Credit Derivatives And Structured Credit Trading

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Credit Derivatives and Structured Credit

Richard Bruyere,Regis Copinot,Loic Fery,Christophe Jaeck,Thomas Spitz
Credit Derivatives and Structured Credit Book PDF

Author : Richard Bruyere,Regis Copinot,Loic Fery,Christophe Jaeck,Thomas Spitz
Publisher : John Wiley & Sons
Page : 294 pages
File Size : 51,7 Mb
Release : 2006-06-14
Category : Business & Economics
ISBN : 9780470026236

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Credit Derivatives and Structured Credit by Richard Bruyere,Regis Copinot,Loic Fery,Christophe Jaeck,Thomas Spitz Pdf

Over the past decade, credit derivatives have emerged as the key financial innovation in global capital markets. At end 2004, the market size hit $6.4 billion (in notional amounts) from virtually nothing in 1995. This rise has been spurred by the imperative for banks to better manage their risks, not least credit risks, and the appetite shown by institutional investors and hedge funds for innovative, high yielding structured investment products. As a result, growth in collateralized debt obligations and other second-generation products, such as credit indices, is currently phenomenal. It is enabled by the standardization and increased liquidity in credit default swaps – the building block of the credit derivatives market. Written by market practitioners and specialists, this book covers the fundamentals of the credit derivatives and structured credit market, including in-depth product descriptions, analysis of real transactions, market overview, pricing models, banks business models. It is recommended reading for students in business schools and financial courses, academics, and professionals working in investment and asset management, banking, corporate treasury and the capital markets. Highlights include: Written by market practitioners and specialists with first-hand experience in the credit derivatives and structured credit market A clearly-written, pedagogical book with numerous illustrations Detailed review of real-case transactions A comprehensive historical perspective on market developments including up-to-date analysis of the latest trends

Structured Products and Related Credit Derivatives

Brian P. Lancaster,Glenn M. Schultz,Frank J. Fabozzi
Structured Products and Related Credit Derivatives Book PDF

Author : Brian P. Lancaster,Glenn M. Schultz,Frank J. Fabozzi
Publisher : John Wiley & Sons
Page : 545 pages
File Size : 44,6 Mb
Release : 2008-06-20
Category : Business & Economics
ISBN : 9780470369234

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Structured Products and Related Credit Derivatives by Brian P. Lancaster,Glenn M. Schultz,Frank J. Fabozzi Pdf

Filled with the insights of numerous experienced contributors, Structured Products and Related Credit Derivatives takes a detailed look at the various aspects of structured assets and credit derivatives. Written over a period spanning the greatest bull market in structured products history to arguably its most challenging period, this reliable resource will help you identify the opportunities and mitigate the risks in this complex financial market.

Credit Derivatives and Structured Credit Trading

Vinod Kothari
Credit Derivatives and Structured Credit Trading Book PDF

Author : Vinod Kothari
Publisher : John Wiley & Sons
Page : 523 pages
File Size : 40,7 Mb
Release : 2011-12-15
Category : Business & Economics
ISBN : 9781118178782

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Credit Derivatives and Structured Credit Trading by Vinod Kothari Pdf

Credit derivatives as a financial tool has been growing exponentially from almost nothing more than seven years ago to approximately US$5 trillion deals completed by end of 2005. This indicates the growing importance of credit derivatives in the financial sector and how widely it is being used these days by banks globally. It is also being increasingly used as a device of synthetic securitisation. This significant market trend underscores the need for a book of such a nature. Kothari, an undisputed expert in credit derivatives, explains the subject matter using easy-to-understand terms, presents it in a logical structure, demystifies the technical jargons and blends them into a cohesive whole. This revised book will also include the following: - New credit derivative definitions - New features of the synthetic CDO market - Case studies of leading transactions of synethetic securitisations - Basle II rules - The Consultative Paper 3 has significantly revised the rules, particularly on synthetic CDOs - Additional inputs on legal issues - New clarifications on accounting for credit derivatives/credit linked notes

The Structured Credit Handbook

Arvind Rajan,Glen McDermott,Ratul Roy
The Structured Credit Handbook Book PDF

Author : Arvind Rajan,Glen McDermott,Ratul Roy
Publisher : John Wiley & Sons
Page : 544 pages
File Size : 44,5 Mb
Release : 2007-03-31
Category : Business & Economics
ISBN : 9780470100080

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The Structured Credit Handbook by Arvind Rajan,Glen McDermott,Ratul Roy Pdf

The Structured Credit Handbook is a comprehensive introduction to all types of credit-linked financial instruments. This book provides state-of-the-art primers on single tranche collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), credit derivatives (such as credit default swaps and swaptions), and iBoxx indexes. Filled with in-depth insight and expert advice, The Structured Credit Handbook covers all aspects of the synthetic arbitrage CDO market, including new instruments such as CDO2. Readers will also gain a firm understanding of the investment rationale, risks, and rewards associated with CDO investments through this valuable resource. The exploding use of credit derivatives and collateralized debt obligations (CDOs) has transformed the world of credit, creating an $18 trillion market almost overnight and resulting in innumerable investment and career opportunities globally. The Structured Credit Handbook provides the reader with a comprehensive and clear roadmap to today's new credit landscape. The full spectrum of structured credit products, from single-name CDS to CDOs, is explained in a simple, clear fashion that is free from the financial jargon and mathematical complexity which characterize many other derivative texts. The handbook begins with an in-depth explanation of the building blocks of the structured credit markets, single-name default swaps and indexes, and it culminates with complex products such as credit options, synthetic tranches, CDOs based on bank loans and asset-backed securities, and CDO-squareds. Written by experienced practitioners who have participated in this market since its infancy, each of the thirteen chapters introduces and analyzes a new product and explains its practical applications. A rich set of real-life case studies illustrate the application of each product in a concrete market setting. The book may be used in a semester-long course on structured credit as part of a business or finance curriculum. Whether you are a market professional, a university student or faculty member, or simply a financially savvy layperson, look no further for an up-to-date and thorough introduction to this rapidly growing and exciting field. Dr. Arvind Rajan, Managing Director, Citigroup Global Markets, is engaged in proprietary trading of Structured Credit products, and until recently, was global head of Structured Credit Research and Strategy at Citigroup. Glen McDermott (New York, NY) is Director of Fixed Income Sales and the former head of CDO Research at Citigroup Global Markets Inc. Ratul Roy is head of CDO Strategy for Citigroup Global Markets and has spent the prior nine years in structuring or analyzing CDOs and other structured credit products.

Structured Credit Products

Moorad Choudhry
Structured Credit Products Book PDF

Author : Moorad Choudhry
Publisher : John Wiley & Sons
Page : 628 pages
File Size : 52,8 Mb
Release : 2011-09-20
Category : Business & Economics
ISBN : 9781118177136

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Structured Credit Products by Moorad Choudhry Pdf

Updated coverage of structured credit products with in-depth coverage of the latest developments Structured credit products are one of today's fastest growing investment and risk management mechanisms, and a focus of innovation and creativity in the capital markets. The building blocks of these products are credit derivatives, which are among the most widely used products in finance. This book offers a succinct and focused description of the main credit derivative instruments, as well as the more complex products such as synthetic collateralized debt obligations. This new edition features updated case studies from Europe and Asia, the latest developments in synthetic structures, the impact of the subprime meltdown, along with models and teaching aids. Moorad Choudhry returns with this excellent update of the credit derivatives market. The second edition of his classic work is, like the subject matter itself, at the forefront of the financial industry. It deserves a wide readership. —Dr Didier Joannas Regional Director, Thomson Reuters, Hong Kong This is the perfect companion for both experienced and entry level professionals working in the structured credit fraternity. It is an erudite, insightful and enjoyable read that successfully demystifies one of the most topical subject areas in banking today, while also providing important practical examples that link the theory to the job itself. —Dr James Berriman Global Pricing Unit, Royal Bank of Scotland Moorad Choudhry has earned a deserved reputation from both academics and practitioners as one of the leading practical yet rigorous authors of finance books. In this Second Edition, his practical knowledge of credit derivatives keeps the audience engaged with straightforward explanations of complicated structures, and an accessible level of mathematical sophistication necessary to understand structured credit products. The author offers complete, rigorous analysis while avoiding overuse of mathematical formulas and carefully balanced practical and theoretical aspects of the subject. I strongly recommend this book for those wishing to gain an intuitive understanding of structured credit products, from practitioners to students of finance! —Mohamoud Barre Dualeh Senior Product Developer, Abu Dhabi Commercial Bank, UAE This is THE book for credit derivative trading. From first steps to advanced trading strategies, this is invaluable. Well written and insightful, perfect for ad hoc reference or reading cover to cover. —Andrew Benson ETF Market Making, KBC Peel Hunt, London Professor Choudhry has inspired me to really get into credit derivatives. It’s great to be lectured by someone with such energy and practical hands-on experience, as well as the ability to get stuck into the details. —George Whicheloe Equity-Linked Technology, Merrill Lynch, London Moorad Choudhry is Head of Treasury at Europe Arab Bank plc in London. He is a Visiting Professor at the Department of Economics at London Metropolitan University.

Credit Derivatives and Synthetic Structures

Janet M. Tavakoli
Credit Derivatives and Synthetic Structures Book PDF

Author : Janet M. Tavakoli
Publisher : John Wiley & Sons
Page : 328 pages
File Size : 43,8 Mb
Release : 2001-07-16
Category : Business & Economics
ISBN : 047141266X

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Credit Derivatives and Synthetic Structures by Janet M. Tavakoli Pdf

Fully revised and updated Here is the only comprehensive source that explains the various instruments in the market, their economic value, how to document trades, and more. This new edition includes enhanced treatment of U.S. and worldwide regulatory issues, and new product structures. "If you want to know more about credit derivatives--and these days an increasing number of people do--then you should read this book." --Merton H. Miller, winner, Nobel Prize in Economics, 1990 "Tavakoli brings extraordinary insight and clarity to this fascinating financial evolution . . ."--Carl V. Schuman, Manager, Credit Derivatives, West LB New York Janet M. Tavakoli (Chicago, IL) is Vice President of the Chicago branch of Bank of America, where she directs the company's overall marketing of global derivatives and manages its CreditMetrics initiative.

Implementing Credit Derivatives

Israel Nelken
Implementing Credit Derivatives Book PDF

Author : Israel Nelken
Publisher : McGraw Hill Professional
Page : 344 pages
File Size : 51,8 Mb
Release : 1999
Category : Business & Economics
ISBN : 0070472378

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Implementing Credit Derivatives by Israel Nelken Pdf

This text goes beyond the fundamentals of credit derivatives, to explore the practical realities of derivatives in a credit risk management strategy. Key regulatory and legal issues are covered, along with case studies to demonstrate application of the strategies discussed.

Credit Derivatives

Michael Stafferton
Credit Derivatives Book PDF

Author : Michael Stafferton
Publisher : Unknown
Page : 184 pages
File Size : 40,7 Mb
Release : 2004
Category : Credit derivatives
ISBN : IND:30000100574361

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Credit Derivatives by Michael Stafferton Pdf

Presents a self-study guide to several complex instruments, their application, pricing, and market development. This workbook is designed to provide answers to fundamental questions about what credit derivatives are, who uses them, why, and also in what ways.

Trading and Pricing Financial Derivatives

Patrick Boyle,Jesse McDougall
Trading and Pricing Financial Derivatives Book PDF

Author : Patrick Boyle,Jesse McDougall
Publisher : Walter de Gruyter GmbH & Co KG
Page : 298 pages
File Size : 53,6 Mb
Release : 2018-12-17
Category : Business & Economics
ISBN : 9781547401215

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Trading and Pricing Financial Derivatives by Patrick Boyle,Jesse McDougall Pdf

Trading and Pricing Financial Derivatives is an introduction to the world of futures, options, and swaps. Investors who are interested in deepening their knowledge of derivatives of all kinds will find this book to be an invaluable resource. The book is also useful in a very applied course on derivative trading. The authors delve into the history of options pricing; simple strategies of options trading; binomial tree valuation; Black-Scholes option valuation; option sensitivities; risk management and interest rate swaps in this immensely informative yet easy to comprehend work. Using their vast working experience in the financial markets at international investment banks and hedge funds since the late 1990s and teaching derivatives and investment courses at the Master's level, Patrick Boyle and Jesse McDougall put forth their knowledge and expertise in clearly explained concepts. This book does not presuppose advanced mathematical knowledge, though it is presented for completeness for those that may benefit from it, and is designed for a general audience, suitable for beginners through to those with intermediate knowledge of the subject.

Mastering Credit Derivatives

Andrew Kasapis
Mastering Credit Derivatives Book PDF

Author : Andrew Kasapis
Publisher : Pearson UK
Page : 297 pages
File Size : 50,5 Mb
Release : 2013-10-03
Category : Business & Economics
ISBN : 9780273747116

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Mastering Credit Derivatives by Andrew Kasapis Pdf

This second edition of Mastering Credit Derivatives has been completely revised to include new movements in the world of finance. The first part of the book is set aside as a condensed, updated version of the previous edition whereas the next two thirds are dedicated to recent innovations such as Structured Credit Derivatives and Greeks and Tranche Sensitivity. The book is written on a purely ‘need to know’ basis, avoiding the archaic, theoretical and excessively mathematical concepts. Input from market practitioners offers valuable insight into where they believe the market is headed in the future. Derivatives is a huge area, thought to be worth trillions of pounds. With new products being constantly introduced, it is important to keep up-to-date with its rapid growth.

Credit Derivatives

Geoff Chaplin
Credit Derivatives Book PDF

Author : Geoff Chaplin
Publisher : John Wiley & Sons
Page : 420 pages
File Size : 41,5 Mb
Release : 2010-04-19
Category : Business & Economics
ISBN : 9780470686447

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Credit Derivatives by Geoff Chaplin Pdf

The credit derivatives industry has come under close scrutiny over the past few years, with the recent financial crisis highlighting the instability of a number of credit structures and throwing the industry into turmoil. What has been made clear by recent events is the necessity for a thorough understanding of credit derivatives by all parties involved in a transaction, especially traders, structurers, quants and investors. Fully revised and updated to take in to account the new products, markets and risk requirements post financial crisis, Credit Derivatives: Trading, Investing and Risk Management, Second Edition, covers the subject from a real world perspective, tackling issues such as liquidity, poor data, and credit spreads, to the latest innovations in portfolio products, hedging and risk management techniques. The book concentrates on practical issues and develops an understanding of the products through applications and detailed analysis of the risks and alternative means of trading. It provides: a description of the key products, applications, and an analysis of typical trades including basis trading, hedging, and credit structuring; analysis of the industry standard 'default and recovery' and Copula models including many examples, and a description of the models' shortcomings; tools and techniques for the management of a portfolio or book of credit risks including appropriate and inappropriate methods of correlation risk management; a thorough analysis of counterparty risk; an intuitive understanding of credit correlation in reality and in the Copula model. The book is thoroughly updated to reflect the changes the industry has seen over the past 5 years, notably with an analysis of the lead up and causes of the credit crisis. It contains 50% new material, which includes copula valuation and hedging, portfolio optimisation, portfolio products and correlation risk management, pricing in illiquid environments, chapters on the evolution of credit management systems, the credit meltdown and new chapters on the implementation and testing of credit derivative models and systems. The book is accompanied by a website which contains tools for credit derivatives valuation and risk management, illustrating the models used in the book and also providing a valuation toolkit.

Credit Derivatives

Satyajit Das
Credit Derivatives Book PDF

Author : Satyajit Das
Publisher : John Wiley & Sons
Page : 824 pages
File Size : 50,6 Mb
Release : 2005-05-09
Category : Business & Economics
ISBN : CORNELL:31924100571003

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Credit Derivatives by Satyajit Das Pdf

The key areas of new/enhanced coverage include: inclusion of latest developments in documentation (the 2003 Credit Derivative Definitions and market developments such as Master Confirmations); and description of developments in structured credit products including: portfolio products; up-front credit default swaps; quanto credit default swaps; credit swaptions; zero recovery credit default swaps; first-to-default swaps/Nth-to-default swaps; asset swaptions/synthetic lending facilities/structured asset swaps; constant maturity credit spread products and constant maturity credit default swaps; credit index products; equity default swaps; increased coverage of credit linked notes including repackaging structures.

Credit Derivatives Handbook: Global Perspectives, Innovations, and Market Drivers

Greg N. Gregoriou,Paul U. Ali
Credit Derivatives Handbook Global Perspectives Innovations and Market Drivers Book PDF

Author : Greg N. Gregoriou,Paul U. Ali
Publisher : McGraw Hill Professional
Page : 435 pages
File Size : 45,5 Mb
Release : 2008-07-31
Category : Business & Economics
ISBN : 9780071549530

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Credit Derivatives Handbook: Global Perspectives, Innovations, and Market Drivers by Greg N. Gregoriou,Paul U. Ali Pdf

The world’s leading financial thinkers share their insights into the latest developments in credit derivatives In The Credit Derivatives Handbook, some of the world's sharpest financial and legal minds come together to discuss how credit derivatives have evolved from tools restricted to the banking industry into flexible and customizable instruments used by investors of all kinds. You will come away with the knowledge and insight needed to measure and value risk, as well as the ability to put credit derivatives to work. Over fifteen contributors provide in-depth analyses of subjects in their respective areas of expertise, such as: Key products, applications, and typical trades, hedging and credit structuring Pricing of credit default swaps and synthetic CDOs Design of synthetic CDOs Copula models, with illustrative examples Credit derivatives in investment portfolios Opportunities for structuring credit derivatives in accordance with Islamic finance Comprehensive in scope but executed in meticulous detail, The Credit Derivatives Handbook provides a complete, global perspective of what the editors consider “one of the most important financial innovations of recent times.”

An Introduction to Credit Derivatives

Moorad Choudhry
An Introduction to Credit Derivatives Book PDF

Author : Moorad Choudhry
Publisher : Butterworth-Heinemann
Page : 173 pages
File Size : 53,5 Mb
Release : 2012-12-31
Category : Business & Economics
ISBN : 9780080982984

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An Introduction to Credit Derivatives by Moorad Choudhry Pdf

The second edition of An Introduction to Credit Derivatives provides a broad introduction to products and a marketplace that have changed significantly since the financial crisis of 2008. Author Moorad Choudhry gives a practitioner's perspective on credit derivative instruments and the risks they involve in a succinct style without sacrificing technical details and scientific precision. Beginning with foundational discussions of credit risk, credit risk transfer and credit ratings, the book proceeds to examine credit default swaps and related pricing, asset swaps, credit-linked notes, and more. Ample references, appendices and a glossary add considerably to the lasting value of the book for students and professionals in finance. A post-crisis guide to a powerful bank risk management product, its history and its use Liberal use of Bloomberg screens and new worked examples increase hands-on practicality New online set of CDS pricing models and other worksheets multiply the book's uses

Credit Derivative Strategies

Rohan Douglas
Credit Derivative Strategies Book PDF

Author : Rohan Douglas
Publisher : John Wiley and Sons
Page : 241 pages
File Size : 49,8 Mb
Release : 2010-05-13
Category : Business & Economics
ISBN : 9780470885048

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Credit Derivative Strategies by Rohan Douglas Pdf

In the decade since the credit derivatives market started, financial professionals have become increasingly sophisticated. Most books on the subject have not kept pace. Credit Derivative Strategies closes the gap with state-of-the-art techniques for picking credit hedge funds, analyzing event risk, identifying relative value opportunities and managing CDOs. The credit crisis has many people in the financial industry rethinking how to manage their credit risk and exposure. It is now more important than ever for participants in the financial markets -- whether they are trading or not -- to understand these credit products given their increasing impact. The contributors to this book are practicing professionals who honed their craft at some of the industry's most successful companies including: Merrill Lynch, Credit Suisse First Boston, Kenmar Global Investment Management, and Citigroup.