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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. \nThis 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: \n\n\nsynthetic squares as an effective means of arbitrage securitisation; \ncollateralised debt obligations from a ratings perspective; \nuse of, and potential for, synthetic securitisation in Germany and Italy; \nweather derivatives; \nuse of equity derivatives as alternatives to credit risk; \nsecuritisation of alternative asset classes in Japan and the United States; \ncovered bonds in a variety of European jurisdictions; \nnew types of commercial mortgage backed securities; \nsecuritisation of non-performing tax receivables as an example of public sector securitisation; and \nsecuritisation structures in the Islamic regulatory and legal framework. \nThe 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. \n\nThe 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. |
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