I.2 A close examination of future flow securitization is timely in the present context of reduced investor confidence in developing countries. Following a series of financial crises---Mexico in late 1994, East Asia in the second half of 1997, Russia in August 1998, and Brazil at the beginning of 1999---private debt and equity capital flows to developing countries have declined from $151 billion in 1996 to $134 billion in 1997,$97 billion in 1998 and $47 billion in 1999, and the near-term prospects do not look promising (World Bank 2000).
I.3 Securitization transactions can be classified according to whether these are rated or not rated by major credit rating agencies, and within each of these categories,according to whether they involve existing assets or future receivables. This study focuses on rated transactions largely because of the availability of information. It is hard to obtain information on unrated securities issued by developing cou
论文范文http://www.chuibin.com/ ntry entities which are typically underwritten by commercial banks that either keep them on their own books or distribute them through private placement.
I.3.1 Rated transactions possess several advantages over unrated deals.For instance, the achievement of a better credit rating than the sovereign ceiling allows issuers to raise funding at lower cost (spread) and longer maturity.In particular,achieving an investment grade credit rating for a transaction makes it attractive to a wider class of investors. Insurance companies, for instance, face basket limitations on how much of unrated debt they can hold, and hence prefer rated transactions. They are the principal source of demand for debt backed by future flow assets.However,rated transactions also involve some costs by requiring over-collateralization (to improve credit rating), larger transaction costs and longer lead times, and more extensive disclosure of financial information.
I.4 This study focuses largely on transactions backed by future receivables originated by developing country entities .This is because a) over three-quarter of securitized transactions from developing countries (in nominal dollar terms) have involved future flows; and b) compared to existing asset securitization, future flow securitizations are capable of making more capital available to developing country entities during periods of liquidity scarcity.
I.5 The study relies on extensive interviews with investment bankers, professionals at credit rating agencies, lawyers specializing in securitization transactions, and analysts at insurance companies who provide complete or partial insurance against various risks associated with such transactions.
I.6 The main findings of this research report are:
1. Securitization of future flow and existing receivables can provide a way of raising development finance for many low and particularly middle-income countries,especially during times of low liquidity and heightened perception of sovereign risk.Future flow securitization is a foul-weather friend for investment grade entities in below investment grade countries.
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