Debt capital markets : law, regulation, and policy / Vincenzo Bavoso.

Format:

Book

Author/Creator:

Bavoso, Vincenzo, author.

Series:

Oxford scholarship online.

Oxford scholarship online

Language:

English

Subjects (All):

Capital market--Law and legislation.

Capital market.

Debt--Law and legislation.

Debt.

Capital market--Government policy.

Physical Description:

1 online resource (257 pages)

Edition:

1st ed.

Place of Publication:

Oxford : Oxford University Press, [2024]

Summary:

Debt capital markets have been at the heart of regulatory and policy debates since the global financial crisis of 2008. In this work, Vincenzo Bavoso explores the role financial markets and products have in fuelling episodes of crises and financial instability. Focussing on the law and regulation, but also drawing on current economics and finance scholarship, 'Debt Capital Markets' examines both the pre-2008 regulatory environment, and the framework that has emerged from post-crisis regulatory corrections since.

Contents:

Cover

Debt Capital Markets

Copyright

Dedication

Overview of Contents

Contents

List of Figures

Table of Cases

Table of Statutes

List of Abbreviations

1. Introduction

1 Why a book on debt capital markets?

2 Drawing the perimeter: what are debt capital markets?

3 The urgency of re-​evaluating capital markets regulation

4 The structure of the monograph

PART I THEORIZING THE DEVELOPMENTOF DEBT CAPITAL MARKETS

2. A historical overview of debt capital markets

1 Introduction

2 The development of bond markets and the rise of debt (market-​based) financial products

2.1 The centrality of debt capital markets

2.2 The end of Bretton Woods and the early regulatory changes

2.3 Towards the new world of finance

2.4 The origins of securitized banking

2.5 Debt capital markets post-​2008

2.6 The importance of technology and the emerging world of FinTech

3 Illustrating the growth of debt capital markets

4 Conclusion

3. The conceptual foundations of debt capital markets

2 The dynamics of financial regulation

3 Genesis and development of the idea of efficient markets

3.1 Efficient market hypothesis

3.2 Capital asset pricing model

3.3 The option pricing formula

3.4 The mathematization of finance and other abstractions

4 The feedback loop between market orthodoxy and the growth of debt capital markets

4.1 Explaining the loop

5 Conclusion

PART II TRANSACTIONAL DYNAMICS ANDRISKS IN DEBT CAPITAL MARKETS

4. Transactional dimensions of debt capital markets

2 Developing present-​day capital markets: the bond market

2.1 The legal structures of bond markets

3 Synergies and evolutions

3.1 The commercial paper market

3.2 Covered bonds (Pfandbrief)

3.3 The use of credit derivatives.

4 The alchemy of securitization

4.1 Innovation 1.1: tranching and pooling heterogeneous (high-​risk) assets, the birth of CDOs

4.2 Innovation 1.2: going synthetic and the rise of securitized banking

4.3 Innovation 1.3: shadow banking redux, the CLO market

4.4 Innovation 1.4: the true (shadow banking) nature of FinTech

5. Debt capital markets, the genesis of crises and the role of regulation

2 A taxonomy of crises and scandals

2.1 What is wrong with leverage?

3 Financial innovation: it's about debt, stupid!

3.1 Conceptualizing the impact of financial innovation on debt-​creation and risk-​taking

3.2 Debt creation through contractual innovation and entity disintermediation: the alchemy of the SPV

4 Conclusion and way forward: what role for regulation?

PART III UNDERSTANDING HOW DEBTCAPITAL MARKETS ARE REGULATED

6. The regulatory framework of debt capital markets

2 Regulating through market discipline

3 Market discipline through regulatory mechanisms

3.1 The role of disclosure

3.2 The role of private ordering

3.3 The role of credit rating agencies

7. Critiquing regulation and policy-​making in debt capital markets

2 Disclosure in practice: prospectus and transparency regimes

2.1 The main regulatory requirements

2.2 Narrowing the perimeter of application: the exemptions

2.3 The EU policy agenda and different types of prospectuses

3 Post-​2008 corrections and debt capital markets regulation

3.1 Regulating securitization post-​2008

3.2 Regulating and deregulating synthetics

3.3 Regulating the repo market

3.4 Regulating credit derivatives through clearing (and margin) requirements

3.5 The new discipline on credit rating agencies

4 The conundrum of product regulation.

5 The new Basel framework

6 Conclusion

8. Muddling through crises: Ways forward in debt capital markets

1 Where are we now in debt capital markets?

2 Identifying shortcomings in the regulatory architecture

3 Policy trends in debt capital markets

4 Future directions in debt capital markets

Bibliography

Index.

Notes:

Includes bibliographical references and index.

Description based on online resource and publisher information; title from PDF title page (viewed on November 7, 2024).

ISBN:

9780191997020

0191997021

9780198893264

0198893264

OCLC:

1467197802