Treasury Finance and Development Banking. A Guide to Credit, Debt, and Risk - Biagio Mazzi

Книга "Казначейство, финансы и развивающееся банковское дело. Руководство по кредиту, долгу и риску" посвящена анализу кредита и кредитного риска в финансовом мире. Эта тема охватывает все сферы финансовой деятельности, включая оценку текущей стоимости будущих денежных потоков. Авторы книги начинают с анализа кредита на самом первом этапе - когда заемщик (суверенное государство, корпорация и т. д.) принимает решение о привлечении капитала через свой казначейский отдел. Для описания деятельности по управлению долгами, книга представляет примеры из мира развивающегося банковского сектора, что не только дает более ясное представление о банковской структуре, но также раскрывает многие актуальные вопросы (многосторонние агентства, квази-государственные организации, развивающиеся рынки, уменьшающийся пул заемщиков с высшим кредитным рейтингом и т. д.). В книге рассматриваются следующие темы: построение кривой (инструменты, залоговое обеспечение, дисконтирование, бутстраппинг), кредит и оценка справедливой стоимости займов (моделирование, развивающиеся институты), развивающиеся рынки и ликвидность (ликвидность, кредит, капитальный контроль, развитие), ценообразование облигаций (кредит, неликвидные облигации, оценка стоимости восстановления), казначейство (финансирование как структура свопа активов, эталоны для заема/инвестирования), риск и управление активами и обязательствами (финансовый рычаг, хеджирование, риск финансирования).

Credit and credit risk pervades every corner of financial world, previously credit was recognised only in relation to counterparty credit risks and high yield debt and credit linked derivatives, but now it has an impact on everything, including fundamental concepts such as present value assessment of future cashflows.The purpose of this volume is to analyse the concept of credit from its very beginning – the moment when an entity involved in borrowing decides to raise funds through the Treasury facility.To illustrate the processes associated with debt management, the volume presents case studies drawn from the sphere of developmental banking, which not only provides a better insight into the banking sector but also represents the meeting point of numerous topical issues – multilateral agencies, quasi governmental bodies, emerging markets, a shrinking number of truly flawless borrowers.This volume will deal with: constructing the term structure (instruments and collateralisation, discounting and bootstrapping), the evaluation of a credit and a loan’s fair value (modeling done by development institutions), emerging markets and liquidity – (liquidity and credit, control over capital and development), bond pricing (including credit, illiquid assets and recovery pricing), Treasury as (funding that utilises asset swap arrangements and reference standards for borrowing and investing), risk and asset/liability management (using leverage and hedging schemes, funding risks).

This book examines credit and risk throughout the finances of governmental and development operations from the start, at the moment a borrowing institution decides on raising funds through its treasury operations. It takes a detailed look at debt management and includes examples of development bank operations. This book explores the following topics: construction of yield curves (instruments used, methods of collateral, discount rates, bootstrapped rates); fair valuation of loans; emerging markets’ liquidity, credit regulations, and capital flows; bond pricing (both commercial and illiquid borrowings, pricing models); the treasury function (banking structure in general, and specific role within a treasury management framework); and, finally, risk and asset liability procedures (hedging techniques, leverage and funding, aggregation/portfolio risks). The book features genuine cases from real-world development banks, highlighting intricacies related to modern cross-border private finance. The first part of the monograph reviews economic, legal, institutional, and international aspects of financing decision-making with a detailed view of global trends influencing the financial sector. Chapter 2 examines the monetary and financial framework underlying sovereign lending and the effect that multilateral exchanges and quasi–government entities have had on the funding environment over time. Likewise, Chapter 3 explores how emerging market economy countries have adapted currency controls over time by introducing mechanisms such as currency boards, currency pegs, and banded crawls, in tandem with international capital mobility and domestic political agendas. Chapter 4 examines how illiquid and vulnerable issuers affect the credit ratings assigned by independent rating agencies. Chapter 5 describes how rating methodologies evolve with technological innovations. Chapter 6 examines methodical approaches to resolving and pricing loans denominated in foreign currency. Chapter 7 looks at arguments about whether and when various levels of credit should be allocated to projects to characterize project life, cash–flow volatility, ability to repay, capacity to pay, and the like. Finally, Chapter 9 provides a summary of findings from previous analysis.

Электронная Книга «Treasury Finance and Development Banking. A Guide to Credit, Debt, and Risk» написана автором Biagio Mazzi в году.

Минимальный возраст читателя: 0

Язык: Английский

ISBN: 9781118729427

Credit and credit risk permeates every corner of the financial world. Previously credit tended to be acknowledged only when dealing with counterparty credit risk, high-yield debt or credit-linked derivatives, now it affects all things, including such fundamental concepts as assessing the present value of a future cash flow. The purpose of this book is to analyze credit from the beginning—the point at which any borrowing entity (sovereign, corporate, etc.) decides to raise capital through its treasury operation. To describe the debt management activity, the book presents examples from the development banking world which not only presents a clearer banking structure but in addition sits at the intersection of many topical issues (multi-lateral agencies, quasi-governmental entities, Emerging Markets, shrinking pool of AAA borrowers, etc.). This book covers: Curve construction (instruments, collateralization, discounting, bootstrapping) Credit and fair valuing of loans (modeling, development institutions) Emerging markets and liquidity (liquidity, credit, capital control, development) Bond pricing (credit, illiquid bonds, recovery pricing) Treasury (funding as an asset swap structure, benchmarks for borrowing/investing) Risk and asset liability management (leverage, hedging, funding risk)