The Financier articles from March 22 2002

The Financier archives from March 22 2002

Have you securitized your receivables lately?(Editorial)
March 22, 2002... I. Ford Motor Credit and Securitization Ford Motor Credit is the captive finance company of Ford Motor Inc. Its primary business is to supply Ford Motor affiliated dealers with capital which they in turn use to finance inventories of...

Does the stock market differentiate winners from losers? The case of one- vs. two-time bankruptcy filers.
March 22, 2002... This article analyzes the investment characteristics associated with firms emerging from bankruptcy. Specifically, it asks whether the stock market differentiates between those companies emerging successfully from bankruptcy and those...

Enron, and the use and abuse of special purpose entities in corporate structures (1).
March 22, 2002... This essay examines what, if anything, differentiates Enron's destructive use of off-balance-sheet special purpose entities, or SPEs, from the trillions of dollars of supposedly "legitimate" securitization and other structured finance...

"Ring-fencing" subsidiaries to protect from parent bankruptcies during the California power crisis.
March 22, 2002... Edison International and PG&E Corp. were able to take advantage of a unique set of facts and circumstances that allowed for the creation of ring-fenced subsidiaries while they were on the brink of bankruptcy. In general, ring-fencing will...

Principles for analyzing structured finance/corporate hybrid transactions.
March 22, 2002... Standard & Poor's has developed principles underlying its approach to rating transactions carrying risk that is a hybrid between pure corporate risk and the risk associated with traditional securitizations backed by financial assets or...

The structure of OTC derivatives markets.(over-the-counter )
March 22, 2002... In order to better inform the debate over the regulation of OTC derivatives, the Derivatives Study Center has produced this brief Primer that describes the structure of those markets and how they might be viewed under the Commodity Exchange...

Sovereign debt restructuring.
March 22, 2002... In light of the present difficulties surrounding the efforts of Brazil to restructure its $264 billion debt burden, the Derivatives Study Center, with the New Rules for Global Finance coalition, has drafted the following Primer to help...

An introduction to credit swaps.
March 22, 2002... Often simply referred to as credit swaps, their purpose is to provide protection against deterioration in the credit quality or financial condition of a reference asset or entity. The reference asset or entity is usually a corporation, a...

An introduction to credit spread options.
March 22, 2002... A credit spread option is an option on a particular borrower's credit spread. The credit spread is the difference between the yield on the borrower's debt (in the loan or bond market) and the yield on Treasury debt of the same maturity. Since...