Securitisation

A steadier ship

Cautious optimism pervaded the fourth annual Structured Products Americas conference, held in May at the Biltmore Hotel in Coral Gables in Miami. Speakers and panellists seemed happy to reacquaint themselves with terms such as volatility, correlation and…

A capital lifeline?

Guaranteeing investors' capital with your own bonds has always been a convenient way for banks to borrow money from investors at the same time as offering them a cut in the upside of the chosen underlying in a structured note. Such fundraising is often…

What to do with the toxic debt

The issue of how to tackle the vast quantities of impaired assets lingering on banks' balance sheets has given rise to several possible solutions, chief among which is the notion of a 'bad bank'. Credit asks five market participants how such a scheme…

Where rocky horror assets go

With injections of government capital seemingly having little effect on restoring confidence in ailing banks, thoughts have once again turned to quarantining distressed assets. Rob Davies examines the options available to policy-makers

The repo effect

The ability of banks to use securitisation deals as collateral for repo funding from central banks has resulted in larger deals with more esoteric assets. Laurence Neville looks at how this change is affecting the securitisation market as a whole

The Big Interview: Ron Kazel

The managing director of agency MBS investor Annaly Capital Management talks to Sarfraz Thind about the impact of the recent decision by the US government to back mortgage agencies Fannie Mae and Freddie Mac

Reviving RMBS

With only one public RMBS issue in the UK during the whole of 2008, the market would seem to have hit rock-bottom. But moves are afoot to help restore confidence in the market and enable banks to finance mortgage lending, as Laurence Neville reports

Mexico dances to a different tune

With US structured finance markets in the grip of the subprime squeeze, close neighbour Mexico might be expected to have suffered a similar fate. But strong investor demand for securitisation and homeowner-friendly government initiatives are combining to…

Q&A: Intellectual property securitisation

Intellectual property securitisation, where the intrinsic value of a brand or copyright is released via the issuance of debt, can be costly but the interest savings over the life of the deal are attractive, explains the global co-head of securitisation…

Covered Bonds rates or credit?

In these times of uncertainty for the credit markets, covered bonds have become something of a refuge for investors. Their seniority in the capital structure and close relationship to Bunds have led some in the market to treat them as a proxy for rates…

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