The contributions in this volume elucidate both ‘synthetic securitization’
(which involves the investors in exposure-based securities to particular risks
in exchange for a fee) and conventional securitization (issuance of securities
for the primary purpose of raising funds for the originator or owner of the
assets being securitized). The various contributions illustrate how the
structures employed in securitizations are readily capable of being applied to
a wide range of income-generating assets, including such innovative asset
classes as the following:
• commercial mortgages
• student rents
• intellectual property rights
• carbon emission allowances
• life insurance policies
• project and infrastructure loans
• microfinance loans
• sovereign aid grants
• non-performing loans
• loans to finance corporate takeovers
• tax receivables and other public sector assets
In addition, this volume covers the emergence of new markets for
securitization in Asia, Latin America, Islamic countries, and South Africa, as
well as major developments in the accounting treatment of securitizations and
evolving judicial attitudes to the underlying sale and credit derivative
components of securitizations.
Chapter One. Loan Trading Considerations under a CDO
Christopher Whiteley and Diane Mage Roberts Chapter Two. U.S.
Developments in Synthetic Securitisation: Rampant Growth and the Spectre of
SEC Regulation Ellen Clark Chapter Three. Ratings Methodology
for FX CDOs and CCOs Kimon Gkomozias, Emanuele Tamburrano and Lapo
Guadagnuolo Chapter Four. The Dance of Debt: Learning About Income
Securitization in a Small UK University Peter Armstrong Chapter Five.
Securitising Intellectual Property, with Some Comments on Taiwan Paul Ali
Chapter Six. Eco-Finance and Securitisation: Carbon as a New Asset Class
Paul Ali Chapter Seven. Managed Life: Securitisation of Life
Insurance Policies Paul Ali Chapter Eight. Securitisation in
Japan Peter Kilner and Masayuki Okamoto Chapter Nine.
Securitisation in the Project Finance and Infrastructure Arena Julian
Tucker and Ian Harvey-Samuel Chapter Ten. Microfinance
Securitisation: Thinking Outside the Box Jan Job de Vries Robbé
Chapter Eleven. Securitization in Latin America Esteban Buljevich and
Mariano Fabrizio Chapter Twelve. International Finance Facility for
Immunisation Company – a Case Study of the Monetisation of Sovereign Grants
for Development Purposes James Darcy Chapter Thirteen. Islamic
Securitization: Advances and Peculiarities Mahmoud El-Gamal Chapter
Fourteen. South African Securitisation Issuances on International Markets
Jason van der Poel Chapter Fifteen. European CMBS: Structure and
Developments Sander Beekwilder and Cora Mos Chapter Sixteen.
Servicing Italian CMBS Transactions Giuseppe Schiavello Chapter
Seventeen. Securitisation of Non-Performing Loans Pedro Cassiano Santos
and André Figueiredo Chapter Eighteen. Financing the
Westinghouse Acquisition Mary Matson and Paul Kruger Chapter
Nineteen. Accounting for Securitisations: The Post-IFRS World Tim Coyne
Chapter Twenty. Recharacterisation Risk in Securitisation and Other
Structured Finance Transactions – Looking Beyond the Demise of the Fixed
Charge Anne-Marie Neagle Chapter Twenty-one. Securitisation in
Asia and Latin America Compared Jacob Gyntelberg and Camilo Tovar
Chapter Twenty-two. The Evolution of Public Sector Securitisation in
Emerging Markets Andreas Jobst