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During the past few years, in the recent post-crisis aftermath, global asset managers are constantly searching new ways to optimize their investment portfolios while financial and banking institutions around the world are exploring new alternatives to better secure their financing and refinancing demands altogether with the enhancement of their ris...
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During the past few years, in the recent post-crisis aftermath, global asset managers are constantly searching new ways to optimize their investment portfolios while financial and banking institutions around the world are exploring new alternatives to better secure their financing and refinancing demands altogether with the enhancement of their ris...
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... In a true sale (or cash-funded, or traditional) CDO securitization, the ownership of the underlying asset being securitized and its associated financial risks, through a true sale operation, legally transferred from the transaction originator to the bankruptcy remote SPV [7]. And the securities issued by the SPV support the distribution of these (transferred) assets to institutional investors. ...
... Under the credit rating system, CDOs can be divided into three parts which are rated "AAA" primary bonds, "AA" to "BB" intermediate bonds and equity securities with no credit rating [7]. Normally, primary bonds account for about 70%-93% of the total issuance of a CDO and the proportion of intermediate bonds is about 5%-15%, secondary bonds and equity securities (in practice, these two categories are usually classified into the same category in the market) accounting for 2%-15% of the total circulation. ...
... CDO Transaction Process[7]. ...
A crise financeira de 2008 trouxe enormes perdas para o mercado financeiro global. Este artigo analisará a crise financeira. Primeiramente, ele descreve o início e o fim da crise financeira e aponta que o fator central é a eclosão da crise das hipotecas subprime. Em seguida, ele explicará e analisará os principais instrumentos financeiros, como MBS, CDO e CDS, que surgiram nessa crise financeira. Em seguida, analisa o impacto multifacetado da crise na China e nos Estados Unidos. Os exemplos a seguir ilustram os planos de resgate dos Estados Unidos. Os planos dos EUA são: Corte da taxa do Federal Reserve dos EUA e Lei de Estabilização de Emergência de 2008, Programa de Ajuste de Empréstimos Hipotecários e Flexibilização Quantitativa e Resgate de Instituições Financeiras. Por fim, conclui-se que a causa da crise financeira é a eclosão da crise das hipotecas subprime, que também pode ser entendida como um grande número de interesses que levam as instituições financeiras a enganar o mercado. E o cerne dessa crise é a falência do crédito.
