固定收益证 券Municipal Securities.pptVIP

* Exhibit 9-3 Ratings for Indonesia, Thailand, and South Korea During the Asian Financial Crisis (Information for Thailand and South Korean not show on overhead.) Indonesia Moody’s Standard Date Rating Change Date Rating Change 25/6/97 Baa3 — 25/6/97 BBB — 27/12/97 Bal -1 10/10/97 BBB- -1 9/1/98 B2 -5 31/12/97 BB+ -2 9/1/98 BB -3 27/1/98 B -6 The European Covered Bond Market One of the largest sectors of the European market is the covered bonds market. Covered bonds are issued by banks. The collateral for covered bonds can be one of the below loans: residential mortgage loans commercial mortgage loans public sector loans. They are referred to as “covered bonds” because the pool of loans that is the collateral is referred to as the “cover pool.” ? The European Covered Bond Market(continued) Investors in covered bonds have two claims. The first is a claim on the cover pool. At issuance, there is no legal separation of the cover pool from the assets of the issuing bank. The second claim is against the issuing bank. Because the covered pool includes high-quality mortgage loans and is issued by strong banks, covered bonds are viewed as highly secure bonds, typically receiving a triple A or double A credit rating. Covered bonds can be issued in any currency. ? The European Covered Bond Market(continued) The difference between these securities created from a securitization is fourfold. At issuance, the bank that originated the loans will sell a pool of loans to a special purpose vehicle (SPV). Investors in RMBS/CMBS/ABS do not have recourse to the bank that sold the pool of loans to the SPV. For RMBS/CMBS/ABS backed by residential and commercial mortgage loans, the group of loans, once assembled, does not change, whereas covered bonds are not static. Covered bonds typically have a single maturity date (i.e., they are bullet bonds), whereas RMBS/CMBS/ABS typically have time tranched bond classes. ? The Pfandbriefe Market The German mortgage-bond market, called the