True Sale Securitization In Germany And China

Author : Shengzhe Wang
Publisher : diplom.de
Page : 78 pages
File Size : 41,7 Mb
Release : 2005-05-02
Category : Business & Economics
ISBN : 9783832487195

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True Sale Securitization in Germany and China by Shengzhe Wang Pdf

Inhaltsangabe:Abstract: The Master thesis for LL.M. at Goethe university s ILF titled True Sale Securitization in Germany and China is a comparative study about true sale securitization. The initial reason for a comparative study was the similarity of banking centred financial systems in these two countries. Another reason is connected with the True Sale Initiative (TSI), a plan composed by major German banks aiming at improving their financial situation. German banks start to be plagued by the non-performing loans (NPLs) since 2001 due to mediocre performance of German corporations and depreciation of banks investment to the east part during 1990s. Facing the competitions from other countries and under pressures from the International Convergence of Capital Measurement and Capital Standards: a Revised Framework (Basel II) issued by the Basel Committee on Banking and Supervisory Practice (Basel Committee) at the Bank for International Settlements, the German banks employed the TSI as one part of the bigger financial reform to regain competition in Europe and worldwide. December 2004, the first true sale securitization was successfully constructed in Germany after German federal government changed some of its formerly unfriendly legal, taxation and accounting rules. The German experiences with TSI can shed some light into how China to develop its asset-backed securities (ABS) market in order to save its heavy NPLs-burdened banks and find alternative funds for its corporations. Although securitization might be a possible solution, the Chinese current legal system and market infrastructure prevents it from fully utilizing this modern financing technique. What China can learn from Germany s experiences is, that a special securitization law is preferred to amending each relevant laws and rules in order to get rid of legal barriers and contradictions for true sale securitizations. In addition, strong governmental supports will facilitate and accelerate the process of true sale securitization market development. The similarities between the German and Chinese financial system is the main incentive for this study. Both Germany and China have a financial system that is dominated by banks and at the same time features a weak capital market. Banks are the main external financing sources for domestic corporations. Furthermore, in both countries banks are suffering losses and carrying burden of non-performing loans (NPLs), due to the bad [...]

Author : Anonim
Publisher : Unknown
Page : 820 pages
File Size : 52,7 Mb
Release : 2006
Category : Commercial law
ISBN : UCAL:B5103910

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DePaul Business & Commercial Law Journal by Anonim Pdf

Author : Vinod Kothari
Publisher : John Wiley & Sons
Page : 1025 pages
File Size : 54,7 Mb
Release : 2006-06-16
Category : Business & Economics
ISBN : 9780470821954

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Securitization by Vinod Kothari Pdf

Get a thorough explanation of the nuances of securitization in the global business market with this comprehensive resource. Synthetic securitization and structured products are revolutionizing the financial industry and changing the way banks, institutional investors, and securities traders do business both domestically and globally. Written by a top international trainer and expert on securitization, this book is an ideal way for all market practitioners, whether investors, bankers, or analysts, to ensure they understand the ins and outs of this practice.

Author : Jennifer Romero-Torres,Sameer Bhatia,Sudip Sural
Publisher : Asian Development Bank
Page : 130 pages
File Size : 45,7 Mb
Release : 2017-11-01
Category : Business & Economics
ISBN : 9789292579845

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Securitization in India by Jennifer Romero-Torres,Sameer Bhatia,Sudip Sural Pdf

India needs to spend close to Rs43 trillion (about $646 billion) on infrastructure through to 2022. Such a staggering requirement cannot be met though traditional sources such as public sector bank loans. India must immediately explore and quickly ramp up financing from alternative investment sources. This report provides an overview of infrastructure financing in India, sheds light on the challenges faced by the country's banking sector, suggests an optimal mechanism for securitizing the infrastructure assets of public sector banks, and outlines a range of scenarios and factors that must be in place for this mechanism to be successfully realized.

Author : Andreas Fulda
Publisher : Bloomsbury Publishing
Page : 178 pages
File Size : 53,5 Mb
Release : 2024-05-30
Category : Political Science
ISBN : 9781350357037

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Germany and China by Andreas Fulda Pdf

As Europe finds itself once again caught between two superpowers – the USA and a rising China – little has been written about a relationship that will have a profound influence on the international order: the relationship between the People's Republic of China and Germany. In Germany and China, leading international relations expert Andreas Fulda looks critically at the increasingly interdependent relationship between the two countries. Drawing on examples from politics, industry, development aid and technology sectors and academia, the book explores how successive governments from Helmut Kohl to Angela Merkel have pursued ever-closer ties to China in the interests of short term economic gain. Fulda explores the danger of this increasing entanglement not just for Germany, but for Europe and the international world order.

Author : Anonim
Publisher : Unknown
Page : 1032 pages
File Size : 50,8 Mb
Release : 2005
Category : Law
ISBN : STANFORD:36105063922046

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Current Law Index by Anonim Pdf

Author : Tennekoon
Publisher : Bloomsbury Professional
Page : 0 pages
File Size : 44,9 Mb
Release : 2007-01-03
Category : Bonds
ISBN : 1845923928

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Law and Regulation of International Finance by Tennekoon Pdf

..".an impressive book...the style is straightforward...graduates studying international law or corporate finance should find much stimulating and thought provoking material here...an important reference work for students of the subject."Ã?Â?Ã?Â?--Cambridge Law JournalÃ?Â?Ã?Â?Ã?Â?Ã?Â?This student edition of Ravi Tennekoon's highly acclaimed text provides a straightforward and accessible reference work for LLM graduate students and those studying international and corporate finances. An undisputed authoritative text on the law governing money market activity, this book covers in depth the legal aspects of the principal financial and loan instruments of international finance -- in particular syndicated loans and eurobonds, along with the euro commercial paper market. Analysis of each transaction is divided into three sections: first, the book examines the financial structure and nature of a specific transaction along with the procedures required to set up the transaction; secondly, the legal framework used to operate the transaction is examined; and thirdly, the regulatory aspects of the transaction are clearly explained. With the major issues plainly illustrated by relevent case law and supported by an extensive table of cases and both UK and US statutes, this unique student text provides a blend of both the practical and theoretical aspects of its subject ensuring the student gains a valuable insight into a complex area of the law.

Author : Wojciech Maliszewski,Mr.Serkan Arslanalp,Mr.John C Caparusso,José Garrido,Mr.Si Guo,Mr.Joong S Kang,W. Raphael Lam,Daniel Law,Wei Liao,Ms.Nadia Rendak,Mr.Philippe Wingender,Jiangyan Yu,Ms.Longmei Zhang
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,9 Mb
Release : 2016-10-14
Category : Business & Economics
ISBN : 9781475545289

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Resolving China’s Corporate Debt Problem by Wojciech Maliszewski,Mr.Serkan Arslanalp,Mr.John C Caparusso,José Garrido,Mr.Si Guo,Mr.Joong S Kang,W. Raphael Lam,Daniel Law,Wei Liao,Ms.Nadia Rendak,Mr.Philippe Wingender,Jiangyan Yu,Ms.Longmei Zhang Pdf

Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.

Author : Frank J. Fabozzi,Steven V. Mann
Publisher : John Wiley & Sons
Page : 250 pages
File Size : 43,7 Mb
Release : 2000-06-15
Category : Business & Economics
ISBN : 1883249651

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Floating-Rate Securities by Frank J. Fabozzi,Steven V. Mann Pdf

Floating-Rate Securities is the only complete resource on "floaters" that fills the information void surrounding these complex securities. It explains the basics of floating rate securities, how to value them, techniques to compute spread measures for relative value analysis, and much more.

Author : T. Todd Smith
Publisher : International Monetary Fund
Page : 88 pages
File Size : 41,8 Mb
Release : 1995-07-01
Category : Business & Economics
ISBN : 9781451848878

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Markets for Corporate Debt Securities by T. Todd Smith Pdf

This paper surveys markets for corporate debt securities in the major industrial countries and the international markets. The discussion includes a comparison of the sizes of the markets for various products, as well as the key operational, institutional, and legal features of primary and secondary markets. Although there are some signs that debt markets may be emphasized in the future by some countries, it remains true that North American debt markets are the most active and liquid in the world. The international debt markets are, however, growing in importance. The paper also investigates some of the reasons for the underdevelopment of domestic bond markets and the consequences of firms shifting their debt financing needs from banks to securities markets.

Author : David Marques?Ibanez
Publisher : International Monetary Fund
Page : 41 pages
File Size : 45,5 Mb
Release : 2016-11-15
Category : Business & Economics
ISBN : 9781475554007

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Securitization and Credit Quality by David Marques?Ibanez Pdf

Banks are usually better informed on the loans they originate than other financial intermediaries. As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritized loans. We assess the effect of securitization activity on loans’ relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at issuance, banks do not seem to select and securitize loans of lower credit quality. Following securitization, however, the credit quality of borrowers whose loans are securitized deteriorates by more than those in the control group. We find tentative evidence suggesting that poorer performance by securitized loans might be linked to banks’ reduced monitoring incentives.

Author : Alexander Kirsch
Publisher : GRIN Verlag
Page : 152 pages
File Size : 43,5 Mb
Release : 2005-05-17
Category : Business & Economics
ISBN : 9783638378475

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Securitization of Intellectual Property as a Funding Alternative by Alexander Kirsch Pdf

Master's Thesis from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: Excellent 'A', Frankfurt School of Finance & Management, language: English, abstract: This thesis is designed to introduce securitization of IP rights as an alternative instrument in the corporate funding process. It is set up in a way that the corporate treasury, which has the responsibility for a diversified and economically optimized liability side and hence has a natural interest in new funding alternatives, can get an understanding for the instrument as such. Moreover, a treasurer shall be enabled to assess whether the balance sheet of his company comprises IP assets that have the potential to serve as collateral for a securitization. In case this asset identification process leads to positive results, the thesis additionally points out the crucial issues that have to be faced and analyzed before structuring this type of transaction. Although primarily focused on the corporate treasury’s needs, this thesis also gives other interested readers a holistic view of risks, benefits and economic impacts of an IP backed securitization. To fully understand the whole concept, perspectives need to be switched from time to time, e.g. to understand rating agencies’ or investors’ concerns which in turns lead to certain structuring issues for the originator. [...] This paper is structured in a way that allows readers to put themselves into the position of a corporate treasurer and to understand all associated issues of IP securitization in a target oriented order. Hence, before taking a closer look at IP and securitization in general, it is crucial to discuss the challenges in the corporate treasury’s daily work in section 2. As the respective asset class is the key to the understanding of its securitization, section 3 clarifies basics of IP and introduces its different forms. This is of special importance as IP is characterized by an extreme heterogeneity of the different asset types which makes one of the prime differences compared to traditional securitization. Section 4 analyzes how and to what extent securitization of IP can be and has been applied in practise so far. Existing transactions are used to derive the issues that earn most attention and decide over a transaction’s success. In that context, the knowledge of the market is an essential and indispensable source of information as most originators of IP backed transactions treat their deals highly confidential and research on available secondary literature shows poor results. Having set the scene, the following sections concentrate on the corporate treasurer’s perspective. [...]

Author : Franklin Allen,Jun Qian,Xian Gu
Publisher : Unknown
Page : 140 pages
File Size : 54,6 Mb
Release : 2015-11-18
Category : Business & Economics
ISBN : 1680830600

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China's Financial System by Franklin Allen,Jun Qian,Xian Gu Pdf

Provides a review of China's financial system and compares it to other financial systems. It reviews what has worked and what has not within the markets and intermediaries in China, the effects of the recent development of China's financial system on the economy, and a non-standard financial sector operating beyond the markets and banking sectors.

Author : OECD
Publisher : OECD Publishing
Page : 424 pages
File Size : 51,8 Mb
Release : 2017-11-06
Category : Electronic
ISBN : 9789264281288

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Understanding Financial Accounts by OECD Pdf

Understanding Financial Accounts seeks to show how a range of questions on financial developments can be answered with the framework of financial accounts and balance sheets, by providing non-technical explanations illustrated with practical examples.

Author : Janet M. Tavakoli
Publisher : John Wiley & Sons
Page : 354 pages
File Size : 50,6 Mb
Release : 2004-03-29
Category : Business & Economics
ISBN : 9780471481362

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Collateralized Debt Obligations and Structured Finance by Janet M. Tavakoli Pdf

The most cutting-edge read on CDO and credit market structures Collateralized Debt Obligations and Structured Finance provides a state-of-the-art look at the exploding CDO and structured credit products market. Financial expert Janet Tavakoli examines securitization topics never before seen in print, including the huge increase in the CDO arbitrage created by synthetics; the tranches most at risk from this new technology; dumping securitizations on bank balance sheets; the abuse of offshore vehicles by companies such as Enron; and securitizations made possible by new securitization techniques and the introduction of the Euro. This valuable guide comprehensively covers one of the fastest growing markets on Wall Street, predicting where new bank regulations and other developments may lead to product growth or product extinction. While providing an overview of the market and its dynamic growth, Collateralized Debt Obligations and Structured Finance explores the types of products offered, hedging techniques, and valuation and risk/return issues associated with investment in CDOs and synthetic CDOs. Janet M. Tavakoli, MBA (Chicago, IL), has over eighteen years of experience trading, structuring, and marketing derivatives and structured products with major financial institutions in New York and London. She is also the author of Credit Derivatives and Synthetic Structures, now in its Second Edition (0-471-41266-X).