文档介绍：Asset SecuritizationIn AsiabyIan H. GiddyNew York University2Asset Securitization in AsiaContentsChapter 1. What is Asset Securitization?Asset Securitization DefinedThe StructureThe Cash FlowsChapter 2. The Basic ElementsThe AssetsThe SecuritiesThe OriginatorsThe InvestorsManaging the RisksWhat’s Different About It?Credit Enhancement with Financial GuaranteesA Growing Global Market Chapter 3. The Securitization ProcessThe Technique SummarizedA Hypothetical ExampleA Case Study: Dah SingAsset-mercial PaperChapter 4. The Benefits and CostsThe EconomicsHow Originators BenefitHow Investors BenefitEffects on the National EconomyA Decision FlowchartChapter 5. Securitizing Infrastructure RevenuesThe Securitization of Future Revenue FlowA Case Study: Ras LaffanChapter 6. ConclusionsCopyright ? 2000 Ian H. Giddy. All rights Asian financial institutions panies, asset securitization may provide a very attractive financing 1What is Asset Securitization?Asset Securitization DefinedSecuritization is the transformation of illiquid assets into a security -- that is, an instrument that is issued and can be traded in a capital market. Assets that have been transformed in this manner include residential mortgages, auto loans, credit card receivables, leases and utility payments. The term asset-backed security (ABS) is generally applied to issues backed by non-mortgage assets. Asset securitization techniques are being embraced by a number of Asian countries seeking to promote home ownership, to finance infrastructure growth, and to develop their domestic capital markets. Asset securitization differs from collateralized debt or traditional asset-based lending in that the loans or other financial claims are assigned or sold to a third party, typically a special-pany or trust. This special-purpose vehicle (SPV) in turn issues one or more debt instruments -- the asset-backed securities --whose interest and principal payments are dependent on the cas