Given their role in the 2008 meltdown, and their subsequent branding as toxic sludge, it is not surprising that "securi-tised" financial products have had a quiet few years. Yet the transformation of mortgages, credit-card debt and other recurring cashflows into new marketable securities is enjoying something of a resurgence. Once apparently destined for the financial history books, the alphabet soup of abss (asset-backed securities), mbss (their mortgage version), clos (col-lateralised loan obligations) and others had a bumper year in 2013. More growth is expected this year (see page 59).
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