The Mechanics of Securitization. A Practical Guide to Structuring and Closing Asset-Backed Security Transactions

In this long-awaited handbook, noted experts Charles Stone and Anne Zissu provide an enlightening overview of how securitization works and explain how future cash flows from various asset classes—from credit card receipts to mortgage payments—can be packaged into bond-like products and sold to investors. Once a marginal source of funds, securitization is now an essential corporate funding technique widely adopted by financial and industrial companies throughout the world to finance both working capital and capital budgets. It is also used as a risk-management tool and a source of liquidity. Securitization has been adapted to fund corporate acquisitions, to capitalize future streams of revenue, and to liquidate pools of nonperforming loans. With examples from companies such as GE Capital, Ford Motor Credit, Countrywide Home Loans, and D&K Healthcare, The Securitization Markets Handbook provides descriptions of all major classes of asset-backed securities and offers a practice-oriented commentary on trends in securitization and the value of asset- and mortgage-backed securities across industries and throughout the global markets. The authors approach the topic from both sides of the market: the supply side, where assets are securitized and mortgage- and asset-backed securities are issued, and the demand side, where investors choose which classes of mortgage and asset-backed securities will enhance their portfolios or serve as efficient hedges. The book’s detailed explanations and practical examples make it a valuable guide both for experienced money managers trying to put a securitization strategy into place and for those new to securitization looking to acquire a broad and strong foundation in the subject.

A comprehensive guide to the continuously evolving world of securitization The Second Edition of The Securitization Markets Handbook is a valuable resource for both experienced money managers trying to put a securitization strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline. This edition takes a close look at the pre- and post-crash mortgage market and the mortgage-backed securities based on those mortgages, as well as other asset-backed securities including commercial paper or credit cards. The crash of the subprime market and the failure of the asset-backed markets offer an opportunity to learn about banking finance, specifically off-balance sheet finance, and the many costly mistakes that resulted in one of the most severe downturns in financial markets. With this book, you'll discover why certain mortgage and asset-backed securities imploded and others didn't. This new edition examines why the market failed and how the next crisis can be averted or made less severe. It also explains why securitization remains a primary source of capital for the mortgage market, credit card market, home equity market, auto loan market, and segments of the commercial paper market. Offers an informed overview of how the securitization market works, how to make money in it, and what's next for asset- and mortgage-backed securities after the crisis Contains new chapters on CDOs and SIVs, along with a history of the growth and crash of the subprime market, asset-backed securities, and home equity lines of credit Written by securitization experts Charles Stone and Anne Zissu Updated to reflect the current market environment, the Second Edition of The Securitization Markets Handbook offers clear, comprehensive guidance to these complex markets.

The recent financial crisis brought to light many of the misunderstandings and misuses of exotic derivatives. With market participants on both the buy and sell-side having been found guilty of not understanding the products they were dealing with, never before has there been a greater need for clarification and explanation. Exotic Options and Hybrids is a practical guide to structuring, pricing and hedging complex exotic options and hybrid derivatives that will serve readers through the recent crisis, the road to recovery, the next bull market and beyond. Written by experienced practitioners, it focuses on the three main parts of a derivative’s life: the structuring of a product, its pricing and its hedging. Divided into four parts, the book covers a multitude of structures, encompassing many of the most up-to-date and promising products from exotic equity derivatives and structured notes to hybrid derivatives and dynamic strategies. Based on a realistic setting from the heart of the business, inside a derivatives operation, the practical and intuitive discussions of these aspects make these exotic concepts truly accessible. Adoptions of real trades are examined in detail, and all of the numerous examples are carefully selected so as to highlight interesting and significant aspects of the business. The introduction of payoff structures is accompanied by scenario analysis, diagrams and lifelike sample term sheets. Readers learn how to spot where the risks lie to pave the way for sound valuation and hedging of such products. There are also questions and accompanying discussions dispersed in the text, each exploited to illustrate one or more concepts from the context in which they are set. The applications, the strengths and the limitations of various models are highlighted, in relevance to the products and their risks, rather than the model implementations. Models are de-mystified in separately dedicated sections, but their implications are alluded to throughout the book in an intuitive and non-mathematical manner. By discussing exotic options and hybrids in a practical, non-mathematical and highly intuitive setting, this book will blast through the misunderstanding of exotic derivatives, enabling practitioners to fully understand and correctly structure, price and hedge theses products effectively, and stand strong as the only book in its class to make these “exotic” concepts truly accessible.

To stay ahead of the competition, today?s organizations must invest in ongoing training that continuously improves their employees? knowledge and skills. A Practical Guide to Training and Development is a comprehensive resource that offers a theoretical, strategic, and practical foundation of the entire training process. The book outlines a step-by-step approach for assessing, designing, delivering and evaluating training.

Launched in 1991, the New Engineering Contract (NEC) has become one of the UK's leading standard forms of contract for major construction and civil engineering projects. Currently in the third edition, popularly known as NEC 3, it is a process based construction contract embodying project management best practice, and thus the basic philosophy behind the contract is different to the more adversarial principles and approach of other standard construction contracts. Written as a practical guide to the application of the procedures contained in NEC 3, this book will aid users in the transition from their use and understanding of the other standard construction contracts to the collaborative project management based approach of the ECC. Written for anyone working in the construction industry working on a project under the ECC, it will be of interest to the complete construction supply chain including employers, construction professions, contractors and sub-contractors. It will also be of interest to consultants and lawyers advising any of these parties, either in the preparation of contract documentation or the resolution of problem situations which may arise. A practical guide to the application of the procedures contained in the NEC Engineering and Construction Contracts Written specifically for people actually using and administering the NEC contracts – rather than lawyers Covers all the variations created by the Main and Secondary Options

An up-to-date look at the latest innovations in mortgage-backed securities Since the last edition of Mortgage-Backed Securities was published over three years ago, much has changed in the structured credit market. Frank Fabozzi, Anand Bhattacharya, and William Berliner all have many years of experience working in the fixed-income securitization markets, and have witnessed many cycles of change in the mortgage and MBS sectors. And now, with the Second Edition of Mortgage-Backed Securities, they share their knowledge on many of the products and structuring innovations that have taken place since the financial crisis and fiscal reform. Written in a straightforward and accessible style, and containing numerous illustrations, this timely guide skillfully addresses the investment characteristics, creation, and analysis of mortgage-backed securities. Each chapter contains cutting-edge concepts that you'll need to understand in order to thrive within this arena. Discusses the dynamic interaction between the mortgage industry, home prices, and credit performance Addresses revised valuation techniques in which all non-agency MBS must be treated as credit pieces Examines the shift in this marketplace since the crisis and the impact on industry and investors Filled with in-depth insights and expert advice, Mortgage-Backed Securities, Second Edition offers you a realistic assessment of this field and outlines the products, structures, and analytical techniques you need to know about in this evolving arena.

This book is designed to be a quick guide to European Union law and explains how it may be used for practical effect. It is written in a clear style for practitioners who are in a hurry to master the subject, and contains precedents of the kinds of documents they may have to prepare. It explains the basic law, the basic concepts, the procedure and the jargon in a way that lawyers new to the subject will find easy to understand. It will give them the answers they need fast. Throughout, there is extensive reference to case law. The new edition has been revised to take into account the 1997 Amsterdam Treaty, which consolidated and renumbered the articles of the Union Treaty and incorporated the Social Charter. It also covers recent case law and changes to competition law.

The comprehensive M&A guide, updated to reflect the latest changes in the M&A environment M&A, Second Edition provides a practical primer on mergers and acquisitions for a broad base of individuals numbering in the hundreds of thousands: Investment bankers involved with mergers and acquisitions (M&A). Equity analysts at hedge funds, risk arbitrage funds, pension funds, and banks, who invest in firms engaged in M&A. Private equity professionals at buyout funds, venture capital funds, and hedge funds, who routinely buy and sell companies. Corporate executives and business development professionals. Institutional loan officers working with M&A and buyout transactions. Business students at colleges and graduate business schools. Investor relations professionals at corporations and public relations firms. Lawyers who work with corporate clients on M&A-related legal, financial, and tax matters. Independent public accounting firms that review M&A accounting. Government regulators Sophisticated individual investors Its comprehensive approach covers each step in the process, from finding an opportunity, to analyzing the potential, to closing the deal, with new coverage of private equity funds and international transactions. This updated second edition also includes information on emerging markets, natural resource valuation, hostile takeovers, special deals, and more, plus new examples and anecdotes taken from more current events. Additional illustrations and charts help readers quickly grasp the complex information, providing a complete reference easily accessible by anyone involved in M&A. The mergers and acquisitions environment has changed in the thirteen years since M&A was initially published, creating a tremendous need for authoritative M&A guidance from a banker's perspective. This M&A update fills that need by providing the characteristic expert guidance in clear, concise language, complete with the most up-to-date information. Discover where M&A fits into different corporate growth strategies, and the unique merits it confers Delineate clear metrics for determining risk, valuation, and optimal size of potential acquisitions Gain deeper insight into the fundamentals of negotiation, due diligence, and structuring Understand the best time to sell, the best way to sell, and the process of the sale itself In the past decade, the dollar value of M&A deals has jumped ten-fold, and the number of individuals involved has expanded considerably. More and more executives, analysts, and bankers need to get up-to-date on the mechanics of M&A, without wading through volume after volume of dense, legalistic jargon. Finally, M&A is back – providing a complete reference to the current state of the M&A environment.

This best-selling text has been revised to reflect the requirements of the 17th Edition of the IEEWiring Regulations (BS 7671: 2008). It includes essential information on the new rules applied to special installations or locations, such as bathrooms, swimming pool locations, camping/caravan sites, marinas, exhibition and show locations, solar photovoltaic power supply systems, and floor and ceiling heating systems, amongst others. It presents clear explanations on inspection, testing, certification and reporting, test instruments and test methods, as well as covering: electricity, the law, standards and codes of practice; assessment of general characteristics; protection against electric shock, thermal effects, overcurrent, undervoltage and overvoltage; isolation and switching; the common rules of equipment selection; switchgear, protective devices and other equipment; wiring systems (including the external influences on them and cable installation methods); protective conductors, earthing and protective bonding; supplies for safety services; the smaller installation, and; specialised installations, such as outdoor lighting, installations in churches, multi-occupancy blocks of flats. These topics are addressed with pertinent regulation numbers, and a useful appendix lists the relevant Standards. Background guidance and worked examples are provided where appropriate. Like the earlier editions of this text, this new edition will be a useful aid for designers, installers and verifiers of electrical installations, students of the industry wishing to gain better understanding of the many facets of electrical safety, and ‘duty holders’ as defined by the Electricity at Work Regulations 1989.

Drawing on research from the fields of neuroscience, faculty development, work productivity, positive psychology, and resilience, The Peak Performing Professor is filled with techniques, strategies, and practical tools for managing the complexities of academic life while maximizing professional potential. This much-needed resource reveals the four skill sets (PACE) that enhance peak performance and shows faculty step-by-step how to: Power their work and lives with purpose and meaning. Align all of their activities with that purpose. Connect with mutually helpful colleagues and intimates. Energize themselves to thrive in this interesting and engaging career. To help develop these essential skills, the book contains exercises that can help faculty hone their abilities to anchor their work, roles, and use of time in their most deeply held values; to integrate their personal and professional lives into a seamless whole; to experience more work-life balance; and, ultimately, to create a legacy of a life well-lived. Administrators will also find the book a useful tool for guiding their faculty to produce, stay engaged, and experience job satisfaction. «The first time I saw Susan present her Pyramid of Power model, I knew I needed to learn more. This book provides both the ideas and the practical advice that can help faculty and faculty developers make our lives more effective and more livable.» —L. Dee Fink, author of Creating Significant Learning Experiences «An amazing book—essential reading for every faculty member. The integration of sound scholarship and practical advice is extraordinary. This book will power faculty workshops and faculty lives!» —Barbara Walvoord, professor emerita, University of Notre Dame; author of Effective Grading