توريق (تمويل)

(تم التحويل من توريق)
أوراق مالية
Vereinigte Ostindische Compagnie bond.jpg

أوراق مالية
Bond
Equities
Investment Fund
Derivatives
Structured finance
Agency securities

الأسواق
سوق السندات
سوق الأسهم
سوق العقود الآجلة
سوق العملات الأجنبية
Commodity market
Spot market
Over-the-counter Market (OTC)

السندات
Bonds by coupon
سند ثابت الفائدة
Floating rate note
Zero-coupon bond
Inflation-indexed bond
Commercial paper
سند دائم

السندات حسب المـُصدِر
Corporate bond
سند حكومي
سند بلدية
Pfandbrief
سندات سيادية

Equities (Stocks)
Stock
سهم Share
طرح علني أولي IPO
بيع مكشوف Short Selling

Investment Funds
Mutual fund
Index Fund
Exchange-traded fund (ETF)
Closed-end fund
Segregated fund
صندوق تحوط

Structured finance
التوريق
Asset-backed security
Mortgage-backed security
Commercial mortgage-backed security
Residential mortgage-backed security

Tranching
Collateralized debt obligation
Collateralized fund obligation
Collateralized mortgage obligation

Credit-linked note
Unsecured bond
Agency Securities

المشتقات
Options
Warrants
عقود آجلة
Forwards
مقايضات
مشتقات ائتمانية
أوراق مالية هجين

عدل هذا الصندوق

التوريق Securitisation هو عملية structured finance توزع المخاطر by aggregating debt instruments in a pool, then issues new securities backed by the pool. The term "Securitisation" is derived from the fact that the form of financial instruments used to obtain funds from the investors are securities. As a portfolio risk backed by amortizing cash flows - and unlike general corporate debt - the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches will experience dramatic credit deterioration and loss.[1] ويمكن توريق كل الأصول طالما أنهم يرتبطون ب cash flow. Hence, the securities which are the outcome of Securitisation processes are termed asset-backed securities (ABS). From this perspective, Securitisation could also be defined as a financial process leading to an issue of an ABS.

وكثيراً ما يـَستعمل التوريق special purpose vehicle (SPV), alternatively known as a special purpose entity (SPE) or special purpose company (SPC), reducing the risk of bankruptcy and thereby obtaining lower interest rates from potential lenders. A credit derivative is also sometimes used to change the credit quality of the underlying portfolio so that it will be acceptable to the final investors. Securitisation has evolved from its tentative beginnings in the late 1970s to a vital funding source with an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. وفي عام 2007، ABS issuance amounted to $3,455 billion in the US and $652 billion in Europe. [2]

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انظر أيضاً


الهامش

  1. ^ Raynes, Sylvain and Ann Rutledge, The Analysis of Structured Securities, Oxford U Press, 2003, p. 103.
  2. ^ "ESF Securitisation Data Report Q2:2008, European Securitisation Forum, London, Securities Industry and Financial Markets Association (SIFMA), 2008

قالب:Structured finance