영문목차
Foreword=xi
Preface=xv
PART ONE Introduction to Securitization=1
CHAPTER 1. Introduction to Securitization and Asset-Backed Securities=3
The Concept of Securitization=4
The Process of Securitization=7
Securitizing Mortgages=14
ABS Structures : A Primer on Performance Metrics and Test Measures=18
Securitization : Features of the 2007-2008 Financial Crisis=24
Summary and Conclusions=33
References=34
CHAPTER 2. The Securitization Market Post-2007=35
Market Observation=35
Impact on Rating Agencies=40
Summary and Conclusions=42
PART TWO Guide to Closing a Securitization Transaction=45
CHAPTER 3. Structuring and Execution of a Transaction=47
A Securitization Process=47
Summary and Conclusions=69
CHAPTER 4. The Rating Agency Process and Legal Review=71
Select Rating Agencies=71
Undertaking Legal Due Diligence=73
Begin Drafting Documents=78
Set Up the SPV=82
Modeling the Transaction=85
Determine Capital Structure/Trigger Levels=90
Prepare Marketing Materials=96
Pricing, Close, and Settlement=98
Summary and Conclusions=99
CHAPTER 5. Static Synthetic CDO Cash Flow Waterfall Model=101
Summary and Conclusions=107
PART THREE Transaction Closing Templates and Checklists=111
CHAPTER 6. Transaction Templates and Checklists=113
Red Sea Master Series Limited Structure Diagram=113
Underlying Asset Pool=113
Draft Term Sheet=120
Closing Process=126
Structuring Notes=127
Rating Agency Preparation and Questionnaire=129
Loan-Level Data : Rating Agency Checklist=138
Agenda for Rating Agency Site Visit=140
Legal Counsel Review=140
Form of Transfer Certificate=144
Investor and Rating Agency Presentation Template=147
In-House Credit Rating Mapping Chart : Lower and Upper Values=149
Rating Agency Presentation : Corporate Bank Origination Processes=149
Loan Transfer Schedule of Tasks=154
Loan Transfers, Accounting Movements=158
Sign-Off Document : Securitization Project=160
Securitization Testing : Finance Department=161
Accounting Process on Closing=166
EUR Junior Tranche Trade Ticket=167
Senior Tranche Trade Ticket=168
Internal Transfer Booking Process=169
Questions from Trustee, Paying Agent, and Services Provider=169
Summary and Conclusions=172
About the Authors=173
Index=175