Expansion and Diversification in Securitization Yearbook 2007

Now in its third year, Securitization Yearbook has established itself as an indispensable publication on developments in global securitization markets. This volume, like its predecessors, brings together the extensive and insightful knowledge of contributors with considerable legal, financial, and accounting expertise in securitization.

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; and
• 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.

This third annual Securitization Yearbook will be of inestimable value to investors, particularly institutional investors and their financial and legal advisors and agents. It will also be welcomed by government policymakers and regulatory officials, and by academics in various fields of law, finance, and business administration.