Senior tranche
In a true sale securitization, those bondholders who are the last to be liable for losses in the event of defaulting debtors, after the holders of the first-loss tranche (junior tranche; equity tranche, junior tranche] and the mezzanine tranche. Accordingly, they bear a lower risk, but they also draw a lower interest rate. The low-risk senior tranche is particularly attractive for insurance companies as well as for capital management companies and pension funds. – Sometimes the senior tranche is broken down into further sub-tranches, each of which has the same credit rating but a different maturity date. This makes the securities in question particularly suitable for investors who need to plan their liquidity (on a day-by-day basis). – See originate-to-distribute strategy, subordinated debt, tranche thickness, true sale securitization, waterfall principle, special purpose vehicle. – Cf. ECB Monthly Bulletin, February 2008, p. 91 (sub-tranches).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/
I en “true sale”-værdipapirisering er obligationsejerne de sidste, der hæfter for tab i tilfælde af misligholdte debitorer efter indehaverne af first loss-tranchen (junior tranche; equity tranche, junior tranche) og mezzanintranchen. De bærer derfor en lavere risiko, men de får også en lavere rente. Den seniorte tranche med lav risiko er særlig attraktiv for forsikringsselskaber samt for kapitalforvaltningsselskaber og pensionsfonde. – Nogle gange er den øverste tranche opdelt i yderligere undertrancher, som hver især har samme kreditvurdering, men en anden løbetid. Dette gør de tilsvarende værdipapirer særligt velegnede til investorer, der har brug for at foretage (dagsbaseret) likviditetsplanlægning. – Se “originate-to-distribute”-strategi, efterstillet gæld, tykkelse af trancher, “true sale”-securitisation, vandfaldsprincip, special purpose vehicle. – Jf. ECB’s månedsoversigt fra februar 2008, s. 91 (undertransaktioner).
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Universitetsprofessor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mailadresse: info@jung-stilling-gesellschaft.de
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/
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