- Series: Wiley Finance (Book 218)
- Hardcover: 352 pages
- Publisher: Wiley (August 28, 2003)
- Language: English
- ISBN-10: 0471462209
- ISBN-13: 978-0471462200
- Product Dimensions: 6.5 x 1.2 x 9.4 inches
- Shipping Weight: 1.3 pounds (View shipping rates and policies)
- Average Customer Review: 34 customer reviews
- Amazon Best Sellers Rank: #1,540,574 in Books (See Top 100 in Books)
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Collateralized Debt Obligations and Structured Finance : New Developments in Cash and Synthetic Securitization
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“…Tavakoli uses her broad professional experience to examine the CDO market in simple and clear language.” (Risk, March 2004)
"Tavakoli…does what she can to address this market’s growing pains in…this intriguing book" (Hedge World)
From the Inside Flap
What is a collateralized debt obligation (CDO)? What is securitization? What is a synthetic credit structure? What is an asset-backed security? Ask any market professional and they will all agree that these are structured products, but total agreement usually ends theremainly because, in a global financial environment, one product may have more than one definition.
To help you keep up with the expanding CDO market and the various elements of structured finance, Collateralized Debt Obligations and Structured Finance digs deep to explain some of the newest areas in structured finance, particularly the CDO market and some of the problems created by its rapid growth.
Collateralized Debt Obligations and Structured Finance provides a state-of-the-art look at the exploding CDO and structured credit products market. Financial expert Janet Tavakoliauthor of the widely popular Credit Derivatives and Synthetic Structuresexamines a variety of securitization topics never before seen in print, including the huge increase in the CDO arbitrage created by synthetics; the tranches most at risk from this new technology; dumping securitizations on bank balance sheets; the abuse of offshore vehicles by companies such as Enron; and securitizations made possible by new securitization techniques and the introduction of the Euro.
This valuable guide comprehensively covers one of the fastest growing markets on Wall Street, predicting where new bank regulations and other developments may lead to product growth or product extinction. While providing an overview of the market and its dynamic growth, Collateralized Debt Obligations and Structured Finance also explores the types of products offered, hedging techniques, and valuation and risk/return issues associated with investing in CDOs and synthetic CDOs.
Written in a clear and accessible style, this book is a valuable resource that will provide you with critical insights into many areas of this important market sector.
Top customer reviews
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I'm a 5-year veteran in credit derivatives trading. I hedge synthetic collateralized debt obligations (CDOs) and manage the risk for single tranche CDOs. I was very glad to receive this book and like it as much as Tavakoli's book on credit derivatives. Tavakoli clearly defines terms. She then clearly explains the products. There are many aspects of the structuring I wasn't aware of that are explained as an entertaining read in this book. Our structuring group liked this book as much as I did, and bought copies for everyone on the desk, and bought copies for customers.
I work for one of the well managed banks that has been providing good value for customers, but I was happy to see Tavakoli talk about how customers have often been ripped-off and she suggests how customers can avoid this - for instance by dealing with my bank. I liked the way the various structures are explained from the bottom up. Tavakoli makes it seem easy to understand the various complex components and the structural options.
The section on language and gaming is especially important. The debate on deal managers both for and against, and the inconsistency of the rating agencies both internally and externally is clearly explained. That isn't necessarily a bad thing, since we want rating agencies to take independent views, but it is important to realize that discrepancies in the approach to rating structured products exist. Tavakoli did an excellent job of explaining this so that there are no misunderstandings.
I also enjoyed the account of non-CDO structured finance products, since I may gravitate to the structuring side of the business in future.
Most recent customer reviews
This book needs a complete rewrite
Its more a collection of disjointed notes and facts than a book
If you don't...Read more