II.6 Sovereign Risk: While a securitized transaction can be structured so as to minimize the transfer and convertibility sovereign risks, some other elements of sovereign risk cannot be totally eliminated. In extreme situations, the sovereign after all has the ability to do a variety of things to disrupt the flow of the product to the market and the generation of the receivable.For instance, the sovereign can insist upon the originator selling the product in the domestic market rather than in the export market.This product diversion risk is generally greater for commodities that are in high demand at home. Little wonder that agricultural staples have not figured much in future flow receivable structured finance deals.
II.7 Risk of default, breach of contract receivables mainly refers to the original debtor under the contract or the contract can not repay principal and interest due date. Even one day in the future the debtor repaid the principal and interest, also constitute a defau
论文范文http://www.chuibin.com/ lt accounts receivable. As the original driving force depends on the debtor to repay the debt relationship between the two transactions, the credit terms to creditors, the debtor's business conditions and the impact of macroeconomic environment. Test for determining default risk portfolio relevant to the needs assessment of technology information and generally is achieved by a specially established asset securitization higher credit rating agencies (Special Purpose Vehicle, abbreviation SPV) to employ the relevant assessment bodies rating, and credit enhancement through technology to reduce the risk of default on the impact of the asset pool. 本文来自优.文,论-文·网原文请找腾讯32491.14
Assignment of accounts receivable risk. As a sponsor of the seller to the SPV will be sold receivables, the accounts receivable of the debtor's creditors will be paid directly to the SPV, the accounts receivable arising from the transfer payment risks. On the one hand, to inform the debtor of all matters relating to the payee changes and their recognition; the other hand, the diversification of alternative payment methods necessary to design appropriate mechanisms to ensure that all payments are specifically included in SPV account established for the transaction. Reducing the value of accounts receivable risk. Recovery of Accounts Receivable will be non-default factors, resulting in lower recovery value, resulting in lower values of the so-called risk. These non-default factors are: three guarantees for products and place back in order to speed up the recovery of accounts receivable which give the buyer discounts and so on. These risks should be relatively easy to measure based on historical data, thereby to prevent.
Accounts receivable decreased level of risk. As the process of securitization of the higher frequency of a risk, it is mainly due to the complexity of the transaction structure caused. The more complex the transaction structure, the possibility of losses resulting from the higher. To avoid this risk is usually used in the securitization of credit enhancement techniques.
Keeping in mind the performance, product and sovereign risks, the rating agencies have arrived at the following hierarchy of future flow receivable transactions in terms of deals that are most secure to those that are least secure. The securitization of heavy crude oil receivables is deemed to be most secure while the securitization of future tax receipts is thought to be least secure.
III Rationale for Securitization
Future flow securitization transactions are appealing to issuers because they reduce the cost of raising finance, particularly in times of distress in global capital markets.These are also attractive for investors!aespecially “buy-and-hold” invest such as insurance companies!abecause of their investment grade rating, and thei impeccable performance record in good times as well as bad. These transactions also carry significant implications for domestic capital market development, providing an additional incentive (besides market access during crisis) for governments to promote this asset class.
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