Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0018
Erik Devos, Robert Karpowicz, Andrew C. Spieler
Over time, the availability of investable bond products has expanded considerably to include bonds focused on social improvements (social impact bonds), life settlement securitization (death bonds), natural disaster risk transfer (catastrophe bonds), environmental improvements (green bonds), and collateralized bonds (covered bonds). Social impact bonds are geared toward positive social change to provide financing to programs that are otherwise ignored or underfunded. Death bonds are bonds backed by the cash flows from life insurance policies. Catastrophe bonds enable spreading the risk of natural disasters or human catastrophes to a broader investor base. Green bonds are issued to raise funds to revitalize brownfield sites or underdeveloped areas and geared toward energy efficiency and pollution control, sustainable agriculture, and clean transportation. Covered bonds are issued against a pool of assets but remain on the issuer’s balance sheet providing safety in the event of bankruptcy. This chapter briefly discusses each of these products.
{"title":"Other Bond Products","authors":"Erik Devos, Robert Karpowicz, Andrew C. Spieler","doi":"10.1093/oso/9780190877439.003.0018","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0018","url":null,"abstract":"Over time, the availability of investable bond products has expanded considerably to include bonds focused on social improvements (social impact bonds), life settlement securitization (death bonds), natural disaster risk transfer (catastrophe bonds), environmental improvements (green bonds), and collateralized bonds (covered bonds). Social impact bonds are geared toward positive social change to provide financing to programs that are otherwise ignored or underfunded. Death bonds are bonds backed by the cash flows from life insurance policies. Catastrophe bonds enable spreading the risk of natural disasters or human catastrophes to a broader investor base. Green bonds are issued to raise funds to revitalize brownfield sites or underdeveloped areas and geared toward energy efficiency and pollution control, sustainable agriculture, and clean transportation. Covered bonds are issued against a pool of assets but remain on the issuer’s balance sheet providing safety in the event of bankruptcy. This chapter briefly discusses each of these products.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128630058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0021
Mingwei (Max) Liang, Milena Petrova
Mortgage-backed securities (MBSs) have played an important role in the housing and financial markets, providing liquidity to mortgage originators, offering investment opportunities for investors, and helping to set minimum mortgage underwriting standards. This chapter provides an overview of MBSs as an investment tool by presenting an analysis of the MBS market, discussing the securitization process, describing the main MBS pool characteristics, and examining the different types of MBSs in terms of underlying loans (residential mortgage-backed securities and commercial mortgage-backed securities), maturity, interest rate terms, pass-through of interest and principal (pass-through securities versus collateralized mortgage obligations) and issuers (private-label versus agency MBS). The chapter also highlights the major risks inherent to MBSs, particularly prepayment and credit risks.
{"title":"Mortgage-Backed SecuritiesMortgage Pass-Through Securities","authors":"Mingwei (Max) Liang, Milena Petrova","doi":"10.1093/oso/9780190877439.003.0021","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0021","url":null,"abstract":"Mortgage-backed securities (MBSs) have played an important role in the housing and financial markets, providing liquidity to mortgage originators, offering investment opportunities for investors, and helping to set minimum mortgage underwriting standards. This chapter provides an overview of MBSs as an investment tool by presenting an analysis of the MBS market, discussing the securitization process, describing the main MBS pool characteristics, and examining the different types of MBSs in terms of underlying loans (residential mortgage-backed securities and commercial mortgage-backed securities), maturity, interest rate terms, pass-through of interest and principal (pass-through securities versus collateralized mortgage obligations) and issuers (private-label versus agency MBS). The chapter also highlights the major risks inherent to MBSs, particularly prepayment and credit risks.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132049450","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0036
Dianna C. Preece
The United States had a combined $47 trillion of public and private sector debt outstanding in the third quarter of 2016. This staggering figure is larger than many countries’ gross domestic products (GDPs) combined. Borrowers include the U.S. government, businesses, and households. The debt is held by both domestic and foreign investors. The amount of debt affects everything from a country’s ability to grow to an individual’s ability to get married or buy a home when saddled with crushing student loans. In early 2018, the most notable trends in debt markets include increased borrowing across all sectors and rising interest rates that will affect the ability of some borrowers to repay their debts. These trends are not just domestic, but global, as the U.S. Federal Reserve begins to roll back a decade-long period of quantitative easing and other central banks are likely to soon follow. This chapter considers trends in debt markets and their implications for the future.
{"title":"Debt Trends and Future Outlook","authors":"Dianna C. Preece","doi":"10.1093/oso/9780190877439.003.0036","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0036","url":null,"abstract":"The United States had a combined $47 trillion of public and private sector debt outstanding in the third quarter of 2016. This staggering figure is larger than many countries’ gross domestic products (GDPs) combined. Borrowers include the U.S. government, businesses, and households. The debt is held by both domestic and foreign investors. The amount of debt affects everything from a country’s ability to grow to an individual’s ability to get married or buy a home when saddled with crushing student loans. In early 2018, the most notable trends in debt markets include increased borrowing across all sectors and rising interest rates that will affect the ability of some borrowers to repay their debts. These trends are not just domestic, but global, as the U.S. Federal Reserve begins to roll back a decade-long period of quantitative easing and other central banks are likely to soon follow. This chapter considers trends in debt markets and their implications for the future.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133130202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0011
Douglas J. Cumming, G. Fleming, Z. Liu
The chapter provides an overview of private debt and private debt markets. It explains the array of different specific types of private debt investments that are observed in practice, and the role equity incentives play in private debt deals. The chapter examines evidence from different countries around the world, including developed and developing markets. The chapter also describes the motives and contexts for using private debt, including but not limited to transactions involving private placements, syndicated loans, and direct lending. Private debt is not restricted to private companies but includes public ones as well. Further, the chapter characterizes private debt investors and their evolution over time. Additionally, it reviews evidence on the returns that private debt investors enjoy. The chapter concludes by identifying gaps in existing knowledge of private debt and offering suggestions for future research.
{"title":"Private Debt Markets","authors":"Douglas J. Cumming, G. Fleming, Z. Liu","doi":"10.1093/oso/9780190877439.003.0011","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0011","url":null,"abstract":"The chapter provides an overview of private debt and private debt markets. It explains the array of different specific types of private debt investments that are observed in practice, and the role equity incentives play in private debt deals. The chapter examines evidence from different countries around the world, including developed and developing markets. The chapter also describes the motives and contexts for using private debt, including but not limited to transactions involving private placements, syndicated loans, and direct lending. Private debt is not restricted to private companies but includes public ones as well. Further, the chapter characterizes private debt investors and their evolution over time. Additionally, it reviews evidence on the returns that private debt investors enjoy. The chapter concludes by identifying gaps in existing knowledge of private debt and offering suggestions for future research.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114743932","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0024
M. Wu, Xiang Gao, Robert (Bob) Wieczorek
The bond market is extremely important because it provides necessary financing support for both public and nonpublic sectors. The U.S. bond market is much larger than the equity market, and its sheer size makes understanding the factors that could influence bond pricing and bond valuation important. This chapter discusses the most important economic elements that could influence bond prices, including the Treasury yield curve, credit risk, liquidity risk, equity volatility, corporate governance, accounting quality, product market competition, creditor rights, and financial innovation. The content presented in this chapter has profound implications for today’s bond market and can help investors have a better understanding of bond valuation.
{"title":"Factors Affecting Bond Pricing and Valuation","authors":"M. Wu, Xiang Gao, Robert (Bob) Wieczorek","doi":"10.1093/oso/9780190877439.003.0024","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0024","url":null,"abstract":"The bond market is extremely important because it provides necessary financing support for both public and nonpublic sectors. The U.S. bond market is much larger than the equity market, and its sheer size makes understanding the factors that could influence bond pricing and bond valuation important. This chapter discusses the most important economic elements that could influence bond prices, including the Treasury yield curve, credit risk, liquidity risk, equity volatility, corporate governance, accounting quality, product market competition, creditor rights, and financial innovation. The content presented in this chapter has profound implications for today’s bond market and can help investors have a better understanding of bond valuation.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127516417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0012
Tom P. Davis, D. Mossessian
This chapter discusses multiple definitions of the yield curve and provides a conceptual understanding on the construction of yield curves for several markets. It reviews several definitions of the yield curve and examines the basic principles of the arbitrage-free pricing as they apply to yield curve construction. The chapter also reviews cases in which the no-arbitrage assumption is dropped from the yield curve, and then moves to specifics of the arbitrage-free curve construction for bond and swap markets. The concepts of equilibrium and market curves are introduced. The details of construction of both types of the curve are illustrated with examples from the U.S. Treasury market and the U.S. interest rate swap market. The chapter concludes by examining the major changes to the swap curve construction process caused by the financial crisis of 2007–2008 that made a profound impact on the interest rate swap markets.
{"title":"Yield Curves, Swap Curves, and Term Structure of Interest Rates","authors":"Tom P. Davis, D. Mossessian","doi":"10.1093/oso/9780190877439.003.0012","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0012","url":null,"abstract":"This chapter discusses multiple definitions of the yield curve and provides a conceptual understanding on the construction of yield curves for several markets. It reviews several definitions of the yield curve and examines the basic principles of the arbitrage-free pricing as they apply to yield curve construction. The chapter also reviews cases in which the no-arbitrage assumption is dropped from the yield curve, and then moves to specifics of the arbitrage-free curve construction for bond and swap markets. The concepts of equilibrium and market curves are introduced. The details of construction of both types of the curve are illustrated with examples from the U.S. Treasury market and the U.S. interest rate swap market. The chapter concludes by examining the major changes to the swap curve construction process caused by the financial crisis of 2007–2008 that made a profound impact on the interest rate swap markets.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128896520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0019
J. Lettieri, Gerald O’donnell, S. Ong, Desmond Tsang
Inflation is a critical factor that can influence investment strategies and returns. The relation between realized inflation and expected inflation are driving factors for both interest rates and the performance of fixed income products. Adding inflation-linked bonds to existing portfolios can help to minimize the risk associated with future inflation. Although nominal bonds offer protection from current inflation expectations, which is sometimes measured by the break-even inflation rate, inflation-linked bonds offer a guaranteed real return with inherent protection from unexpected inflation. The relative performance of inflation-linked bonds versus nominal bonds is primarily dependent on changes in both inflation and the real interest rate. This chapter focuses on the fundamentals of inflation-linked bonds including issuers, pricing, and measuring inflation expectations. It examines how such bonds reduce inflation risk and discusses the type of market environments that favor investments in inflation-linked bonds relative to nominal bonds.
{"title":"Inflation-Linked Bonds","authors":"J. Lettieri, Gerald O’donnell, S. Ong, Desmond Tsang","doi":"10.1093/oso/9780190877439.003.0019","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0019","url":null,"abstract":"Inflation is a critical factor that can influence investment strategies and returns. The relation between realized inflation and expected inflation are driving factors for both interest rates and the performance of fixed income products. Adding inflation-linked bonds to existing portfolios can help to minimize the risk associated with future inflation. Although nominal bonds offer protection from current inflation expectations, which is sometimes measured by the break-even inflation rate, inflation-linked bonds offer a guaranteed real return with inherent protection from unexpected inflation. The relative performance of inflation-linked bonds versus nominal bonds is primarily dependent on changes in both inflation and the real interest rate. This chapter focuses on the fundamentals of inflation-linked bonds including issuers, pricing, and measuring inflation expectations. It examines how such bonds reduce inflation risk and discusses the type of market environments that favor investments in inflation-linked bonds relative to nominal bonds.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121675456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0003
Tom Barkley
Interest rates are part of the fabric of finance, used for assessing rates of return on investments, determining costs of capital to firms, compounding and discounting cash flows, and as underlying variables in many derivative instruments. As interest rates change, so do values of associated securities, resulting in substantial risk to investors in these financial products. Interest rate risk measurement is often defined in terms of the sensitivity of prices to changes in interest rates. Duration is a measure used for small changes in rates, and convexity provides a correction to duration when the rate changes are larger. Forecasting how short- and long-term rates move based on macroeconomic factors becomes important for businesses in any country, as these rate changes affect borrowing costs and investment opportunities. Financial institutions carry out interest rate risk management using instruments such as interest rate swaps, or through more advanced approaches such as asset-liability management and gap analysis.
{"title":"Interest Rate Risk, Measurement, and Management","authors":"Tom Barkley","doi":"10.1093/oso/9780190877439.003.0003","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0003","url":null,"abstract":"Interest rates are part of the fabric of finance, used for assessing rates of return on investments, determining costs of capital to firms, compounding and discounting cash flows, and as underlying variables in many derivative instruments. As interest rates change, so do values of associated securities, resulting in substantial risk to investors in these financial products. Interest rate risk measurement is often defined in terms of the sensitivity of prices to changes in interest rates. Duration is a measure used for small changes in rates, and convexity provides a correction to duration when the rate changes are larger. Forecasting how short- and long-term rates move based on macroeconomic factors becomes important for businesses in any country, as these rate changes affect borrowing costs and investment opportunities. Financial institutions carry out interest rate risk management using instruments such as interest rate swaps, or through more advanced approaches such as asset-liability management and gap analysis.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121800543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0008
Şenay Ağca, Saiyid S. Islam
Securitized debt markets play a vital role in financial markets in risk-sharing and creating alternative financing sources, which provide benefits for both borrower and lenders. This chapter describes the main characteristics of securitized debt and securitized debt instruments. Major securitized debt instruments are mortgage-backed securities (MBSs) including residential mortgage-backed securities (RMBSs) and commercial mortgage-backed securities (CMBSs) as well as asset backed commercial paper (ABCP) and collateralized debt obligations (CDOs). The characteristics of these securities, their associated benefits and uses, and the risk factors that determine the performance of securitized debt instruments are covered. The evolution and size of these securitized markets is also discussed. Overall, the chapter indicates that securitized markets help originators in transferring risks and monetizing illiquid assets and aid investors by providing an efficient mechanism for portfolio diversification and ability to better adjust their investments to their risk preferences.
{"title":"Securitized Debt Markets","authors":"Şenay Ağca, Saiyid S. Islam","doi":"10.1093/oso/9780190877439.003.0008","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0008","url":null,"abstract":"Securitized debt markets play a vital role in financial markets in risk-sharing and creating alternative financing sources, which provide benefits for both borrower and lenders. This chapter describes the main characteristics of securitized debt and securitized debt instruments. Major securitized debt instruments are mortgage-backed securities (MBSs) including residential mortgage-backed securities (RMBSs) and commercial mortgage-backed securities (CMBSs) as well as asset backed commercial paper (ABCP) and collateralized debt obligations (CDOs). The characteristics of these securities, their associated benefits and uses, and the risk factors that determine the performance of securitized debt instruments are covered. The evolution and size of these securitized markets is also discussed. Overall, the chapter indicates that securitized markets help originators in transferring risks and monetizing illiquid assets and aid investors by providing an efficient mechanism for portfolio diversification and ability to better adjust their investments to their risk preferences.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115528808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-16DOI: 10.1093/oso/9780190877439.003.0030
O. Awoga
Bonds play an important role in capital markets and in shaping micro- and macroeconomic activities designed to meet a government’s fiscal and monetary policy objectives. Yet many accounting and finance professionals and practitioners do not fully understand how to properly record and report bond transactions on financial statements. Therefore, this chapter discusses the accounting and disclosure requirements for bond instruments to help bridge this knowledge gap. The chapter begins by reviewing the relevant bond accounting literature, generally accepted accounting principles (GAAP), and fundamental terminologies such as amortization, effective interest rate, derivatives, and valuation. Finally, examples illustrate some bond accounting problems from both asset and liability perspectives.
{"title":"Bond Accounting","authors":"O. Awoga","doi":"10.1093/oso/9780190877439.003.0030","DOIUrl":"https://doi.org/10.1093/oso/9780190877439.003.0030","url":null,"abstract":"Bonds play an important role in capital markets and in shaping micro- and macroeconomic activities designed to meet a government’s fiscal and monetary policy objectives. Yet many accounting and finance professionals and practitioners do not fully understand how to properly record and report bond transactions on financial statements. Therefore, this chapter discusses the accounting and disclosure requirements for bond instruments to help bridge this knowledge gap. The chapter begins by reviewing the relevant bond accounting literature, generally accepted accounting principles (GAAP), and fundamental terminologies such as amortization, effective interest rate, derivatives, and valuation. Finally, examples illustrate some bond accounting problems from both asset and liability perspectives.","PeriodicalId":114530,"journal":{"name":"Debt Markets and Investments","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130622015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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