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Calpine Corporation: The Evolution from Project
Calpine Corporation: The Evolution from Project

Finance Glossary
Finance Glossary

SEC amends Rule 2a-7 to eliminate dependency on NRSRO ratings
SEC amends Rule 2a-7 to eliminate dependency on NRSRO ratings

... security is an Eligible Security (not to mention, whether it is a First Tier or Second Tier security), money market funds will now be required to make a determination that a security presents minimal credit risks based on analysis of the capacity of the security’s issuer or guarantor to meet its fin ...
Fin Crisis Background
Fin Crisis Background

American Funds Bond Fund
American Funds Bond Fund

... Variable life and annuity products are offered by prospectus only. Prospectuses for variable products issued by a MetLife insurance company, and for the investment portfolios offered thereunder, are available from your financial professional. The contract prospectus contains information about the co ...
Examination for FUNDAMENTAL ACCOUNTING
Examination for FUNDAMENTAL ACCOUNTING

ppt version
ppt version

Slides
Slides

... • Provide housing finance to people with some combination of spotty credit histories, a lack of income documentation, or no money for a down payment ...
Buying or Leasing a Car and Your Credit Score
Buying or Leasing a Car and Your Credit Score

risk periods and “extreme” market conditions
risk periods and “extreme” market conditions

... One way to describe the distribution of the CDO asset spreads to the various liabilities is to use a Credit Correlation metric. (This metric is used through the Dealer community) ...
Morgan Stanley Newsletter
Morgan Stanley Newsletter

CSE RULE 11 – Trading of Other Listed Securities
CSE RULE 11 – Trading of Other Listed Securities

... recognized in a jurisdiction in Canada as eligible for trading as Other Listed Securities provided such securities are not suspended or subject to a regulatory halt. ...
4 - Cengage
4 - Cengage

... If the investor purchases between 20% and 50% of the outstanding stock of the investee, the investor is considered to have significant influence over the investee and the investment is accounted for using the equity method. ...
CREF Social Choice
CREF Social Choice

Disclosure of G-SIB indicators
Disclosure of G-SIB indicators

The Investment Environment
The Investment Environment

Deflation: Economic Significance, Current Risk, and Policy Responses
Deflation: Economic Significance, Current Risk, and Policy Responses

Schroder Fixed Income Fund - Wholesale Class Fund Summary Overview
Schroder Fixed Income Fund - Wholesale Class Fund Summary Overview

... (or starting point) portfolio, unencumbered by any predetermined benchmark allocations. We combine our medium term expectations of fixed income asset class risk and return with shorter term views on market valuation, cyclical developments and liquidity considerations, matched against the Fund’s obje ...
18 - Finance
18 - Finance

Fear and loathing of negative yielding debt: bond investor`s
Fear and loathing of negative yielding debt: bond investor`s

... there are few good options left. Even in the U.S., long the destination of choice in times of stress, Treasuries are in such demand that when their cash flows are converted into euros, yields are even worse than the scant returns on German bunds. For euro-based buyers of 10-year Treasuries, swapping ...
Short Duration Income Fund Commentary
Short Duration Income Fund Commentary

Quarterly commentary - Principal Global Investors
Quarterly commentary - Principal Global Investors

HBW with speaker notes - North Carolina Cooperative Extension
HBW with speaker notes - North Carolina Cooperative Extension

FRBSF E
FRBSF E

Winter 2015 - RBC Wealth Management
Winter 2015 - RBC Wealth Management

... plants, equipment and labour. It could be financed by the record high levels of cash sitting on corporate balance sheets. These developments are good news for the next 10-20 years in my opinion. However this does not mean we can cease to be careful! I will remind everyone we have not seen a correcti ...
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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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