Financial engineering principles phần 5 ppt

A credit default swap is still another example of a credit risk transfer vehicle. A credit default swap can be structured to trade to one or more underlying spot securities. In brief, if the underlying security (or basket of securities) goes into default, a payment is made that is typically equal to par minus any recovery value. Figure 3.7 presents an overview of the cash flows involved in a common credit default transaction (or financial guarantee). Parenthetically, there are some investors who view credit default swaps and total return swaps as being close substitutes for bonds. That is, a swap is seen as comparable to buying a generic coupon-bearing bond and funding it at Libor on a rolling basis. The strategy can be summarized as follows: Fixed-coupon par bond = Par swap + 3- (or 6-) month Libor cash investment. At the end of the first quarterly (or semiannual) period, the floating part of the swap is again worth par and pays interest at the rate of Libor refer- enced at the start of the swap. This is precisely the case with the cash Libor investment; the cash investment precisely matches the floating part of the swap at each successive 3- (or 6-) month interval. Thus, the total return of a swap may be viewed as the return on a portfolio consisting of the swap and the cash investment in Libor; the return is equivalent to the total return of the fixed part of the swap considered to be economically equivalent to a bond. There are many diverse considerations embedded within a credit deriv- ative, not the least of which involve important legal and tax matters. From a legal perspective, an obvious though long-elusive requirement was for a clear and unambiguous definition of precisely when and how a default event is to be defined. The resolution of this particular issue was significantly aided with standardized documentation from the International Swaps and Derivatives Association (ISDA). In 1999 the ISDA presented a set of defin- itions that could be used in whole or in part by parties desiring to enter into complex credit-based transactions. However, even though the acceptance and 104 PRODUCTS, CASH FLOWS, AND CREDIT Swap provider/seller Financial guarantor Premium payments Reference credit Credit event payments Purchaser FIGURE 3.7 Financial guarantee schematic. 03_200306_CH03/Beaumont 8/15/03 12:42 PM Page 104 use of common terms and definitions is a large step in the right direction, different interpretations of those terms and definitions when viewed by var- ious legal entities are likely. When interpretations are given, they often reflect the particular orientation and biases of the legal framework within the national boundaries of where the opinions are being rendered. For example, in Western Europe, France is generally regarded as a debtor-friendly nation, while the United Kingdom is widely seen as a credi- tor-friendly country. Germany is sometimes viewed as being somewhere in the middle of France and the U.K. Thus, while the euro and other shared gov- ernmental policies within the European Community have gone a long way toward creating a single common approach to business practices, this is far from having been fully achieved. Presumably one way that this process of a more homogeneous legal infrastructure can be achieved is through the European courts. Court decisions made at the national level can be appealed to a higher European level (if not with original jurisdiction residing within certain designated European courts at the outset), and over time an accu- mulated framework of legal opinions on credit and related matters should trickle back down to the national level to guide interpretations on a coun- try-by-country basis. This being said, as is often the experience in the United States, it is common to have participants in a default situation sit down and attempt to arrive at a particular solution among themselves. Again, and per- haps especially in this type of setting, which is somewhat distanced from more formal and constraining requirements of a judicially rooted approach, local customs and biases can play a more dominant role. Chapter 6 provides more detail on tax and legal implications for credit derivatives. Finally, a popular instrument among credit derivatives is the synthetic CDO. CDO stands for collateralized debt obligation, and it is typically struc- tured as a portfolio of spot securities with high credit risk. The securities generally include a mix of loans and bonds. A portfolio comprised pre- dominantly of loans may be called a CLO, and a portfolio comprised pre- dominantly of bonds may be called a CBO. Generally speaking, when a CDO, CLO, or CBO is structured, it is segmented into various tranches with varying risk profiles. The tranches typically are differentiated by the prior- ity given to the payout of cash flows, and the higher the priority of a given class, the higher the credit rating it receives. It is not unusual for a CDO to have tranches rated from triple A down to single B or lower. These instru- ments are comprised of spot securities. A synthetic CDO necessarily involves an underlying CDO of spot securities, though it is also comprised of a credit- linked note and a credit default swap. Figure 3.8 presents a schematic overview of a synthetic CDO. With a synthetic CLO, the issuer (commonly a bank) does not physically take loans off its books, but rather transfers the credit risk embedded within the loans by issuing a credit-linked note. The bank retains underlying spot Credit 105 03_200306_CH03/Beaumont 8/15/03 12:42 PM Page 105 assets as loans. Since the credit risk in the loans is transferred to a special- purpose vehicle (SPV), a company specifically established to facilitate the cre- ation of the CLO, it is the SPV that then transfers the credit risk to investors who are willing to take on the risk for the right price. As a result of having successfully transferred the credit risk off its books in this synthetic fashion, the bank is not required to hold as much capital in reserve. This freed-up cap- ital can be directed in support of other business activities. When the SPV sells the credit-linked notes, the proceeds of the sale do not revert back to the bank but are invested in low-risk securities (i.e., triple- A rated instruments). This conservative investment strategy is used to help ensure that repayment of principal is made in full to the holders of the credit- linked notes. The SPV originates a credit default swap, with the issuing bank as a counterparty. The bank pays a credit default swap insurance premium to the SPV under terms of the swap arrangement. Should a default occur with any of the loans at the originating bank, the bank would seek an insur- ance payment from the SPV. If this happens, investors in the SPV would suf- fer some type of loss. Just how much of a loss is experienced depends on the depth and breadth of default(s) actually experienced. If no default event occurs, investors in the SPV will receive gross returns equal to the triple-A rated investments and the default swap premium. Aside from differences in how synthetic and nonsynthetic CDOs can be created, synthetic CDOs are not subject to the same legal and regulatory requirements as regular CDOs. For example, on the legal front, requirements 106 PRODUCTS, CASH FLOWS, AND CREDIT CDO swap counterparty CDO: SPV: CDS: Collateralized debt obligation Special-purpose vehicle Credit default swap Reference portfolio Originating bank CDS protection payments Protection payments/interest (Bank affiliate) Swap premium Proceeds Proceeds Notes SPV CDO Note Investors Super senior CDS Collateral FIGURE 3.8 Schematic of a synthetic balance sheet structure. 03_200306_CH03/Beaumont 8/15/03 12:42 PM Page 106 with matters like making notice to obligors are less an issue since the issuer is retaining a synthetic CDO’s underlying securities. On the regulatory front, and as already alluded to above, it has been held that for purposes of risk-based capital, an issuer of a synthetic CDO may treat the cash proceeds from the sale of credit-linked notes as cash that is designated as collateral. This then permits the reference assets — the loans carried on the books of the issuing bank — to be eligible for a zero percent risk classification to the extent that there is full collateralization. This treatment may be applied even when the cash collateral is transferred to the general operating funds of the bank and not deposited in a segregated account. Table 3.7 shows credit derivatives in the context of their relationship to underlying securities. As shown, cost, the desired credit exposure or trans- Credit 107 TABLE 3.7 Credit Derivative Profiles Credit Derivative Underlying Spot Pros/Cons Credit put/call options Single reference Offers a tailor-made hedge, and forwards security though may be expensive owing to its unique characteristics as created by buyer and seller Credit default swap Usually a portfolio Typically created with unique of securities securities as defined by buyer and seller, so may be more expensive than a total rate of return swap Total rate of Index (portfolio) Generally seen as less of a return swap of securities commodity than credit-linked notes, and may be more expensive as a result Credit-linked notes Single reference Often a more commoditized security or portfolio product relative to individual of securities options and forwards, so may not be as expensive Synthetic CDO Portfolio of Blend of a CDO, credit-linked securities note, and credit default swap in terms of cost, and may offer issuer certain legal and regulatory advantages Interest rate swap Reference credit Perhaps the least expensive of rate (typically a Libor credit derivatives, but also rate) relative to a non- considerably less targeted to a credit-sensitive rate single issuer or issuer-type (typically a Treasury or sovereign rate) 03_200306_CH03/Beaumont 8/15/03 12:42 PM Page 107 fer of credit exposure, and various legal and regulatory considerations all can come into play in differing ways with these products. Chapter 6 pre- sents more detail pertaining to the particular tax and legal issues involved. The following chapters make reference to these products, and highlight ways in which other security types may be considered to be credit deriva- tives even if they are not conventionally thought of as such. CHAPTER SUMMARY This chapter examined how credit permeates all aspects of the financial mar- kets; issuers, counterparties, and the unique packaging of various financial products are all of relevance to investors concerned about managing their overall credit exposures. While rating agencies can rate companies and their financial products, there are limitations to what rating agencies or anyone else can see and judge. Cash flows can be used to redistribute credit risk. Cash flows cannot eliminate credit risk, but they can help to channel it in innov- ative ways. And finally, a variety of innovations are constantly evolving in response to investors’ needs for creating and transferring credit exposures. As perhaps more of a conceptual way of summarizing the first three chapters, please refer to Figure 3.9. As shown, there can be creative ways 108 PRODUCTS, CASH FLOWS, AND CREDIT O Product: Ginnie Mae pass- through bond Cash flows: Collateralized spot Credit: Guaranteed by U.S. government (triple-A) Product: Preferred stock Cash flows: Spot Credit: Single-A rated Dividing point between equity and bond; as we move farther from the origin, the seniority of the security increases Credit Product Cash flow Spot AAA A BB Equity Bond FIGURE 3.9 Conceptualizing risk relative to various cash flows and products. 03_200306_CH03/Beaumont 8/15/03 12:42 PM Page 108 of linking the first three triangles of products, cash flows, and credit. Consider how other products might be placed in such a three-dimensional context, not only as an academic exercise to reinforce an understanding of financial interrelationships, but also as a practical matter for how portfo- lios are constructed and managed. Chapter 5 explores how credit and other risks can be quantified and managed. Credit 109 03_200306_CH03/Beaumont 8/15/03 12:42 PM Page 109 03_200306_CH03/Beaumont 8/15/03 12:42 PM Page 110 PART TWO Financial Engineering, Risk Management, and Market Environment 04_200306_CH04/Beaumont 8/15/03 12:48 PM Page 111 04_200306_CH04/Beaumont 8/15/03 12:48 PM Page 112 Financial Engineering 113 CHAPTER 4 Product creation Portfolio construction Strategy development Strategy development This chapter shows how combining different legs of the triangles presented in Chapters 1, 2, and 3 can facilitate the process of product creation, port- folio construction, and strategy development. This section presents three strategies: a basis trade from the bond market, a securities lending trade from the equity market, and a volatility trade from the currencies market. Generally speaking, a basis trade (see Figure 4.1) is said to exist when one security type is purchased and a different security type is sold against it. Assume that an investor goes long spot and simultaneously sells a for- ward or futures contract against the long position. For a forward contract, this may be mathematically expressed as Basis trade = S Ϫ F. 04_200306_CH04/Beaumont 8/15/03 12:48 PM Page 113 . 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