was packaged well to avoid any damage during shipping. It arrived quickly and without any issues! Excellent Seller, Goes the Extra Mile. Smooth Transaction, Shipped Very Quickly, As Advertised; Good Price; Well Packaged & Delivered Within a Few Days. A+
- e***r (2699)- Feedback left by buyer.Past 6 monthsVerified purchaseThank you so much for offering this art book. Your price was fabulous on it. I had no communication, but you are no doubt a kind person. You are also a professional person, and your attention to detail really helped me in making my purchase decision. I'm adding you to my favorite seller list, and I always do shop with this list first. And also, I'd like to thank you for the lovely packaging, and the extremely fast shipping. The book was exactly as you described it. Happy New Year, if I can say.