Global Securitisation and CDOs

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Wiley, Mar 12, 2004 - Business & Economics - 688 pages
"This is an essential book for any practitioner, researcher orstudent of securitisation - concise and accurate coverage of thekey aspects of securitisation on all the main and secondary marketsof the world."
?Alexander Batchvarov, Managing Director, International StructuredProduct Strategy, Merrill Lynch, London.

"John Deacon's original book became the leading textbook forthose genuinely interested in gaining a profound and detailedunderstanding of the arcane world of securitisation. The new,updated version confirms John's status as the top writer in thissector. Securitisation has moved on, becoming ever more complex inboth its detail and its variety, but John's book never fails todeal with all the intellectual challenges posed, in a clear,logical and comprehensive fashion. A must for all practitioners- ?I thoroughly enjoyed it."
?Robert Palache, Managing Director, Head of EuropeanInfrastructure Finance and Corporate Securitisation, Barclays Capital

"Deacon?s book is an unparalleled treatise on all aspects ofasset securitisation and CDOs and is ideal for use by bothexperienced market practitioners and by those new to the seeminglyever-expanding world of securitisation. The book comprehensivelyoutlines the various structures encountered, ranging from true saleand future flow financings to synthetics and whole business,addressing not only the framework of the structures but also theregulatory and accounting implications. A must have referencebook."
?David Newby, Executive Director, ABN AMRO BANK N.V., Head of UKand Irish Securitisation, Head of European Commercial Real EstateSecuritisation

Synthetic credit derivatives technology, CDOs, the covered bondmarket, the mortgage-backed market and M&A financing have allcome together to make securitization the fastest growing and mostflexible area of the global credit markets. This authoritative worklooks at the recent synthetic structures and credit derivativesused in CDOs and at the new Basel Capital Accord and addresses theframework of these structures as well as the regulatory andaccounting implications. You'll find truly global insights,coverage of both the financial and legal aspects of securitization,and a glossary of market and legal terminology.

Order your copy of this comprehensive update on the developmentof securitization today!

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Contents

Rating and Credit Structure
13
Deal Structure
37
Investor Concerns
77
Copyright

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About the author (2004)

JOHN DEACON is Executive Director and Head of Debt PrincipalFinance at UBS in London where he focuses on asset-backedinvestment opportunities for the Euro 3 billion BrooklandsSynthetic CDO series originated by UBS Principal Finance in Londonsince 2001.
He is also a co-founder of the ThorABS asset-backed securitieswebsite (www.ThorABS.com).
Prior to joining UBS he was Head of Principal Finance at GreenwichNatWest, where he was responsible for the acquisition andrestructuring of performing and non-performing assets for thebalance sheet of the bank.
Mr. Deacon has worked as a securitisation, principal finance andderivatives specialist in the European and Asian markets as aninvestor, issuer, investment banker and lawyer in London, Paris andHong Kong. He has extensive global securitisation and principalfinance experience from transactions in France, Hong Kong,Indonesia, Italy, Spain, Thailand and the UK and structuring inGermany, Japan, Korea, the Netherlands, Singapore, Sweden and thePhilippines, for products as diverse as:
  • Principal finance
  • Non-performing loans
  • Whole business
  • Commercial mortgages
  • Synthetics
  • Residential mortgages
  • Credit derivatives
  • Auto leases and hire purchase contracts
  • Structured derivatives
  • Trade receivables
  • Bond repackagings
  • Multi-family residential real estate
  • CDO structures
  • Commercial real estate
  • Commercial paper conduits
  • Nuclear moratorium credits
  • Asset-backed MTN programmes
  • PFI receivables

Mr. Deacon qualified as a lawyer at Clifford Chance. He is aSolicitor of the Supreme Court in England and Wales, a Solicitor ofthe Supreme Court in Hong Kong and an ACIB and has written articlesfor the International Securitisation Report and for theInternational Securitization & Structured FinanceReport. He has spoken at seminars and workshops forsecuritisation and credit derivatives industry professionalsorganised by Euromoney, AIC Conferences, ICC and Futures &Options World.

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