توريق (تمويل)
| أوراق مالية | |
|
أوراق مالية | |
|
الأسواق | |
|
السندات | |
|
السندات حسب المـُصدِر | |
|
Equities (Stocks) | |
|
Investment Funds | |
|
Structured finance Tranching Credit-linked note | |
|
المشتقات | |
| عدل هذا الصندوق | |
التوريق Securitisation هوعملية structured finance توزع المخاطر by aggregating debt instruments in a pool, then issues new securities backed by the pool. The term "Securitisation" is derived from the fact that the form of financial instruments used to obtain funds from the investors are securities. As a portfolio risk backed by amortizing cash flows - and unlike general corporate debt - the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches will experience dramatic credit deterioration and loss. ويمكن توريق جميع الأصول طالما أنهم يرتبطون ب cash flow. Hence, the securities which are the outcome of Securitisation processes are termed asset-backed securities (ABS). From this perspective, Securitisation could also be defined as a financial process leading to an issue of an ABS.
وكثيراً ما يـَستعمل التوريق special purpose vehicle (SPV), alternatively known as a special purpose entity (SPE) or special purpose company (SPC), reducing the risk of bankruptcy and thereby obtaining lower interest rates from potential lenders. A credit derivative is also sometimes used to change the credit quality of the underlying portfolio so that it will be acceptable to the final investors. Securitisation has evolved from its tentative beginnings in the late 1970s to a vital funding source with an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. وفي عام 2007، ABS issuance amounted to $3,455 billion in the US and $652 billion in Europe.
انظر أيضاً
- Collateralized debt obligation, Securitisation vehicle for corporate debt securities
- Collateralized fund obligation, Securitisation vehicle for private equity and hedge fund assets
- Collateralized mortgage obligation, Securitisation vehicle for mortgage-backed securities
- Collateralized loan obligation, Securitisation vehicle for corporate loans
- Collateralized bond obligation,Securitisation vehicle for corporate bonds
- The Rocket Scientists of Finance BBC Programme: The City Uncovered
الهامش
- ^ Raynes, Sylvain and Ann Rutledge, The Analysis of Structured Securities, Oxford U Press, 2003, p. 103.
- ^ "ESF Securitisation Data Report Q2:2008, European Securitisation Forum, London, Securities Industry and Financial Markets Association (SIFMA), 2008
نطقب:Structured finance
