Treasury Finance and Development Banking, + Website: A Guide to Credit, Debt, and Risk

Creditandcreditriskpermeateseverycornerofthefinancialworld.Previouslycredittendedtobeacknowledgedonlywhendealingwithcounterpartycreditrisk,high-yielddebtorcredit-linkedderivatives,nowitaffectsallthings,includingsuchfundamentalconceptsasassessingthepresentvalueofafuturecashflow.Thepurposeofthisbookistoanalyzecreditfromthebeginning—thepointatwhichanyborrowingentity(sovereign,corporate,etc.)decidestoraisecapitalthroughitstreasuryoperation.Todescribethedebtmanagementactivity,thebookpresentsexamplesfromthedevelopmentbankingworldwhichnotonlypresentsaclearerbankingstructurebutinadditionsitsattheintersectionofmanytopicalissues(multi-lateralagencies,quasi-governmentalentities,EmergingMarkets,shrinkingpoolofAAAborrowers,etc.).Thisbookcovers:Curveconstruction(instruments,collateralization,discounting,bootstrapping)Creditandfairvaluingofloans(modeling,developmentinstitutions)Emergingmarketsandliquidity(liquidity,credit,capitalcontrol,development)Bondpricing(credit,illiquidbonds,recoverypricing)Treasury(fundingasanassetswapstructure,benchmarksforborrowing/investing)Riskandassetliabilitymanagement(leverage,hedging,fundingrisk)