The Structured Credit Handbook

The Structured Credit Handbook is a comprehensiveintroduction to all types of credit-linked financial instruments.This book provides state-of-the-art primers on single tranchecollateralized debt obligations (CDOs), collateralized loanobligations (CLOs), credit derivatives (such as credit defaultswaps and swaptions), and iBoxx indexes. Filled with in-depthinsight and expert advice, The Structured Credit Handbook coversall aspects of the synthetic arbitrage CDO market, including newinstruments such as CDO2. Readers will also gain a firmunderstanding of the investment rationale, risks, and rewardsassociated with CDO investments through this valuable resource. The exploding use of credit derivatives and collateralized debtobligations (CDOs) has transformed the world of credit, creating an$18 trillion market almost overnight and resulting in innumerableinvestment and career opportunities globally. The StructuredCredit Handbook provides the reader with a comprehensive andclear roadmap to today's new credit landscape. The full spectrum ofstructured credit products, from single-name CDS to CDOs, isexplained in a simple, clear fashion that is free from thefinancial jargon and mathematical complexity which characterizemany other derivative texts. The handbook begins with an in-depthexplanation of the building blocks of the structured creditmarkets, single-name default swaps and indexes, and it culminateswith complex products such as credit options, synthetic tranches,CDOs based on bank loans and asset-backed securities, andCDO-squareds. Written by experienced practitioners who have participated inthis market since its infancy, each of the thirteen chaptersintroduces and analyzes a new product and explains its practicalapplications. A rich set of real-life case studies illustrate theapplication of each product in a concrete market setting. The bookmay be used in a semester-long course on structured credit as partof a business or finance curriculum. Whether you are a marketprofessional, a university student or faculty member, or simply afinancially savvy layperson, look no further for an up-to-date andthorough introduction to this rapidly growing and excitingfield. Dr. Arvind Rajan, Managing Director, Citigroup Global Markets,is engaged in proprietary trading of Structured Credit products,and until recently, was global head of Structured Credit Researchand Strategy at Citigroup. Glen McDermott (New York, NY) isDirector of Fixed Income Sales and the former head of CDO Researchat Citigroup Global Markets Inc. Ratul Roy is head of CDO Strategyfor Citigroup Global Markets and has spent the prior nine years instructuring or analyzing CDOs and other structured creditproducts.