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1 credit risk transfer instrument
credit risk transfer instrument BANK, FIN Kreditrisikotransferinstrument n (securitized or structured financial products like ABS, MBS, ABCP, CBOs or CDOs; strukturierte Finanzprodukte machen risikoreiche, nicht marktgängige individuelle Forderungen, z. B. gegen zweitklassige Hypothekenschuldner oder kleine und mittlere Unternehmenseinheiten, durch die ‘Alchemie der Verbriefung’ handelbar = tradable = transferable; SVR: aus Landwein wird Qualitätswein, der durch beratend an der Strukturierung beteiligte Ratingagenturen zum Prädikatswein geadelt wird)Englisch-Deutsch Fachwörterbuch der Wirtschaft > credit risk transfer instrument
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2 credit derivatives
credit derivatives BANK, FIN Kreditderivate npl (Finanzderivate, die eine außerbörsliche = OTC und außerbilanzielle Risikoübertragung = off-balance sheet risk transfer von einem Sicherungsnehmer, häufig einer Bank, auf einen Sicherungsgeber = Investor ermöglichen, wobei der zugrunde liegende risikotragende Forderungstitel im Eigentum und in der Bilanz des Sicherungsnehmers verbleibt; intransparente Verlagerung von Kreditrisiken verhindert das Erkennen der Entstehung von Klumpenrisiken = cluster risks; cf synthetic securitization = synthetische Verbriefung)Englisch-Deutsch Fachwörterbuch der Wirtschaft > credit derivatives
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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 securitization transaction
securitization transaction BANK, FIN Verbriefungstransaktion f (transaction either involving the transfer of receivables –true-sale securitisation– or not involving the transfer of receivables –synthetic securitisation–; any uniformly documented transaction in which the credit risk from a portfolio is distributed across at least two securitization tranches with differing risk profiles and the payments to investors depend upon the performance of the underlying portfolio; jede einheitlich dokumentierte Transaktion, bei der das Kreditrisiko aus einem Portfolio wenigstens auf zwei Verbriefungstranchen mit unterschiedlichen Risikoprofilen aufgeteilt wird und die Zahlungen an die Investoren von der Entwicklung des zu Grunde liegenden Portfolios abhängen; entweder Transaktionen mit Forderungsübertragung = True-Sale-Verbriefungen oder Transaktionen ohne Forderungsübertragung = synthetische Verbriefungen)Englisch-Deutsch Fachwörterbuch der Wirtschaft > securitization transaction
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5 true-sale securitization
true-sale securitization BANK, FIN True-Sale-Verbriefung f (ABS; securitization transaction involving the transfer of receivables; der Investor, eine Zweckgesellschaft = SPV = special purpose vehicle, erwirbt das Eigentum an den Forderungen; opposite: synthetic securitization = synthetische Verbriefung; Gegensatz: synthetische Verbriefung, die Forderung bleibt hier im Eigentum und in der Bilanz der Bank, nur das Kreditrisiko wird als Finanzderivat verkauft, no transfer of receivables is involved, only the credit risk is transferred by means of a financial derivative)Englisch-Deutsch Fachwörterbuch der Wirtschaft > true-sale securitization
См. также в других словарях:
credit risk — The risk that a counterparty will default or delay payment on an obligation or that the value of a flow of payments will decline due to an adverse movement in the counterparty s credit rating See also political credit risk; transfer credit risk … Big dictionary of business and management
credit risk — The risk taken when a loan is made that the borrower will default on or delay repayment of the principal or payments of interest. See also: political credit risk, transfer credit risk … Accounting dictionary
Credit risk — Categories of financial risk Credit risk Concentration risk Market risk Interest rate risk Currency risk Equity risk Commodity risk Liquidity risk Refinancing risk … Wikipedia
Credit risk management — In finance, Credit risk management is the process of assessing risk in an investment. When the risk has been assessed, investment decisions can be made and the risk vs. return balance considered from a better position.The main way to reducing… … Wikipedia
transfer credit risk — The credit risk that arises, especially on long term contracts, as a result of a foreign debtor s inability to obtain foreign currency from the central bank at the appropriate time. This may occur even when the debtor is able and willing to pay.… … Accounting dictionary
transfer credit risk — The credit risk that arises, especially on long term contracts, as a result of a foreign debtor s inability to obtain foreign currency from the central bank at the appropriate time. This may occur even when the debtor is able and willing to pay.… … Big dictionary of business and management
Alternative Risk Transfer — (often referred to as ART) is the use of techniques other than traditional insurance and reinsurance to provide risk bearing entities with coverage or protection. The field of ART grew out of a series of insurance capacity crises in the 1970s… … Wikipedia
political credit risk — sovereign risk The credit risk arising from the fact that a foreign government may decide not to honour its financial obligations or other business commitments. Compare transfer credit risk See also country risk … Big dictionary of business and management
political credit risk — The credit risk that arises as a result of actions by a foreign government, which may affect the management of a foreign business, control of its assets, and its ability to make payments to its creditors. Compare: transfer credit risk … Accounting dictionary
Credit Suisse — Group AG Type Aktiengesellschaft Traded as SIX: CSGN, NYSE: … Wikipedia
credit default swap — A contract between a credit protection seller (seller) and a credit protection buyer (buyer) where, in consideration of the buyer paying the seller an agreed fee, the seller agrees to pay out agreed sums to the buyer if certain credit events… … Law dictionary
