Best Structured Finance Books

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List of Top 10 Best Structured Finance Books

Structured finance has acquired a newfound significance in the post-subprime era and has also undergone fundamental changes with wider implications in the emerging global economic scenario. Below is the list of top 10 structured finance books –

  1. Introduction to Structured Finance ( Get this book )
  2. Structured Finance and Collateralized Debt Obligations ( Get this book )
  3. Structured Products ( Get this book )
  4. Credit Derivatives & Synthetic Structures ( Get this book )
  5. Structured Finance: The Object-Oriented Approach (The Wiley Finance Series) ( Get this book )
  6. Structured Products and Related Credit Derivatives ( Get this book )
  7. The Mechanics of Securitization: A Practical Guide to Structuring and Closing Asset-Backed Security Transactions ( Get this book )
  8. Elements of Structured Finance ( Get this book )
  9. The Handbook of Structured Finance ( Get this book )
  10. Structured Finance and Insurance ( Get this book )

Let us discuss each of the Structured Finance books in detail along with its key takeaways and reviews.

Best Structured Finance Books

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#1 – Introduction to Structured Finance 

by Frank J. Fabozzi  (Author), Henry A. Davis (Author), Moorad Choudhry  (Author)

Introduction to Structured Finance

Structured Finance Books Review

An excellent top structured finance book which can help understand what kind of financial transactions constitute structured finance and what lies outside its ambit. Usually, securitization, derivatives, special purpose vehicles (SPVSPVA Special Purpose Vehicle (SPV) is a separate legal entity created by a company for a single, well-defined, and specific lawful purpose. It also serves as the main parent company's bankruptcy-remote and has its own assets and liabilities.read more), and project finance are considered when we speak of structured finance. However, this structured finance book serves to deepen the understanding of structured finance defined as non-traditional financing, which can cover a much wider range of complex financing techniques. It would also help discover the growing significance of structured finance in modern financial markets by helping carry out transactions to meet the specific needs of a financial entity or corporation. Those new to the subject would find it a highly informative exposition that offers details on several aspects of the field.

Key Takeaway from this Best Structured Finance Book

An easy-to-understand introduction to structured finance which goes beyond the usual approaches to present a much more evolved definition of the field as a whole. Apart from helping understand securitization, credit derivatives, and other specially structured financial transactions, this best-structured finance book also serves to highlight the increasingly significant role of tailor-made financing in future financial markets.

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#2 – Structured Finance and Collateralized Debt Obligations:

New Developments in Cash and Synthetic Securitization (Wiley Finance)

by Janet M. Tavakoli  (Author)

Structured Finance and Collateralized Debt Obligations: New Developments in Cash and Synthetic Securitization

Structured Finance Books Review

This best-structured finance book of practical value on structured finance which primarily focuses on Collateralized Debt Obligations (CDOCDOCollateralized debt obligation (CDO) refers to a finance product offered by the banks to the institutional investors. Such tranches have a complex structure and derive their value from the various underlying assets like loans, mortgages and corporate bonds, which also serve as collaterals in case of default.read more) and outlines an effective approach for the valuation of structured credit products. Some of the important securitization-related concepts discussed in this work include cash versus synthetic arbitrage CDOs, changes brought about by CDSs on Asset-Backed-Securities (ABS), subprime, Alt-A securitizations, synthetic indexes, and the emerging role of hedge fundsHedge FundsA hedge fund is an aggressively invested portfolio made through pooling of various investors and institutional investor’s fund. It supports various assets providing high returns in exchange for higher risk through multiple risk management and hedging techniques.read more, among other things. The author also highlights the issue of possible fraud with today’s structured credit products due to their uniquely complex composition and discusses the issues related to valuation and estimation of risk-returns for investments made in CDOs and synthetic CDOs. Professionals in the field have a great deal to learn from this best-structured finance book, including how issues with current structured credit products might be addressed and how more nuanced structured products could be developed in the future.

Key Takeaway from this Top Structured Finance Book

A highly useful best-structured finance book focusing on the valuation of structured credit products, including CDOs and synthetic CDOs, along with other related issues. The author also addresses the issue of possible fraud with the kind of structured products in vogue these days and covers several other important topics as well, including CDSs on ABS, subprime, and Alt-A securitization. A recommended work for structured finance professionals to acquire a better understanding of the issues related to valuation and risk-returns associated with structured credit products.

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#3 – Structured Products

A Complete Toolkit to Face Changing Financial Markets (The Wiley Finance Series) 

by Roberto Knop  (Author)

Structured Products: A Complete Toolkit to Face Changing Financial Markets (The Wiley Finance Series Book 428)

Structured Finance Books Review

An exposition on several derivative products which have changed the face of financial markets in the last decade. The author discusses the issues of valuation, risk assessment, and key elements for principal structured products covered in this top structured finance book and explains the underlying concepts behind each of them. Apart from dealing with instrument assessment and risk measurement for structured products, the author goes ahead to explain equity-indexed structures and fixed-income structures as well to help enhance an overall understanding of the subject. To help institutional investors make the most of these products in modern markets, the author also offers ten golden rules of structured products that can help them achieve desired results.

Key Takeaway from this Best Structured Finance Book

This top structured finance book is aimed at helping acquire a broad-based understanding of how principal structured products work and addresses the issues of valuation, risk assessment, and special features associated with some of them. The fundamental idea is to help institutional investors gain a practical understanding of some of the structured products, which would help them make more informed decisions. A highly recommended read for institutional investors as well as finance professionals.

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#4 – Credit Derivatives & Synthetic Structures

A Guide to Instruments and Applications

by Janet M. Tavakoli  (Author)

Credit Derivatives and Synthetic Structures: A Guide to Instruments and Applications

Structured Finance Books Review

A highly acclaimed book on credit derivatives that seeks to create an understanding of these complex financial instruments and their real-world applications. The author clarifies a number of misconceptions about credit derivatives and explains how they can be put to use strategically to manage the element of risk. Using charts, graphs, and basics of investment, this structured finance book lucidly explains the structure and application of credit derivative products. An ideal read for banking professionals as well as anyone dealing in credit derivatives.

Key Takeaway from this Top Structured Finance Book

A practical and easy-to-understand guide on credit derivatives that dispels a number of myths about these financial instruments. The author does an excellent job of making this complex topic highly accessible to the average reader and helps understand how credit derivatives serve as an excellent tool to manage risk. A recommended read for anyone interested in understanding practical concepts and applications related to credit derivatives.

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#5 – Structured Finance: The Object-Oriented Approach (The Wiley Finance Series) 

by Umberto Cherubini  (Author), Giovanni Della Lunga (Author)

Structured Finance: The Object Oriented Approach by Cherubini, Umberto, Della Lunga, Giovanni (June 5, 2007) Hardcover

Structured Finance Books Review

This top structured finance book represents an unusual attempt to bridge the communication gap between IT and financial professionals by utilizing a unique object-oriented approach. The authors have described the derivativesDerivativesDerivatives in finance are financial instruments that derive their value from the value of the underlying asset. The underlying asset can be bonds, stocks, currency, commodities, etc. The four types of derivatives are - Option contracts, Future derivatives contracts, Swaps, Forward derivative contracts. read more as a collection of objects as part of the replicating portfolios theory and linked it with the IT concept of object-oriented programming (OOP) to help IT professionals garner a better understanding of relevant financial concepts to understand structured products better. This is aimed at helping facilitate the development of streamlined financial and risk management software for structured financial products. The authors have essentially provided a consistent object-oriented programming framework for IT professionals engaged in developing software tools for structured products. A highly recommended read for IT and finance professionals dealing with this complex class of derivatives.

Key Takeaway from this Best Structured Finance Book

A work of its own kind intended to provide a common language and framework for finance and IT people to help with developing better software tools for structured financial products. The authors have made a rather original attempt to create a link between these two disparate fields by providing a broader common framework for defining objects in both the domains, which can then be used for developing consistent data structures for these complex derivative products. A must-read for IT professionals aspiring to work with any kind of software tool for structured products.

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A Comprehensive Guide for Investors 1st Edition

by Brian P. Lancaster  (Author), Glenn M. Schultz  (Author), Frank J. Fabozzi  (Author) 

Structured Products and Related Credit Derivatives: A Comprehensive Guide for Investors by Brian P. Lancaster (2008-04-25)

Structured Finance Books Review

Investors can find greater clarity of fundamental concepts related to structured assets and credit derivatives in the modern markets and be able to identify available opportunities better. This best-structured finance book provides an overview of several less understood structured credit products for investors and how they can be utilized for distribution of risk to a wider variety of financial institutions than is possible otherwise. Some of the key topics covered in this work include an analysis of structured financial operating companies (SFOCs), collateralized debt obligations (CDOs) and their different forms, and issues with various consumer asset-backed securitiesAsset-backed SecuritiesAsset-backed Securities (ABS) is an umbrella term used to refer to a kind of security that derives its value from a pool of assets, such as bonds, home loans, car loans, or even credit card payments.read more (ABS) as well as commercial ABS. A truly complete guide on structured products focusing on credit derivatives to help investors find their way through a complex maze of financial transactions in the markets.

Key Takeaway from this Top Structured Finance Book

A fairly detailed guide on structured products, including credit derivatives, aimed at developing a nuanced understanding of these complex instruments and how they can be used to the unique advantage of an investor. The authors explain at length how and why managing risk becomes easier with specially designed credit derivatives and the right approach for an investor to spot the right kind of market opportunities. This top structured finance book on structured products meant for enhancing an overall understanding of investors in this field.

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 #7 – The Mechanics of Securitization: A Practical Guide to Structuring and Closing Asset-Backed Security Transactions

by Moorad Choudhry  (Author), Suleman Baig  (Author) 

The Mechanics of Securitization

Structured Finance Books Review

A complete step-by-step guide for professionals on structuring and closing asset-backed security transactions, which detail how the 2008 credit crisis has impacted and shaped the securitization of assets on the whole. This work describes how banks structure a deal in a methodical manner and go about implementing it along with a discussion of rating agency reviews, legal requirements, liaising with third parties, and securing investors. In short, this work offers a detailed insider’s view on how banks and financial institutions go about the process of securitization, including all the essential aspects of this complex process. A recommended read for financial professionals who might have to deal with securitization.

Key Takeaway from this Best Structured Finance Book

A highly useful guide on the process of asset-backed securitization in the post-subprime era. This best-structured finance book is intended to create a complete understanding of this process, along with a discussion of rating agency reviews, due diligence, and other aspects. It also helps understand how the securitization market has changed in the post-subprime era. A must-read for professionals dealing in structured finance.

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#8 – Elements of Structured Finance

by Ann Rutledge  (Author), Sylvain Raynes (Author) 

Elements of Structured Finance

Structured Finance Books Review

This top structured finance book on the fundamentals of structured finance by expert authors in the field. Often investors find structured products rather confusing and know little about how to make the best use of them. In this volume, authors have made a concerted effort to present the basics of structured finance and securitization for an average investor with a view to enabling them to understand how structured products work. It explains in easy-to-understand language how structured finance is all about tailoring certain products to specific financing needs for large pools of assets, taking into account a number of relevant factors like investor risk, asset classAsset ClassAssets are classified into various classes based on their type, purpose, or the basis of return or markets. Fixed assets, equity (equity investments, equity-linked savings schemes), real estate, commodities (gold, silver, bronze), cash and cash equivalents, derivatives (equity, bonds, debt), and alternative investments such as hedge funds and bitcoins are examples.read more, and specific needs of issuers and investors. A recommended read for structured financial analysts, asset management companiesAsset Management CompaniesAsset Management Company is a company that takes the financial assets of a person, company or another asset management company (generally this will be high net worth individuals) and use the assets to invest in companies that use those as a operational investment, financial investment or any other investment in order to grow the investment.read more, and a wide variety of institutional investors.

Key Takeaway from this Top Structured Finance Book

An excellent introduction which can help any investor acquire an understanding of structured products and securitization and what purpose they serve. The beauty of this top structured finance book lies in the fact that its treatment of the subject is such that it can not only help those new to the field but can also work as an excellent source of reference for professionals dealing in structured finance due to its rare level of clarity for such a complex topic. A prized possession for institutional investorsInstitutional InvestorsInstitutional investors are entities that pool money from a variety of investors and individuals to create a large sum that is then handed to investment managers who invest it in a variety of assets, shares, and securities. Banks, NBFCs, mutual funds, pension funds, and hedge funds are all examples.read more and finance professionals.

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#9 – The Handbook of Structured Finance

by Arnaud de Servigny (Author), Norbert Jobst (Author) 

The Handbook of Structured Finance by Arnaud de Servigny (2007-02-12)

Structured Finance Books Review

A complete introductory guide to structured finance which helps understand most of the issues facing the modern investor and addresses them with the help of powerful models. The author does an excellent job of making this complex subject highly accessible to the reader and explains several useful techniques for investors to identify, measure, price, and monitor deals efficiently. This top structured finance book offers the building bricks of structured finance for investors and explains the fundamentals of the field, opening up a new world of possibilities for the investors,

Key Takeaway from this Best Structured Finance Book

A commendable guide on structured finance for investors, which offers a number of useful approaches, tools, and techniques to address major issues faced by them. The author also discusses some useful concepts of debt and equity modeling, which can help immensely while dealing with structured products. A must-have for anyone new to the field of structured finance willing to make the most of available tools and techniques.

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#10 – Structured Finance and Insurance:

The ART of Managing Capital and Risk 

by Christopher L. Culp (Author)

Structured Finance and Insurance: The ART of Managing Capital and Risk

Structured Finance Books Review

It is an excellent treatise on the increasingly significant role of structured finance in devising tailored insurance products for modern corporations. The author beautifully explains the concept of alternative risk transfer (ART), which is integral to the idea of creating structured insurance solutions that can serve the specific needs of corporations. The readers would be able to understand how it can help manage capital and risk at the same time, thus helping create greater value on the whole. However, due to the complexity of this concept, there is always an inherent riskAn Inherent RiskInherent Risk is the probability of a defect in the financial statement due to error, omission or misstatement identified during a financial audit. Such a risk arises because of certain factors which are beyond the internal control of the organization.read more of inefficient structuring, which can create a novel set of problems to deal with. To help avoid such a situation, this classic structured finance book provides the much-needed clarity of concepts and their practical applications for finance professionals.

Key Takeaway from this Top Structured Finance Book

A complete guide on structured insurance products with a detailed explanation of alternative risk transfer (ART) for finance professionals. Modern corporations are faced with a much higher level of competition and risks that need to be managed efficiently, and alternative risk transfer helps in this process, which lets the corporation which risks managing and which ones to keep in order to create greater value on the whole. The author also warns of the inherent dangers present in devising these products, which can lead to further confusion and loopholes if due care is not taken.

Here is the guide to Structured Finance Books. Here we provide the list of top 10 structured finance books & a sneak peek in what those books reviews & key takeaways. You may refer to the following books to learn more –

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