MS-Structure Finance 2011年.pdfVIP

STRUCTURE FINANCE Structured finance is used (in the broadest term) to describe a sector of finance that was created to help transfer risk using complex legal and corporate entities. This risk transfer as applied to securitization of various financial assets has helped to open up new sources of financing. - Structured finance transactions rely on the concept of a special purpose vehicle (SPV) to provide improved predictability of outcome compared with a corporate credit in relation to a number of risk factors. - The key feature that distinguishes structured finance transactions from a corporate credit is the structural isolation or "de-linking" of an underlying pool of assets from the corporate credit risk of the owner or "originator" of those assets. This is typically achieved in structured finance by the sale of an identifiable and specific pool of the originator's assets to an SPV so that neither the assets, nor their proceeds on realization, will be available for distribution as part of the bankruptcy estate of the originator. - The separation of a pool of underlying assets from the corporate credit risk of the originator is enhanced by using an SPV. Legal restrictions imposed on an SPV limit the business activities it is allowed to undertake. Unlike the corporate owners of the underlying pool of assets being securitized, SPVs are not intended to be operating businesses. - Where an SPV has been restricted in its business activities and therefore has no (or a known) credit history, this improves the certainty of outcome for a structured finance transaction by