By Douglas J. Lucas
Seeing that first edition's booklet, the CDO industry has obvious super development. As of 2005, $1.1 trillion of CDOs have been impressive -- making them the fastest-growing funding motor vehicle of the decade. that can assist you stay alongside of this increasing industry and its a number of tools, Douglas Lucas, Laurie Goodman, and Frank Fabozzi have collaborated to carry you this totally revised and updated new version of Collateralized Debt responsibilities. Written in a transparent and available variety, this helpful source presents severe information about the evolving nature of the CDO industry. you will discover in-depth insights gleaned from years of funding and credits event in addition to the exam of a variety of concerns, together with money CDOs, loans and CLOs, dependent finance CDOs and collateral assessment, rising marketplace and industry worth CDOs, and artificial CDOs. Use this e-book as your advisor and make the most of this dynamic marketplace and its items.
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Extra info for Collateralized Debt Obligations: Structures and Analysis, 2nd Edition (Wiley Finance)
C02-Cash Flow CDO Page 35 Monday, March 6, 2006 11:12 AM 35 Cash Flow CDOs Liability Structure The structure of the liabilities will be primarily determined by the credit quality of the assets, the amount of diversification, and excess spread. That is, the combination of credit quality, diversification of assets, and excess spread dictate expected losses on each tranche. That is then compared to losses allowed to achieve a given rating. Realize that the structures have been optimized. If a structurer sees one of the tranches passing expected loss tests by a large margin, that means there is room to improve the arbitrage.
Equity’s exposure to the CDO asset portfolio is therefore capped at the cost of equity minus previous equity distributions. Instead of short-term bank financing, financing via the CDO is locked in for the long term at fixed spreads to the London interbank offered rate (LIBOR). 4. And finally, the CDO structure allows investors to purchase an interest in a diversified portfolio of assets. Often these assets are not available to investors except through a CDO. 5 summarizes the CDO purposes that we have discussed.
Note that 81% of CDOs issued in 2005 have been arbitrage cash flow CDOs backed by various types of assets. This is clearly the dominant structure. PARTIES TO A CDO A number of parties and institutions contribute to the creation of a CDO. We conclude this introductory chapter with a discussion of the most important roles. CDO Issuer and Co-Issuer A CDO is a distinct legal entity, usually incorporated in the Cayman Islands. ” Offshore incorporation enables the CDO to more easily sell its obligations to United States and international investors and escape taxation at the corporate entity level.
Collateralized Debt Obligations: Structures and Analysis, 2nd Edition (Wiley Finance) by Douglas J. Lucas