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Where Are We in the Credit Cycle?
Where Are We in the Credit Cycle?

... no recommendations to buy or sell specific securities or investment ...
2. Dr. Yeah Kim Leng - Malaysia Property Inc.
2. Dr. Yeah Kim Leng - Malaysia Property Inc.

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... asset manager community from CDO investors into CDO managers, a maturation profile similar to what we have witnessed in the US and European markets. This transaction also shows that Asian investors are now equally receptive of deals managed by Asian CDO managers,” said James Lee, Citigroup Asia, Hea ...
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... BlackRock Advisors (UK) Limited, which is authorised and regulated by the Financial Conduct Authority ('FCA'), registered office at 12 Throgmorton Avenue, London, EC2N 2DL, England, Tel +44 (0)20 7743 3000. For your protection, calls are ususally recorded. The German domiciled funds are "undertaking ...
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... lower commodity prices, currency devaluations and slower economic growth, might there be any value in those markets? We have repeatedly argued that poor liquidity has exaggerated price moves in many riskier segments of the market. When investors decide to lighten their positions, the absence of liqu ...
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... and to make the facility the last rather than the first resort, the CPFF charges borrowers upfront fees in addition to interest. Borrowing from this facility peaked at about $350 billion and has since declined to about $250 billion as more firms have been able to issue commercial paper to private le ...
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... will qualify for the best interest rates 700 – 749 means you have good credit and will likely be approved for loans you apply for, but you might not get the best interest rate possible 650 – 700 means you may or may not be approved and you definitely will have a higher interest rate 649 and below me ...
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... Armajaro Securities provides significant added value on secondary market pricing and portfolio restructuring. By applying our own valuation models to secondary issues held in clients' portfolios, we have often been able to identify additional value when compared to the valuation provided by the orig ...
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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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