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class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Sector of finance that manages leverage and risk</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Structuring" title="Structuring">Structuring</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist 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a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks"><tbody><tr><th class="sidebar-title"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Photos_NewYork1_032.jpg" class="mw-file-description"><img alt="Looking north from the New York Stock Exchange, New York City, 2005" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Photos_NewYork1_032.jpg/260px-Photos_NewYork1_032.jpg" decoding="async" width="260" height="195" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Photos_NewYork1_032.jpg/390px-Photos_NewYork1_032.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Photos_NewYork1_032.jpg/520px-Photos_NewYork1_032.jpg 2x" data-file-width="1024" data-file-height="768" /></a></span></td></tr><tr><th class="sidebar-heading"> <a href="/wiki/Financial_management" title="Financial management">Financial management</a></th></tr><tr><td class="sidebar-content hlist"> <ul><li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">Asset and liability management</a></li> <li><a href="/wiki/Business_plan" title="Business plan">Business plan</a></li> <li><a href="/wiki/Clawback" title="Clawback">Clawback</a></li> <li><a href="/wiki/Corporate_action" title="Corporate action">Corporate action</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">Financial plan</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Managerial_finance" title="Managerial finance">Managerial finance</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Wealth_management" title="Wealth management">Wealth management</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Accounting</th></tr><tr><td class="sidebar-content hlist"> <ul><li><a href="/wiki/Balance_sheet_analysis" class="mw-redirect" title="Balance sheet analysis">Balance sheet analysis</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_accounting" title="Financial accounting">accounting</a></li> <li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li></ul></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Management_accounting" title="Management accounting">Management accounting</a></li> <li><a class="mw-selflink selflink">Structured finance</a></li> <li><a href="/wiki/Valuation_using_discounted_cash_flows" title="Valuation using discounted cash flows">Valuation using discounted cash flows</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Investment</th></tr><tr><td class="sidebar-content hlist"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Capital appreciation</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Cash_conversion_cycle" title="Cash conversion cycle">Cash conversion cycle</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Financial_analysis" title="Financial analysis">Financial analysis</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">Financial risk</a></li> <li><a href="/wiki/Financial_system" title="Financial system">Financial system</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Investment_performance" title="Investment performance">Investment performance</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Return_on_capital" title="Return on capital">Return on capital</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Shares</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Too_connected_to_fail" title="Too connected to fail">Too connected to fail</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility (finance)</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Related topics</th></tr><tr><td class="sidebar-content hlist"> <ul><li><a href="/wiki/Factoring_(finance)" title="Factoring (finance)">Factoring (finance)</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">Financial analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">Financial asset</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Position_of_trust" title="Position of trust">Position of trust</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Supply_chain_finance" title="Supply chain finance">Supply chain finance</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_finance" title="Template:Corporate finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_finance" title="Template talk:Corporate finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_finance" title="Special:EditPage/Template:Corporate finance"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Structured finance</b> is a sector of <a href="/wiki/Finance" title="Finance">finance</a> — specifically <a href="/wiki/Financial_law" title="Financial law">financial law</a> — that manages <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> and <a href="/wiki/Financial_risk" title="Financial risk">risk</a>. Strategies may involve legal and corporate restructuring, off balance sheet accounting, or the use of financial instruments. </p><p>Securitization provides $15.6 trillion in financing and funded more than 50% of U.S. household debt last year. Through securitization and structured finance, more families, individuals, and businesses have access to essential credit, seamlessly and at a lower price.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>With more than 370 member institutions, the Structured Finance Association (SFA) is the leading trade association for the structured finance industry. SFA’s purpose is to help its members and public policymakers grow credit availability and the real economy in a responsible manner. <sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>ISDA conducted market surveys of its Primary Membership to provide a summary of the notional amount outstanding of interest rate, credit, and equity derivatives, until 2010. The ISDA <a rel="nofollow" class="external text" href="https://www2.isda.org/functional-areas/research/surveys/margin-surveys/">Margin Survey</a> is also conducted annually to examine the state of collateral use and management among derivatives dealers and end-users. <a rel="nofollow" class="external text" href="https://www2.isda.org/functional-areas/research/surveys/end-user-surveys/">End-User Surveys</a> are also conducted to collect information on usage of privately negotiated derivatives. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Structure">Structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=1" title="Edit section: Structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Securitization">Securitization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=2" title="Edit section: Securitization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Prose plainlinks metadata ambox ambox-style ambox-Prose" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>is in <a href="/wiki/MOS:LIST" class="mw-redirect" title="MOS:LIST">list</a> format but may read better as <a href="/wiki/MOS:PROSE" class="mw-redirect" title="MOS:PROSE">prose</a></b>.<span class="hide-when-compact"> You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Structured_finance&action=edit">converting this section</a>, if appropriate. <a href="/wiki/Help:Editing" title="Help:Editing">Editing help</a> is available.</span> <span class="date-container"><i>(<span class="date">March 2017</span>)</i></span></div></td></tr></tbody></table> <p><br /> Structured finance utilizes <a href="/wiki/Securitization" title="Securitization">securitization</a> to pool assets, creating novel financial instruments to enable better use of available capital or serve as a cheaper source of funding, especially for lower-rated originators </p><p>Other uses include alternative funding (ture), reducing credit concentration and for risk transfer<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template noprint noexcerpt Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS"><span title="This claim needs references to better sources. (January 2018)">better source needed</span></a></i>]</sup> and risk management interest rates and liquidity. </p> <div class="mw-heading mw-heading3"><h3 id="Tranching">Tranching</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=3" title="Edit section: Tranching"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Tranche" title="Tranche">Tranching</a> refers to the creation of different classes of securities (typically with different credit ratings) from the same pool of assets. It is an important concept, because it is the system used to create different investment classes for the securities. Tranching allows the cash flow from the underlying asset to be diverted to various investor groups. The <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a>'s <a href="/wiki/Committee_on_the_Global_Financial_System" title="Committee on the Global Financial System">Committee on the Global Financial System</a> explains tranching as follows: "A key goal of the tranching process is to create at least one class of securities whose rating is higher than the average rating of the underlying collateral pool or to create rated securities from a pool of unrated assets. This is accomplished through the use of credit support (enhancement), such as <b>prioritization of payments</b> to the different tranches."<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Credit_enhancement">Credit enhancement</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=4" title="Edit section: Credit enhancement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Credit_enhancement" title="Credit enhancement">Credit enhancement</a> is key in creating a security that has a higher rating than the underlying asset pool. Credit enhancement can be created, for example, by issuing subordinate bonds. The subordinate bonds are allocated any losses from the collateral before losses are allocated to the senior bonds, thus giving senior bonds a credit enhancement. As a result, it is possible for defaults to occur in repayment of the underlying assets without affecting payments to holders of the senior bonds. Also, many deals, typically those involving riskier collateral, such as subprime and Alt-A mortgages, use over-collateralization as well as subordination. In over-collateralization, the balance of the underlying assets (e.g., loans) is greater than the balance of the bonds, thus creating excess interest in the deal which acts as a "cushion" against reduction in value of the underlying assets. Excess interest can be used to offset collateral losses before losses are allocated to bondholders, thus providing another credit enhancement. A further credit enhancement involves the use of derivatives such as swap transactions, which effectively provide insurance, for a set fee, against a decrease in value.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2017)">citation needed</span></a></i>]</sup> </p><p>Monoline insurers play a critical role in modern-day Credit Enhancements; they are more effective in (a) off-balance-sheet models creating synthetic collateral, (b) sovereign ratings' enhancement with built-in asset derivatives and (c) cross border loans with receivables and counterparties in the domain and jurisdiction of the monoline insurer. The decision whether to use a monoline insurer or not often depends upon the cost of such cover vis-a-vis the improvement in pricing for the loan or bond issue by virtue of such credit enhancement.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2017)">citation needed</span></a></i>]</sup> </p><p>Ratings play an important role in structured finance for instruments that are meant to be sold to investors. Many mutual funds, governments, and private investors only buy instruments that have been rated by a known <a href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agency</a>, like <a href="/wiki/Moody%27s" class="mw-redirect" title="Moody's">Moody's</a>, <a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch</a> or <a href="/wiki/S%26P_Global_Ratings" title="S&P Global Ratings">S&P Global Ratings</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2017)">citation needed</span></a></i>]</sup> New rules in the U.S. and Europe have tightened the requirements for ratings agencies.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=5" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Structured_product" title="Structured product">Structured product</a></div> <p>There are several main types of structured finance instruments.<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag may use weasel words or too-vague attribution. (March 2017)">according to whom?</span></a></i>]</sup> </p> <ul><li><a href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed securities</a> are bonds or notes based on pools of assets or collateralized by the cash flows from a specific pool of underlying assets.</li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed securities</a> are asset-backed securities, the cash flows from which are backed by the principal and interest payments of a set of mortgage loans. <ul><li><a href="/wiki/Residential_mortgage-backed_security" title="Residential mortgage-backed security">Residential mortgage-backed securities</a> deal with residential homes, usually single family.</li> <li><a href="/wiki/Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed securities</a> are for commercial real estate, such as malls or office complexes.</li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligations</a> are securitizations of mortgage-backed securities, typically involving multiple classes with differing levels of seniority.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li></ul></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligations</a> consolidate a group of fixed-income assets, such as <a href="/wiki/High-yield_debt" title="High-yield debt">high-yield debt</a> or asset-backed securities, into a pool, which is then divided into various tranches. Many CDOs are collateralized by various types of mortgage-backed securities and other mortgage-related assets.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> An extension of these CDOs are "synthetic" CDOs which are collateralized by credit default swaps and other derivatives.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> <ul><li><a href="/w/index.php?title=Collateralized_bond_obligation&action=edit&redlink=1" class="new" title="Collateralized bond obligation (page does not exist)">Collateralized bond obligations</a> are collateralized debt obligations backed primarily by corporate bonds.</li> <li><a href="/wiki/Collateralized_loan_obligation" title="Collateralized loan obligation">Collateralized loan obligations</a> are collateralized debt obligations backed primarily by bank loans.</li> <li><a href="/w/index.php?title=Commercial_real_estate_collateralized_debt_obligation&action=edit&redlink=1" class="new" title="Commercial real estate collateralized debt obligation (page does not exist)">Commercial real estate collateralized debt obligations</a> are collateralized debt obligations backed primarily by commercial real estate loans and bonds.</li></ul></li> <li><a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivatives</a> are contracts to transfer the risk of the total return on a credit asset falling below an agreed level, without transfer of the underlying asset.</li> <li><a href="/wiki/Collateralized_fund_obligation" title="Collateralized fund obligation">Collateralized fund obligations</a> are securitizations of <a href="/wiki/Private_equity" title="Private equity">private equity</a> and <a href="/wiki/Hedge_fund" title="Hedge fund">hedge fund</a> assets.</li> <li><a href="/wiki/Insurance-Linked_Securities_(ILS)" class="mw-redirect" title="Insurance-Linked Securities (ILS)">Insurance linked securities</a> are risk transfer instruments linked to insurance losses due to catastrophic events, which are generally seen as uncorrelated to traditional financial markets.</li> <li>Partial guaranteed structures</li> <li>Future flow transactions</li> <li>Loan sell offs</li> <li>Revolving Credit Financing (property or traded goods)<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2017)">citation needed</span></a></i>]</sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Pooled_investment" class="mw-redirect" title="Pooled investment">Pooled investment</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li> <li><a href="/wiki/Thomson_Financial_League_Tables" class="mw-redirect" title="Thomson Financial League Tables">Thomson Financial League Tables</a></li> <li><a href="/wiki/Structurer" title="Structurer">Structurer</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://structuredfinance.org/about-securitization/">"About Securitization"</a>. <i>Structured Finance Association</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2022-01-04</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Structured+Finance+Association&rft.atitle=About+Securitization&rft_id=https%3A%2F%2Fstructuredfinance.org%2Fabout-securitization%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStructured+finance" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://structuredfinance.org/about-us/">"About Us"</a>. <i>Structured Finance Association</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2022-01-04</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Structured+Finance+Association&rft.atitle=About+Us&rft_id=https%3A%2F%2Fstructuredfinance.org%2Fabout-us%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStructured+finance" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="http://www.artemis.bm/deal_directory/">http://www.artemis.bm/deal_directory/</a> Artemis.com</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bis.org/publ/cgfs23.pdf?noframes=1">"The role of ratings in structured finance: issues and implications"</a> <span class="cs1-format">(PDF)</span>. Bank for International Settlements. January 2005<span class="reference-accessdate">. Retrieved <span class="nowrap">November 5,</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+role+of+ratings+in+structured+finance%3A+issues+and+implications&rft.pub=Bank+for+International+Settlements&rft.date=2005-01&rft_id=http%3A%2F%2Fwww.bis.org%2Fpubl%2Fcgfs23.pdf%3Fnoframes%3D1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStructured+finance" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20131014213114/http://ec.europa.eu/internal_market/rating-agencies/index_en.htm">"Rating Agencies - European Commission"</a>. Archived from <a rel="nofollow" class="external text" href="http://ec.europa.eu/internal_market/rating-agencies/index_en.htm">the original</a> on 2013-10-14<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-10-08</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Rating+Agencies+-+European+Commission&rft_id=http%3A%2F%2Fec.europa.eu%2Finternal_market%2Frating-agencies%2Findex_en.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStructured+finance" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Lemke, Lins and Picard, <i>Mortgage-Backed Securities</i>, §§4:14 - 4:20 (Thomson West, 2014 ed.).</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Lemke, Lins and Picard, <i>Mortgage-Backed Securities</i>, §5:16 (Thomson West, 2014 ed.).</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Lemke, Lins and Picard, <i>Mortgage-Backed Securities</i>, §5:17 (Thomson West, 2014 ed.).</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Structured_finance&action=edit&section=8" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://ssrn.com/abstract=832184">Jobst, Andreas A. (2007). "A Primer on Structured Finance" <i>Journal of Derivatives and Hedge Funds</i></a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20071123222353/http://www.businessweek.com/magazine/content/06_47/b4010107.htm">Tergesen, Anne (2006). "Structured Notes: Quirkiest Vehicle on the Street", <i>Business Week</i></a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20040803153059/http://www.thestreet.com/pf/markets/matthewgoldstein/10174866.html">Goldstein, Matthew (2004). "Post-Enron, Structured Finance Addiction Hasn't Ebbed" <i>TheStreet.com</i></a></li> <li><a rel="nofollow" class="external text" href="http://www.structurefunding.com/working-capital/">Andy, (2016). "Working capital is a company’s current assets minus its current liabilities" <i>structurefunding.com</i></a></li> <li><a rel="nofollow" class="external text" href="http://www.hbs.edu/research/pdf/09-060.pdf">The Economics of Structured Finance</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output 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