Expansion and Diversification of Securitization Yearbook 2007

Name: Expansion and Diversification of Securitization Yearbook 2007
Brand: Kluwer Law International
Price: 272.99 EUR
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Jan Job de Vries Robbé Paul U. Ali(Author)

Kluwer Law International (Publisher)

Published on 21. December 2007

468 pages

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978-90-411-5811-6 (ISBN)

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Content

Cover
Half Title Page
Editorial Board
Title Page
Copyright Page
Summary of Contents
Table of Contents
Foreword
Preface
Contributors
Part I: Structured Credit
Chapter 1 Loan Trading Considerations under a CDO
1. DUE DILIGENCE ON LOAN ASSETS
2. TRANSFEREE CRITERIA
3. STANDARDIZED TRADING DOCUMENTATION
4. THE LMA'S PAR TRADING DOCUMENTS
5. SETTLEMENT OF PAR TRADES - THE T + 10 STANDARD
6. THE TRADE CONFIRMATION
7. THE STANDARD TERMS AND CONDITIONS
7.1. REPRESENTATIONS AND WARRANTIES: 'BIG BOY' LANGUAGE
7.2. DELAYED COMPENSATION
7.3. TRADE SPECIFIC TERMS
8. TRANSFER METHODS IN THE SECONDARY LOAN MARKET
9. NOVATION
10. LEGAL ASSIGNMENT
11. SUB-PARTICIPATION (ALSO KNOWN AS FUNDED PARTICIPATION)
12. DERIVATIVES
12.1. LOAN CREDIT DEFAULT SWAPS
12.1.1. Standard CDS terms
12.1.2. Standard LCDS terms
12.1.3. Settlement
12.1.4. Transatlantic Differences
12.1.5. Information
12.1.6. Banking Regulation
12.2. PERFECT ASSET SWAPS
12.2.1. Coupon Payments
12.2.2. Margin
12.2.3. Credit Contingent Cash-Flows
12.2.4. Borrower Default
12.2.5. Other Considerations
12.2.6. Pre-payment
12.2.7. Sale of the Loan
12.2.8. Information
13. CONCLUSION
Chapter 2 US Developments in Synthetic Securitization: Rampant Growth and the Spectre of SEC Regulation
1. OVERVIEW
2. DEVELOPMENTS IN SYNTHETIC SECURITIZATION
2.1. CDOS GENERALLY
2.2. SYNTHETIC ABS CDOS
2.3. DRIVERS IN THE RISE OF SYNTHETIC CDOS
2.4. NEW ASSET CLASSES AND MARKET DEVELOPMENTS FOR SYNTHETIC SECURITIZATION
2.4.1. Corporate CDS.
2.4.2. ABS CDS.
2.4.3. CDO CDS
2.4.4. Trading in CDS Market Indices
3. SEC REGULATION OF DERIVATIVES - RUMOR OR REALITY?
4. CONCLUSION
Chapter 3 Ratings Methodology for FX CDOs and CCOs
1. INTRODUCTION
2. COMMODITIES AND FOREX MARKET GENERAL OVERVIEW
2.1. COMMODITY MARKETS
2.2. FX MARKETS
3. FXCDO AND CCO STRUCTURE
4. HOW IS THE EXPOSURE TO SUCH CLASSES OBTAINED?
5. TRANSACTION
6. RISK ANALYTICS OF THE STRUCTURE
7. ESTIMATING THE DEFAULT PROBABILITY
7.1. FIRST FACTOR
7.2. SECOND FACTOR
7.3. THIRD FACTOR
8. CORRELATION ESTIMATION
9. RECOVERIES
10. CLOSING THOUGHTS
Part II: Alternative Assets
Chapter 4 The Dance of Debt: Learning About Income Securitization in a Small United Kingdom University
1. THE KEELE SECURITIZATION
2. ORGANIZATIONAL STRUCTURE OF THE SECURITIZATION
3. FINANCIAL STRUCTURE OF THE SECURITIZATION
4. CALCULATING THE NECESSARY INCREASES IN RENT
5. CALCULATING THE COST OF CAPITAL
6. EFFECT OF VARIATIONS IN THE RATE OF INFLATION
7. VALUE-FOR-MONEY
7.1. PAYING-OFF THE EXISTING DEBT
7.2. RETURNS ON THE REFURBISHMENT FUND
8. 'WELL WORKED-OUT BUSINESS PLANS'
9. THE INITIAL APPRAISAL
10. BIAS IN THE 'DOING NOTHING' SCENARIO
11. THE DOUBLE-COUNT OF INTEREST RECEIVED
12. THE DISCOUNT RATE
13. THE DETERIORATION IN THE TERMS OF THE CONTRACT
14. BURDENING THE FUTURE
15. THE ACCOUNTING TREATMENT
15.1. A TRANSFER OF RISK?
15.2. BALANCING THE BOOKS
15.3. PROBLEMS WITH THE AUDITORS
16. CONCLUSIONS
REFERENCES
Chapter 5 Securitizing Intellectual Property, with Some Comments on Taiwan
1. INTRODUCTION
2. SECURITIZATION AND HIGH-TECHNOLOGY COMPANIES
3. STRUCTURE OF AN INTELLECTUAL PROPERTY SECURITIZATION
4. SPECIAL CHARACTERISTICS OF INTELLECTUAL PROPERTY RIGHTS
5. LEGAL RISKS IN INTELLECTUAL PROPERTY SECURITIZATIONS
5.1. VALIDITY AND OWNERSHIP OF THE INTELLECTUAL PROPERTY RIGHTS
5.2. INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS
5.3. DURATION AND DURABILITY
6. INTELLECTUAL PROPERTY SECURITIZATION IN TAIWAN
6.1. ASSIGNMENT OF FUTURE INCOME/PROPERTY
6.2. TRUE SALE AND BANKRUPTCY REMOTENESS
6.3. NOTICE
7. CONCLUSION
Chapter 6 Eco-Finance and Securitization: Carbon as a New Asset Class
1. INTRODUCTION
2. INVENTORY SECURITIZATION
3. CARBON INSTRUMENTS
4. CARBON SECURITIZATION
5. CONCLUSION
Chapter 7 Managed Life: Securitization of Life Insurance Policies
1. INTRODUCTION
2. MANAGED INVESTMENT FUNDS AND DEBT RETURNS
3. A SECONDARY MARKET IN LIFE
4. SECURITIZING LIFE INSURANCE POLICIES
5. INSURABLE INTEREST RISK
6. CONCLUSION
Chapter 8 Securitization in Japan
1. 'HISTORY' OF SECURITIZATION IN JAPAN
2. DISCUSSION OF COMMON STRUCTURES
2.1. DOMESTIC TRUST STRUCTURES
2.2. DOUBLE CAYMAN ISLAND ENTITY STRUCTURES
2.3. KABUSHIKI KAISHA AND GODO KAISHA STRUCTURES
3. TMKS AND THE ASSET SECURITIZATION LAW
4. JAPAN LAW TRUSTS
5. LEGAL AND REGULATORY FRAMEWORK - SPECIFIED CLAIMS LAW, PERFECTION LAW, SERVICER LAW, ETC.
5.1. PERFECTION OF TRANSFERS
5.1.1. Article 467 of the Civil Code
5.1.2. Specified Claims Law
5.1.3. Perfection Law
5.2. SERVICING
5.3. MONEY LENDING
5.4. ASSET SECURITIZATION LAW
5.5. BANKRUPTCY LAW REFORM
5.5.1. Sale of Assets at a Fair Price
5.5.2. Assignments of Lease Rentals
5.5.3. Bankruptcy of Lessees
5.5.4. Bankruptcy of Lessors
5.5.5. Subordination
5.6. NEW JAPANESE COMPANY LAW
5.7. RELAXATION OF '2-YEAR RULE'
6. CREDIT RISK AND OTHER STRUCTURED PRODUCTS
6.1. CREDIT PRODUCTS
6.2. OTHER STRUCTURED PRODUCTS
7. THE FUTURE
7.1. ASSET CLASSES
7.1.1. Intellectual Property
7.1.2. Future Flow
7.1.3. Synthetics
7.1.4. Whole Business Securitizations
7.1.5. Other Asset Classes
Chapter 9 Securitization in the Project Finance and Infrastructure Arena
1. OVERVIEW
2. EXAMPLES OF SPECIFIC TRANSACTIONS
2.1. BLUE CITY INVESTMENTS
2.1.1. The Project - Background
2.1.2. Structure
2.1.3. Islamic Law
2.1.4. Omani law - Lack of Precedent
2.1.5. Land Ownership Structure
2.1.6. Corporate Structure
2.1.7. Security Structure - Project
2.1.8. Contingent Transfer
2.1.9. 'Pay or Die'
2.1.10. Further Notes
2.1.11. Credit Insurance Policy
2.2 SWINDON HOSPITAL
2.2.1. Structural Approaches in PFI Transaction
2.2.2. Monoline Insurance
2.2.3. Hedging
2.2.4. Payments on Early Redemption
2.2.5. Public/Private Bond Issuance Issues
2.2.6. Tax
2.2.7. Hybrid financing
3. CONCLUSIONS
Part III: Emerging Markets
Chapter 10 Microfinance Securitization: Thinking Outside the Box
1. INTRODUCTION
2. MICROFINANCE
3. MICROFINANCE AND SECURITIZATION
4. THREE EXAMPLES
5. PROCREDIT
6. BLUEORCHARD LOANS FOR DEVELOPMENT
6.1. PREVALENT RISKS
7. BRAC
7.1. STRUCTURE OF THE TRANSACTION
7.2. CONSIDERATIONS
8. CONCLUSION
Chapter 11 Securitization in Latin America
1. INTRODUCTION
2. EVOLUTION OF LATIN AMERICAN SECURITIZATION MARKETS
2.1. FIRST STAGE: INTERNATIONAL SECURITIZATION OF HARD-CURRENCY FUTURE FLOWS
2.2. SECOND STAGE: GROWTH OF LOCAL CAPITAL MARKETS
2.3. THIRD STAGE: STEPPING A FOOT INTO THE INTERNATIONAL MARKETS
3. RECENT YEARS IN LATIN AMERICAN SECURITIZATION MARKETS
4. CERTAIN LATIN AMERICAN SECURITIZATION MARKETS AT A GLANCE
4.1. RECENT YEARS OF SECURITIZATION IN ARGENTINA
4.2. RECENT YEARS OF SECURITIZATION IN BRAZIL
4.3. RECENT YEARS OF SECURITIZATION IN CHILE
4.4. RECENT YEARS OF SECURITIZATION IN MEXICO
5. OBSTACLES TO THE DEVELOPMENT OF SECURITIZATION MARKETS IN LATIN AMERICA
6. FUTURE OF LATIN AMERICAN SECURITIZATION'S MARKET
Chapter 12 Monetizing Sovereign Grants for Development Purposes: A Case Study of International Finance Facility for Immunisation Company
1. INTRODUCTION
2. BACKGROUND
2.1. AN 'INTERNATIONAL FINANCE FACILITY'
2.2. INTERNATIONAL FINANCE FACILITY FOR IMMUNIZATION
3. TRANSACTION STRUCTURE
3.1. THE GRANT AGREEMENTS
3.2. THE 'HIGH-LEVEL CONDITION'
3.3. APPROVAL OF IMMUNIZATION PROGRAMMES
3.4. CHARITABLE AND FISCAL STATUS OF IFFIM AND THE GFA
3.5. STATIC PORTFOLIO OF RECIPIENT COUNTRIES
3.6. TREASURY MANAGEMENT AND ADMINISTRATION
3.7. HEDGING
4. POLITICAL WILL: THE FOUNDATION OF IFFIM
5. LEGALLY BINDING NATURE OF THE UNITED KINGDOM GRANTS
5.1. FETTERING THE FUTURE EXERCISE OF EXECUTIVE POWERS
5.2. APPROPRIATIONS FROM BUDGETS
5.3. ENFORCEABILITY
6. ACCOUNTING IMPLICATIONS
7. CREDIT ANALYSIS
8. MULTILATERAL DEVELOPMENT BANK AND ZERO PER CENT RISK WEIGHTING
8.1. MULTILATERAL DEVELOPMENT BANKS
8.2 RATIONALE FOR SEEKING CLASSIFICATION AS AN MDB
8.3. CLASSIFICATION BY THE EUROPEAN BANKING COMMITTEE
8.4. CLASSIFICATION BY THE BASEL COMMITTEE ON BANKING SUPERVISION
9. FUTURE DEVELOPMENTS
9.1. APPLICATION TO OTHER DEVELOPMENT CAUSES
9.2. A SHARIAH-COMPLIANT TRANCHE?
Chapter 13 Islamic Securitization: Advances and Peculiarities
1. INTRODUCTION: SUKUK COME OF AGE
2. PROHIBITIONS AND PERMISSIONS
3. CANONICAL FORMS OF SUKUK
3.1. LEASE-BASED SECURTIZATION
3.2. SECURITIZATION OF USUFRUCT
3.3. SALAM CERTIFICATES
3.4. ISTISNÀ CERTIFICATES
3.5. MURABAHA CERTIFICATES
3.6. PARTERNSHIP AND AGENCY CERTIFICATES
4. (LEGAL) RISKS ASSOCIATED WITH ISLAMIC SUKUK STRUCTURES
5. CONCLUDING REMARKS
Chapter 14 South African Securitization Issuances on International Markets
1. INTRODUCTION
2. THE GROWTH OF THE SOUTH AFRICAN SECURITIZATION MARKET
3. A BRIEF HISTORY OF INTERNATIONAL SECURITIZATION ISSUANCES OUT OF SOUTH AFRICA
4. PRIMARY CHALLENGES TO OFFSHORE ISSUANCES
4.1. REGULATORY OVERVIEW
4.2. LOCAL VERSUS GLOBAL SCALE RATINGS
4.3. THE SOUTH AFRICAN ECONOMY
4.4. SYNOPSIS
5. THE NITRO INTERNATIONAL TRANSACTION
5.1. SOUTH AFRICAN ISSUANCE BY NITRO 2
5.2. EUROPEAN ISSUANCE BY NITRO INTERNATIONAL
5.3. NITRO INTERNATIONAL AND THE CHALLENGES TO OFFSHORE ISSUANCES
6. CONCLUSION
Part IV: MBS
Chapter 15 European CMBS: Structure and Developments
1. INTRODUCTION
2. WHAT IS CMBS?
2.1. WHICH ARE THE DIFFERENT CMBS TRANSACTION TYPES?
2.2. WHAT KIND OF CMBS NOTES ARE ISSUED?
2.3. WHAT IS THE RATIONALE FOR CMBS?
3. CMBS PARTIES
3.1. ISSUER
3.2. SELLER AND ORIGINATOR
3.3. SPONSOR, BORROWER AND PROPERTY MANAGER
3.4. LOAN (SPECIAL) SERVICER
3.5. (SECURITY) TRUSTEE
3.6. (CROSS CURRENCY) INTEREST RATE SWAP COUNTERPARTY
3.7. LIQUIDITY FACILITY PROVIDER
4. EVOLUTION IN EUROPEAN CMBS MARKETS
4.1. ISSUANCE
4.2. UNDERLYING PROPERTY TYPES
4.3. GEOGRAPHY: COUNTRY OF COLLATERAL
4.4. LOAN-TO-VALUE AND COVENANTS
5. EUROPEAN CMBS - LEGAL AND STRUCTURAL ISSUES
5.1. TRANSFER OF LOANS
5.2. (PAN) EUROPEAN ENFORCEMENT AND SECURITY
5.3. (P)REPAYMENTS OF LOANS AND NOTES
5.4. A/B NOTE STRUCTURES
5.4.1. Different Loan Types and A/B-Note Structures
5.4.2. The Main Differences between B-Notes, Below-Investment Grade CMBS and Mezzanine Debt
5.5. VARIOUS B-NOTE RIGHTS
5.5.1. Priority of Payment of Principal and Interest
5.5.2. Enforcement Rights
5.5.3. Cure Rights
5.5.4. Purchase Rights
5.5.5. Transfer of Rights
5.5.6. Approval Rights
5.5.7. Servicing Rights
6. SUMMARY AND EXPECTATIONS FOR THE EUROPEAN CMBS MARKET
Chapter 16 Servicing Italian CMBS Transactions
1. NOTION
2. GENERAL REGULATORY ASPECTS CONCERNING THE SERVICERS
3. SERVICING: THE REGULATED TASKS
4. DELEGATION OF FUNCTIONS
5. NON-REGULATED TASKS
6. OTHER SERVICES
7. SERVICER'S ADVANCES AND PROPERTY PROTECTION PAYMENTS
8. SERVICER'S OR SPECIAL SERVICER'S LOAN PURCHASE OPTION
9. SPECIAL SERVICING, ENFORCEMENT OF SECURITY AND LOAN WORKOUT
9.1. GENERAL - SHARE AND QUOTA PLEDGES
9.2. APPLICATION OF PROCEEDS OF ENFORCEMENT
9.3. TYPES OF ENFORCEMENT PROCEEDINGS
9.4. ENFORCING A MORTGAGE: THE FORCED SALE OF THE MORTGAGED PROPERTY
9.5. RECEIVABLES SECURITY
10. DATA PROTECTION
10.1. GENERAL
10.2. PERSONAL DATA PROCESSING
10.3. REMEDIES
Chapter 17 Securitization of Non-Performing Loans
1. INTRODUCTION
1.1. WHY SECURITIZE NPLS?
1.2. COMMON OBSTACLES TO THE SECURITIZATION OF NPLS
1.3. RECENT TRENDS IN THE EUROPEAN MARKET
2. SETTING UP THE DEAL
2.1. GETTING STARTED
2.2. KEY CONTRACTUAL FEATURES
2.2.1. Full disclosure: Relying on Seller's Representations and Warranties
2.2.2. Protection for Breach of Seller's Representations and Warranties
2.2.3. Size Matters and Credit Ratings Too: Credit Enhancement Features of NPLs' Portfolios
2.2.4. Providing Incentives to, and Monitoring, the Servicer
3. FINAL REMARKS: ALBEIT THE DIFFICULTIES, THE WAY AHEAD
Chapter 18 Financing the Westinghouse Acquisition
1. INTRODUCTION
2. OVERVIEW OF NEH, THE BONDS AND THE USE OF PROCEEDS
3. KEY COMMERCIAL CONSIDERATIONS
3.1. ACHIEVING THE RIGHT CREDIT RATING FOR THE BONDS
3.2. POTENTIAL UNWIND BETWEEN THE TIME OF THE BOND FINANCING AND THE ACQUISITION OF WESTINGHOUSE
4. THE PUT OPTION AGREEMENT AND THE PUT RIGHTS
4.1. THE PUT OPTION AGREEMENTS
4.2. IMPACT OF TOSHIBA EVENTS ON THE PUT RIGHTS
5. PUT RIGHT LETTER OF CREDIT
6 CHANGE OF CONTROL PUT RIGHT
7. PAYMENTS AND THE LETTERS OF CREDIT
7.1. PAYMENT FLOW PRIOR TO DEFAULT AND RELIANCE ON THE INTEREST LC
7.2. SOURCES OF REPAYMENT FOR THE PRINCIPAL AMOUNT OF THE BONDS AND RELIANCE ON THE PRINCIPAL LC
8. CONCLUSION
Part V: Regulatory
Chapter 19 Accounting for Securitizations: The Post IFRS World
1. SECURITIZATION: AN AUSTRALIAN/EUROPEAN PERSPECTIVE
2. IMPLICATIONS OF THE ADOPTION OF IFRS IN AUSTRALIA
3. APPLICATION OF UIG 112
4. APPLICATION OF AASB 139
5. GENERAL RULES - SALES WITH 'STRINGS ATTACHED'
5.1. SHOULD THE DERECOGNIZING PRINCIPLES BE APPLIED TO PART OR ALL OF A FINANCIAL ASSET?
5.2. HAVE THE RIGHTS TO THE CASH FLOWS EXPIRED?
5.3. HAS THE ENTITY TRANSFERRED SUBSTANTIALLY ALL RISKS AND REWARDS?
5.4. HAS THE ENTITY RETAINED SUBSTANTIALLY ALL RISKS AND REWARDS?
5.5. HAS THE ENTITY RETAINED CONTROL OF THE ASSET?
5.6. CONTINUE TO RECOGNIZE THE ASSET TO THE EXTENT OF THE ENTITY'S CONTINUING INVOLVEMENT
6. RECOGNITION OF GAINS AND LOSSES ON TRANSFER
7. SECURITIZATIONS
7.1. CONSOLIDATION OF SPES
7.2. HAS THE ENTITY TRANSFERRED ITS RIGHTS TO RECEIVE THE CASH FLOWS FROM THE ASSETS?
7.3. HAS THE ENTITY ASSUMED AN OBLIGATION TO PAY THE CASH FLOWS FROM THE ASSETS THAT MEET THE PASS-THROUGH CRITERIA?
7.4. RISKS AND REWARDS
7.5. CONTROL
7.6. CONTINUING INVOLVEMENT
8. ACCOUNTING ANALYSIS OF CERTAIN FINANCING STRUCTURES USING SPES
8.1. EXAMPLE 1 COLLATERALIZED DEBT OBLIGATIONS (CDOS)
8.1.1. Overview of Structure
8.1.2. Accounting Analysis - Applying the Flow Chart
8.1.3. Consolidation of the SPE?
8.1.4. Has the Entity Transferred its Rights to Receive Cash Flows from the Assets?
8.1.5. Have the Pass-through Conditions been Met?
8.1.6. Has the Entity Transferred Substantially all the Risks and Rewards?
8.2. EXAMPLE 2. RESIDENTIAL MORTGAGE-BACKED SECURITIZATIONS
8.2.1. Overview of Structure
8.2.2. Accounting Analysis - Applying the Flow Chart
8.2.3. Consolidation of the SPE?
8.2.4. Has the Entity Transferred its Rights to Receive Cash Flows from the Assets?
8.2.5. Have the Pass Through Criteria been Met?
8.2.6. Has the Entity Transferred Substantially all the Risks and Rewards?
8.3. EXAMPLE 3. TRADE RECEIVABLES
8.3.1. Overview of Structure
8.3.2. Accounting Analysis
8.3.2.1. Consolidation of the SPE?
8.3.2.2. Has the Entity Transferred its Rights to the Cash Flows?
8.3.2.3. Have the Pass Through Conditions been Met?
8.3.3. Has the Entity Transferred Substantially all the Risks and Rewards?
8.3.4. Has the Entity Transferred Control of the Asset?
8.4. EXAMPLE 4. CREDIT LINKED NOTES
8.4.1. Overview of Structure
8.4.2. Accounting Analysis
8.4.2.1. Consolidation of the SPE?
8.4.3. Have the Entity Transferred its Rights to Receive Cash Flows from the Asset?
8.4.4. Have the Pass-through Criteria been Met?
9. HAS THE US MOVED YET?
10. US ACCOUNTING OVERVIEW
10.1. SALE CRITERIA
10.1.1. Legal Isolation
10.1.2. Right to Pledge or Exchange
10.1.3. Effective Control Criteria
10.2. CURRENT DEVELOPMENTS IMPACTING THE SALE CRITERIA
11. CONSOLIDATION
12. QUALIFYING SPECIAL PURPOSE ENTITIES (QSPES)
12.1. DEMONSTRABLY DISTINCT NATURE OF A QSPE
12.2. ACTIVITIES OF A QSPE
12.3. ASSETS A QSPE MAY HOLD
12.4. SELLING OF NONCASH FINANCIAL ASSETS HELD BY A QSPE
13. CURRENT DEVELOPMENTS IMPACTING QSPES
14. VARIABLE INTEREST ENTITY
15. VARIABLE INTEREST ENTITIES
16. DETERMINING CONSOLIDATION OF VIE BASED ON VARIABILITY
17. DECISION TREE TO DETERMINE IF SALE OR SECURED BORROWING
18. INITIAL ACCOUNTING/GAIN-ON-SALE CALCULATION
19. IMPACT OF PROPOSED CHANGES
20. SUBSEQUENT ACCOUNTING
21. CONCLUSION
Chapter 20 Recharacterization Risk in Securitization and Other Structured Finance Transactions - Looking Beyond the Demise of the Fixed Charge
1. INTRODUCTION
2. THE NATURE AND INCIDENCE OF RECHARACTERIZATION RISK
2.1. THE RECENT EXPANSION OF RECHARACTERIZATION RISK
2.2. CHARACTERIZATION: A MATTER OF SUBSTANCE OVER FORM?
2.3. APPROACHES TO THE QUESTION OF RECHARACTERIZATION
2.4. FOLLOWING THE 'EXTERNAL' ROUTE: WHEN WILL A TRANSACTION BE FOUND TO BE A 'SHAM'?
2.5. FOLLOWING THE 'INTERNAL' ROUTE: WHEN WILL A TRANSACTION THAT IS NOT A 'SHAM' NONETHELESS BE RECHARACTERIZED?
2.5.1. The Starting Point
2.5.2. The Influence of Agnew and Spectrum Plus: A Two Stage Process
2.6. LOOKING AT THE LABELS USED IN THE DOCUMENTS
2.7. LOOKING BEYOND THE LANGUAGE OF THE DOCUMENTS
2.8. NATURE AND SUBSTANCE OF THE TRANSACTION - LEGAL OR ECONOMIC?
2.9. STRUCTURING TRANSACTIONS SO AS TO AVOID THE APPLICATION OF SPECIFIC LEGISLATION
3. APPLICATIONS AND CONSEQUENCES OF RECHARACTERIZATION IN STRUCTURED FINANCE
3.1. WHY STRUCTURED FINANCE TRANSACTIONS ARE PARTICULARLY SUSCEPTIBLE TO RECHARACTERIZATION RISK
3.1.1. The Tailored Nature of Structured Finance Transactions
3.1.2. The Ever Increasing Size of the Market for Structured Transactions
3.1.3. The Increased Focus on the Role of Structured Finance in Global Markets
3.2. 'TRUE SALES' OF ASSETS TO CASH SECURITIZATION AND CASH CDO VEHICLES
3.3. REPOS AND SECURITIES LENDING TRANSACTIONS
3.4. TITLE TRANSFER COLLATERAL IN DERIVATIVES TRANSACTIONS
3.5. RIGHTS OF SUBSTITUTION AND REUSE IN COLLATERALIZED DERIVATIVES TRANSACTIONS
3.6. ASSIGNMENT RIGHTS IN HYBRID SECURITIES TRANSACTIONS
3.7. CREDIT DERIVATIVES IN SYNTHETIC SECURITIZATIONS AND SYNTHETIC CDOS
3.8. EMBEDDED OPTIONS IN SECURED STRUCTURED PRODUCTS
4. CONCLUSIONS
Chapter 21 Securitization in Asia and Latin America Compared
1. INTRODUCTION
2. DEVELOPMENT OF SECURITIZATION
2.1. SECURITIZATION IN ASIA
2.2. SECURITIZATION IN LATIN AMERICA
3. SECURITIZATION APPROACHES
3.1. TRANSFORMING LIQUIDITY: SECURITIZING MORTGAGES AND CONSUMER DEBT
3.2. TRANSFORMING CREDIT RISK: SECURITIZING CORPORATE DEBT
3.3. TRANSFORMING SOVEREIGN RISK: FUTURE FLOW SECURITIZATIONS
4. CONCLUDING REMARKS
REFERENCES
Appendix A Structure of a typical future flow securitization
Chapter 22 The Evolution of Public Sector Securitization in Emerging Markets
1. INTRODUCTION
2. DISCUSSION
2.1. INFRASTRUCTURE FINANCE AND MARKET-VALUE BASED ASSET-LIABILITY MANAGEMENT
2.2. STRUCTURED FINANCE AS FUNDING METHOD FOR INFRASTRUCTURE INVESTMENTS
2.3. DEFINITION OF ASSET SECURITIZATION
2.4. PUBLIC SECTOR SECURITIZATION IN DEVELOPED COUNTRIES
2.5. PRIVATE AND PUBLIC SECTOR SECURITIZATION IN EMERGING ECONOMIES
2.5.1. The Evolution of Private Sector Securitization in Emerging Economies
2.5.2. The Evolution of Public Sector Securitization in Emerging Economies
2.5.2.1. Direct Public Sector Securitization in Emerging Economies
2.5.2.2. Indirect Public Sector Securitization in Emerging Economies
2.6. BENEFITS OF SECURITIZATION FOR SOVEREIGNS
2.7. CHALLENGES FOR SOVEREIGN SECURITIZATION IN EMERGING MARKET COUNTRIES
3. CONCLUSION
REFERENCES
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