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1 Vor-Börsenreife
Vor-Börsenreife f BANK, BÖRSE, FIN mezzanine level (vor dem Börsengang gelegene Phase im Unternehmenslebenszyklus, stage of a company’s life cycle prior to going public, cf mezzanine finance, mezzanine lending; Mezzanin-Finanzierung)* * *f <Bank, Börse, Finanz> Mezzanin-Finanzierung mezzanine level (vor dem Börsengang gelegene Phase im Unternehmenslebenszyklus, stage of a company's life cycle prior to going public, cf mezzanine finance mezzanine lending) -
2 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)
См. также в других словарях:
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