Subjects:

Banking and Finance

Contents:

Chapter One: Loan Trading Considerations under a CDO

Chapter Two: U.S. Developments in Synthetic Securitization: Rampant Growth and the Spectre of SEC Regulation

Chapter Three: Ratings Methodology for FX CDOs and CCOs

Chapter Four: The Dance of Debt: Learning About Income Securitization in a Small UK University

Chapter Five: Securitising Intellectual Property, with Some Comments on Taiwan

Chapter Six: Eco-Finance and Securitization: Carbon as a New Asset Class

Chapter Seven: Managed Life: Securitization of Life Insurance Policies

Chapter Eight: Securitization in Japan

Chapter Nine: Securitization in the Project Finance and Infrastructure Arena

Chapter Ten: Microfinance Securitization: Thinking Outside the Box

Chapter Eleven: Securitization in Latin America

Chapter Twelve: International Finance Facility for Immunization Company –

a Case Study of the Monetization

of Sovereign Grants for Development Purposes

Chapter Thirteen: Islamic Securitization: Advances and Peculiarities

Chapter Fourteen: South African Securitization Issuances on International Markets

Chapter Fifteen: European CMBS: Structure and Developments

Chapter Sixteen: Servicing Italian CMBS Transactions

Chapter Seventeen: Securitization of Non-Performing Loans

Chapter Eighteen: Financing the Westinghouse Acquisition

Chapter Nineteen: Accounting for Securitizations: The Post-IFRS World

Chapter Twenty: Recharacterisation Risk in Securitization and Other Structured Finance Transactions –

Looking Beyond the Demise of the Fixed Charge

Chapter Twenty-one: Securitization in Asia and Latin America Compared

Chapter Twenty-two: The Evolution of Public Sector Securitization in Emerging Markets

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.