Download or read book Covered Bonds written by Jonathan L. Golin and published by Euromoney Books. This book was released on 2006 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The covered bonds markets are rapidly expanding in terms of issuance, geographic reach and the launch of new structured alternatives. New issue volumes exceeded 130bn euros by mid-October 2005 alone.Covered bonds are now being issued in new juisdictions across emerging Europe. The UK and the Netherlands are developing their own alternatives. The US and Canadian markets are poised for development.This new book guides you through the legislation, structures and investor opportunities in covered bonds, ensuring you understand these new developments across Europe and North America.
Download or read book Covered Bonds written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2011 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Covered Bonds Handbook written by Anna T. Pinedo and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covered Bond Handbook is the first comprehensive guide to these time-tested financing alternatives, helping you to take full advantage of these debt instruments.
Download or read book Covered Bonds written by Wei Zhao and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the features and proposals of residential covered bond utilization and future issues for the 112th Congress. Covered bonds are a relatively common method of funding mortgages in Europe, however uncommon in the United States. A covered bond is a recourse debt obligation that is secured by a pool of assets, often mortgages. The holders of the bond are given additional protection in the event of bankruptcy or insolvency of the issuing lender. Because some believe that the sub-prime mortgage turmoil may have been influenced by poor incentives for lenders using the securitization process, some policymakers have recommended covered bonds as an alternative for U.S. mortgage markets. Although covered bond contracts are not prohibited in the U.S., some policymakers believe that legislation and agency rulemaking could facilitate the growth of a domestic covered bond market.
Download or read book Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States written by Jay Surti and published by International Monetary Fund. This book was released on 2010-12-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the case for mortgage covered bonds as an alternative to the originate-to-distribute mortgage funding model. It argues that the economic incentives provided to market participants under the covered bonds model are less susceptible to moral hazard even while retaining the key benefits of securitization such as capital market funding and flexibility in risk allocation. Notwithstanding these advantages, however, limited market size and the greater pro-cyclicality of mortgage loan quality in the United States - potentially reflecting borrower incentives under the personal bankruptcy framework - impose limits on the benefits ensuing from this model. The analysis underscores the need for a comprehensive legal-regulatory framework to underpin market development and discusses a number of ways in which the current draft legislation may be further strengthened. A potential strategy to hasten market development within the current institutional framework is identified.
Download or read book Covered Bonds written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2010 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Covered Bonds under Unconventional Monetary Policy written by Holger Markmann and published by Springer. This book was released on 2018-02-01 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by € 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs’ effectiveness relies on the market’s expectations and its prevalent health. About the Author Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.
Download or read book German Covered Bonds written by Ralf Werner and published by Springer Science & Business Media. This book was released on 2013-12-18 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pfandbrief, a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act. With a history that goes back to the 18th century and a high market share in today’s covered bond markets, the German Pfandbrief is the most established covered bond. Until today, no single Pfandbrief has ever defaulted. Even though Pfandbriefe have survived the financial crisis comparably unharmed, investors have become more sensitive regarding the creditworthiness of the corresponding issuer and sovereign, the strength of the legal (or contractual) framework and the quality of the cover pool serving as collateral. This monograph provides a structured in-depth analysis of the legal framework and the risks inherent in a Pfandbrief, taking into consideration recent market developments. Starting from the legal framework, the German Pfandbrief is introduced without requiring prior knowledge. Covered bond related risks are explained in detail and their relevance to the Pfandbrief is thoroughly discussed with focus on the two most common Pfandbrief types, mortgage and public Pfandbriefe. In addition to that, the monograph comes with an extensive collection of Pfandbrief-related literature and a glossary explaining the main technical terms.
Download or read book Covered Bonds written by Wei Zhao and published by . This book was released on 2011 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modelling German Covered Bonds written by Manuela Spangler and published by Springer. This book was released on 2018-10-10 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manuela Spangler deals with the default risk modelling of German covered bonds (Pfandbriefe). Existing credit risk models are not suitable for this purpose as they only consider the creditworthiness of the issuer while product-specific features are not taken into account. The author develops a multi-period simulation-based Pfandbrief model which adequately accounts for the product’s most important characteristics and risks. The model provides a flexible framework for structural analyses and can be easily extended for tailor-made investigations. While the focus of the work is on the specification of the model itself, simulation results from an exemplary model calibration are also discussed. About the Author Manuela Spangler works as a quantitative risk analyst for a large asset management company and holds a PhD in mathematics from the University of Augsburg. Prior to her current position, she worked as a risk manager and financial engineer in the banking and insurance sector for various years.
Download or read book Covered Bonds written by G. Dengl and published by GBI Genios Wirtschaftsdatenbank GmbH. This book was released on 2003-09-01 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covered Bonds sind gedeckte Schuldverschreibungen, die den deutschen Pfandbriefen ähneln. (4) , (8) Das Rating von Covered Bonds hängt zunehmend von dem Rating des jeweiligen Emittenten ab. (1) Die europäischen Mindeststandards für Covered Bonds erfordern eine Präzisierung. (4) Die anstehende Novellierung des HBG soll die gesetzlichen und aufsichtsrechtlichen Rahmenbedingungen des deutschen Pfandbriefes gegenüber internationalen Standards wettbewerbsfähig machen. (3)
Download or read book The Use of Mortgage Covered Bonds written by Antonio Garcia Pascual and published by International Monetary Fund. This book was released on 2007 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via mortgage covered bonds. From the issuer's perspective, these instruments have become an attractive funding source and a tool for assetliability management; from the investor's perspective, covered bonds enjoy a favorable risk-return profile and a very liquid market. In this paper, we examine the two largest "jumbo" covered bond markets, Germany and Spain. We show how movements in covered bond prices can be used to analyze the credit developments of the underlying issuer and the quality of its mortgage portfolio. Our analysis also suggests that mortgage covered bonds could be of interest to other mature and emerging markets facing similar risks related to mortgage credit.
Download or read book How to Make the World Safe for and From Covered Bonds written by and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The mortgage assets are out of reach of creditors, and of the federal deposit insurer, in the event of a bank failure, thereby increasing certainty for bond investors. [...] The covered bonds have terms that normally range from three to seven years, and are sold to foreign and domestic investors, mainly institutional.1 The stream of interest and principal payments on the mortgage loans funds the principal and interest payments for these covered bonds, and the issuing bank's full faith and credit lies behind them. [...] The cover pool is always over-collateralized, meaning that the face value of the mortgage assets exceeds the value of the bonds they back; in Canadian practice overcollateralization is typically in the range of 5 to 10 percent of the bond issue. [...] Amid these constraints, and given that a so-called private-label MBS market does not much exist in Canada, the role of covered bonds as a non-government backed funding alternative is ever the more salient.8 The rub, however, is that rules set in place by the Office of the Superintendent of Financial Institutions, OSFI, limit covered bond issuance to 4 percent of bank assets.9 While only one bank i [...] The main obstacle to raising the limit arises over access to the mortgage assets in the event a bank fails: the cover assets are held in a bankruptcy remote vehicle, the characteristic of surety that makes covered bonds a relatively secure asset.
Download or read book Germany written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-12-23 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: As part of the 2011 Financial Sector Assessment Program (FSAP) update for Germany, this Technical Note reviews recent developments of mortgage-covered bond (Pfandbrief) and mortgage securitization markets in Germany, and explores future prospects for each against the background of ongoing regulatory changes. It examines the characteristics of the two markets and their performance through the crisis, and analyzes some of the policy reactions that are currently tending to favor covered bonds over securitization. Some of the systemic vulnerabilities associated with covered bonds are also discussed.
Download or read book Risk Assessment of Covered Bonds in the International Secondary Market written by Philipp Neelmeier and published by Cuvillier Verlag. This book was released on 2018-11-29 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die Dissertation „Risk Assessment of Covered Bonds in the International Secondary Market – An Empirical Analysis” beschäftigt sich mit der Risikobewertung von Covered Bonds im internationalen Sekundärmarkt. Covered Bonds sind verzinsliche Wertpapiere, die von Finanzinstituten emittiert werden und durch Vermögenswerte besichert sind, welche in einem sogenannten Cover Pool zusammengefasst werden. In der großen Mehrheit der Fälle handelt es sich bei diesen Vermögensgegenständen entweder um Hypothekendarlehen oder um Kredite an öffentliche Stellen, wie z. B. Staaten oder sonstige Gebietskörperschaften. Die durch diese Arten von Vermögensgegenständen besicherten Covered Bonds werden dementsprechend als Hypotheken-Covered-Bonds bzw. öffentliche Covered Bonds bezeichnet. Während Covered Bonds in der Vergangenheit häufig generell als nahezu ausfallrisikofrei angesehen wurden, hat sich diese Ansicht bedingt durch die Finanzkrise sowie die sich anschließende Staatsschuldenkrise geändert. Vor diesem Hintergrund wird in dieser Arbeit im Rahmen von empirischen Analysen sowohl für öffentliche als auch für Hypotheken-Covered-Bonds untersucht, welche Faktoren die Höhe der Risikoprämien beeinflussen und es werden diesbezügliche Unterschiede zwischen den beiden Covered-Bond-Arten aufgezeigt.
Download or read book Are Covered Bonds a Substitute for Mortgage backed Securities written by Santiago Carbó-Valverde and published by . This book was released on 2011 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Securitisation of Derivatives and Alternative Asset Classes written by Jan Job de Vries Robbé and published by Kluwer Law International B.V.. This book was released on 2005-01-01 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitisation has survived the threats that emerged in the aftermath of the collapses of Enron, WorldCom, and Parmalat. Today, global securitisation markets continue to go from strength to strength, particularly as regards the evolution of new synthetic structures and the application of securitisation technology to fresh asset classes. This Yearbook focuses on the latest innovations in securitisation, including the securitisation of derivatives and alternative asset classes, and also exotic variations on the securitisation of well-established asset classes. Twenty-nine distinguished authors all of them active in the global securitisation markets as advisers, structurers, facilitators, or regulators brilliantly elucidate such topics as the following: synthetic squares as an effective means of arbitrage securitisation;collateralised debt obligations from a ratings perspective;use of, and potential for, synthetic securitisation in Germany and Italy;weather derivatives;use of equity derivatives as alternatives to credit risk;securitisation of alternative asset classes in Japan and the United States;covered bonds in a variety of European jurisdictions;new types of commercial mortgage backed securities;securitisation of non-performing tax receivables as an example of public sector securitisation; andsecuritisation structures in the Islamic regulatory and legal framework. The complex and sometimes controversial¿issues of documentation are well covered, as are all significant legal and regulatory issues. Three concluding essays detail the recent changes in accountancy fuelled by perceived abuse of existing regulations, and the revised framework for capital adequacy formulated by the Basel Committee. The Yearbook provides detailed information on the legal structure of innovative securitisations as well as recent developments in the accounting and regulatory treatment of securitisations. For legal advisers, investors, and regulators, there is no more useful guide to current and emerging trends and opportunities in securitisation.
