The economics of securitisation:
Gespeichert in:
1. Verfasser: | |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
London
Bankers Books
1992
|
Ausgabe: | 1. publ. |
Schriftenreihe: | CIB occasional papers series
|
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | X, 83 S. graph. Darst. |
ISBN: | 0852973071 |
Internformat
MARC
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Datensatz im Suchindex
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adam_text | CONTENTS
Page
INTRODUCTION 1
PART ONE: SECURITISAT1ON:
A MACRO AND MICRO ECONOMIC PERSPECTIVE
1 The Development of Securitisation and International Commercial
Banking: An Historical Perspective 6
Introduction: The European Roots 6
The Colonisation Period 6
The US Experience 7
The Early Twentieth Century 8
After the Crash 9
The International Stage — Post Second World War 9
The Eurobond Market in the 1960s 10
The Growth of Floating Rate Syndicated Lending in the 1970s 11
The 1980s — A Return to the Status Quo 12
Commercial Bank Support 15
— The Re emergence of the Symbiotic Relationship 15
— Direct Investment 15
— Liquidity Support 15
— Banks as Borrowers in the Securities Markets 16
The Rebirth of Syndicated Lending 17
— Multi Option Facilities 17
— Highly Leveraged Transactions and Loan Sales 17
Conclusion 20
vii
THE ECONOMICS OF SECURITISATION
Page
2 Securitisation and Financial Innovation 22
Introduction 22
Creating a Taxonomy for Financial Innovation 22
The Institutional Incentive for Financial Innovation 25
Conclusion 26
PART TWO: THE SECUR1TISED INNOVATIONS
3 From Revolving Underwriting Facilities to Eurocommercial Paper 28
Introduction to the Instrument 28
Market Evolution and Growth 29
Sole Placing Agency 30
Multiple Placing Agency 31
Tender Panel 31
Continuous Tender Panel 32
Issuer Set Margin 32
Assessment of Placement Methods ... 33
The Market Players 34
— Investors 34
— Borrowers 35
Pricing a RUF 35
— Annual Underwriting Fee (or facility fee) 36
viii
CONTENTS
Page
— Arrangement Fee (or front end fee) 36
— Yield 36
The Decline of the RUF 38
Eurocommercial Paper 40
— Emergence and Growth 40
The Instrument 41
A Comparison with other Short Term Instruments 42
Placement Versus Trading 43
Conclusion 46
Appendix 3.1:
Determining the Discounted Issue Price and Maximum Yield 48
4 The Securitisation of Wholesale Lending 51
Introduction 51
History of Loan Sales 51
The Market Players 52
Increasing the Marketability of Banks International Wholesale Assets 53
— Trading LDC Loans 53
— Securitising International Wholesale Lending 54
Conclusion 60
ix
THE ECONOMICS OF SECURITISATION
Page
PART THREE: THE ECONOMIC RATIONALE FOR SECURITISATION
5 Efficiency and Safety: Finding the Balance 61
Introduction 61
The Relative Efficiency of Bank and Market Intermediation 62
Assessment 65
The Effect of Securitisation on Systemic Risk 67
Securitisation and Systemic Risk — The Theory 68
Securitisation and Systemic Risk — A Practical Application 69
The Disaster Myopia Hypothesis 71
Shocks and Crises 72
Conclusion 73
CONCLUSION 76
BIBLIOGRAPHY AND FURTHER READING 79
x
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any_adam_object | 1 |
author | Feeney, Paul W. |
author_facet | Feeney, Paul W. |
author_role | aut |
author_sort | Feeney, Paul W. |
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building | Verbundindex |
bvnumber | BV008231749 |
classification_rvk | QK 620 |
ctrlnum | (OCoLC)59976761 (DE-599)BVBBV008231749 |
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dewey-hundreds | 300 - Social sciences |
dewey-ones | 332 - Financial economics |
dewey-raw | 332.1 |
dewey-search | 332.1 |
dewey-sort | 3332.1 |
dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
edition | 1. publ. |
format | Book |
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id | DE-604.BV008231749 |
illustrated | Illustrated |
indexdate | 2024-07-09T17:16:44Z |
institution | BVB |
isbn | 0852973071 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-005433255 |
oclc_num | 59976761 |
open_access_boolean | |
owner | DE-739 |
owner_facet | DE-739 |
physical | X, 83 S. graph. Darst. |
publishDate | 1992 |
publishDateSearch | 1992 |
publishDateSort | 1992 |
publisher | Bankers Books |
record_format | marc |
series2 | CIB occasional papers series |
spelling | Feeney, Paul W. Verfasser aut The economics of securitisation Paul W. Feeney 1. publ. London Bankers Books 1992 X, 83 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier CIB occasional papers series Banking and finance sigle Steuer Finance Taxation Securitization (DE-588)4140657-6 gnd rswk-swf Securitization (DE-588)4140657-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005433255&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Feeney, Paul W. The economics of securitisation Banking and finance sigle Steuer Finance Taxation Securitization (DE-588)4140657-6 gnd |
subject_GND | (DE-588)4140657-6 |
title | The economics of securitisation |
title_auth | The economics of securitisation |
title_exact_search | The economics of securitisation |
title_full | The economics of securitisation Paul W. Feeney |
title_fullStr | The economics of securitisation Paul W. Feeney |
title_full_unstemmed | The economics of securitisation Paul W. Feeney |
title_short | The economics of securitisation |
title_sort | the economics of securitisation |
topic | Banking and finance sigle Steuer Finance Taxation Securitization (DE-588)4140657-6 gnd |
topic_facet | Banking and finance Steuer Finance Taxation Securitization |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005433255&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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