Collateralized Debt Obligation And Foreg Roung Study On Application In China

Asset securitization has already become a general trend of the whole world finance business; this late-model implement has already got broad application on international market. Asset securitizations include ABS and MBS. ABS can be divided into two types, narrowly ABS and CDO. The former includes credit card loans, student loans, automobile loans, consumer loans, home equity mortgage ;The latter has a rapid development in recent years, mainly include bank loans,bonds, which focus on the object of this paperCollateralized Debt Obligations is to make one or much dispersed category assets as hypothecate packed again becoming the various grade through the Special Purpose Vehicle (SPV) disperses, issues again to general investor. Their underlying investment assets includes Corporate Bonds,asset-backed securities,mortgage-backed security, immovable property investment trust and bank debt etc .The composition according to bid assets, can subdivide Collateralized Bond Obligations, CBO and Collateralized loan Obligations, CLO .In the past ten years, CDO has got gigantic development in the bond market of Europe and America.Our country as a important emerging market in the finance globalization also should develop to some extent in this financial field. At present, CDO has been gradually mature and perfect development in Europe and America , quickly and put into practice going ahead in theory and operation, but there are not much in china .Therefore ,this book hope by combining with developed capital market of west practice and the studying those contents deeply such as principle , structure , risk avails of CDO to analysis and explore this financial products under real Chinese financial market background , discuss its underlying advantages and problems. Because of the real background of our country this b ook will mainly supply some suggestions from microcosmic and macroscopic angles.The structure is: The forefronts concentrate on the significance of the study, the main topic, research methods and the framework of the paper;The first chapter by introducing principle and development process of Asset securitization briefly draw off the main subject of this book——Collateralized Debt Obligations ,and then introduce its principle , structure and risk avails detailed ;The second chapter describes the applying pattern in the world and example by two cases with Jubilee cash flow pattern CLO case and the DBS bank synthetic CDO; The third chapter investigates and discusses the actual circumstances in china, based on the real cases, KaiYuan series of products and PuFa 2007 products in China draw the prospect research to develop CDO in China ;The fourth chapter shows the underlying advantages and excellent shortcoming to impact of the effect in Chinese financial market for developing CDO. Finally, the book supports some suggestion and tactics for CDO exchange which will be used to make the application in Chinese financial market.