Unit 11 Securities.docx
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Unit 11 Securities.docx
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Unit11Securities
Unit11Securities
AssetSecuritizationintheUSA
现代意义上的证券化(或称资产证券化)业务起源于20世纪70年代初的美国,当时的主要目的是为了开发住宅抵押贷款的二级市场。
后来,参与证券化的机构、证券化的结构类型迅速增长,正如本文指出的那样,目前由证券化创造的各种证券类型(抵押支持证券和资产支持证券等)已经成为美国继国库债券后第二大证券类型。
在某种意义上,证券化的巨大发展既可看作是商业银行在金融中介领域的地位的下降,也可看作是商业银行向表外业务发展的成功表现。
无论如何,证券化都是近20年来最富创新意义的新兴业务,特别是在美国已成为独具特色并具有强大生命力的金融工具。
本文回顾了证券化在美国发展的历程,特别是详细讲述了抵押支持证券和资产支持证券的发展以及证券化在处理不良资产中的应用情况;对证券化结构中的信用增强措施和信用评级机构的功能或作用作了具体论述;分析了证券化在美国获得巨大发展的特殊背景和其他刺激因素。
因此,本文对于试图在本国开展证券化业务的其他国家有比较实际的借鉴意义。
Overthepasttwodecades,securitizationhasemergedasadistinctivefeatureofthefinancialsystemintheUnitedStates.TosomedegreethisreflectsthefactthattheUnitedStateshaslonghadtwochannelsforfinancialintermediation(thebankingsystemandthecapitalmarket),withthecompetitivebalancebetweenthetwochannelsoftenchangingovertime.Inrecentyearsinparticular,theprocessofdisintermediationbythebankingsystemhasprogressedfartherthaninotherOECDcountries,andtosomedegreesecuritizationisonemanifestationofthisbroaderprocess.Thereissomecontroversyastowhethertheprocessof"disintermediation"representsadecliningroleforbanksinfinancialintermediation,ormerelyashiftbybankstooff-balance-sheetactivity.Ineithercase,theanalysispresentedherewouldnotbeaffected.
证券化在美国的发展
Overthepasttwodecades,securitizationhasemergedasadistinctivefeatureofthefinancialsystemintheUnitedStates.在过去的二十年间,证券化逐渐兴起并成为美国金融体系中独具特色的金融工具。
TosomedegreethisreflectsthefactthattheUnitedStateshaslonghadtwochannelsforfinancialintermediation(thebankingsystemandthecapitalmarket),withthecompetitivebalancebetweenthetwochannelsoftenchangingovertime.在某种程度上这反映了美国的现实,即美国长期以来存在两种金融中介渠道(银行系统与资本市场),而且这两种渠道在不同时期表现出不同的、经常的竞争以及制衡。
Inrecentyearsinparticular,theprocessofdisintermediationbythebankingsystemhasprogressedfartherthaninotherOECDcountries,特别是近些年来,美国银行系统非中介化(脱媒)的进程走得更远,与其他经合组织国家相比,andtosomedegreesecuritizationisonemanifestationofthisbroaderprocess.在某种程度上证券化就是这一较为广阔进程的一项证明。
Thereissomecontroversy目前尚存在一些争论。
astowhethertheprocessof"disintermediation"representsadecliningroleforbanksinfinancialintermediation,究竟这种“非中介化”进程代表了银行系统在金融中介领域地位的逐渐下降,ormerelyashiftbybankstooff-balance-sheetactivity.还是仅仅表示银行系统向资产负债表表外业务的转变,
Controversy:
争论aseriousargumentaboutsomethingthatinvolvesmanypeopleandcontinuesforalongtime:
apoliticalcontroversy
Ineithercase,theanalysispresentedherewouldnotbeaffected.但无论怎样,都不会影响我们在此所作的分析。
American-stylesecuritizationhastypicallyinvolvedcompleteremovalofthesecuritizedassetfromthebalancesheetoftheoriginatinginstitution.Theassetsbecome"collateral"whichsupportsthepaymentsofinterestandprincipalonthenewlycreatedsecurity.Iftheoriginatinginstitutioncontinuestoparticipate,itisusuallyas"servicer",i.e.thecollectorofprincipalandinterestpaymentsandprocessorofotherback-officefunctionsrelatedtotheassetssupportingthetransaction.Thecollateralwhichproducesthecashflowstosupportthesecurityaresegregatedintoanidentifiablepool.
American-stylesecuritizationhastypicallyinvolvedcompleteremovalofthesecuritizedassetfromthebalancesheetoftheoriginatinginstitution.典型的美国式的证券化的结果(之一)就是被证券化的资产从发起机构的资产负债表内彻底地脱离。
theremovalofAfromB:
A从B脱离
A=thesecuritizedasset被证券化的资产
B=thebalancesheetoftheoriginatinginstitution:
发起机构的资产负债表内
Theassetsbecome"collateral"whichsupportsthepaymentsofinterestandprincipalonthenewlycreatedsecurity.
Collateral:
担保品,抵押品
Newlycreatedsecurity:
新创造的证券
译文:
这些资产成为“担保品”,用以支持新创造的证券的本金和利息的支付。
Iftheoriginatinginstitutioncontinuestoparticipate,itisusuallyas"servicer",如果发起机构继续参与证券化过程,它通常充当“服务人”,(什么样的服务人呢?
就是下面说的“collector”and“processor”)i.e.thecollectorofprincipalandinterestpaymentsandprocessorofotherback-officefunctionsrelatedtotheassetssupportingthetransaction.也就是本金和利息支付的收集人以及与支持本交易的资产相关的其他后续办公职能的操作人。
Thecollateralwhichproducesthecashflowstosupportthesecurityaresegregatedintoanidentifiablepool.产生现金流量以支持所创造的证券的该项担保品被分离成一组可识别的资产集合。
Segregate:
分离,分割besegregatedinto:
被分离pool:
资产组合identifiable:
可识别的
Theinvestorpurchasesasecuritywhichisbaseduponthecashflowsresultingfromthesecuritizedassetswithoutrecoursetotheoriginatinginstitution,andthusacceptsallrisksinherentintheassets,includingcredit,marketandprepaymentrisk.Indeed,thisisatestthatisusuallyappliedbyaccountants,lawyers,ratingagenciesandregulators:
haveallrisksassociatedwithagivenassetinfactbeentransferredfromtheoriginator?
Theinvestorpurchasesasecuritywhichisbaseduponthecashflowsresultingfromthesecuritizedassetswithoutrecoursetotheoriginatinginstitution,投资者购买证券,这种证券基于被证券化的资产所产生的现金流量而产生,同时,投资者对发起机构不享有追索权,andthusacceptsallrisksinherentintheassets,includingcredit,marketandprepaymentrisk.因而接受了证券化资产固有的所有风险,包括信用风险、市场风险和提前偿付风险。
Recourse:
是表示“追索”,“请求偿还”之意,为了准确地表示其意,常用追索权.
无追索权融资non-recoursefinance
有追索权信用证WithRecouresLetterofCredit
Indeed,thisisatestthatisusuallyappliedbyaccountants,lawyers,ratingagenciesandregulators:
haveallrisksassociatedwithagivenassetinfactbeentransferredfromtheoriginator?
实际上,这是会计师、律师、评级机构和监管者通常要考虑而且仍未可知的问题:
和给定资产有关的所有风险确实已经由发起机构转移到投资者了吗?
MortgageBackedSecurities
ThelargestcategoryofinstrumentcreatedbysecuritizationareMBSsupportedbyUnitedStatesGovernmentagenciesorFederally-sponsoredcompaniesandfallintothebroadcategoryof"governmentagencypaper"---acategoryofassetsconsideredfairlyclosetoTreasurysecuritiesintermsofcreditrisk,butwithsomewhathigheryields.Attheendof1993theoutstandingstockofUSagencyMBSexceeded$1.7trillionandrepresentedthesecondlargestcategoryofbondsintheUnitedStatesafterTreasurybonds.
Mortgage-backedsecurities抵押支持证券(MBS)
ThelargestcategoryofinstrumentcreatedbysecuritizationareMBS证券化所创造的工具中最大的一种类型就是抵押支持证券,supportedbyUnitedStatesGovernmentagenciesorFederally-sponsoredcompaniesandfallintothebroadcategoryof"governmentagencypaper"抵押支持证券由美国政府机构或联邦赞助的公司支持并属于“政府机构票据”的广泛的范畴---acategoryofassetsconsideredfairlyclosetoTreasurysecuritiesintermsofcreditrisk,butwithsomewhathigheryields.”——一类就信用风险来讲与国库券相当接近,但具有稍高的收益的资产。
Attheendof1993theoutstandingstockofUSagencyMBSexceeded$1.7trillionandrepresentedthesecondlargestcategoryofbondsintheUnitedStatesafterTreasurybonds.到1993年末美国的机构抵押支持证券的未清偿余额超过1.7万亿美元并成为继国库券之后的美国第二大类型的债券。
Outstanding:
未清偿的
Historically,theUnitedStateshousingmarkethasbeencharacterizedbylong-termfixed-ratemortgageswith30yearsoftenthenorm.Traditionally,mortgagefinancewasprovidedbydepositoryinstitutions,i.e.banksandsavingsandloanassociation(or"thrifts").MBSissuance,whichbeganintheearly1970s,wasspurredbytwoimportantdevelopments.First,increasedinterestratevolatilityheightenedtheriskofmaturitymismatches.Second,programmeswerebegununderwhichFederalagenciesguaranteedresidentialmortgagesforfeesandusedthemortgagesascollateraltosupportsecuritieswhichweresoldtoinvestors.
Historically,theUnitedStateshousingmarkethasbeencharacterizedbylong-termfixed-ratemortgageswith30yearsoftenthenorm.在历史上,美国的住宅融资市场以长期固定利率抵押贷款为特征,期限通常是30年。
Traditionally,mortgagefinancewasprovidedbydepositoryinstitutions,i.e.banksandsavingsandloanassociation(or"thrifts").传统上,抵押融资由存款机构,即商业银行以及储蓄与贷款协会或“非银行存款机构(节俭机构)”提供。
MBSissuance,whichbeganintheearly1970s,wasspurredbytwoimportantdevelopments.开始于20世纪70年代初期的抵押支持证券的发行,主要受到两个重要因素的刺激而发展起来。
Spur:
刺激
First,increasedinterestratevolatilityheightenedtheriskofmaturitymismatches.首先是利率波动的不断加剧增大了期限错配风险。
Second,programmeswerebegununderwhichFederalagenciesguaranteedresidentialmortgagesforfeesandusedthemortgagesascollateraltosupportsecuritieswhichweresoldtoinvestors.其次是一系列方案的出台,在这些方案中,联邦机构保证住宅抵押贷款的(偿还)并收取保证费用,然后利用抵押贷款作为担保品支持证券的发行,证券出售给投资者。
Threeinstitutionsareresponsibleformostmortgage-backedsecuritization:
theGovernmentNationalMortgageAssociation(GNMA),whichisaFederalagency;andtheFederalHomeLoanMortgageCorporation(FHLMC)andFederalNationalMortgageAssociation(FNMA),whicharegovernment-sponsoredenterprises.Theagenciesmaypurchasethesemortgagesfromtheoriginatingdepositoryinstitutions(banksorthrifts)therebyremovingthemfromthebalancesheetsoftheoriginators.MBScanalsobeoriginatedbymortgagecompanies,anewerformofinstitutionwhichspecializesitmortgageoriginationforoff-balance-sheetoperations.Usually,theoriginatinginstitutioncontinuesas"servicer"oftheunderlyingloans.Some55-60percentoftotalUniteStatesresidentialmortgagesarenowsecuritized.
Threeinstitutionsareresponsibleformostmortgage-backedsecuritization:
对大多数抵押支持证券化负有责任的有三家机构:
theGovernmentNationalMortgageAssociation(GNMA),whichisaFederalagency;政府国民抵押协会(GNMA),这是一家联邦机构;andtheFederalHomeLoanMortgageCorporation(FHLMC)andFederalNationalMortgageAssociation(FNMA),联邦住宅贷款抵押公司和联邦全国抵押协会whicharegovernment-sponsoredenterprises.这是由政府赞助的企业。
Theagenciesmaypurchasethesemortgagesfromtheoriginatingdepositoryinstitutions(banksorthrifts)therebyremovingthemfromthebalancesheetsoftheoriginators.这些机构可以从作为发起人的存款机构(银行或“非银行存款机构”)手中购买抵押贷款,因而使这些抵押贷款从发起人的资产负债内脱离。
MBScanalsobeoriginatedbymortgagecompanies,抵押支持证券也能由抵押公司发起,anewerformofinstitution抵押公司是一种较新的机构形式,whichspecializesitmortgageoriginationforoff-balance-sheetoperations.它专门从事表外业务的抵押贷款发起。
Usually,theoriginatinginstitutioncontinuesas"servicer"oftheunderlyingloans.通常,发起机构继续充当上述贷款的“服务
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