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Topic: Securitized bond

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	Bond - Wikipedia, the free encyclopedia
		Bonds are securities but differ from shares of stock in that stock is an ownership interest (termed "equity"), but bonds are "debt": Therefore a shareholder is an owner, but a bond-holder is a creditor.
		Bonds may be long-term or short-term, and can be secured by a claim on property (a mortgage bond, for instance) or may be merely backed by the debtor's promise to pay (a debenture).
		Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are higher than dividend payments that the same company would generally choose to pay to its stockholders.
	en.wikipedia.org /wiki/Bond (2507 words)

	Bond (Site not responding. Last check: 2007-11-05)
		Bond valuation Bond valuation is the process of determining the present value of the stream of cash flows it is expected...
		Carbon-carbon bond A carbon-carbon bond is a atoms.
		Surety bond A suretyship bond is a contractual agreement between three parties: (i) the principal, (ii) the obligee, and...
	www.brainyencyclopedia.com /topics/bond.html (1143 words)

	Bond - Encyclopedia.WorldSearch (Site not responding. Last check: 2007-11-05)
		Bonds are securities but differ from shares of stock in that stock is an ownership interest (termed "equity"), but bonds are merely "debt": Therefore a shareholder is an owner, but a bond-holder is merely a creditor.
		Bonds are long-term loans secured by property rather than short-term loans secured merely by the debtor's promise to pay.
		Bonds can also carry "put options", which allow the investor to sell the bonds back to the issuer at a date specified when the bonds are sold to the investor.
	encyclopedia.worldsearch.com /bond.htm (2523 words)

	Electric Perspectives: Creating an asset-backed security
		Securitization is a form of asset-backed financing-for utilities, it is one mechanism to recover stranded costs as the industry moves to a more competitive marketplace.
		Also, securitization statutes must provide irrevocability, preventing utilities, state commissions, or other state authorities from taking actions that directly or in,directly influence the value of the securitized bonds or interfere with the transfer of funds between the SPE and the utility.
		Because the securitized revenue stream is separated from the general credit risks of the utility, it is expected that the credit agencies will issue high ratings for the rate reduction bonds, lowering the required interest rate and reducing the utility's capital costs.
	www.findarticles.com /p/articles/mi_qa3650/is_199801/ai_n8779609 (1032 words)

	Securitized bond - Wikipedia, the free encyclopedia
		Bonds, whose interest and principal payments are backed by the cash flows from a portfolio or pool of other assets, are called securitized bonds.
		Securitization allows for an organization (such as a bank) to transfer risk from its own balance sheet to the debt capital markets through the sale of bonds.
		Securitised bonds are usually called structured finance products or structured products, and the market in mortgage backed securities (MBS), asset-backed securities (ABS), collateralized debt obligations (CDOs), collateralized bond obligations (CBOs), collateralized loan obligations (CLOs) and asset-backed commercial paper (ABCP), are collectively known as the structured finance market.
	en.wikipedia.org /wiki/Securitized_bond (209 words)

	American Banker Online - Banker's Glossary
		Securitized non-mortgage assets are typically called asset backed securities however the term collateralized debt obligation is increasingly used to refer to securitized corporate debts.
		Revenue bond issues that require the issuer to accumulate or set aside part of the annual revenue which is then used to redeem bonds before maturity, often well before regular call dates.
		For example, the bond structure might specify that the bonds may be called when the closing price of the underlying stock is at least 120-150 percent of the conversion price for any 20 out of 30 consecutive trading days.
	www.americanbanker.com /glossary.html?alpha=S (5993 words)

	A Brief Overview of Securitization (Site not responding. Last check: 2007-11-05)
		Securitization refers to the creation of a financial security or bond that is backed by a revenue stream pledged to pay the principal and interest of that security.
		The bonds are evaluated for investment purposes based on the strength of this pledge and the likelihood that the revenue stream to the bondholders will be sustained throughout the term of the bonds.
		First, to obtain a higher bond rating than current utility debt and realize the lower debt cost, any securities issued would have to be irrevocable and assurances given that recovery is guaranteed for the life of the bond.
	www.nrri.ohio-state.edu /securit.htm (886 words)

	ABA Banking Online / Compliance Clinic
		All things considered, this means that it is the relative value of the bank's commitment to securitized bond investors, taken in the form of recourse, as compared to the value of recourse for its own shareholders and taxpayers, taken in balance sheet capital, which gives rise to the savings from regulatory capital arbitrage.
		These reformers argue that securitization specialists have arbitraged today's regulatory capital levels to a massive degree; that, consequently, banks' capital ratios no longer reflect their true economic risks; and that a new vision is needed to guide banks and their supervisors in the Third Millennium.
		Securitization programs, described in part one of this article, have allowed banks to move assets to their trading books or to other markets, helping to maintain income while lowering capital charges.
	www.ababj.com /comp_risk_0100.html (6802 words)

	Asset Securitization report
		Bond yields are often described in terms of their level or "spread" over or under a specified benchmark.
		For example, suppose (1) a securitized loan has payments due on the first of day of each month, (2) the servicer of the securitization reports on the condition of the loans as of the last day of each month, and (3) no payments are made on the loan from January 1 through April 1.
		Securitization employs the notion that the subject assets have been "sold" by the originator and, therefore, will not become entangled in bankruptcy proceedings if the originator files for protection under the bankruptcy code.
	www.asreport.com /glossary.cfm (9807 words)

	Credit and Finance Risk Analysis - Asset-Backed Securities and Structured Finance (Site not responding. Last check: 2007-11-05)
		Asset-backed securitizations usually have a hierarchy / priority of who receives a payment first from the cash flow generated by the underlying assets and a hierarchy / priority of who receives repayment first in the event of the liquidation of the assets.
		If the company goes bankrupt, then the corporate bond holders would not be allowed to go after the assets previously promised to the asset-backed trust, at least not until the asset-backed investors were paid off.
		All existing securitizations funded by debt incurred by SLMA (a AAA rated entity) will have to be refinanced as part of the privatization completion, as the successor entity, SLM Corp. is only a single-A+ rated issuer.
	www.credfinrisk.com /assetsecure.html (3353 words)

	Stingy Investor: Funds
		Bonds are generally backed or "secured" by the issuer's ability to pay.
		A securitized bond or debt obligation is one that is backed both by the issuer's financial health and its pledge of specific assets.
		Securitized bonds are otherwise known as asset-backed securities (ABS) since there is some asset "behind" the bond to provide some security in the event of default.
	www.ndir.com /SI/funds/04132003.shtml (963 words)

	2003 Interactive Corporate & Financial Report (Site not responding. Last check: 2007-11-05)
		Securitizations are accounted for as asset sales only when CIBC surrenders control of the transferred assets and receives consideration other than beneficial interests in the transferred assets.
		As at October 31, 2003, outstanding securitized U.S. credit card receivables were $1.4 billion and retained interests amounted to $68 million in the form of subordinated interests, accrued interest receivables, cash reserve accounts and interest-only strips.
		CIBC securitizes certain fixed- and variable-rate residential mortgage loans through the creation of mortgage-backed securities and substantially all of the securities are sold through the Canada Mortgage Bond program, sponsored by Canada Mortgage and Housing Corporation, to a trust that issues bond-like securities to investors.
	www.cibc.com /ca/annual-reports/2003/mda_obsa_2.html (1030 words)

	Definition of Bond (finance)
		Inflation-indexed bonds, in which the principle (or "face" value) is indexed to inflation, which causes higher interest payments (interest is calculated as the coupon rate multiplied by the principal amount).
		Historically, bonds have been the investment of choice for "widows and orphans", or for certain wealthy nonworking individuals, who depend on a trust fund for income.
		The trust fund invests its money in government and corporate bonds (among other things), and the twice-yearly interest payments from these bonds are sent to the individuals.
	www.wordiq.com /definition/Bond_(finance) (2175 words)

	Securitized bond - Freepedia (Site not responding. Last check: 2007-11-05)
		Bonds, whose interest and principal payments are backed by a cash flow from another asset, are called securitized.
		Because residential mortgages are usually paid off earlier by homeowners, the notes that are backed by mortgages are also prepaid ahead of their original maturity.
		This feature means that MBS securities are not bullet bonds, but are instead known as amortising bonds.
	en.freepedia.org /Securitized_bond.html (168 words)

	Conduit Loans -- Conduit Lenders
		As such, some decisions cannot be made without respect to the loans in a securitized pool without rating agency confirmation that such actions will not cause a downgrade of any of the bond class ratings.
		Call protection is an attractive feature of CMBS to many bond investors and implies that the underlying CMBS loans cannot be prepaid without some form of compensating payment being made to enable investors to maintain their expected yield.
		Bond investors are willing to accept tighter yields on CMBS because of the call protection.
	www.c-loans.com /conduit_loans.html (2691 words)

	Securitized Insurance Risk And Insurance Derivatives (Site not responding. Last check: 2007-11-05)
		The trading of property catastrophe risk using financial instruments such as options and bonds enables insurance companies to hedge their exposure by transferring risk to investors, who take positions on the occurrence and cost of catastrophe.
		These are bonds issued by an insurance or re-insurance company, which help in transferring their underwriting risk.
		A Company issues a bond on which it pays annual interest and at the end of the bond's term, repays the principal.
	www.indiainfoline.com /bisc/secu.html (557 words)

	Merchant Capital L.L.C. - Multifamily Housing / Real Estate (Site not responding. Last check: 2007-11-05)
		Merchant Capital is one of the leading investment banking firms in the Southeast in bond financed multifamily housing issues for new construction, acquisition/rehab and refinancing.
		Bond issues backed by bond insurance involve both domestic as well as foreign insurance companies.
		Securitized debt financing can fund a wide variety of projects including multi-family housing, office buildings, nursing homes, warehouse and distribution facilities, manufacturing plants, hotels, etc. Through the issuance of taxable bonds, the restrictions which apply to tax-exempt "private use" bonds are eliminated.
	www.merchantcapital.com /housing.htm (286 words)

	Asian Bond Market Initiatives: ASEAN+3
		The ASEAN+3 Asian Bond Markets Initiative (ABMI) was endorsed at the ASEAN+3 Deputies Meeting in Chiang Mai, Thailand on 17 December 2002.
		A High-Level Seminar on Fostering Bond Markets in Asia was organized on 1 March 2003 in Tokyo, Japan.
		ASEAN+3 Bond Market Development Seminar for Cambodia, Lao PDR, Myanmar and Viet Nam under the auspices of ABMI WG6 was held on 17-18 March 2005 in Bangkok, Thailand.
	aric.adb.org /asianbond/ASEAN-ABMI.htm (992 words)

	Bloomberg.com: Japan (Site not responding. Last check: 2007-11-05)
		Securitized debt sales in Japan will probably be 4 trillion yen this year, said Yukio Egawa, head of asset-backed research in Tokyo at Deutsche Securities Co., the brokerage unit of Deutsche Bank AG.
		The Bond Market Association, a New York-based industry group, said last month asset-backed bond issuance in the U.S. this year will be more than 13 times that of Japan, at $506 billion.
		Securitized bond buyers are repaid from payments on collateral such as auto loans and credit cards.
	quote.bloomberg.com /apps/news?pid=10000101&sid=amyrRfbt4ZUE&refer=japan (1172 words)

	W&D \| Practices \| Finance (Site not responding. Last check: 2007-11-05)
		Wiggin and Dana is actively involved in all aspects of bond and public finance practice.
		A Connecticut hospital in a $124 million bond issue which financed the construction and renovation of clinical facilities and the upgrading of a management and information system.
		Representing Herbert J Sims and Co., Inc. in various bond offerings of approximately $100 million issued by the Connecticut Health and Educational Facilities Authority to finance the construction of nursing facilities.
	www.wiggin.com /practices/group.asp?groupid=39 (1358 words)

	Local News
		If "securitized" bonds are approved, it could keep extra charges on bills longer but better prepare utilities for the next hurricane season.
		Gulf Power has not asked state regulators for a surcharge, in part because it is waiting to see what the Legislature does with the securitized bond proposal.
		None of the utilities had estimates of what ratepayers would be charged, or how long it would be assessed, with securitized bonds.
	www.floridatoday.com /!NEWSROOM/localstoryW0126UTILITIES.htm (812 words)

	D0411015 Authorized the Issuance of Energy Recovery Bonds SB 772
		Moreover, the purpose of the Bonds is to refinance the unamortized portion of the Regulatory Asset and associated taxes.
		ORA argues that delaying the issuance of the second series of Bonds is inconsistent with SB 772, which was passed as an emergency statute because any delay in issuing the Bonds would reduce ratepayer benefits.
		Based on this guidance, we conclude that the Bond Charges adopted by this Financing Order are applicable to all DL consumers except those that have been exempted from the Bond charges by the Commission or SB 772.
	www.cpuc.ca.gov /PUBLISHED/FINAL_DECISION/41515-05.htm (4302 words)

	Publications (Site not responding. Last check: 2007-11-05)
		The bonds were secured by an assignment of the toll road revenues.
		One of the innovations that allowed the Tribasa bonds to sell was its use of an offshore debt reserve fund domiciled in the US with minimum reserve balances maintained by the sponsor designed to cushion investors against peso devaluation.
		Failure to pay principal at final maturity will not be interpreted as a default, but as an event triggering a late payment premium of 1% per annum to be paid strictly from funds remaining after payment of all principal and interest due under the amortization schedule.
	www.iadb.org /SDS/publication/publication_62_e.htm (2453 words)

	Stock and Bond Quotes and Data from BondsOnline- Demonstration
		Instant access to and extensive coverage of over 3.5 million stocks and bonds as well as many other securities covering major and emerging markets and exchanges across the globe.
		Securities professionals, sophisticated investors, attorneys, and accountants around the globe rely on this same valuable information to find historical prices and yields, indices, spread information, and descriptive information for fixed income and equity securities.
		Call (redemption), put and sinking fund (drawing) terms, conversion details, coupon reset terms, payment-in-kind and step-up data, and municipal bond data, including default information and credit enhancement data (e.g., letter of credit and bond insurance).
	www.bondsonlinequotes.com /stock-and-bonds-quote-demo.cfm (532 words)

	Safehaven \| Credit Bubble Bulletin \| Printer Friendly Version
		Corporate bond spreads were again little changed for the week and continue to perform well.
		Junk bond funds reported inflows of $269 million for the week (from AMG), with two-week inflows a notable $533 million.
		Considered one of the most aggressive loan structures on the market, these loans currently are being made in sufficient numbers to back billion dollar-plus securitized bond transactions.
	www.safehaven.com /showarticle.cfm?id=1932&pv=1 (4237 words)

	Information Management Network
		Understanding that securitization is a combination of process, regulation, tax and technology, we have assembled the depth and wealth of experience — from the beginning of the securitization process to the end — to provide you with a comprehensive business solution to your securitization challenges.
		The range of securitizations in which we have represented issuers, underwriters, investors, credit enhancers, trustees, sellers and servicers of assets and liquidity providers includes commercial and residential mortgage loans, manufactured housing receivables, automobile, recreational vehicle and boat receivables, credit card receivables, trade receivables, equipment receivables and leases and healthcare receivables.
		CDandP was instrumental in pioneering the securitization of liabilities and (re)insurance risk and advises on all forms of offshore structured financings and securitizations.
	www.imn.org /2004/a595/index.shtml?p=spon.html (12959 words)

	Annual Meeting 2005: Business Sessions (Site not responding. Last check: 2007-11-05)
		A panel of industry members will chart the growth of electronic bond trading in the last five years.
		Panelists will illustrate how electronic trading has transformed the environment of fixed-income securities trading desks at most member firms and describe how asset classes are being integrated on trading desks due to technology advancements and customer demand.
		Dan Fuss, who has more than 40 years experience in the investment industry, manages several mutual funds-including the flagship Loomis Sayles Bond Fund and Loomis Sayles Strategic Income Fund-as well as institutional separate accounts. In 1995, Dan was named the mutual fund industry's Fixed Income Manager of the Year.
	www.bondmarkets.com /story.asp?id=1701 (1224 words)

	Tax Exempt Bond Credit Enhancement, Multifamily FNMA Loans Fannie Mae Finance Commercial Mezzanine Financing Mortgages ...
		- a FNMA credit enhancement for fixed or variable rate tax-exempt bonds to finance acquisitions, new construction properties (in conjunction with a forward commitment), moderate or substantial rehabilitation and refinancing or existing debt.
		Transactions may be structured as new money issues, refunding issues, or credit substitutions where FNMA takes place of an existing credit enhancer without the issuance of new bonds.
		If you have any questions, please don't hesitate to contact us.
	www.cfgbusiness.net /servconduit_tax_exempt_bond.htm (250 words)

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