商业银行管理 ROSE 7e 课后答案chapter_09.doc

PAGE PAGE 128 CHAPTER 9 RISK MANAGEMENT USING ASSET-BACKED SECURITIES, LOAN SALES, CREDIT STANDBYS, AND CREDIT DERIVATIVES Goal of This Chapter: The purpose of this chapter is to learn about some of the newer financial instruments that financial institutions have used in recent years to help reduce the risk exposure of their institutions and, in some cases, to aid in generating new sources of fee income and in raising new funds to make loans and investments. Key Topics in This Chapter The Securitization Process Securitization’s Impact and Risks Sales of Loans: Nature and Risks Standby Credits: Pricing and Risks Credit Derivatives and CDOs Benefits and Risks of Credit Derivatives Chapter Outline I. Introduction II. Securitizing Bank Loans and Other Assets A. Nature of Securitization B. The Securitization Process C. Advantages of Securitization D. The Beginnings of Securitization – The Home Mortgage Market 1. Collateralized Mortgage Obligations – CMOs 2. Loan Backed Bonds E. Examples of Other Assets That Have Been Securitized F. The Impact of Securitization Upon Lending Institutions G. Regulators’ Concerns About Securitization Ill. Sales of Loans to Raise Funds A. Nature of Loan Sales B. Loan Participations and Loan Strips C. Reasons Behind Loan Sales D. The Risks in Loan Sales IV. Standby Credit Letters A. The Nature of Standby Credits (Contingent Obligations) B. Types of Standby Credit Letters C. Advantages of Standbys D. Reasons for Rapid Growth of Standbys E. The Structure of Standby Letters of Credit F. The Value and Pricing of Standby Letters G. Sources of Risk with Standby Credits H. Regulatory Concerns about Standby Credit Arrangements I. Research Studies on Standbys, Loan Sales, and Securitizations V. Credit Derivatives: Contracts for Reducing Credit Risk Exposure on the Balance Sheet A. An Alternative to Securitization B. Credit Swaps C. Credit Options D. Credit Default Swaps E. Credit Linked Notes F. Collateralized Debt Obligations G. Risks Associ