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The Handbook of Fixed Income Securities, Eighth Edition, 8th Edition by Steven V. Mann, Frank J. Fabozzi

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CHAPTERFIFTY-SIXINVESTING IN DISTRESSED STRUCTURED CREDIT SECURITIES

ALFRED MURATA, PH.D., J.D.

Executive Vice PresidentPacific Investment Management Company

The structured credit market encompasses securities backed by a wide range of assets. Structured credit securities are often secured by residential mortgage loans, commercial mortgage loans, student loans, credit card loans, auto loans, corporate loans, or other structured credit securities. Nevertheless, there are numerous structured credit securities that are backed by more idiosyncratic collateral types such as aircraft, shipping containers, railcars, restaurant franchise right cash-flows, tobacco tax revenues, airport fees, and small business loans. In a buoyant market, a strategy of ...

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