Collateralized Debt Obligations: Structures and Analysis, 2nd Edition (Wiley Finance) [Hardcover]

Douglas J. Lucas (Author), Laurie S. Goodman (Author), Frank J. Fabozzi (Author)

Book Description

ISBN-10: 0471718874 | ISBN-13: 978-0471718871 | Publication Date: May 5, 2006 | Edition: 2

Since first edition's publication, the CDO market has seen tremendous growth. As of 2005, $1.1 trillion of CDOs were outstanding -- making them the fastest-growing investment vehicle of the last decade. To help you keep up with this expanding market and its various instruments, Douglas Lucas, Laurie Goodman, and Frank Fabozzi have collaborated to bring you this fully revised and up-to-date new edition of Collateralized Debt Obligations. Written in a clear and accessible style, this valuable resource provides critical information regarding the evolving nature of the CDO market. You'll find in-depth insights gleaned from years of investment and credit experience as well as the examination of a wide range of issues, including cash CDOs, loans and CLOs, structured finance CDOs and collateral review, emerging market and market value CDOs, and synthetic CDOs. Use this book as your guide and take advantage of this dynamic market and its products.

Editorial Reviews

From the Inside Flap

The market for collateralized debt obligations-including both collateralized bond obligations (CBOs) and collateralized loan obligations (CLOs)-is the fastest growing sector of the asset-backed securities market. In 1995, a major bond rating agency rated only six deals with a par value of $1 billion. By 2001, that same rating agency rated 277 deals with a par value of $101 billion.

To help you keep up with the expanding CDO market and its various instruments, Laurie Goodman and Frank Fabozzi have collaborated to bring you Collateralized Debt Obligations: Structures and Analysis. Written in a clear and accessible style, this book is a valuable guide that provides you with critical insights into many areas of this important market sector.

Collateralized Debt Obligations defines and describes many of the current products in the CDO arena-cash flow CDOs, market value CDOs, synthetic CDOs-and explains how to evaluate each of them. Whether you're an investment manager or institutional investor, with this book as your guide you'll learn how to analyze the risks associated with different types of CDOs, create and manage a portfolio of CDOs, and assess trading opportunities in the secondary market.

Filled with in-depth insights gleaned from years of investment and credit experience, Collateralized Debt Obligations examines a wide range of CDO topics that cannot be found in any other text.

Topics covered include:
* Cash flow versus market value structures
* Synthetic structures
* Structures backed by speculative and investment grade corporate bonds and loans, emerging market bonds, and structured finance products
* The appropriate default rate for evaluating high yield-backed structures
* Mezzanine and equity tranches
* PIK tranches
* Structural considerations and the CDO arbitrage

With the number of CDOs backed by structured financial products on the rise, there is even a chapter that covers the ABS, RMBS, CMBS, and REIT products typically used as collateral.

The collateralized debt obligations market is an exciting and profitable place for those who understand its complexities. With Collateralized Debt Obligations as your guide, you can begin to understand and take advantage of this ever-evolving market and its products. --This text refers to an out of print or unavailable edition of this title.

From the Back Cover

Since the publication of the first edition of Collateralized Debt Obligations, the CDO market has seen tremendous growth. In fact, as of 2005, $1.1 trillion of CDOs were outstanding—making them the fastest-growing investment vehicle of the last decade.

To help you keep up with the expanding CDO market and its various instruments, Douglas Lucas, Laurie Goodman, and Frank Fabozzi have collaborated to bring you a fully revised and up-to-date Second Edition of Collateralized Debt Obligations. Written in a clear and accessible style, this book is a valuable guide that provides you with critical information regarding the evolving nature of the CDO market.

Filled with in-depth insights gleaned from years of investment and credit experience, Collateralized Debt Obligations, Second Edition examines a wide range of issues, including:

• Cash CDOs
• Loans and CLOs
• Structured finance CDOs and collateral review
• Emerging market and market value CDOs
• Synthetic CDOs

CDOs offer exciting opportunities for those who understand their complexities. With Collateralized Debt Obligations, Second Edition as your guide, you can begin to understand and take advantage of this dynamic market and its products.

See all Editorial Reviews

Product Details

• Hardcover: 528 pages
• Publisher: John Wiley & Sons Inc; 2 edition (May 5, 2006)
• Language: English
• ISBN-10: 0471718874
• ISBN-13: 978-0471718871
• Product Dimensions: 6.3 x 1.6 x 9.2 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars  See all reviews (11 customer reviews)
• Amazon Best Sellers Rank: #695,923 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

10 of 11 people found the following review helpful:

5.0 out of 5 stars Excellent Resource, January 7, 2004

By A Customer

This review is from: Collateralized Debt Obligations: Structures and Analysis (Hardcover)

Ms. Goodman's book is a much needed resource on CDOs. If you are just learning about the CDO market, Ms. Goodman clearly defines key terms and explains the structures from beginning to end. Those with extensive Wall Street experience will enjoy having one of the few well-written references available in the market. It is also a good marketing tool to give to potential investors. This is a good comprehensive reference guide.

6 of 7 people found the following review helpful:

4.0 out of 5 stars Good Reference, November 4, 2002

By A Customer

This review is from: Collateralized Debt Obligations: Structures and Analysis (Hardcover)

This book covers a broad number of topics on CDOs. I would recommend it with the earlier one "Investing in Collateralized Debt Obligations". Combined they give you a good insight on the market.

8 of 10 people found the following review helpful:

5.0 out of 5 stars Good introduction to the CDO market, October 28, 2002

By A Customer

This review is from: Collateralized Debt Obligations: Structures and Analysis (Hardcover)

This well written book provides an excellent introduction to the CDO market. It covers topics of interest to the potential investor in these securities, in an easy to use format.