An analysis of the Product and Market functions of Asset-Backed Securitization

Senanayake, Nadine

An analysis of the Product and Market functions of Asset-Backed Securitization

Retrospect and Prospect

von Nadine Senanayake (Autor:in)

BWL - Investition und Finanzierung

Zusammenfassung

Inhaltsangabe:Introduction:
In the past the basic concept of banking was when depositors were aspired to pay into banks or financial institutions which successively transferred these funds at a margin to individuals, businesses and credit worthy borrowers using methods of lending. The proportionate credit risk was the main apprehension of financial institutions that utilized existing functions and developed techniques to estimate the probability of these investors defaulting. In the 1980's significant technological advances assisted in the Securitization process, which enabled banks to hedge their credit-risk exposure by means of Securitization. Securitization was ranked amongst the big developments in the past years, like De-regulation, Globalization, Internationalization and the increasing permeation of technology.
Securitization can be defined as a process of packaging individual loans and other debt instruments, concerting the package into a security, and enhancing their credit status or rating.
Whereas the eighties were the age of securitization, one could describe the nineties as the age of asset securitization.[...] The worldwide issuance of assetbacked securities is expected to grow enormously in the future.
In the 1990's we have seen a notable shift from the traditional loan financing to Securitization of bank assets within financial markets. The ABS has and remains to be an important form of balance sheet financing for financial institutions. Securitization is a widely used mechanism by financial institutions which add value to investors/shareholders and stakeholders if implemented in it's eligible framework. Since the proposed Financial Services Modernization Act of 1999 came into effect, the Glass-Steagall Act of 1933 which previously imposed restrictions on the integration process of banks, insurance and stock trading was eradicated; consequently:
Boundaries between governments and markets were redrawn.
This enabled consenting bankers the liberty to utilize mechanisms, which imparted in trail-blazing structures being introduced into the market. Moreover, dexterous bankers who have the capability to understand the complicated nature or intricacy of these structures did use them for their benefit by exploiting lacunas or setbacks in both the product and market sphere of the system.
Hence, the focus of the paper will be to analyze the product functions namely, how the product was first initiated and the main incitement […]

Leseprobe

Inhaltsverzeichnis

Nadine Senanayake

An analysis of the Product and Market functions of Asset-Backed Securitization

Retrospect and Prospect

ISBN: 978-3-8366-3952-1

Herstellung: Diplomica® Verlag GmbH, Hamburg, 2010

Zugl. Fachhochschule für Technik und Wirtschaft Berlin, Berlin, Deutschland,

Bachelorarbeit, 2008

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An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

Table of Contents

Thesis structure _____________________________________________ 6

Outline of my thesis

Table of figures

Table of tables

List of abbreviations

Abstract

Introduction ________________________________________ 11

1.1

Asset-Backed Securitization in a Nutshell ________________________________ 14

1.2

History and Development of the Asset-Backed Securities Market ____________ 14

1.3

Asset- Backed Securitization in a Nutshell _______________________________ 16

1.4

Issuing vehicles ____________________________________________________ 17

1.5

The Structuring Process ______________________________________________ 18

1.5.1

True-Sale /Conventional Securitization ________________________________________ 18

1.5.1.1 Conditions for Risk Isolation ______________________________________________ 19

1.5.2

Synthetic Securitization ____________________________________________________ 20

1.6

Framework of an Asset-Backed Security_________________________________ 21

1.6.1

Asset Tranches ___________________________________________________________ 21

1.7

Key Players in Asset Backed Securitization _______________________________ 22

1.7.1

The relationship between the Originator-SPV __________________________________ 22

1.7.2

The relationship of SPV- Investors ___________________________________________ 24

1.7.3

The relationship between SPV-Trustee ________________________________________ 24

1.7.4

The relationship between of SPV-Credit Enhancer _______________________________ 25

1.7.4.1 Internal Credit enhancement ______________________________________________ 25

1.7.4.2 External Credit enhancement ______________________________________________ 26

1.7.5

The relationship between SPV- Rating Agencies ________________________________ 26

1.8

Legal formalities and the Risk Isolation _________________________________ 26

2.1

Trading Asset Backed Securities _______________________________________ 27

2.2

Types of Asset Backed Securities ______________________________________ 28

2.3

Mortgage-Backed Securities (MBS) _____________________________________ 29

2.3.3

Pricing Mortgage-Backed Securities __________________________________________ 30

2.3.4

Market Developments of MBS ______________________________________________ 31

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

2.4

Asset-Backed Securities (ABS) in a narrower sense ________________________ 31

2.4.1

Market Develop for ABS (in a narrower sense) _________________________________ 32

2.4.2

Pricing Asset Backed Securities ______________________________________________ 33

2.5

Collateral Debt Obligations (CDO) ______________________________________ 33

2.5.1

Market Development of CDOs_______________________________________________ 33

2.5.2

True Sale CDO____________________________________________________________ 34

2.5.3

Synthetic CDO ___________________________________________________________ 35

2.5.4.1 Balance sheet CDOs ______________________________________________________ 36

2.5.4.2 Arbitrage CDOs _________________________________________________________ 36

2.6

Importance of Credit Derivatives in Asset Securitization ____________________ 37

3.1

Financial Meltdown 2008 ____________________________________________ 38

3.2

Importance of Risk Management ______________________________________ 41

3.3

Risk in the Asset Backed Securities market; an accelerating force in the financial

crisis

3.3.1

Internal Control Risk and Management _______________________________________ 42

3.3.1.1 Firm-wide risk management _______________________________________________ 42

3.3.1.2 Revising Compensation Incentives __________________________________________ 43

3.3.2

Accounting and transfer risk ________________________________________________ 44

3.2.3

Excess liquidity risk _______________________________________________________ 46

3.3.4

Counterparty risk- ________________________________________________________ 48

3.4

Risks associated with the Market ______________________________________ 49

3.4.1

Concentrated risk _________________________________________________________ 49

3.4.2

Transparency risk of (OTC) trades: ___________________________________________ 50

3.4.3

Inaccurate Pricing Risk and Rating Agencies ___________________________________ 52

Conclusion__________________________________________ 55

Bibliography ________________________________________ 58

Appendix 1 (benefits of ABS/decition process/cost analysis) ______________ 63

Appendix 2 Credit Derivatives and Case study(Lehman/AIG) _______________ 66

Appendix 3 Questionnaire _______________________________________ 70

Appendix 4 Graphs _____________________________________________ 74

Appendix C Relevant Terms and Definitions _________________________ 76

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

Thesis Structure

Product* Functions

What is the main product ?

How is the product structured ?

The background of the product?

How does it function ?

Which parties help initiate the product ?

What is the role played by these parties?

Market* Functions

How is the product traded ?

What are the different types of product ?

The importance of the different types of products ?

How is the product priced ?

How has the Market for these products developed ?

What are the advantages of utilizing the product?

The product

penetrates the

market

Risks

ith

t f

isk

s a

sso

cia

ted

ith

e p

ct f

ctio

nin

Proposed Solutions

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

Chapter 1

ABS in a Nutshell

History and Development of the ABS Market

The Structuring Process

The ABS Framework

Key players in the ABS Market

Legal Formalities and Risk Isolation

Chapter 2

Trading ABS

Types of ABS(in general)

Mortgage Backed Securities (MBS)

Asset-Backed Securities (ABS)

Collateralized Debt Obligations (CDO)

The importance of Credit Derivatives in ABS

Chapter 3

Financial Meltdown 2008

Product Risks

Market Risks

Proposed Solutions

Conclusion

Outline of my Thesis:

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

figure 1

Asset-Backed Securitization in a Nutshell

figure 2

True-Sale /Conventional Securitization

figure 3

Synthetic Securitization

figure 4

Framework of an ABS

figure 5

Asset Tranches

figure 6

Key Players in Asset Backed Securitization

figure 7

Asset Backed Securities (ABS) in a general sense

figure 8

The Mortgage Securitization Process

figure 9

US non-agency MBS issuance(in the past 15 months)

figure 10

MBS share of total mortgage debt outstanding

figure 11

Worldwide ABS Issuance (2007/2008)

figure 12

US ABS Issuance (in the past 15 months)

figure 13

US ABS Breakdown (Year to Date)

figure 14

Global CDO Issuance

figure 15

True Sale CDO

figure 16

Synthetic CDO

figure 17

Bringing Down The House

figure 18

The impact of True Sale Securitization on loans to the private sector

figure 19

Treacherous Waters

figure 20

Mortgage-Backed Securities (MBS) Downgrades

figure 21

Motives for financial institutions to utilize ABS

figure 22

Balance Sheet of Originator before and after ABS-transaction

figure 23 The decision process

figure 24

Credit Default Swap

figure 25

Credit Linked Note

Table of figures

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

figure 26

The Financial Meltdown 2008

Table 1 Product and Market Risks

Table 2 Illustration of the benefits of issuing CLO's

Table 3 The cost analysis

Table 3 Characteristics and risk transfer of individual Credit Derivatives

ABS

Asset-Backed Securities

CDO

Collateralized Debt Obligation

CDS

Credit Default Swaps

Credit Enhancement

CLN

Credit Linked Note

CLO

Collateralized Loan Obligation

CMBS

Commercial Mortgage Backed Securities

FHLMC

Federal Home Loan Mortgage Association

FNMA

Federal National Mortgage Association

GSE

Government Sponsored Entity

GNMA

Government National Mortgage Association

IIF

Institute for International Finance

MBS

Mortgage-Backed Securities

OTC

Over the Counter

RMBS

Residential Mortgage Backed Securities

SPV

Special Purpose Vehicle

List of abbreviations

Table of Tables

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

Author:

Nadine Senanayake

Title:

The Product and Market Functions of Asset-Backed

Securities: Retrospect and Prospect

Institution:

Fachhochschule für Technik und Wirtschaft

Thesis Advisor:

Prof. Dr. Dayanand Arora, Prof. Dr. Singer

Degree:

Bachelor of Arts

Year:

2008

Word Count

12,512

Methodology

Italics

connecting lines or links between paragraphs

Boxed Segment

Introduction to chapters and appendices

The paper aims at analyzing the product and market functions of Asset-Backed

Securities (ABS) by firstly, distinguishing characteristics of the product functions

and market functions in relation to Asset-Backed Securitization within a general

compass. It is important to note that with "product functions" the author refer to the

phase prior to the issuing of securities, which is the structuring phase. Thus, the

author will be drawing from history and developments in the market, players

involved in the structuring process and descriptions of the basic product functions.

Secondly, the author will elaborate on the market functions. Once again it is of

importance to note that with "market functions" the author refers to the phase where

the product has been implemented into the market. Furthermore the author strives to

give the reader a clear definition of the types of asset-backed securities and their

functions within the framework of the market. Thirdly, the author will elaborate on

the shortfalls in the ABS structure in terms of it's risk and continue to discuss the

Abstract

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

risks attributable to the product and market functions of ABS. Finally, the author will

submit solutions for the mentioned risks within the framework and draw an outline

as to the ABS securitization market in the future.

Introduction

In the past the basic concept of banking was when depositors were aspired to pay into

banks or financial institutions which successively transferred these funds at a margin to

individuals, businesses and credit worthy borrowers using methods of lending. The

proportionate credit risk was the main apprehension of financial institutions that utilized

existing functions and developed techniques to estimate the probability of these

investors defaulting. In the 1980's significant technological advances assisted in the

Securitization process, which enabled banks to hedge their credit-risk exposure by

means of Securitization. Securitization was ranked amongst the big developments in the

past years, like De-regulation, Globalization, Internationalization and the increasing

permeation of technology.

"Securitization can be defined as a process of packaging individual loans and

other debt instruments, concerting the package into a security, and enhancing their

credit status or rating".

"Whereas the eighties were the age of securitization, one could describe the

nineties as the age of asset securitization.[...] The worldwide issuance of asset-

backed securities is expected to grow enormously in the future."

In the 1990's we have seen a notable shift from the traditional "loan financing" to

Securitization of bank assets within financial markets. The ABS has and remains to be

an important form of balance sheet financing for financial institutions. Securitization is a

widely used mechanism by financial institutions which add value to investors/

shareholders and stakeholders if implemented in it's eligible framework. Since the

proposed Financial Services Modernization Act of 1999 came into effect, the Glass-

Gehrig (1987) p. 79.

Kendall and Fishman (2000) p. 2.

Interview comment by an investment banker: in Baer (1997) p. 21.

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

Steagall Act of 1933 which previously imposed restrictions on the integration process of

banks, insurance and stock trading was eradicated; consequently:

"Boundaries between governments and markets were redrawn"

This enabled consenting bankers the liberty to utilize mechanisms,

which imparted in trail-blazing structures being introduced into the market.

Moreover, dexterous bankers who have the capability to understand the complicated

nature or intricacy of these structures did use them for their benefit by exploiting lacunas

or setbacks in both the product and market sphere of the system.

Hence, the focus of the paper will be to analyze the product functions namely,

how the product was first initiated and the main incitement behind the core elements of

ABS. Moreover, I will proceed to discourse the market functions, which is when the core

elements have been transfigured into an ultimate product, and inaugurated in the

secondary market. Conclusively, I will elucidate on the risks related to the product and

market functions and further compile thoughts on proposed solutions for these risks.

In the first chapter the author will define the core element of Asset-Backed

Securitization and continue to expatiate on the main structure of the ABS process.

Thereafter, I will describe the history and development of the Asset backed securities

market. Subsequently, I will analyze the role played by the rating agencies, credit

enhancers, investors, SPV and the trustee that assist with implementing the ABS

structure.

In the second chapter the author will introduce ABS and define the different

types of ABS by giving a short description of each type, namely, ABS, MBS, and CDO

including the relevance of credit derivatives in the ABS market.

In the third chapter, the author will define the risks in the micro aspect and not in

it's macro sense as I would like to remain within the framework of the product and

market functions.

http://www.economist.com/

, when fortune frowned, (October 11

2008). p. 5.

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

Finally, the author proposes and suggests techniques in which one could increase

transparency and continue to benefit from trading these securities which will continue to

add value to financial institutions and medium sized enterprises. At last the author will

conclude by highlighting the future prospects of Asset-Backed Securitization, after

taking into considerations the risks and proposed solutions.

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

1.1 Asset-Backed Securitization in a Nutshell

1.2

History and Development of the Asset-Backed Securities Market

The ABS market in the USA has a very long tradition. In the 1970's there was a

significant increase in the demand for credits in the property market attributable to the

demographic developments in the USA. In order to systematically assist with the

growing demand in the mortgage credit market, the US Government national mortgage

association (GNMA) stepped in by establishing so-called Government Sponsored

Entities (GSEs)

, with the intention of increasing liquidity in these markets through

mortgage securitization.

The GSE's pool the different receivables from mortgage credits

and make the structures of the securitization available for trade. The task of the GSE is

to make sure they standardize, take over the monitoring activities and deliver, by the

means of a "quasi state guarantee", a secure product at attractive interest rates.

The use

of this structure enables the banks to detach the credits from their balance sheets, and to

Schmittat (2007 ) p. 13.

Here it concerns the following Government National Mortgage Association(GNMA) named "Ginnie

Mae" and The Federal National Mortgage Association (FHLMC) named "Freddie Mac" and the

Federal National Mortgage Association(FNMA) named "Fannie Mae" cf. Santomero and Babbel

(2001), p. 289.

Liaw and Eastwood (2007) pp. 13-14.

Chapter 1

Initiating the product functions of ABS

Chapter 1: distinguishes characteristics of the product functions of Asset Backed

Securitization, by explaining the key definitions associated with initiating the

product phase. Initially the history and development of the ABS market will be

unraveled; thereafter the author continues to describe the structure of the ABS

process, explained by describing the role played by the key players in the process.

Conclusively, the author exemplifies the two main concepts of securitization's

product sphere namely, True sale/Conventional and Synthetic Securitization.

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

distribute more credits by freeing up regulatory capital. These securities backed by

mortgages are referred to as Mortgage Backed Securities (MBS).

The next great step was the development of ABS structures, which were not backed by

mortgages, but with other assets and receivables. Such a transaction was first executed in

the year 1985

. Ever since, new asset classes for securitization process continue to be

discovered.

In Europe it took a number of years before ABS were deployed. In Great Britain

the first MBS were developed in 1987, nevertheless the relevant volume was only

accomplished in 1990. Germany lies behind for European Standards by only beginning

with the intensified use of ABS in 1997. The laggard development of the ABS market in

Germany can be associated to the reasoning that Germany does not possess its own

Laws for ABS unlike its neighboring country's Spain, France and England. Nevertheless

there is much German legislature where the special provision has not been fully

implemented to date, mainly due to the complex legal system. Furthermore the

traditional financing of German Corporations by means of bank credits and the main

banking principles have consequences on the delayed execution of ABS.

The issuance

volumes related to structured finance which included residential mortgage-backed

securities (RMBS), commercial mortgage-backed securities (CMBS), asset-backed

securities (ABS), and collateralized debt obligations (CDOs), accelerated in demand in

1995 by reaching approximately US$500bn in 2000, and exceeding US$2trillion in

2006, as measured by all dollar denominated issuance globally.

With regard to

contingency risk, credits which have not been adequately priced made ABS unattractive.

Moreover, the utilization of the capital market in the USA is comparatively stronger in

corporate finance when compared with Germany. In the USA 26% of the borrowed

capital are issued in the form of bonds, whereas in Germany this figure is 8%

. If you

analyze the situation of the ABS market in Germany one should bear in mind that the

Germans developed a covered bond system since 1769, which could be classified as a

securitizing tool similar to the mortgage backed structure, which German banks utilize to

Schmittat (2007) p. 14.

ibid p. 14.

Baer (1997) p. 60.

Schmittat (2007) p. 15.

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

re-finance their mortgage credits. The covered bond

structure can be differentiated

with the MBS structure, in that it is directly affiliated with the financial intermediary

(i.e. an SPV does not exist in this structure). Moreover, there is no direct connection

with the cash flow of the receivables and the covered bond. The credits are available to

investors along with the creditworthiness of the financial intermediary as additional

assurance.

The securitization market has grown to become one of the most prominent

fixed income sectors, which in turn are backed by a diverse and ever-expanding array of

assets.

1.3

Asset- Backed Securitization in a Nutshell

One can say that each time a promise to pay is made, a financial asset is born.

Subsequently;

"The process of packaging financial promises and transforming them into a form

whereby they can be freely transferred among a multitude of investors is

Securitization."

Henceforth, the securities which are the outcome of securitization processes are termed

as (ABS) asset-backed securities. Asset securitization can also be categorized as the

process where assets are refinanced in the capital market by issuing securities to

investors via a special purpose vehicle (SPV).

The cash flow pledged as collateral to

the issue is the main assurance for repayment along with internal and external forms of

Covered bonds are essentially debt based securities secured by receivables/ cash flow from mortgage

loans or public sector loans. The pool of assets are secured or "covered" in the case of insolvency of

the originator and remain on the Balance sheet of the issuer.

Schmeisser and Leonhardt (2006) pp. 42-43

Davidson and Sanders et al (2002) p. 3.

Fabozzi and Choudhry (2004) p. 3.

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

credit enhancement

, which is by no means dependent on the overall financial strength

of the originator.

(Refer to figure 1)

Figure 1: ABS in a nutshell: Source: Buehler (2008)

1.4

Issuing vehicles

An SPV is an issuing vehicle or a special purpose entity (SPE), created by a firm which

is the sponsor or originator, who has transferred assets to this legal entity

. It has done

Credit enhancement is an inherent element in the securitization process which designs a security that

encompasses a higher rating than the issuer, which in turn allows the issuer to monetarize its assets

whilst paying a lower interest rate than he would pay when accepting a bank loan or issuing debt. Cf.

Fixed Income Primer (2005). Asset-Backed securities P. 4. Methods of credit enhancement will be

covered in detail later on in this chapter.

Fabozzi and Choudhry (2004) p. 3.

There are many legal forms utilized for an SPV e.g. limited partnership, a limited liability company, a

trust, or a corporation. See

Gorton, and Souleles (1995) p.2. For more information regarding the legal status of

an SPV refer to Kramer (2003)

Borrower

Originator

SPV

Investor

Receivables

Payment

Sale of Receivables

Payment

Sells Securities

Interest + Redemption

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

this in order to carry out some specific task or circumscribed activity.

These vehicles

only serve a circumstantial purpose besides the objective for which they were created.

Moreover they are not in a position to make any substantive decision making; the rules

that govern the functioning of these securities are disembarked previously and carefully

monitor their activities

There are many forms of Special purpose entities such as

Trusts

, which are most often utilized to elude regulatory restrictions

. Due to the way

these entities are structured they have a confined volume of legal or financial

responsibility giving them a "bankruptcy remote"

status.

1.5

The Structuring Process

These naked promises made by the obligor, as previously mentioned in my definition,

may not always suit the investor's wants and needs. Investors may not be satisfied with

its dimensions or the risk profile of the promise, which contain a variety of risks which

may be uninviting for investors. Therefore these promises are transfigured into a

structure which is more alluring for investors via the structuring process.

The structuring process can be further divided into two forms; namely, True

Sale/Conventional initiative and Synthetic initiative. I will briefly describe the eminence

of these two structuring methods.

1.5.1 True-Sale /Conventional Securitization

In a conventional True Sale ABS process an asset pool (e.g. corporate loans), which

contain a comparatively foreseeable cash flows, are pooled together by the originator

(bank); "these loans are further sold to a special purpose vehicle (SPV), which is a

bankruptcy remote entity in relation to the originator and the investor.

The ownership

of assets as well as the risk is transferred onto the SPV in its entirety. This would enable

Gorton and Souleles (2005) p. 1.

Gorton and Souleles (2005) p. 2.

There are various types of trust such as Grantors trust, Owner Trusts, Revolving Trusts, Master Trusts.

For an extensive explanation of the above mentioned trusts see Davidson and Sanders et al (2003) p.

20.

Under law it is exempt from taxes which enable the Originator to treat the transaction as a loan

sale which in turn reduces the liability for the Issuer cf. Kendall and Fishman (2000) p. 9.

Refer to appendix C for an explanation of "bankruptcy remote"

Böhringer and Lotz, et al (2001) p. 10.

An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect

the originator to benefit from "off balance sheet" treatment. (i.e. The exposure does not

continue to appear on the balance sheet of the originator).

1.5.1.1 Conditions for Risk Isolation

In "True Sale" securitization illustrated in (figure 2), various fundamental conditions

must be fulfilled, regardless of the chosen transaction structure and the legal

arrangement of the SPV. It concerns the following preconditions:

The assignment of the finance activities of the SPV should under no

circumstances be questioned in retrospect. (non- fraudent transfer)

The assignment must be legally valid, in other words, it should lead to a

subrogation or changeover of the obligor, also when this has not been indicated

to the obligor. (True Sale/Non Notification)

In the event of the bankruptcy of the originator, the contractual times lines of the

transaction should not be affected. (No Commingling Risk, First perfected

security interest)

Baer (1997) p. 103.

Figure 2:The fundamental conditions of a True-Sale ABS transaction with off-balance sheet treatment

Source: Following Hans Peter Baer, Asset Securitization, 2005

Asset

Pool

Originator/

Service Agent

No Commingling risk

Obliger

Risk Isolation

Non Fraudent

Transfer

Asset

Pool

Asset

Pool

Asset

Pool

Bankruptcy-remote

Special Purpose Vehicle

Non-

Consolidation

Non-/ limited

Recourse

Investor

First preferred

Security Interest

Non notification

Details

Seiten
Erscheinungsform: Originalausgabe
Erscheinungsjahr: 2008
ISBN (eBook): 9783836639521
DOI: 10.3239/9783836639521
Dateigröße: 1.2 MB
Sprache: Englisch
Institution / Hochschule: Hochschule für Technik und Wirtschaft Berlin – Wirtschaftswissenschaften
Erscheinungsdatum: 2009 (Dezember)
Note: 1,7
Schlagworte: asset backed securitization
Produktsicherheit: Diplom.de

Autor

Nadine Senanayake (Autor:in)