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1 Originate-to-distribute-Geschäftsmodell
Originate-to-distribute-Geschäftsmodell n BANK, WIWI originate-to-distribute business model (Verbindung des klassischen Bankkreditgeschäfts mit modernen Formen des Risikotransfers: Kredite werden von der Originator-Bank kreiert, ausgereicht = originated, gebündelt, tranchiert, verbrieft und im Markt weiterplatziert, teilweise einschließlich der risikoreichsten Tranche, der Equitytranche = Erstverlusttranche = first loss piece = FLP = first loss position = equity piece; 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 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 function of the model is combined with the negative consequence of intransparency about the resulting risk distribution; cf warehouse holdings, financial alchemy)Business german-english dictionary > Originate-to-distribute-Geschäftsmodell
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2 außerbilanzielle Risikoübertragung
außerbilanzielle Risikoübertragung f FIN, RW off-balance sheet risk transfer (z. B. mit strukturierten Finanzinstrumenten wie MBS, ABS oder CDOs; cf originate-and-distribute business model = Originate-and-distribute-Geschäftsmodell)Business german-english dictionary > außerbilanzielle Risikoübertragung
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3 Tranchierung
Tranchierung f FIN, BÖRSE tranching (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 –senior, mezzanine, junior and equity– with the higher risk tranches carrying the lowest ratings and highest yield; the first-loss position 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 Forderungstiteln verteilen sich nacheinander kaskadenförmig, je nach Ausfallrisiko, auf die einzelnen Tranchen, zuletzt auf die risikoreichste Tranche, die Equitytranche = equity piece = Erstverlusttranche = FLP = first loss piece = first loss position, die umgekehrt als erste möglicherweise auftretende Zahlungsausfälle trägt; cf originate-to-distribute business model = Originate-to-distribute-Geschäftsmodell)
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