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Wiley 的这本Global Securitization 丛书可以给你答案
正如UBS投行部的MD Steve Skerrett所说，Wiley的这本书能让你清楚的了解证券化市场的脉络，让你对结构化产品有足够的认识！
"This book is an excellent road map for the securitisation markets and is valued by seasoned professionals and market newcomers alike. It provides a comprehensive analysis of the structural issues encountered in transactions and is a good reference point for structurers and investors."
—Steve Skerrett, Managing Director, Head of European Securitisation, UBS Investment Bank
书本简介：
Securitisation technology has moved from the exotic to the mainstream, and in so doing is revolutionising the global bond markets. Synthetic credit derivatives technology, CDOs, the covered bond market, the mortgage-backed market and M&A financing have all come together to make securitisation the fastest growing, most widely applicable and most flexible area of the global credit markets, which can be used to raise efficient financing, to improve return on capital, to reduce credit exposure, to restructure and manage balance sheets, to diversify funding sources, to increase liquidity and to improve strategic profile.Global Securitisation and CDOs includes a detailed analysis of global asset-backed and CDO structures, and an extensive discussion of: recent synthetic and credit derivative structures used in CDOs and securitisations; the new Basel Capital Accord; development in worldwide accounting standards; the technology of whole business securitisations; the workings of 52 global markets ranging from the UK and Europe to the USA, Asia, Latin America and Australasia.
It is essential reading for secur itisation and CDO practitioners at investment banks, commercial banks, law firms, accounting firms and rating agencies, as well as for financial and corporate issuers and investors, and includes a detailed lexicon of industry jargon and know-how.
书本目录：
Preface xi
About the Author xiii
1 Introduction 1
1.1 Forms of securitisation 1
1.2 Rationale for securitisation 4
1.3 Global ABS markets 6
2 Rating and Credit Structure 13
2.1 Ratingag encies 13
2.2 Credit enhancement and liquidity 26
2.3 Hedging and prepayment risk 28
3 Deal Structure 37
3.1 Ring-fencing and true sale 37
3.2 SPVs and trusts 43
3.3 Offshore centres 46
3.4 Commonly used offshore jurisdictions 49
3.5 Bonds and CP funding53
3.6 Securities laws 55
3.7 US securities laws 55
3.8 UK securities laws 61
3.9 EU securities laws 64
3.10 Tax treatment 66
3.11 Accountingtreatmen t 68
3.12 Capital treatment 69
3.13 Data and consumer regulation 70
3.14 Regulatory approvals 71
3.15 Administration and systems 72
4 Investor Concerns 77
4.1 Investor credit analysis 77
4.2 Eligibility criteria 80
4.3 Cash flow waterfall 86
4.4 Bond pricingand valuation 93
4.5 Performance and reporting97
5 Asset Classes 103
5.1 ABS: Commercial and EETCs 104
5.2 ABS: Consumer and credit cards 106
5.3 Collateralised debt obligations 112
5.4 Commercial mortgage-backed securities 116
5.5 Covered bonds and Pfandbriefe 118
5.6 Future flows 125
5.7 Non-performingloan s 127
5.8 Real estate investment trusts 130
5.9 Repackagings 131
5.10 Residential mortgage-backed securities 133
5.11 Trade receivables 138
5.12 Whole business securitisation 140
6 Opportunities and Challenges 143
6.1 Introduction 143
6.2 Significance of accounting and capital off-balance-sheet reform 144
6.3 New Basel Accord 147
7 Synthetics and Credit Derivatives 151
7.1 Synthetic securitisation: Credit derivatives 152
7.2 Super-senior pieces 155
7.3 Pros and cons of synthetic securitisations for investors 157
7.4 Terminology and types of credit derivative 157
7.5 Use and pricingfor credit derivatives 158
7.6 Structure and concerns 159
7.7 Regulatory capital advantages of synthetics 164
7.8 International capital treatment for credit derivatives 165
8 Whole Business Securitisation 173
8.1 Benefits and requirements of whole business deals 173
8.2 Structures 175
8.3 Corporate valuation 179
8.4 Ratinganalys is 181
8.5 Feasibility in different countries 182
8.6 Threats to whole business technology 188
9 The European Union 197
9.1 Ring-fencing and true sale 198
9.2 Securities laws 199
9.3 Tax treatment 200
9.4 Accountingtreatment 200
9.5 Capital treatment 201
viii Contents
9.6 Data protection/confidentiality 204
9.7 Consumer protection 204
9.8 Other issues 205
10 Accounting for Securitisation 207
10.1 US accountingstandar ds 208
10.2 UK accountingstandar ds 211
10.3 International AccountingStandard s 213
10.4 The influence of the European Union 216
11 Capital 219
11.1 Bankingbook 219
11.2 Tradingbook 219
11.3 New Basel Accord 220
11.4 Basel capital arbitrage 220
11.5 Off-balance-sheet treatment under Basel 233
11.6 Basel capital treatment and new Basel proposals 236
11.7 Capital for bankingbook exposures 241
11.8 Capital for tradingbook exposures 253
12 Global Securitisation Markets 255
12.1 Argentina 255
12.2 Australia 256
12.3 Austria 259
12.4 Belgium 259
12.5 Bolivia 262
12.6 Brazil 262
12.7 Canada 263
12.8 Chile 265
12.9 China 265
12.10 Colombia 268
12.11 Czech Republic 268
12.12 Denmark 270
12.13 Egypt 271
12.14 Finland 271
12.15 France 273
12.16 Germany 282
12.17 Greece 291
12.18 HongKo ngSAR 291
12.19 Hungary 303
12.20 India 304
12.21 Indonesia 308
12.22 Ireland 312
12.23 Israel 316
12.24 Italy 316
12.25 Japan 327
12.26 Korea 340
Contents ix
12.27 Luxembourg344
12.28 Malaysia 345
12.29 Mexico 348
12.30 The Netherlands 348
12.31 New Zealand 353
12.32 Norway 354
12.33 Pakistan 355
12.34 Panama 355
12.35 Paraguay 356
12.36 Peru 356
12.37 The Philippines 356
12.38 Poland 358
12.39 Portugal 358
12.40 Russia 361
12.41 Scotland 361
12.42 Singapore 362
12.43 South Africa 368
12.44 Spain 369
12.45 Sweden 373
12.46 Switzerland 375
12.47 Taiwan 377
12.48 Thailand 379
12.49 Turkey 385
12.50 United Kingdom 386
12.51 United States 414
12.52 Venezuela 422
13 Terminology in the Securitisation and Derivatives Markets 423
References 657
Index 659
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