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Nadine Senanayake
An analysis of the Product and Market functions of Asset-Backed Securitization
Retrospect and Prospect
ISBN: 978-3-8366-3952-1
Herstellung: Diplomica® Verlag GmbH, Hamburg, 2010
Zugl. Fachhochschule für Technik und Wirtschaft Berlin, Berlin, Deutschland,
Bachelorarbeit, 2008
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An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
4
Table of Contents
Thesis structure _____________________________________________ 6
Outline of my thesis
7
Table of figures
8
Table of tables
9
List of abbreviations
9
Abstract
10
1
Introduction ________________________________________ 11
1.1
Asset-Backed Securitization in a Nutshell ________________________________ 14
1.2
History and Development of the Asset-Backed Securities Market ____________ 14
1.3
Asset- Backed Securitization in a Nutshell _______________________________ 16
1.4
Issuing vehicles ____________________________________________________ 17
1.5
The Structuring Process ______________________________________________ 18
1.5.1
True-Sale /Conventional Securitization ________________________________________ 18
1.5.1.1 Conditions for Risk Isolation ______________________________________________ 19
1.5.2
Synthetic Securitization ____________________________________________________ 20
1.6
Framework of an Asset-Backed Security_________________________________ 21
1.6.1
Asset Tranches ___________________________________________________________ 21
1.7
Key Players in Asset Backed Securitization _______________________________ 22
1.7.1
The relationship between the Originator-SPV __________________________________ 22
1.7.2
The relationship of SPV- Investors ___________________________________________ 24
1.7.3
The relationship between SPV-Trustee ________________________________________ 24
1.7.4
The relationship between of SPV-Credit Enhancer _______________________________ 25
1.7.4.1 Internal Credit enhancement ______________________________________________ 25
1.7.4.2 External Credit enhancement ______________________________________________ 26
1.7.5
The relationship between SPV- Rating Agencies ________________________________ 26
1.8
Legal formalities and the Risk Isolation _________________________________ 26
2.1
Trading Asset Backed Securities _______________________________________ 27
2.2
Types of Asset Backed Securities ______________________________________ 28
2.3
Mortgage-Backed Securities (MBS) _____________________________________ 29
2.3.3
Pricing Mortgage-Backed Securities __________________________________________ 30
2.3.4
Market Developments of MBS ______________________________________________ 31
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
5
2.4
Asset-Backed Securities (ABS) in a narrower sense ________________________ 31
2.4.1
Market Develop for ABS (in a narrower sense) _________________________________ 32
2.4.2
Pricing Asset Backed Securities ______________________________________________ 33
2.5
Collateral Debt Obligations (CDO) ______________________________________ 33
2.5.1
Market Development of CDOs_______________________________________________ 33
2.5.2
True Sale CDO____________________________________________________________ 34
2.5.3
Synthetic CDO ___________________________________________________________ 35
2.5.4.1 Balance sheet CDOs ______________________________________________________ 36
2.5.4.2 Arbitrage CDOs _________________________________________________________ 36
2.6
Importance of Credit Derivatives in Asset Securitization ____________________ 37
3.1
Financial Meltdown 2008 ____________________________________________ 38
3.2
Importance of Risk Management ______________________________________ 41
3.3
Risk in the Asset Backed Securities market; an accelerating force in the financial
crisis
42
3.3.1
Internal Control Risk and Management _______________________________________ 42
3.3.1.1 Firm-wide risk management _______________________________________________ 42
3.3.1.2 Revising Compensation Incentives __________________________________________ 43
3.3.2
Accounting and transfer risk ________________________________________________ 44
3.2.3
Excess liquidity risk _______________________________________________________ 46
3.3.4
Counterparty risk- ________________________________________________________ 48
3.4
Risks associated with the Market ______________________________________ 49
3.4.1
Concentrated risk _________________________________________________________ 49
3.4.2
Transparency risk of (OTC) trades: ___________________________________________ 50
3.4.3
Inaccurate Pricing Risk and Rating Agencies ___________________________________ 52
4.
Conclusion__________________________________________ 55
5.
Bibliography ________________________________________ 58
Appendix 1 (benefits of ABS/decition process/cost analysis) ______________ 63
Appendix 2 Credit Derivatives and Case study(Lehman/AIG) _______________ 66
Appendix 3 Questionnaire _______________________________________ 70
Appendix 4 Graphs _____________________________________________ 74
Appendix C Relevant Terms and Definitions _________________________ 76
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
6
Thesis Structure
Product* Functions
What is the main product ?
How is the product structured ?
The background of the product?
How does it function ?
Which parties help initiate the product ?
What is the role played by these parties?
Market* Functions
How is the product traded ?
What are the different types of product ?
The importance of the different types of products ?
How is the product priced ?
How has the Market for these products developed ?
What are the advantages of utilizing the product?
The product
penetrates the
market
Risks
R
is
ks
a
ss
oc
ia
te
d
w
ith
th
e
m
ar
ke
t f
un
ct
io
ni
ng
R
isk
s a
sso
cia
ted
w
ith
th
e p
ro
du
ct f
un
ctio
nin
g
Proposed Solutions
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
7
Chapter 1
l
ABS in a Nutshell
l
History and Development of the ABS Market
l
The Structuring Process
l
The ABS Framework
l
Key players in the ABS Market
l
Legal Formalities and Risk Isolation
Chapter 2
l
Trading ABS
l
Types of ABS(in general)
l
Mortgage Backed Securities (MBS)
l
Asset-Backed Securities (ABS)
l
Collateralized Debt Obligations (CDO)
l
The importance of Credit Derivatives in ABS
Chapter 3
l
Financial Meltdown 2008
l
Product Risks
l
Market Risks
l
Proposed Solutions
l
Conclusion
Outline of my Thesis:
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
8
figure 1
Asset-Backed Securitization in a Nutshell
figure 2
True-Sale /Conventional Securitization
figure 3
Synthetic Securitization
figure 4
Framework of an ABS
figure 5
Asset Tranches
figure 6
Key Players in Asset Backed Securitization
figure 7
Asset Backed Securities (ABS) in a general sense
figure 8
The Mortgage Securitization Process
figure 9
US non-agency MBS issuance(in the past 15 months)
figure 10
MBS share of total mortgage debt outstanding
figure 11
Worldwide ABS Issuance (2007/2008)
figure 12
US ABS Issuance (in the past 15 months)
figure 13
US ABS Breakdown (Year to Date)
figure 14
Global CDO Issuance
figure 15
True Sale CDO
figure 16
Synthetic CDO
figure 17
Bringing Down The House
figure 18
The impact of True Sale Securitization on loans to the private sector
figure 19
Treacherous Waters
figure 20
Mortgage-Backed Securities (MBS) Downgrades
figure 21
Motives for financial institutions to utilize ABS
figure 22
Balance Sheet of Originator before and after ABS-transaction
figure 23 The decision process
figure 24
Credit Default Swap
figure 25
Credit Linked Note
Table of figures
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
9
figure 26
The Financial Meltdown 2008
Table 1 Product and Market Risks
Table 2 Illustration of the benefits of issuing CLO's
Table 3 The cost analysis
Table 3 Characteristics and risk transfer of individual Credit Derivatives
ABS
Asset-Backed Securities
CDO
Collateralized Debt Obligation
CDS
Credit Default Swaps
CE
Credit Enhancement
CLN
Credit Linked Note
CLO
Collateralized Loan Obligation
CMBS
Commercial Mortgage Backed Securities
FHLMC
Federal Home Loan Mortgage Association
FNMA
Federal National Mortgage Association
GSE
Government Sponsored Entity
GNMA
Government National Mortgage Association
IIF
Institute for International Finance
MBS
Mortgage-Backed Securities
OTC
Over the Counter
RMBS
Residential Mortgage Backed Securities
SPV
Special Purpose Vehicle
List of abbreviations
Table of Tables
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
10
Author:
Nadine Senanayake
Title:
The Product and Market Functions of Asset-Backed
Securities: Retrospect and Prospect
Institution:
Fachhochschule für Technik und Wirtschaft
Thesis Advisor:
Prof. Dr. Dayanand Arora, Prof. Dr. Singer
Degree:
Bachelor of Arts
Year:
2008
Word Count
12,512
Methodology
Italics
connecting lines or links between paragraphs
Boxed Segment
Introduction to chapters and appendices
The paper aims at analyzing the product and market functions of Asset-Backed
Securities (ABS) by firstly, distinguishing characteristics of the product functions
and market functions in relation to Asset-Backed Securitization within a general
compass. It is important to note that with "product functions" the author refer to the
phase prior to the issuing of securities, which is the structuring phase. Thus, the
author will be drawing from history and developments in the market, players
involved in the structuring process and descriptions of the basic product functions.
Secondly, the author will elaborate on the market functions. Once again it is of
importance to note that with "market functions" the author refers to the phase where
the product has been implemented into the market. Furthermore the author strives to
give the reader a clear definition of the types of asset-backed securities and their
functions within the framework of the market. Thirdly, the author will elaborate on
the shortfalls in the ABS structure in terms of it's risk and continue to discuss the
Abstract
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
11
risks attributable to the product and market functions of ABS. Finally, the author will
submit solutions for the mentioned risks within the framework and draw an outline
as to the ABS securitization market in the future.
1
Introduction
In the past the basic concept of banking was when depositors were aspired to pay into
banks or financial institutions which successively transferred these funds at a margin to
individuals, businesses and credit worthy borrowers using methods of lending. The
proportionate credit risk was the main apprehension of financial institutions that utilized
existing functions and developed techniques to estimate the probability of these
investors defaulting. In the 1980's significant technological advances assisted in the
Securitization process, which enabled banks to hedge their credit-risk exposure by
means of Securitization. Securitization was ranked amongst the big developments in the
past years, like De-regulation, Globalization, Internationalization and the increasing
permeation of technology.
1
"Securitization can be defined as a process of packaging individual loans and
other debt instruments, concerting the package into a security, and enhancing their
credit status or rating".
2
"Whereas the eighties were the age of securitization, one could describe the
nineties as the age of asset securitization.[...] The worldwide issuance of asset-
backed securities is expected to grow enormously in the future."
3
In the 1990's we have seen a notable shift from the traditional "loan financing" to
Securitization of bank assets within financial markets. The ABS has and remains to be
an important form of balance sheet financing for financial institutions. Securitization is a
widely used mechanism by financial institutions which add value to investors/
shareholders and stakeholders if implemented in it's eligible framework. Since the
proposed Financial Services Modernization Act of 1999 came into effect, the Glass-
1
Gehrig (1987) p. 79.
2
Kendall and Fishman (2000) p. 2.
3
Interview comment by an investment banker: in Baer (1997) p. 21.
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
12
Steagall Act of 1933 which previously imposed restrictions on the integration process of
banks, insurance and stock trading was eradicated; consequently:
"Boundaries between governments and markets were redrawn"
4
This enabled consenting bankers the liberty to utilize mechanisms,
which imparted in trail-blazing structures being introduced into the market.
Moreover, dexterous bankers who have the capability to understand the complicated
nature or intricacy of these structures did use them for their benefit by exploiting lacunas
or setbacks in both the product and market sphere of the system.
Hence, the focus of the paper will be to analyze the product functions namely,
how the product was first initiated and the main incitement behind the core elements of
ABS. Moreover, I will proceed to discourse the market functions, which is when the core
elements have been transfigured into an ultimate product, and inaugurated in the
secondary market. Conclusively, I will elucidate on the risks related to the product and
market functions and further compile thoughts on proposed solutions for these risks.
In the first chapter the author will define the core element of Asset-Backed
Securitization and continue to expatiate on the main structure of the ABS process.
Thereafter, I will describe the history and development of the Asset backed securities
market. Subsequently, I will analyze the role played by the rating agencies, credit
enhancers, investors, SPV and the trustee that assist with implementing the ABS
structure.
In the second chapter the author will introduce ABS and define the different
types of ABS by giving a short description of each type, namely, ABS, MBS, and CDO
including the relevance of credit derivatives in the ABS market.
In the third chapter, the author will define the risks in the micro aspect and not in
it's macro sense as I would like to remain within the framework of the product and
market functions.
4
http://www.economist.com/
, when fortune frowned, (October 11
th
2008). p. 5.
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
13
Finally, the author proposes and suggests techniques in which one could increase
transparency and continue to benefit from trading these securities which will continue to
add value to financial institutions and medium sized enterprises. At last the author will
conclude by highlighting the future prospects of Asset-Backed Securitization, after
taking into considerations the risks and proposed solutions.
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
14
1.1 Asset-Backed Securitization in a Nutshell
1.2
History and Development of the Asset-Backed Securities Market
The ABS market in the USA has a very long tradition. In the 1970's there was a
significant increase in the demand for credits in the property market attributable to the
demographic developments in the USA. In order to systematically assist with the
growing demand in the mortgage credit market, the US Government national mortgage
association (GNMA) stepped in by establishing so-called Government Sponsored
Entities (GSEs)
5
, with the intention of increasing liquidity in these markets through
mortgage securitization.
6
The GSE's pool the different receivables from mortgage credits
and make the structures of the securitization available for trade. The task of the GSE is
to make sure they standardize, take over the monitoring activities and deliver, by the
means of a "quasi state guarantee", a secure product at attractive interest rates.
7
The use
of this structure enables the banks to detach the credits from their balance sheets, and to
5
Schmittat (2007 ) p. 13.
6
Here it concerns the following Government National Mortgage Association(GNMA) named "Ginnie
Mae" and The Federal National Mortgage Association (FHLMC) named "Freddie Mac" and the
Federal National Mortgage Association(FNMA) named "Fannie Mae" cf. Santomero and Babbel
(2001), p. 289.
7
Liaw and Eastwood (2007) pp. 13-14.
Chapter 1
Initiating the product functions of ABS
Chapter 1: distinguishes characteristics of the product functions of Asset Backed
Securitization, by explaining the key definitions associated with initiating the
product phase. Initially the history and development of the ABS market will be
unraveled; thereafter the author continues to describe the structure of the ABS
process, explained by describing the role played by the key players in the process.
Conclusively, the author exemplifies the two main concepts of securitization's
product sphere namely, True sale/Conventional and Synthetic Securitization.
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
15
distribute more credits by freeing up regulatory capital. These securities backed by
mortgages are referred to as Mortgage Backed Securities (MBS).
The next great step was the development of ABS structures, which were not backed by
mortgages, but with other assets and receivables. Such a transaction was first executed in
the year 1985
8
. Ever since, new asset classes for securitization process continue to be
discovered.
In Europe it took a number of years before ABS were deployed. In Great Britain
the first MBS were developed in 1987, nevertheless the relevant volume was only
accomplished in 1990. Germany lies behind for European Standards by only beginning
with the intensified use of ABS in 1997. The laggard development of the ABS market in
Germany can be associated to the reasoning that Germany does not possess its own
Laws for ABS unlike its neighboring country's Spain, France and England. Nevertheless
there is much German legislature where the special provision has not been fully
implemented to date, mainly due to the complex legal system. Furthermore the
traditional financing of German Corporations by means of bank credits and the main
banking principles have consequences on the delayed execution of ABS.
9
The issuance
volumes related to structured finance which included residential mortgage-backed
securities (RMBS), commercial mortgage-backed securities (CMBS), asset-backed
securities (ABS), and collateralized debt obligations (CDOs), accelerated in demand in
1995 by reaching approximately US$500bn in 2000, and exceeding US$2trillion in
2006, as measured by all dollar denominated issuance globally.
10
With regard to
contingency risk, credits which have not been adequately priced made ABS unattractive.
Moreover, the utilization of the capital market in the USA is comparatively stronger in
corporate finance when compared with Germany. In the USA 26% of the borrowed
capital are issued in the form of bonds, whereas in Germany this figure is 8%
11
. If you
analyze the situation of the ABS market in Germany one should bear in mind that the
Germans developed a covered bond system since 1769, which could be classified as a
securitizing tool similar to the mortgage backed structure, which German banks utilize to
8
Schmittat (2007) p. 14.
9
ibid p. 14.
10
Baer (1997) p. 60.
11
Schmittat (2007) p. 15.
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
16
re-finance their mortgage credits. The covered bond
12
structure can be differentiated
with the MBS structure, in that it is directly affiliated with the financial intermediary
(i.e. an SPV does not exist in this structure). Moreover, there is no direct connection
with the cash flow of the receivables and the covered bond. The credits are available to
investors along with the creditworthiness of the financial intermediary as additional
assurance.
13
The securitization market has grown to become one of the most prominent
fixed income sectors, which in turn are backed by a diverse and ever-expanding array of
assets.
1.3
Asset- Backed Securitization in a Nutshell
One can say that each time a promise to pay is made, a financial asset is born.
Subsequently;
"The process of packaging financial promises and transforming them into a form
whereby they can be freely transferred among a multitude of investors is
Securitization."
14
Henceforth, the securities which are the outcome of securitization processes are termed
as (ABS) asset-backed securities. Asset securitization can also be categorized as the
process where assets are refinanced in the capital market by issuing securities to
investors via a special purpose vehicle (SPV).
15
The cash flow pledged as collateral to
the issue is the main assurance for repayment along with internal and external forms of
12
Covered bonds are essentially debt based securities secured by receivables/ cash flow from mortgage
loans or public sector loans. The pool of assets are secured or "covered" in the case of insolvency of
the originator and remain on the Balance sheet of the issuer.
13
Schmeisser and Leonhardt (2006) pp. 42-43
14
Davidson and Sanders et al (2002) p. 3.
15
Fabozzi and Choudhry (2004) p. 3.
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
17
credit enhancement
16
, which is by no means dependent on the overall financial strength
of the originator.
17
(Refer to figure 1)
Figure 1: ABS in a nutshell: Source: Buehler (2008)
1.4
Issuing vehicles
An SPV is an issuing vehicle or a special purpose entity (SPE), created by a firm which
is the sponsor or originator, who has transferred assets to this legal entity
18
. It has done
16
Credit enhancement is an inherent element in the securitization process which designs a security that
encompasses a higher rating than the issuer, which in turn allows the issuer to monetarize its assets
whilst paying a lower interest rate than he would pay when accepting a bank loan or issuing debt. Cf.
Fixed Income Primer (2005). Asset-Backed securities P. 4. Methods of credit enhancement will be
covered in detail later on in this chapter.
17
Fabozzi and Choudhry (2004) p. 3.
18
There are many legal forms utilized for an SPV e.g. limited partnership, a limited liability company, a
trust, or a corporation. See
Gorton, and Souleles (1995) p.2. For more information regarding the legal status of
an SPV refer to Kramer (2003)
Borrower
Originator
SPV
Investor
Receivables
Payment
Sale of Receivables
Payment
Sells Securities
Interest + Redemption
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
18
this in order to carry out some specific task or circumscribed activity.
19
These vehicles
only serve a circumstantial purpose besides the objective for which they were created.
Moreover they are not in a position to make any substantive decision making; the rules
that govern the functioning of these securities are disembarked previously and carefully
monitor their activities
20
.
There are many forms of Special purpose entities such as
Trusts
21
, which are most often utilized to elude regulatory restrictions
22
. Due to the way
these entities are structured they have a confined volume of legal or financial
responsibility giving them a "bankruptcy remote"
23
status.
1.5
The Structuring Process
These naked promises made by the obligor, as previously mentioned in my definition,
may not always suit the investor's wants and needs. Investors may not be satisfied with
its dimensions or the risk profile of the promise, which contain a variety of risks which
may be uninviting for investors. Therefore these promises are transfigured into a
structure which is more alluring for investors via the structuring process.
The structuring process can be further divided into two forms; namely, True
Sale/Conventional initiative and Synthetic initiative. I will briefly describe the eminence
of these two structuring methods.
1.5.1 True-Sale /Conventional Securitization
In a conventional True Sale ABS process an asset pool (e.g. corporate loans), which
contain a comparatively foreseeable cash flows, are pooled together by the originator
(bank); "these loans are further sold to a special purpose vehicle (SPV), which is a
bankruptcy remote entity in relation to the originator and the investor.
24
The ownership
of assets as well as the risk is transferred onto the SPV in its entirety. This would enable
19
Gorton and Souleles (2005) p. 1.
20
Gorton and Souleles (2005) p. 2.
21
There are various types of trust such as Grantors trust, Owner Trusts, Revolving Trusts, Master Trusts.
For an extensive explanation of the above mentioned trusts see Davidson and Sanders et al (2003) p.
20.
22
Under law it is exempt from taxes which enable the Originator to treat the transaction as a loan
sale which in turn reduces the liability for the Issuer cf. Kendall and Fishman (2000) p. 9.
23
Refer to appendix C for an explanation of "bankruptcy remote"
24
Böhringer and Lotz, et al (2001) p. 10.
An Analysis of the Product and Market Functions of Asset- Backed Securities: Retrospect and Prospect
19
the originator to benefit from "off balance sheet" treatment. (i.e. The exposure does not
continue to appear on the balance sheet of the originator).
1.5.1.1 Conditions for Risk Isolation
In "True Sale" securitization illustrated in (figure 2), various fundamental conditions
must be fulfilled, regardless of the chosen transaction structure and the legal
arrangement of the SPV. It concerns the following preconditions:
l
The assignment of the finance activities of the SPV should under no
circumstances be questioned in retrospect. (non- fraudent transfer)
l
The assignment must be legally valid, in other words, it should lead to a
subrogation or changeover of the obligor, also when this has not been indicated
to the obligor. (True Sale/Non Notification)
25
l
In the event of the bankruptcy of the originator, the contractual times lines of the
transaction should not be affected. (No Commingling Risk, First perfected
security interest)
25
Baer (1997) p. 103.
Figure 2:The fundamental conditions of a True-Sale ABS transaction with off-balance sheet treatment
I
Source: Following Hans Peter Baer, Asset Securitization, 2005
Asset
Pool
Originator/
Service Agent
No Commingling risk
Obliger
Risk Isolation
Non Fraudent
Transfer
Asset
Pool
Asset
Pool
Asset
Pool
Bankruptcy-remote
Special Purpose Vehicle
Non-
Consolidation
Non-/ limited
Recourse
Investor
First preferred
Security Interest
Non notification
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