Sekuritizace a strukturované dluhopisy

The main objective of this thesis is to acquaint readers with securitization process, so that they can form a comprehensive notion of this tool. Securitization is a relatively young instrument classified as structured finance. Securitization has become very popular term due to connection with the global financial crisis, which started in the mortgage market in the United States at 2007. The first part of this work focuses on the history of securitization in particular in the connection with the US mortgage market, the tranching concept and cash-flow allocation methods. Securitization is thoroughly discussed in the next part together with elements of this tool, for example waterfall payment and true sale. These features are key to securitization and distinguishes it from other forms of financing. The risks and benefits in relation to individual participants are also mentioned in this chapter. The benefits, which caused the boom of securitization, are in particular financing of assets, balance sheet management and risk management. The next two chapters are aimed at participants of securitization, internal structures, credit enhancement and performance tests. Each of these terms is a topic in itself. Securitization is a very flexible tool, which does not have a standard form and therefore individual transactions can substantially differ from each other. In this work I have focused only on features that are common to most securitization transactions. The theme of the last part of this thesis is Collateralized Debt Obligation (CDO). Attention is aimed manly to the history of this product, terminology and in particular to comparison of cash and synthetic securitization.