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1 true-sale transaction
true-sale transaction BANK, FIN True-Sale-Transaktion f (a securitization transaction involving the transfer of receivables, a legally binding transfer of a pool of exposures to a special-purpose vehicle; the originators’ motivation: balance sheet structure management, management of risk and of regulatory and economic capital, refinancing; opposite: synthetic securitization –synthetische Verbriefung– which does not involve the transfer of receivables; anders als bei synthetischen Transaktionen werden hier die Forderungen effektiv mit entsprechender Risiko- und Eigenkapitalentlastung abgetreten und am Markt refinanziert; es erfolgt eine rechtswirksame Übertragung eines Forderungspools in einer Bankbilanz in die Bilanz einer Zweckgesellschaft = SPV = special-purpose vehicle; Zweck: Bilanzstrukturmanagement, Risikomanagement, regulatorisches und ökonomisches Eigenkapitalmanagement, Refinanzierung)Englisch-Deutsch Fachwörterbuch der Wirtschaft > true-sale transaction
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2 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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3 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
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4 synthetic securitization
synthetic securitization BANK, FIN synthetische Verbriefung f (securitization transaction not involving the transfer of receivables; the hedging of a pool of exposures by means of guarantees or credit derivatives with or without a special-purpose vehicle, SPV, as well as with or without a refinancing function; Absicherung eines Forderungspools mittels Garantien oder Kreditderivaten mit oder ohne Zwischenschaltung einer Zweckgesellschaft –SPV– sowie mit oder ohne Refinanzierungsfunktion; Zweck: Risikomanagement oder regulatorisches und ökonomisches Eigenkapitalmanagement; opposite: true-sale securitization = True-Sale-Verbriefung)Englisch-Deutsch Fachwörterbuch der Wirtschaft > synthetic securitization
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5 refinancing register
refinancing register BANK, FIN Refinanzierungsregister n (for receivables or collateral against which a transfer claim exists; an entitled transferee = Übertragungsberechtigter –for example, a special purpose vehicle, SPV– wishing to have the asset allocated to an asset pool, obtains a sufficiently secure legal status in insolvency proceedings; securitization, Verbriefungsgeschäft; für Forderungen und Sicherheiten, auf deren Übertragung ein Anspruch besteht; die Registereintragung verschafft der übertragungsberechtigten Zweckgesellschaft, SPV, die die Forderung in einen Forderungspool einstellen will, eine hinreichend sichere Rechtsstellung im Insolvenzverfahren)Englisch-Deutsch Fachwörterbuch der Wirtschaft > refinancing register
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