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A Study on Credit Enhancement Technology of Asset Securitization

Author: LiFang
Tutor: YuanJianGuo
School: Huazhong University of Science and Technology
Course: Business Administration
Keywords: Asset securitization Credit enhancement Risk management
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 124
Quote: 1
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Abstract


Credit enhancement which determines acceptance and acceptability of asset-backed securities is one of the core technologies of the asset securitization. After U.S. sub-prime mortgage crisis, asset securitization had subjected to more accusations of excessive abuse, the development of securitization experienced low ebb. The credit enhancements in the role of asset securitization were becoming more prominent. However, research on credit enhancement of asset securitization is still relatively rare at home and abroad. We will study this topic with an attempt to compensate for the shortcomings in this research field, and provide the theoretical basis and practical reference for the practice of asset securitization in China.In this paper, based on the basic theory of asset securitization, basic content, operation principle, cost-benefit and the most optimal decision-making of the credit enhancement were discussed. Subsequently, we had a detailed analysis of credit enhancement in our asset securitization practice, and summed up the relevant lessons learned and the corresponding solution.Case analysis showed that credit enhancement methods of asset securitization in China mainly based on Internal Credit Enhancement, in particular the use of a senior/subordinated structure, which products layered design to give priority to senior bonds to achieve the credit enhancement. However, with the development of China’s asset securitization market, quality of assets into the asset pool may be varied, great changes of the market environment can occur, if we still use Internal Credit Enhancement as the only way of credit enhancement, the effect of credit enhancement may be greatly reduced.Thereby,which will restrict healthy and rapid development of asset securitization market in china. In the future, we should focus on the development of External Credit Enhancement technology. It is necessary to nurture and develop credit enhancement agencies that promote healthy and rapid development of China’s securitization by the integrated use of internal and external credit enhancement technology.In the end, this paper also proposed a overall program of establishment of a professional credit enhancement agency with strong capital. Furthermore, the scope of business, development direction, governance structure, operational structure, mode of operation and profitability forecast of this professional organization were elaborated in this paper.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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