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衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃CHAPTER9RISKMANAGEMENTUSINGASSET-BACKEDSECURITIESLOANSALESCREDITSTANDBYSANDCREDITDERIVATIVESGoalofThisChapter:Thepurposeofthischapteristolearnaboutsomeofthenewerfinancialinstrumentsthatfinancialinstitutionshaveusedinrecentyearstohelpreducetheriskexposureoftheirinstitutionsandinsomecasestoaidingeneratingnewsourcesoffeeincomeandinraisingnewfundstomakeloansandinvestments.KeyTopicsinThisChapterTheSecuritizationProcessSecuritization’sImpactandRisksSalesofLoans:NatureandRisksStandbyCredits:PricingandRisksCreditDerivativesandCDOsBenefitsandRisksofCreditDerivativesChapterOutlineI.IntroductionII.SecuritizingBankLoansandOtherAssetsA.NatureofSecuritizationB.TheSecuritizationProcessC.AdvantagesofSecuritizationD.TheBeginningsofSecuritization–TheHomeMortgageMarket
1.CollateralizedMortgageObligations–CMOs
2.LoanBackedBondsE.ExamplesofOtherAssetsThatHaveBeenSecuritizedF.TheImpactofSecuritizationUponLendingInstitutionsG.Regulators’ConcernsAboutSecuritizationIll.SalesofLoanstoRaiseFundsA.NatureofLoanSalesB.LoanParticipationsandLoanStripsC.ReasonsBehindLoanSalesD.TheRisksinLoanSalesIV.StandbyCreditLettersA.TheNatureofStandbyCreditsContingentObligationsB.TypesofStandbyCreditLettersC.AdvantagesofStandbysD.ReasonsforRapidGrowthofStandbysE.TheStructureofStandbyLettersofCreditF.TheValueandPricingofStandbyLettersG.SourcesofRiskwithStandbyCreditsH.RegulatoryConcernsaboutStandbyCreditArrangementsI.ResearchStudiesonStandbysLoanSalesandSecuritizationsV.CreditDerivatives:ContractsforReducingCreditRiskExposureontheBalanceSheetA.AnAlternativetoSecuritizationB.CreditSwapsC.CreditOptionsD.CreditDefaultSwapsE.CreditLinkedNotesF.CollateralizedDebtObligationsG.RisksAssociatedWithCreditDerivativesVI.SummaryoftheChapterConceptChecks9-
1.WhatdoessecuritizationofassetsmeanSecuritizationinvolvesthepoolingofgroupsofearningassetsremovingthosepooledassetsfromthebank’sbalancesheetandissuingsecuritiesagainstthepool.Asthepooledassetsgenerateinterestincomeandrepaymentsofprincipalthecashgeneratedbythepooledearningassetsflowsthroughtoinvestorswhopurchasedthosesecurities.9-
2.WhatkindsofassetsaremostamenabletothesecuritizationprocessThebesttypesofassetstopoolarehighqualityfairlyuniformloanssuchashomemortgagesorcreditcardreceivables.9-
3.WhatadvantagesdoessecuritizationofferlendinginstitutionsSecuritizationgiveslendinginstitutionstheopportunitytousetheirassetsassourcesoffundsandinparticulartoremovelower-yieldingassetsfromthebalancesheettobereplacedwithhigher-yieldingassets.9-
4.WhatrisksofsecuritizationshouldthemanagersoflendinginstitutionsbeawareofLendinginstitutionsoftenhavetousethehighest-qualityassetsinthesecuritizationprocesswhichmeanstheremainderoftheportfoliomaybecomemoreriskyonaverageincreasingthebank’scapitalrequirements.9-
5.Supposethatabanksecuritizesapackageofitsloansthatbearagrossannualinterestyieldof13percent.Thesecuritiesissuedagainsttheloanpackagepromiseinterestedinvestorsanannualizedyieldof
8.25percent.Theexpecteddefaultrateonthepackagedloansis
3.5percent.Thebankagreestopayanannualfeeof
0.35percenttoasecuritydealertocoverthecostofunderwritingandadvisoryservicesandafeeof
0.25percenttoArunsonMortgageServicingCorporationtoprocesstheexpectedpaymentsgeneratedbythepackagedloans.IftheaboveitemsrepresentallthecostsassociatedwiththissecuritizationtransactioncanyoucalculatethepercentageamountofresidualincomethebankexpectstoearnfromthisparticulartransactionThebank’sestimatedresidualincomeshouldbeabout:GrossLoanSecurityExpectedDefaultOnUnderwritingYield-InterestRate-PackagedLoans-AndAdvisoryFee13%
8.25%
3.5%.35%ServicingExpected-Fee=ResidualIncome.25%.65%9-
6.WhatadvantagesdosalesofloanshaveforlendinginstitutionstryingtoraisefundsLoansalespermitalendinginstitutiontogetridoflessdesirableorlower-yieldingloansandallowthemtoraiseadditionalfunds.Inadditionreplacingloansthataresoldwithmarketablesecuritiescanincreasetheliquidityofthelendinginstitution.9-
7.ArethereanydisadvantagestousingloansalesasasignificantsourceoffundingforbanksandotherfinancialinstitutionsThelendermayfindthemselvessellingofftheirhighestqualityloansleavingtheirloanportfoliostockedwithpoor-qualityloanswhichcantriggertheattentionofregulatorswhomightrequirehighercapitalrequirementsforthelender..9-
8.WhatisloanservicingLoanservicinginvolvesmonitoringborrowercompliancewithaloan’stermscollectingandrecordingloanpaymentsandreportingtothecurrentholderoftheloan.9-
9.HowcanloanservicingbeusedtoincreaseincomeManybankshaveretainedservicingrightsontheloanstheyhavesoldearningfeesfromthecurrentownersofthoseloans.9-
10.WhatarestandbycreditlettersWhyhavetheygrownsorapidlyinrecentyearsStandbycreditlettersarepromisesofalendertopayoffanobligationofoneofitscustomersincasethatcustomercannotpay.Itcanalsobeaguaranteethataprojectofcustomeriscompletedontime.Thereareseveralreasonsthatstandbycreditagreementshavegrown.Therehasbeenatremendousgrowthindirectfinancingbycompaniesissuanceofcommercialpaperandwithgrowingconcernsaboutdefaultriskonthesedirectobligationsbankshavebeenaskedtoprovideacreditguarantee.AnotherreasonfortheirgrowthistheabilityofthebanktousetheirskillstoaddfeeincometothebankAnotherreasonisthatthesehavearelativelylowcostforthebank.Finallybanksandcustomersperceivethattherehasbeenanincreaseineconomicfluctuationsandtherehasbeenincreaseddemandforriskreducingdevices.9-
11.WhoaretheprincipalpartiestoastandbycreditagreementTheprincipalpartiestoastandbycreditagreementaretheissuingbankorotherinstitutiontheaccountpartywhorequestedtheletterandthebeneficiarywhowillreceivepaymentfromtheissuinginstitutioniftheaccountpartycannotmeetitsobligation.9-
12.WhatrisksaccompanyastandbycreditletterforatheissuerandbthebeneficiaryStandbyspresenttheissuerwiththedangerthatthecustomerwhosecredittheissuerhasbackstoppedwiththeletterwillneedaloan.Thatistheissuer’scontingentobligationwillbecomeanactualliabilitydueandpayable.Thismaycausealiquiditysqueezefortheissuer.Thebeneficiarythathastocollectonthelettermustbesureitmeetsalltheconditionsrequiredforpresentationoftheletteroritwillnotbeabletorecoveritsfunds.9-13HowcanalendinginstitutionsmitigatetherisksinherentinissuingstandbycreditlettersTheycanusevariousdevicestoreduceriskexposurefromthestandbycreditletterstheyhaveissuedsuchas:
1.Frequentlyrenegotiatingthetermsofanyloansextendedtocustomerswhohavestandbycreditguaranteessothatloantermsarecontinuallyadjustedtothecustomers’changingcircumstancesandthereislessneedforthebeneficiariesofthoseguaranteestopressforcollection.
2.Diversifyingstandbylettersissuedbyregionandbyindustrytoavoidconcentrationofriskexposure.
3.Sellingparticipationsinstandbysinordertoshareriskwithavarietyoflendinginstitutions.9-
14.WhywerecreditderivativesdevelopedWhatadvantagesdotheyhaveoverloansalesandsecuritizationsifanyCreditderivativesweredevelopedbecausenotallloanscanbepooled.Inordertobepooledthegroupofloanshastohavecommonfeaturessuchasmaturitiesandcashflowpatternsandmanybusinessloansdonothavethosecommonfeatures.Creditderivativescanofferthebeneficiaryprotectioninthecaseofloandefaultandmayhelpthebankreduceitscreditriskandpossiblyitsinterestrateriskaswell.9-
15.WhatisacreditswapForwhatkindsofsituationswasitdevelopedAcreditswapiswheretwolendersagreetoswapportionsoftheircustomer’sloanrepayments.Itwasdevelopedsothatbanksdonothavetorelyononenarrowmarketarea.Theycanspreadouttheriskintheportfoliooveralargermarketarea.9-
16.WhatisatotalreturnswapWhatadvantagesdoesitoffertheswapbeneficiaryinstitutionAtotalreturnswapisatypeofcreditswapwherethedealerguaranteestheswappartiesaspecificrateofreturnontheircreditassets.Atotalreturnswapcanallowabanktoearnamorestablerateofreturnthanitcouldearnonitsloans.Thistypeofarrangementcanalsoshiftthecreditriskandtheinterestrateriskfromonebanktoanother.9-
17.HowdocreditoptionsworkWhatcircumstancesresultintheoptioncontractpayingoffAcreditoptionhelpsguardagainstlossesinthevalueofacreditassetorhelpsoffsethigherborrowingcosts.Abankwhichpurchasesacreditoptioncontractwillexercisetheiroptioniftheassetdeclinessignificantlyinvalueorlosesitsvaluecompletely.Iftheassetsarepaidoffasexpectedthentheoptionwillnotbeexercisedandthebankwilllosethepremiumtheypaidfortheoption.Abankcanalsopurchaseacreditoptionwhichwillbeexercisediftheirborrowingcostsriseaboveaspecifiedspreadbetweentheircostandarisklessasset.9-
18.WhenisacreditdefaultswapusefulWhyAcreditdefaultswapisacreditoptionwrittenonaportfolioofassetsoracreditswaponaparticularloanwheretheotherbankintheswapagreestopaythefirstbankacertainfeeiftheloandefaults.Thistypeofarrangementisdesignedforbanksthatcanhandlerelativelysmalllossesbutwanttoprotectthemselvesfromseriouslosses.9-
19.Ofwhatusearecredit-linkednotesAcredit-linkednoteallowstheissuerofanotetolowerthecouponpaymentsifsomesignificantfactchanges.Forexampleifmoreloansonwhichthenotesarebaseddefaultthanexpectedthecouponpaymentsonthenotescanbelowered.Thelenderhastakenoncredit-relatedinsurancefromtheinvestorswhohavepurchasedthenote.9-
20.WhatareCDOsHowdotheydifferfromothercreditderivativesACDOisverysimilartoloansecuritizationwherethepoolofassetscanincludehighyieldbondsequitiesandotherfinancialinstrumentswhicharegenerallyofhigherriskthaninthetraditionalloansecuritization.9-
21.WhatrisksdocreditderivativesposefinancialinstitutionsusingthemInyouropinionwhatshouldregulatorsdoabouttherecentrapidgrowthofthismarketifanythingThereareseveralrisksassociatedwiththeseinstruments.Oneriskisthattheotherpartyintheswaporoptionmayfailtomeettheirobligation.Courtsmayrulethattheseinstrumentsareillegalorimproperlydrawn.Thesetypesofinstrumentsarerelativelynewandthemarketsfortheseinstrumentsarerelativelythin.Ifabankneedstoreselloneofthesecontractstheymayhavedifficultyfindingabuyerortheymaynotbeabletosellitatareasonableprice.Regulatorsneedtounderstandclearlythebenefitsandrisksofthesetypesofcreditinstrumentsandacttoensurethesafetyofthebanks.Problems9-
1.GiantNationalBankhasplacedagroupof10000consumerloansbearinganaverageexpectedgrossannualyieldof8percentinapackagetobesecuritized.TheinvestmentbankadvisingGiantestimatesthatthesecuritieswillsellataslightdiscountfromparthatresultsinanetinterestcosttotheissuerof9percent.Basedonrecentexperiencewithsimilartypesofloansthebankexpects3percentofthepackagedloanstodefaultwithoutanyrecoveryforthelenderandhasagreedtosetasideacashreservetocoverthisanticipatedloss.Underwritingandadvisoryservicesprovidedbytheinvestmentbankingfirmwillcost.5percent.Giantwillalsoseekaliquidityfacilitycosting.5percentandacreditguaranteeifactualloansshouldexceedtheexpectedloandefaultratecosting.6percent.PleasecalculatetheresidualincomeforGiantfromthisloansecuritization.TheestimatedresidualincomeforGiantNationalBankis:GrossLoanSecurityExpectedDefaultOnUnderwritingYield-InterestRate-PackagedLoans-AndAdvisoryFee8%9%3%.5%LiquidityFacilityCreditEnhancementExpected-Fee-Fee=ResidualIncome.5%.6%-
5.6%9-
2.ColburnCorporationisrequestingaloanforrepairofsomeassembly-lineequipmentintheamountof$7million.Thenine-monthloanispricedbyFarmersFinancialCorporationata
7.25percentrateofinterest.HoweverthefinancecompanytellsColburnthatifitobtainsasuitablecreditguaranteetheloanwillbepricedatpercent.QuinmarkBankagreestosellColburnastandbycreditguaranteefor$
10000.IsColburnlikelytobuythestandbycreditagreementPleaseexplain.Theinterestsavingsfromhavingthecreditguaranteewouldbe:[$7mill.*
0.0725*¾]-[$7mill.x
0.0700*¾]=$380625-$367500=$13125Clearlythe$10000guaranteeispricedcorrectlyandwillbepurchased.9-
3.TheMonarchBankCorp.hasplaced$100millionofGNMA-guaranteedsecuritiesinatrustaccountoffthebalancesheet.ACMOwithfourtrancheshasjustbeenissuedbyMonarchusingtheGNMAsascollateral.Eachtranchehasafacevalueof$25millionandmakesmonthlypayments.Theannualcouponratesare4percentforTrancheA5percentforTrancheB6percentforTrancheCand7percentforTrancheD.a.WhichtranchehastheshortestmaturityandwhichtranchehasthemostprepaymentprotectionTrancheAhastheshortestmaturityandtrancheDhasthemostprepaymentprotection.b.Everymonthprincipalandinterestarepaidontheoutstandingmortgagesandsomemortgagesarepaidinfull.ThesepaymentsarepassedthroughtoMonarchandthetrusteeusesthefundstopaythecouponstoCMObondholders.WhatarethecouponpaymentsowedforeachtrancheforthefirstmonthTrancheA:25millionx.04/12=$83333TrancheB:25millionx.05/12=$104177TrancheC:25millionx.06/12=$125000TrancheD:25millionx.07/12=$145833c.Ifscheduledmortgagepaymentsandearlyprepaymentsbringin$1millionhowmuchwillbeusedtoretiretheprincipalofCMObondholdersandwhichtranchewillbeaffectedTotalinteresttobepaid:$83333+$104177+$125000+$145833=$458343Amountappliedtoprincipal:$1000000-$458343=$541657TrancheAwillbeaffectedbythereductioninprincipal.d.WhydoesTrancheDhaveahigherexpectedreturnTrancheDhasthelongestmaturityandthehighestreinvestmentriskandthusshouldhavethehighestexpectedreturn.InadditionsinceprepaymentsarefirstappliedtotheothertranchestrancheDalsocarriesthehighestamountofdefaultrisk.9-
4.FirstSecurityNationalBankhasbeenapproachedbyalongstandingcustomerUnitedSafecoIndustriesfora$30milliontermloanrequestforfiveyearstopurchasenewstampingmachinesthatwouldfurtherautomatethecompany’sassemblylineinthemanufactureofmetaltoysandcontainers.ThecompanyalsoplanstouseatleasthalftheloanproceedstofacilitateitsbuyoutofCalemCorporationwhichimportsandpartiallyassemblesvideorecordersandcameras.AdditionalfundsforthebuyoutwillcomefromacorporatebondthatwillbeunderwrittenbyaninvestmentbankingfirmnotaffiliatedwithFirstSecurity.Theproblemthebank’scommercialcreditdivisionfacesinassessingthecustomerloanrequestisamanagementdecisionreachedseveralweeksagothatthebankshouldgraduallyworkdownitsleveragebuyoutloanportfolioduetoasignificantriseinnonperformingcredits.Moreovertheprospectofsharplyhigherinterestrateshascausedthebanktorevampitsloanpolicytowardmoreshorttermloansunderoneyearandfewertermoveroneyearloans.Seniormanagementhasindicateditwillnolongerapproveloansthatrequireacommitmentofthebank’sresourcesbeyondatermofthreeyearsexceptinspecialcases.Doesthebankhaveanyserviceoptionintheformofoff-balance-sheetinstrumentsthatcouldhelpthiscustomerwhileavoidingcommitting$30millioninreservesforafive-yearloanWhatwouldyourecommendthatmanagementdotokeepUnitedSafecohappywithitscurrentbankingrelationshipCouldthebankearnanyfeeincomeifitpursuedyourideaSupposethecurrentinterestrateonEurodollardepositsthreemonthmaturitiesinLondonis
8.4percentwhileFederalfundsandsix-monthCDsaretradingintheUnitedStatesat
8.55percentand
8.21percentrespectively.Termloanstocomparable-qualitycorporateborrowersaretradingat1/8to¼percentagepointabovethethree-monthEurodollarrateand¼to½pointoverthesecondary-marketCDrate.IsthereawaythatFirstSecuritycouldearnatleastasmuchfeeincomebyprovidingUnitedSafecowithsupportservicesasitcouldfrommakingtheloanUnitedSafecohasaskedforafterallloancostsaretakenintoaccountPleaseexplainhowthecustomercouldbenefitevenifthebankdoesnotmaketheloanrequested.InviewofthesereasonableobjectivesonthepartofFirstSecurityNationalBank’smanagementthebankshouldconsiderrecommendingthattheleveragedbuy-outportionoftherequestbehandledbyanofferingofbondsorperhaps5-yearnoteswiththebankissuingastandbyletterofcreditforaportionthoughprobablynotallofthebondornoteissue.ArmedwithFirstSecurity’sstandbycreditagreementUnitedSafecoshouldbeabletoborrowthroughasecurityissueatasubstantiallylowerinterestrate.FirstSecuritycouldsellparticipationsinthestandbycredittoshareitsriskexposure.Fortheportionoftheloanthatcallsforthepurchaseofnewassembly-lineequipmentmanagementmightseriouslyconsiderproposingashorter-termloanforaboutone-thirdtoone-halfthetotalamountrequestedbySafeco.Thisloanwouldbesecuredbyapledgeofthenewequipmentplussufficientcovenantstoinsurethemaintenanceofadequateliquidityandrequirebankapprovalbeforesignificantamountsofotherformsofdebtareundertaken.FirstSecuritycouldgeneratefeeincomefromthisrelationshipbyassessingafeeforissuingthestandbyletterofcredit.Thefeeforastandbyletterofcredittypicallyrangesfrom½percentto1percentoftheamountofthestandbyguaranteedependinguponthebank’sassessmentofthedegreeofriskexposureintheguarantee.IfFirstSecurityissuesastandbyletterofcreditonbehalfofUnitedSafecoasdescribedabovebothpartiesshouldbenefit.FirstSecuritybyissuingthestandbycreditagreementdoesnothavetotieup$30millioninreservesforanextendedperiodoftimeasitwouldifitmadetherequestedloanparticularlyinaprojectedrisinginterestrateenvironment.The½percentto1percentfeewouldcomparefavorablyinamounttothe1/8to¼percentspreadovertheEurodollarrateorthe¼to½percentspreadoverthefederalfundsorCDratethatcurrentlyprevailsinthemarket.Undertherisk-basedcapitalstandardsnowineffectthestandbyletterofcreditwillrequirethebanktoholdcapitalinanamountequaltothecapitalrequirementfortheloan.ThereforeUnitedSecurityNationalwillhavethesamecapitalrequirementforeithertransactiontheloanorthestandbyletterofcredit.AlsoasstatedaboveUnitedSafecoshouldbeabletoissuebondsornotesatamorefavorableratewithUnitedSecurityNational’sstandbyletterofcreditbehindthem.9-
5.Whattypeofcreditderivativescontractwouldyourecommendforeachofthefollowingsituations:a.Abankplanstoissueagroupofbondsbackedbyapoolofcreditcardloansbutfearsthatthedefaultrateonthesecreditcardloanswillrisewellabove6percentoftheportfolio–thedefaultrateithasprojected.Thebankwantstolowertheinterestcostsonthebondsincasetheloandefaultrateistoohigh.Thebestsolutiontothisproblemistousecreditlinkednotes.Theinterestpaymentsonthesenoteswillchangeifsignificantfactorschange.b.Acommercialfinancecompanyisabouttomakea$50millionprojectloantodevelopanewgasfieldandisconcernedabouttherisksinvolvedifpetroleumgeologists’estimatesofthefield’spotentialyieldturnouttobemuchtoohighandthefielddevelopercannotrepay.Onepossibilityforsolvingthisproblemistouseacreditoption.Ifthedevelopercannotrepaytheloanthentheoptionwouldpayoff.Theywouldlosetheirpremiumifthedevelopercanrepaytheloanbuttheyareprotectedagainstsignificantloss.c.Abankholdingcompanyplanstooffernewbondsintheopenmarketnextmonthbutknowsthatthecompany’screditratingisbeingreevaluatedbycredit-ratingagencies.Theholdingcompanywantstoavoidpayingsharplyhighercreditcostsifitsratingisloweredbytheinvestigatingcredit-ratingagencies.Acreditriskoptionwouldbeagoodsolutiontothisproblembecauseitprotectsthebankfromhigherborrowingcostsinthefuture.Iftheborrowingcostsriseabovethespreadspecifiedintheoptioncontractthecontractwouldpayoff.d.Amortgagecompanyisconcernedaboutpossibleexcessvolatilityinitscashflowoffarecentlymadegroupofcommercialrealestateloanssupportingthebuildingofseveralapartmentcomplexes.Moreovermanyoftheseloansweremadeatfixedinterestratesandthecompany’seconomicsdepartmenthasforecastasubstantialriseincapitalmarketinterestrates.Thecompany’smanagementwouldpreferamorestablecashflowemergingfromthisgroupofloansifitcouldfindawaytoachieveit.Onepossibilitytosolvethisproblemwouldbetoenterintoatotalreturnswapwithanotherbank.Theotherbankwouldreceivetotalpaymentsofinterestandprincipalonthisloanaswellasthepriceappreciationonthisloan.TheoriginalbankwouldreceiveLIBORplussomespreadinreturnaswellascompensationforanydepreciationinvalueoftheloan.e.FirstNationalBankofAshtonservesarelativelylimitedgeographicareacenteredaroundamoderate-sizedmetropolitanarea.Itwouldliketodiversifyitsloanincomebutdoesnotwishtomakeloansintheseothermarketareasduetoitslackoffamiliaritywithloanmarketsoutsidetheregionithasservedformanyyears.IsthereaderivativecontractthatcouldhelpthebankachievetheloanportfoliodiversificationitseeksThisbankcouldenterintoacreditswapwithanotherbank.Thisswapagreementmeansthatthetwobankssimplyexchangeaportionoftheircustomers’loanrepayments.Thepurposeofthistypeofswapagreementistohelpthetwobanksdiversifytheirmarketareawithhavingtomakeloansinanunfamiliararea.蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀艿蕿羅罿莁蒂袁羈蒄蚈螇羈膃蒁蚃羇芆蚆蕿肆莈葿袈肅肈蚄螄肄膀蒇螀肃莂螃蚆肂蒅薅羄肂膄莈袀肁芇薄螆肀荿莇蚂腿聿薂薈膈膁莅袇膇芃薀袃膇蒅莃蝿膆膅虿蚅膅芇蒁羃膄莀蚇衿膃蒂蒀螅节膂蚅蚁衿芄蒈薇袈莆蚄羆袇膆蒆袂袆芈螂螈袅莁薅蚄袄蒃莇羂袄膃薃袈羃芅莆螄羂莇薁蚀羁肇莄薆羀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