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Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

Abhandlungen über Johann Heinrich Jung-Stilling

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Asset-backed [commercial] papers

In general, all tradeable commercial papers which are backed by assets of the issuer. – In particular, debt instruments backed by payments from a portfolio in which a large number of individual receivables are pooled. At the end of 2007, before the subprime crisis turned into a financial crisis, investors (banks, funds, insurance companies and, to a lesser extent, private households) held securities of this type worth around 450 billion euros in their portfolios worldwide; eighty percent of these were considered toxic securities, i.e., nonvaleurs. In some countries, these had to be taken over by the state in order to rebalance bank balance sheets. – The shock had the effect that – from then on, the assessment of new securitization papers was carried out very precisely and critically by those looking for them, and that people no longer relied blindly on ratings from rating agencies. – On the other hand, the providers, i.e. the issuers of such securities, were forced to provide a maximum of information on securitized receivables. The complexity (the state of being intricate and difficult to see through) of the products – pools were reported that were explained in more than 200 printed pages in legalese that was difficult to understand! – noticeably. – Sometimes also said in particular of catastrophe bonds issued by reinsurers by way of retrocession in the form of private placement. – See ABS funds, Absence capitalism, Assets, illiquid, Asset-backed commercial paper, Asset-backed securities, Asset-backed securities-collateralized debt obligation, Assignats, Impact carriers, Off-exchange, Automobile loans, securitized, Back-to-originator postulate, Collateralized bond obligations, Claw-back clause, Collateralized debt obligations, Collateralized loan obligations, Conduit, Defeasance, Diamond thesis, Single-originator securitization, Embedded-value securitization, development process, iterative, first-loss tranche, catastrophe bonds, credit expansion, credit card fiasco, loan securitization, moral hazard, pay-green initiative, residential mortgage-backed securities, retrocession, single master liquidity conduit, debt coverage ratio, subprime crisis, tranche thickness, true-sale securitization, residential mortgage loans, securitized, backing, corporate loans, securitized, securitization structure, interest rate freeze, special purpose vehicle. – See ECB Monthly Bulletin of February 2008, pp. 89 et seq. (market for various securitization instruments in the euro area: broad presentation; overviews), Financial Stability Report 2010, pp. 73 et seq. (sources of risk; overviews), ECB Monthly Bulletin of July 2011, pp. 22 et seq. (funding/securitization nexus since 2009; overviews), ECB Monthly Bulletin of October 2011, pp. 79 et seq. (securitizations and debt issuance).

Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent!
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/

Asset-backed [commercial] papers

In het algemeen, alle verhandelbare handelspapieren die worden gedekt door activa van de emittent. – Met name schuldinstrumenten die gedekt worden door betalingen uit een portefeuille waarin vele individuele vorderingen zijn samengebracht. Eind 2007, nog voordat de subprime-crisis uitgroeide tot een financiële crisis, bevond zich voor ongeveer 450 miljard euro aan effecten van dit type in de portefeuilles van beleggers overal ter wereld (banken, fondsen, verzekeringsmaatschappijen, en in mindere mate particuliere huishoudens); tachtig procent daarvan werd beschouwd als toxische effecten, non-valeurs. In sommige landen moesten deze door de staat worden overgenomen om de bankbalansen weer in evenwicht te brengen. – De schok had tot gevolg dat – de beoordeling van nieuwe effectiseringspapieren voortaan zeer nauwkeurig en kritisch werd uitgevoerd door de vragers, en dat men niet langer blindelings vertrouwde op de ratings van ratingbureaus. – Anderzijds werden de verstrekkers, d.w.z. de emittenten van dergelijke effecten, gedwongen een maximum aan informatie over gesecuritiseerde vorderingen te verstrekken. De complexiteit (het ingewikkeld en moeilijk te doorgronden zijn) van de producten – er waren verslagen van zwembaden die in meer dan 200 gedrukte bladzijden in moeilijk te begrijpen juridisch jargon werden uitgelegd! – merkbaar. – Soms werd ook met name gesproken over catastrofeobligaties die door herverzekeraars worden uitgegeven bij wijze van retrocessie in de vorm van onderhandse plaatsing. – Zie ABS-fondsen, Afwezigheidskapitaal, Activa, illiquide, Asset-backed commercial paper, Asset-backed securities, Asset-backed securities-collateralised debt obligation, Assignats, Impact carriers, Off-exchange, Automobiele leningen, Gesecuritiseerd, back-to-originator postulaat, obligaties tegen onderpand, claw-back clausule, collateralised debt obligations, collateralised loan obligations, conduit, defeasance, diamond thesis, single originator securitisation, embedded value securitisation, ontwikkeling, iteratief, first-loss tranche, catastrofeobligaties, kredietexpansie, creditcardfiasco, effectisering van leningen, moreel risico, pay-green initiatief, door woninghypotheken gedekte waardepapieren, retrocessie, single master liquidity conduit, schulddekkingsgraad, subprime-crisis, tranche-dikte, true-sale effectisering, woningbouwleningen, gesecuritiseerd, backing, bedrijfsleningen, gesecuritiseerd, effectiseringsstructuur, bevriezing van de rente, special purpose vehicle. – Zie ECB Maandbericht van februari 2008, blz. 89 e.v. (Markt voor diverse securitisatie-instrumenten in het eurogebied: algemene presentatie; overzichten), Financieel Stabiliteitsverslag 2010, blz. 73 e.v. (Bronnen van risico; overzichten), ECB Maandbericht van juli 2011, blz. 22 e.v. (Financiering/securitisatie nexus sinds 2009; overzichten), ECB Maandbericht van oktober 2011, blz. 79 e.v. (Securitisaties en uitgifte van schuldbewijzen).

Opgelet: De financiële encyclopedie is auteursrechtelijk beschermd en mag zonder uitdrukkelijke toestemming alleen voor privé-doeleinden worden gebruikt!
Universiteitsprofessor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mailadres: info@jung-stilling-gesellschaft.de
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

Asset-backed [commercial] papers

Generelt alle omsættelige handelspapirer, som er sikret ved udstederens aktiver. – Navnlig gældsinstrumenter, der er sikret ved betalinger fra en portefølje, hvor mange individuelle fordringer er samlet. I slutningen af 2007, selv før subprime-krisen udviklede sig til en finanskrise, var der værdipapirer af denne type værdipapirer til en værdi af ca. 450 mia. euro i porteføljerne hos investorer verden over (banker, fonde, forsikringsselskaber og i mindre grad private husholdninger). 80 % af disse blev anset for at være giftige værdipapirer, non-valeurs. I nogle lande måtte disse overtages af staten for at bringe bankernes balancer tilbage i balance. – Chokket havde den virkning, at – vurderingen af nye securitisationspapirer fremover blev foretaget meget præcist og kritisk af efterspørgerne, og at man ikke længere blindt stolede på kreditvurderingerne fra kreditvurderingsbureauerne. – På den anden side blev udbyderne, dvs. udstederne af sådanne værdipapirer, tvunget til at give et maksimum af oplysninger om securitiserede fordringer. Produkternes kompleksitet (det at være indviklet og svært at gennemskue) – der var rapporter om pools, der blev forklaret på mere end 200 trykte sider i juridisk sprog, som var svært at forstå! – mærkbart. – Nogle gange blev der også talt om katastrofeobligationer udstedt af genforsikrere ved retrocession i form af privat placering. – Se ABS-fonde, Fraværskapitalisme, Aktiver, illikvide, Asset-backed commercial paper, Asset-backed securities, Asset-backed securities-collateralised debt obligation, Assignats, Impact carriers, Off-exchange, Automobillån, Securitised, back-to-originator-postulat, collateralised bond obligations, claw-back-klausul, collateralised debt obligations, collateralised loan obligations, conduit, defeasance, diamond thesis, single originator securitisation, embedded value securitisation, udviklingsmæssig, iterativ, first-loss tranche, katastrofeobligationer, kreditekspansion, kreditkortfiasko, securitisation af lån, moral hazard, pay-green-initiativ, residential mortgage-backed securities, retrocession, single master liquidity conduit, gældsdstækningsgrad, subprime-krisen, tranchetykkelse, true-sale securitisation, boliglån, securitised, backing, erhvervslån, securitised, securitisationsstruktur, rentestop, special purpose vehicle. – Jf. ECB’s månedsoversigt fra februar 2008, s. 89 ff. (Markedet for forskellige securitisationsinstrumenter i euroområdet: bred præsentation; oversigter), Financial Stability Report 2010, s. 73 ff. (Risikokilder; oversigter), ECB’s månedsoversigt fra juli 2011, s. 22 ff. (Sammenhængen mellem finansiering og securitisation siden 2009; oversigter), ECB’s månedsoversigt fra oktober 2011, s. 79 f. (Securitisationer og udstedelse af gældsinstrumenter).

Bemærk: Den finansielle encyklopædi er beskyttet af ophavsretten og må kun anvendes til private formål uden udtrykkeligt samtykke!
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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