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1 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) -
2 toxic instruments
toxic instruments (infrml) MEDIA, BANK, ACC, FIN (infrml) toxische Titel mpl, toxische Papiere npl, toxische Instrumente npl, toxische Finanzinstrumente npl (risikobehaftete, strukturierte Forderungstitel in Bankbilanzen, häufig aus intransparenten, schwer bewertbaren Wiederverbriefungen = re-securitizations, häufig mit irreführenden besonderen AAA-Ratings bekannter Ratingagenturen, die die Originator-Bank bereits beim Strukturierungsprozess gegen Honorar beratend begleiteten; die Konstruktion stellt gezielt sicher, dass die Qualität der Forderungen und die Bonität der Titel nicht mehr erkennbar sind; viele Investoren –insbesondere öffenlich-rechtliche Institute oder deren Zweckgesellschaften = SPV in Deutschland– deckten sich mangels eines Geschäftsmodells in der Niedrigzinsphase –‚Jagd auf Rendite’– ein; zeitweise, bis ca. 2007 von Investmentbanken auch ‚fortschrittliche’ Finanzinstrumente = ‚advanced’ instruments genannt; z. B. CDOs, ABS von ABS, CBOs, MBS; cf financial alchemy of securitization, tranching)Englisch-Deutsch Fachwörterbuch der Wirtschaft > toxic instruments
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