Book description
Structured bonds are often viewed as complex and opaque, and
participants in the securitization and structured finance markets have
traditionally had a narrow focus on a specific part of the
securitization value chain. However, in the post credit crunch
environment, the market is more regulated, standardized, transparent,
and better structured with closer-aligned and more balanced incentives
for all participants, more focus on investors and improved comprehension
of these bond instruments. In order for the market to succeed, it is
vital that all participants take a broader view and understand every
part of the transaction lifecycle.
In Securitization and Structured Finance Post Credit Crunch: A
Best Practice Deal Lifecycle Guide, Markus Krebsz draws on his
years of experience in the global finance markets to provide a
jargon-free guide to the entire lifecycle of securitization and
structured finance deals. The book:
- Introduces much needed sound practice principles, based on
lessons learnt post credit crisis
- Takes the reader through a generic deal's typical lifecycle stages
- Discusses each stage of the deal in detail, from 'Pre-Close'
(strategic aims, feasibility studies, deal economic analysis and
transaction documentation) through 'Close' (credit ratings,
investor appetite/marketability, legal considerations) and
'Aftercare' (reporting, surveillance and performance analysis, and
ordinary and extraordinary repayment)
- Opens up the author's personal 'tool box' and provides the
reader with a comprehensive selection of references, tables, a
glossary and other useful resources. Electronic versions of these
tools are available from the book's companion website at www.
structuredfinanceguide. com
This unique, holistic and pragmatic insight into all deal life cycle
stages makes Securitization and Structured Finance Post Credit
Crunch an invaluable reference for all market participants in
their efforts to get this important and - if used properly - hugely
beneficial part of the capital markets back up and running.
"Krebsz has provided a thorough and helpful reference book on
all aspects of structured finance. For the layman, the opening
chapters will provide a useful account of the processes and
motivations behind structured finance products. For those involved in
the ongoing management of data and risk processes, the detail in later
chapters on systems and infrastructure available is unique and it is
good to find all of this information in one place."
-Faten Bizzari, Principal at Eastfield Capital Ltd
"Markus Krebsz has achieved a rare feat. He has written a book
about securitization that is practical and useful for practitioners
but at the same time provides enlightenment to the general reader....
If all market participants and investors were to read, learn and
inwardly digest this book, common sense would doubtless prevail."
-Ian Fraser, Financial Times correspondent and consulting editor at
Bloomsbury Publishing's Qfinance
"... an authoritative text on the practicalities of
securitization, providing a wealth of detailed information on the
lifecycle of a typical deal. As the market for structured finance
products comes gradually back to life, this book is likely to become a
valuable reference for market participants."
-Professor Alexander J. McNeil, Department of Actuarial Mathematics
and Statistics, Heriot-Watt University
"This is a fantastically researched in-depth publication that I
learned a great deal from reading and will continue to consult on an
ongoing basis. No matter which angle you come from this should be a
must-read for all market participants both old and new."
-Martin Sampson, European ABS Business Manager, Bloomberg L. P.
"... a book that is both encyclopaedic in its coverage of the
structured products business and a model of clarity of exposition."
-Paul Wilmott, financial engineer and founder of Wilmott. com
Markus Krebsz is a strategic management consultant
with expert knowledge in the spheres of securitization and rating
agencies, and over 18 years of experience in the global financial
markets. A well-regarded speaker at international conferences and an
experienced workshop conductor, he currently acts as credit rating
expert to the World Bank as part of various large-scale projects
involving government-owned entities of several African nations.
Previously, he managed the Rapid Risk Solutions Team of a major UK
banking group, where he designed the firm's 'lending commitment
index', which is ultimately used by HM Treasury (UK). Prior to that he
established and managed the firm's Surveillance & Performance
analytics team, overseeing one of the world's largest portfolios of
structured finance bonds.
Markus is an ex-Primary analyst for
Fitch's Corporate & Infrastructure Securitization Team with a
focus on trade receivables, leases and inventory, and
government-related deals. He also worked for the rating agency's
transaction surveillance team, where he was involved in innovative
product development.
Markus is the Chartered Securities and
Investment Institute's (CISI) workbook reviewer for 'Risk in Financial
Services', 'Operational Risk' and 'IT in Investment Operations', and a
committee member of the CISI's Risk and IT forums. Since the beginning
of the credit crunch, Markus has contributed to a large variety of
industry working groups and consulted for central banks, financial
regulators and trade associations providing insight, opinion and
innovative capital markets solutions.
You can find out more and
contact Markus at www. markuskrebsz. info
