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Synopsis

In this long-awaited handbook, noted experts Charles Stone and AnneZissu provide an enlightening overview of how securitization worksand explain how future cash flows from various assetclasses—from credit card receipts to mortgagepayments—can be packaged into bond-like products and sold toinvestors.

Once a marginal source of funds, securitization is now an essentialcorporate funding technique widely adopted by financial andindustrial companies throughout the world to finance both workingcapital and capital budgets. It is also used as a risk-managementtool and a source of liquidity. Securitization has been adapted tofund corporate acquisitions, to capitalize future streams ofrevenue, and to liquidate pools of nonperforming loans. 

With examples from companies such as GE Capital, Ford Motor Credit,Countrywide Home Loans, and D&K Healthcare, TheSecuritization Markets Handbook provides descriptions of allmajor classes of asset-backed securities and offers apractice-oriented commentary on trends in securitization and thevalue of asset- and mortgage-backed securities across industriesand throughout the global markets.

The authors approach the topic from both sides of the market: thesupply side, where assets are securitized and mortgage- andasset-backed securities are issued, and the demand side, whereinvestors choose which classes of mortgage and asset-backedsecurities will enhance their portfolios or serve as efficienthedges. The book’s detailed explanations and practicalexamples make it a valuable guide both for experienced moneymanagers trying to put a securitization strategy into place and forthose new to securitization looking to acquire a broad and strongfoundation in the subject.

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