Asset-backed securities offer significant cost savings to issuers by enabling them to pierce the sovereign credit ceilings via appropriate risk mitigation.The extent of cost saving inevitably depends upon conditions in the international capital markets. This is evident from the example of Pemex, a state enterprise of Mexico and one of the largest oil and gas companies in the world.
Governments may find this asset class attractive because, if planned and executed ahead of time, it can provide a way of accessing markets during times of liquidity crisis.Because of their investment grade rating, future flow deals attract a much wider class of investors than unsecured deals.Thus, future flow deals can improve market liquidity and reduce market volatility.That can generate added interest on the part of international investors in other asset classes or other borrowers. For many developing countries, future flow receivable-backed securitization may be the only way to begin accessing international capital markets.
IV Potential for Future Flow Receivable Securitization and Public Policy Issues
The future flow secured transactions allow issuers to pledge receivables over a number of years and hence open up the possibility of raising funds in capital markets that are a multiple of a given year’s receivables. Based on the discussions in sections II an III, this section provides an estimate of the receivables from exports of fuels, minerals and agricultural raw materials, credit card vouchers, worker remittances and telephone receivables of developing countries that are suitable for future flow securitization. The objective of this exercise is not to forecast, but to obtain a benchmark against which constraints on such issuance can be compared.In this section, we explore the scope for public policy initiatives to lift some of t
论文范文http://www.chuibin.com/ he constraints on the issuance of future flow-backed securities from developing countries.As noted earlier, the ideal candidates for future flow receivable-backed securitizations are investment grade entities (in local currency terms) in sub-investment grade countries (inforeign currency terms). The binding constraint on issuance in this context comes from the dearth of investment rated entities in developing countries.本文来自辣.文,论-文·网原文请找腾讯32-49114
Market investors and the lack of market demand point of view of investment decisions from the success of asset securitization. At present, the main asset securitization investment concentrated in the social security funds, insurance companies, investment funds, commercial banks, individual investors and other subjects on the development of these subjects is not sufficient: the social security fund. Social security funds include pension funds and unemployment insurance fund. The limited size of China Social Security Fund, the fund balance-GDP ratio is only about 1%, far lower than developed countries, the level of 35% -75%, also lower than the 10% -20% transition level. Social Security Fund in recent years, received less income is widespread, "empty accounts" serious. The extent of ability to participate in the Social Security Fund to the Asset Securitization to still a question. Capital market is relying on asset securitization. While the ABS has a unique operating system, but it is inseparable from development and improvement of sound capital market. However, there is still China's capital market imperfections, mainly in the following areas: Uneven development of capital markets. Capital market mainly by the securities market, bond market and long-term credit market of three parts. From the present situation of, on the one hand, development is lagging behind the latter two; the other hand, stock and bond markets and uneven internal development. Shanghai and Shenzhen Stock Exchange Stock Market based mainly suitable for different levels of corporate securities financing and liquidity needs of the trading system needs to be multi-level form. Meanwhile, corporate bonds, the relatively slow development, more policy constraints. Participants in the capital market is not balanced. Mainly large state-owned enterprises as the mainstay, other non-state-owned enterprises and poor participation of SMEs. The credit market, the lack of non-state-owned enterprises and small and medium and long-term credit financing channels unblocked. There are still many areas of state-owned enterprises to non-discriminatory lending policies, including the implementation of different loan terms and different interest rates. Channels in terms of the securities, long time non-state enterprises and SMEs in China is difficult to obtain credentials and state-owned large enterprises have a natural advantage. Capital market policies is uneven, can not be treated equally to non-state enterprises.
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