1、中文 3490 字 外 文 翻 译 原文： The Asset Securitization Activity in Italy The main object of this chapter is to analyze the basic characteristics and the market structure of the securitization activity, especially with reference to the Italian securitization market, which has rapidly developed in recent year
2、s. In particular, this chapter intends to answer the following questions: 1. What is meant by securitization? 2. How is the transaction structured? 3. What is the role of financial intermediaries within the securitization process, especially in Italy? 4. What are the main characteristics of the Ital
3、ian securitization activity? At this purpose, we will first explain the basic components of a securitization transaction, describing the typical structure and the main players involved. Secondly, we will analyze the Italian securitization market, emphasizing its peculiarities through an internationa
4、l comparative analysis. Generally speaking, the aim of securitization is to transform illiquid assets into securities. For the purpose of this chapter, the term securitization is used to represent the process whereby assets are pooled together, with their cash flows, and converted into negotiable se
5、curities to be placed into the market. These securities are backed or secured by the original underlying assets and are generally defined as Asset Baked Securities (ABS). Theoretically, any financial assets producing cash flows (receivables, residential and commercial mortgages, credit card receivab
6、les, and other consumer and commercial loans) can be securitized. The concept of asset securitization was introduced in the US financial system in the 1970s, when the Government National Mortgage Association issued securities backed by a pool of loans, represented by residential mortgages.During the
7、 last decade, it has rapidly developed within Europe, especially in the UK. Recently, the Italian securitization market has rapidly expanded thanks to the introduction of a specific regulation (Law 130/99). Two main types of securitization transactions exist: 1. Cash flow based (CFB) securitization.
8、 The transaction is structured as a sale of assets by a company (Originator) to a special entity (Special Purpose Vehicle, SPV), which then issues securities backed by the underlying assets. The CFB securitization is also defined as Funded Securitization, because the Originator can raise money throu
9、gh the asset sale, diversifying its financing sources； 2. Synthetic securitization. It is a transaction through which the credit risk, associated with a pool of assets, is transferred to a separate entity (SPV). It is not a sale of assets, so the Originator does not receive any cash flow. The SPV in
10、 this case is not the owner of a pool of assets, but only the entity that carries the associated credit risk. It is realized through the use of derivatives instruments (total return swaps and credit derivatives). -asset backed securities (ABS), which represent securities backed by specific assets (a
11、uto loans, credit card receivables, student loans, equipment leases). This definition does not include mortgages loans or corporate bond loans； -mortgage backed security (MBS), which are securities backed by specific mortgage loans. Securitization is a financial instrument aimed at transforming a po
12、ol of assets into marketable securities, which are secured by the cash flow stream related to the underlying assets (Asset Backed Securities ABS). It is realized through a transfer of assets by a company (Originator) to a separate firm (Special Purpose Vehicle SPV), which then issues securities, in
13、the form of debt instruments, to be placed into the market through a private or public offering. In order to analyze the basic structure of a securitization transaction, let us consider the following example. The Originator is a bank, willing to raise money by liquidating a specific pool of loans th
14、rough securitization. Two basic deals are involved: 1. Asset sale； 2. Issuance of Asset Backed Securities. - Asset Sale. The first deal is represented by a sale of assets between two parties: 1. One party is the seller of the assets and is known as the “Originator”. In our example it is represented
15、by a bank； 2. The other party is a separate entity, established for the purpose of buying the assets and transforming them into negotiable securities to be placed into the capital market. This entity serves only as securitization vehicle and so it is often defined as “Special Purpose Vehicle” (SPV)
16、or “Special Purpose Company” (SPC). It may take the organizational form of corporation or limited partnership. - Issuance of Asset Backed Securities. In order to finance the asset purchase, the SPV issues securities (usually debt obligation instruments), which are backed by the acquired assets (Asse
17、t Backed Securities ABS).The cash flows originated by the acquired pool of assets are then used to pay the principal and interest on the securities sold to the final investors (holders of ABS securities). 3. The issuance of Asset Backed Securities contributes to satisfy different investors needs and
18、 to develop primary financial markets, allowing a transfer of certain risks to the final investors. The risks carried by the investors depend mainly on the quality of the underlying assets, rather than the creditworthiness of the issuer or the Originator. A careful evaluation of the assets character
19、istics is then essential before performing any securitization transaction. The quality of the assets in fact will affect: 1. The creditworthiness of the related ABS, which is usually represented by a rating assigned by specialized agencies； 2. The type and the amount of credit enhancement mechanisms
20、, which might be necessary to lower the associated risk of the Asset Backed Securities and improve their rating. A securitization differs from a traditional equity or debt financing for at least two reasons. First, it is not a loan. It implies an asset sale by the Originator to the SPV. Second, the buyers of Asset Backed Securities rely primarily on the cash flows generated by the underlying pool of assets, rather than the cash flows generated by the business activity of the issuer.
