Portal:Structured finance
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Structured finance rating methods
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Types
There are several main types of structured finance instruments[1]:
Asset-backed securities (ABS)
- Asset-backed securities are bonds or notes based on pools of assets or collateralized by the cash flows from a specific pool of underlying assets.[2]
Mortgage-backed securities (MBS)
- Mortgage-backed securities are asset-backed securities, the cash flows from which are backed by the principal and interest payments of a set of mortgage loans.[3]
- Residential mortgage-backed securities deal with residential homes, usually single family.
- Commercial mortgage-backed securities are for commercial real estate, such as malls or office complexes.
- Collateralized mortgage obligations are securitizations of mortgage-backed securities.[4]
Collateralized debt obligations (CDOs)
- Collateralized debt obligations consolidate a group of fixed-income assets, such as high-yield debt or asset-backed securities, into a pool, which is then divided into various tranches.[5]
- Collateralized bond obligations (CBOs) are collaterized debt obligations backed primarily by corporate bonds.[6]
- Collateralized loan obligations (CLOs) are collaterized debt obligations backed primarily by leveraged bank loans.[7]
- Commercial real estate collateralized debt obligations are collaterized debt obligations backed primarily by commercial real estate loans and bonds.[8]
Other structured products
- Credit derivatives are contracts to transfer the risk of the total return on a credit asset falling below an agreed level, without transfer of the underlying asset.[9]
- Collateralized fund obligations (CFOs) are securitizations of private equity and hedge fund assets.[10]
- Partial guaranteed structures
- Future flow transactions
- Loan sell offs
References
- ↑ Wikipedia - Structured finance
- ↑ Wikipedia - Asset-backed securities
- ↑ Wikipedia - Mortgage-backed securities
- ↑ Wikipedia - Collateralized mortgage obligations
- ↑ Wikipedia - Collateralized debt obligations
- ↑ Wikipedia - Collateralized bond obligations
- ↑ Wikipedia - Collateralized loan obligations
- ↑ Wikipedia - Commercial real estate collateralized debt obligations
- ↑ Wikipedia - Credit derivatives
- ↑ Wikipedia - Collateralized fund obligations
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