ABSTRACT
INTRODUCTION Structured fi nance is a somewhat vague term: at its broadest it covers any activity involving a bond, credit derivative or loan where the credit risk transferred is not just that of a single corporate name.* Typical structured nance activities separate into several strands:
e structuring, underwriting and trading of various forms of asset-backed security, i.e., funded structured risk transfer; e transfer of the risk of a single or multiple nancing activities using credit derivatives or similar transactions, i.e., unfunded structured risk transfer.
