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Covered Bonds Handbook
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Author : Anna T. Pinedo
language : en
Publisher:
Release Date : 2010
Covered Bonds Handbook written by Anna T. Pinedo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Asset-backed financing categories.
Covered Bond Handbook is the first comprehensive guide to these time-tested financing alternatives, helping you to take full advantage of these debt instruments.
Covered Bonds
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 2011
Covered Bonds written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Covered Bonds
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Author : Jonathan L. Golin
language : en
Publisher: Euromoney Books
Release Date : 2006
Covered Bonds written by Jonathan L. Golin and has been published by Euromoney Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
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.
Covered Bonds
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Author : United States. Congress. House. Committee on Financial Services
language : en
Publisher:
Release Date : 2010
Covered Bonds written by United States. Congress. House. Committee on Financial Services and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Covered Bonds
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Author : Wei Zhao
language : en
Publisher:
Release Date : 2011
Covered Bonds written by Wei Zhao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Covered bonds categories.
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.
German Covered Bonds
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Author : Ralf Werner
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-12-18
German Covered Bonds written by Ralf Werner and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-18 with Business & Economics categories.
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.
Covered Bonds Under Unconventional Monetary Policy
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Author : Holger Markmann
language : en
Publisher: Springer
Release Date : 2018-02-01
Covered Bonds Under Unconventional Monetary Policy written by Holger Markmann and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-01 with Business & Economics categories.
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.
The Use Of Mortgage Covered Bonds
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Author : Antonio Garcia Pascual
language : en
Publisher: International Monetary Fund
Release Date : 2007
The Use Of Mortgage Covered Bonds written by Antonio Garcia Pascual and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
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.
Can Covered Bonds Resuscitate Residential Mortgage Finance In The United States
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Author : Jay Surti
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-01
Can Covered Bonds Resuscitate Residential Mortgage Finance In The United States written by Jay Surti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
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.
Covered Bonds
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Author : Wei Zhao
language : en
Publisher:
Release Date : 2011
Covered Bonds written by Wei Zhao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Political Science categories.