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The Structured Credit Handbook
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Credit is probably almost as old as civilization itself. Certainly it has greased the wheels of commerce for several thousand years. For example, Hammurabi’s code1 (circa 1790 bce) makes reference to terms of debt repayment. Although commerce has been transformed by successive waves of innovation and development in the past few centuries, it was not until the last decade of the twentieth century that financial technology began to revolutionize the world of credit. In the past ten years, there has been a virtual explosion on a global scale in the application of structured credit technology, and this has resulted in a qualitative transformation of credit markets and a huge expansion in the use of structured credit prod- ucts. Traditional buyers of credit and new categories of investors such as credit hedge funds have begun to adopt structured credit solutions using a full spectrum of products, both cash and synthetic. Popular cash prod- ucts include credit-linked notes (CLNs) and collateralized debt obligations (CDOs). CDOs come in many varieties based on the underlying collateral: asset-backed securities (ABS) CDOs, leveraged loan collateralized loan obli- gations (CLOs), middle-market loan CLOs, commercial real estate CDOs, and emerging market CDOs. Synthetic products, often generically referred to as credit derivatives, range from single-name default swaps to indexes like the CDX and iTraxx to custom synthetic CDO tranches. Prior to the arrival of mathematical and structuring techniques, the world of credit was a straightforward and quintessentially human one: It was all about the lender getting comfortable with the borrower. The changes being wrought by structuring, then, could be compared to those that occurred during the industrial revolution, when manufacturing moved from the hands of skilled artisans to factories.
As a result, the global credit landscape is being irrevocably changed, and this book is a road map to this new world. Written by practitioners with the new investor in mind, it is dedicated to explaining and demystifying these products and broadening their adoption by traditional credit investors. Each chapter introduces the reader to a new product and the technology used to create it. It also uses case studies to illustrate the application of each product
in a concrete market setting.
ARVIND RAJAN - Personal Name
1st Edtion
978-0-471-74749-9
NONE
The Structured Credit Handbook
Accounting
English
John Wiley & Sons, Inc.,
2007
USA
1-478
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