Financial Guarantees
Asset-Backed Finance
Asset-Backed Finance
FSA introduced financial guaranty insurance to the asset-backed market and has accumulated an enormous body of knowledge and technical capabilities. Today we provide insurance for both traditional funded securitizations and synthetic transactions, in which risk is transferred via credit default swaps.
Our Aaa/AAA/AAA guaranty helps issuers achieve strong market executions and obtain greater economic leverage by reducing the required amount of overcollateralization, subordinated debt, cash reserves or recourse. We also add value by providing structuring assistance and independent, objective feedback about portfolio trends, underwriting quality, servicing performance and industry best practices. In addition, through our affiliation with Dexia, we provide access to banking services that help complete cost-effective transactions.
Securities we guarantee enjoy superior marketability because of our financial strength and investors' appreciation of our rigorous due diligence and active, ongoing surveillance. As a result, FSA-insured securitizations can achieve superior economic results yet be faster to implement and easier to repeat than alternative executions.
A Global Business
To help our clients achieve optimal execution, teams of experienced FSA professionals in New York specialize in consumer finance, residential mortgage finance, collateralized debt obligations (CDOs) and asset finance. These teams support other experienced underwriters in Europe, Australia, Asia and Latin America. Additionally, our Credit Solutions group in London underwrites guaranteed securitizations of public-sector receivables and CDOs of municipal or sovereign credits.
