A topsy-turvy world



The world of securitisation is about to be turned upside down. When the new Basel II capital adequacy framework comes into full effect in Europe and parts of Asia and the Middle East at the start of 2008, it will no longer make sense for originating banks to sell the higher-rated paper and retain the riskier notes, as is common under the current regime. Instead, risk levels will determine how much capital banks need to hold, meaning there will be a strong incentive to sell the equity portion and

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