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1 equity position
Englisch-Deutsch Fachwörterbuch der Wirtschaft > equity position
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2 tranching
tranching FIN, STOCK Tranchierung f (new issues of CDOs or ABS are bundled and broken up into tranches by the originating bank for sale to investors; each tranche has a different credit rating –i.e. senior, mezzanine, junior and equity– with the higher risk tranches carrying the lowest ratings and highest yield; the equity piece = FLP in securitizations often is sold by the originator so that the risk of default = Kreditausfallrisiko no longer remains on the books of the originating bank – resulting possibly in a slipping of its lending standards; die Cashflows = Zahlungsströme aus den zur Besicherung eingesetzten Forderungen verteilen sich nacheinander kaskadenförmig, je nach Ausfallrisiko, auf die einzelnen Tranchen, zuletzt auf die risikoreichste Tranche = Equitytranche = equity piece = Erstverlusttranche = first loss piece = FLP = first loss position, die umgekehrt als erste mögliche Zahlungsausfälle trägt; cf originate-to-distribute business model) -
3 originate-to-distribute business model
originate-to-distribute business model BANK, ECON Originate-to-distribute-Geschäftsmodell n (a business model that combines classic bank lending business with modern forms of risk transfer: whilst the debt is generated = originated as normal – whereas traditionally it was held on the originating bank’s balance sheet – it is instead bundled and broken up into tranches by the originating bank for sale to investors; each tranche has a different credit rating with the higher risk tranches carrying the lowest ratings and highest yield, the first-loss position = FLP in true-sale or synthetic securitizations should be -but is not always- held by the originator so that the risk of default = Kreditausfallrisiko no longer remains on the books of the originating bank – resulting in a possible slipping of its lending standards! – but is spread = distributed among untraceable investors who are willing to take high risk on the global capital markets for high returns; the positive capital allocation effect of the model is combined with the negative consequence of intransparency about the resulting risk distribution; Verbindung des klassischen Bankkreditgeschäfts mit modernen Formen des Risikotransfers: Kredite werden von der Originator-Bank kreiert, ausgereicht = originated, gebündelt, tranchiert und verbrieft im OTC-Markt intransparent weiterplatziert, teilweise einschließlich der risikoreichsten Tranche, der Equitytranche = Erstverlusttranche = first loss piece = FLP = first loss position = equity piece; mit diesem Geschäftsmodell entledigten sich die US-Originator-Banken ab ca. 2000 des Interesses an der Prüfung und Überwachung der Qualität der zugrunde liegenden Kredite, von denen keine Spur in ihrer Bilanz zurückblieb – im Gegensatz zu ihrer GuV; saurer Landwein wurde im Durchlauf durch die Verbriefungsmaschine zum Qualitätswein ausgebaut, der sodann, mit der Hilfe von Mathematikern der bereits an der Strukturierung beteiligten Ratingagenturen zum Grand Cru geadelt, mit AAA-Etikett weltweit vermarktet wurde; synonym: originate-and-distribute business model; cp. financial alchemy = Finanzalchemie)Englisch-Deutsch Fachwörterbuch der Wirtschaft > originate-to-distribute business model
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4 originator
originator 1. BANK, FIN ursprünglicher Kreditgeber m, Originator m, Originator-Bank f (Plural: Originatoren; Institut, das ein verbrieftes Portfolio für eigene Rechnung begründet oder dessen Portfolio zu Verbriefungszwecken –for securitization purposes– angekaufte Forderungen enthält; the first-loss position = first-loss piece = FLP = Erstverlustposition = first-loss tranche = Erstverlusttranche in true-sale or synthetic securitizations should be held by the originator = originating bank; die risikoreichste Tranche = first-loss tranche = Equitytranche = Erstverlusttranche = FLP = first-loss position = first-loss tranche = equity piece mit dem schlechtesten Rating und der höchsten Verzinsung sollte grundsätzlich auf den Büchern der Originator-Bank bleiben; die Entkopplung der Kreditproduktion von der Verantwortung für die im Markt weiterplatzierten Risiken der unbewertbaren strukturierten/derivativen Finanzprodukte im Originate-to-distribute-Geschäftsmodell hat die Beachtung üblicher Kreditvergabestandards beim Originator unterminiert; cp.: originate-to-distribute business model, ABS); 2. GEN Begründer m, Urheber m; Auftraggeber(in) m(f) (im Zahlungs- bzw. Lastschriftverkehr)
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