Securitization and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide
- 10h 27m
- Markus Krebsz
- John Wiley & Sons (US)
- 2011
Structured bonds are often viewed as complex and opaque, and participants in the securitization and structured finance markets have traditionally had a narrow focus on a specific part of the securitization value chain. However, in the post credit crunch environment, the market is more regulated, standardized, transparent, and better structured with closer-aligned and more balanced incentives for all participants, more focus on investors and improved comprehension of these bond instruments. In order for the market to succeed, it is vital that all participants take a broader view and understand every part of the transaction lifecycle.
In Securitization and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide, Markus Krebsz draws on his years of experience in the global finance markets to provide a jargon-free guide to the entire lifecycle of securitization and structured finance deals. The book:
- Introduces much needed sound practice principles, based on lessons learnt post credit crisis
- Takes the reader through a generic deal's typical lifecycle stages
- Discusses each stage of the deal in detail, from 'Pre-Close' (strategic aims, feasibility studies, deal economic analysis and transaction documentation) through 'Close' (credit ratings, investor appetite/marketability, legal considerations) and 'Aftercare' (reporting, surveillance and performance analysis, and ordinary and extraordinary repayment)
- Opens up the author's personal 'tool box' and provides the reader with a comprehensive selection of references, tables, a glossary and other useful resources.
This unique, holistic and pragmatic insight into all deal life cycle stages makes Securitization and Structured Finance Post Credit Crunch an invaluable reference for all market participants in their efforts to get this important and - if used properly - hugely beneficial part of the capital markets back up and running.
About the Author
Markus Krebsz is a strategic management consultant with expert knowledge in the spheres of securitization and rating agencies, and over 18 years of experience in the global financial markets. A well-regarded speaker at international conferences and an experienced workshop conductor, he currently acts as credit rating expert to the World Bank as part of various large-scale projects involving government-owned entities of several African nations. Previously, he managed the Rapid Risk Solutions Team of a major UK banking group, where he designed the firm's 'lending commitment index', which is ultimately used by HM Treasury (UK). Prior to that he established and managed the firm's Surveillance & Performance analytics team, overseeing one of the world's largest portfolios of structured finance bonds.
Markus is an ex-Primary analyst for Fitch's Corporate & Infrastructure Securitization Team with a focus on trade receivables, leases and inventory, and government-related deals. He also worked for the rating agency's transaction surveillance team, where he was involved in innovative product development.
Markus is the Chartered Securities and Investment Institute's (CISI) workbook reviewer for 'Risk in Financial Services', 'Operational Risk' and 'IT in Investment Operations', and a committee member of the CISI's Risk and IT forums. Since the beginning of the credit crunch, Markus has contributed to a large variety of industry working groups and consulted for central banks, financial regulators and trade associations providing insight, opinion and innovative capital markets solutions.
In this Book
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Introduction
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Looking Back—What Went Wrong?
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Looking Ahead—What has Happened Since?
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Sound Practice Principles
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Strategy and Feasibility
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Pre Close
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At Close
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Post Close
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Understanding Complex Transactions
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Data
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Vendors
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ABSXchange
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Bloomberg
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CapitalTrack
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Fitch Solutions
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Intex
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Lewtan Technologies
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Moody's Wall Street Analytics
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Principia Partners—The Principia Structured Finance Platform
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Trepp
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Author's Toolbox
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Bloomberg's Structured Finance Tools—Tricks and Tips
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Websites and other Resources
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Appendix D—Bibliography
