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The Elements of Structured Finance

The Elements of Structured Finance

Author: Ann Rutledge; Sylvain Raines
Publisher: Oxford University Press USA
ISBN: 9780195179989
Published In: May 2010
Format: Hardback , 688 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Authors are very highly regarded figures in the field and have extensive experience working with many of the top Wall Street securities houses.
First detailed, text-book style outline of structured finance.
Includes extensive examples and problem sets.

For all but the most credit-worthy companies, it is more efficient to finance large pools of assets that have predictable behavioral characteristics through non-standard arrangements. These off-balance sheet structures allow credit exposures to be tailored to investor risk, asset class, and an ever-increasing diversity of idiosyncratic needs on the part of issuers and investors. The discipline that addresses these structures, which is called structured finance or securitization, is almost twenty years old, and has become a pervasive element of modern financial management. Yet, it has not been systematically covered in a textbook designed for both the school and workplace contexts. The Elements of Structured Finance, the text version of a program of instruction in structured finance that the authors have offered at NYU and Hong Kong University, as well as in private training programs and consultancies, fills this void spectacularly. Raynes and Rutledge, two very highly regarded teachers and consultants in the field, bring clarity and logic to an inherently complex and frightening area of finance, using their extensive experience working with many of the top Wall Street securities houses. The book begins with the relatively simple concepts of static valuation models and the benchmark pool, and takes the reader through the more esoteric features of dynamic risk analysis, thus serving as both an introduction for the beginner and a helpful reference for the professional. In addition to participants in structured finance programs, this book will appeal to structured finance analysts and managers at banks, asset management companies, insurance companies, and a wide variety of other corporations.

Readership: Investment bankers and credit analysts in structured finance at banks, institutional investors, U.S. banking regulators, accountants, investment analysts working on the sell-side, hedge fund analysts, multi-lateral banking analysts.

Introduction
1.: Elements of Securitization Law
2.: Elements of Securitization Accounting
3.: Deconstructing the Corporation: Operational Issues
4.: Static Structuring Analysis: the Basic Model of Debt Repackaging
5.: Piecing the Credit Together
6.: Asset Side Analysis
7.: Liability Side Analysis
8.: Static Approaches to Revolving Mode Structured Securities
9.: Simulation and Valuation
10.: Analysis of Prepayment-Sensitive Structured Securities (by Nenad Ilincic)
11.: PACS and TACs
12.: Issues in Intermediate Cash Flow Modeling
13.: Nonlinear Convergence Technique
Part II: Advanced Structured Analysis
Prologue to Advanced Section
14.: The Way of the Deal
15.: Data Analysis
16.: Non-Stationary Markov Chains and Cash Flows
17.: Recovery Modeling
18.: Covariance Matrix Simulation and Random Numbers
19.: Assembling the Building Blocks of the Cash Flow Model
20.: Liability Modeling
21.: Triggers
22.: The Valuation of Structured Securities
23.: Introduction to Revolving Periods
24.: Special Topics in Structured Finance
25.: Epilogue

Ann Rutledge is currently adjunct assistant professor of finance at the Hong Kong University of Science and Technology. Both are co-authors of The Analysis of Structured Securities, published by Oxford University Press in August 2003. They are founding principals of the New York-based, structured credit metrics boutique, R&R Consulting. Their clients include rating agencies, governments, universities, and global banks.

Sylvain Raynes is adjunct assistant professor within the Masters Program in Financial Engineering at Baruch College, CUNY in New York City.

"Ann Rutledge and Sylvain Raynes offer a timely insight into the intricate inner-workings of structured finance. Oft overlooked financial theory is explored and explained with expert precision, making the case for the industry to take a thorough and honest look at financial engineering and the essence of 'deal-hood.' Those who dive into this book will find themselves enriched with a deeper understanding and an edge amongst their peers."--Susan M. Wachter, Richard B. Worley Professor of Financial Management, University of Pennsylvania

"Investor road maps are out there. One example is Elements of Structured Finance, a highly readable book on securitization... It offers any reader a clear overview of how the securitization process broke down in the recent mania, as well as analytical instruction to help investors make sure that such breakdowns do not happen again."--Gretchen Morgenson, The New York Times