综合座谈会-金融海啸后的全球财富重分配-宏观流年011(.pptVIP

The credit quality of the majority of structured finance securities rated by Taiwan Ratings was stable or improved in 2010, and the number of upgrades outweighed that of downgrades, reversing the 2009 trend. This reflects the continued stabilization of asset performance and the macro economy. We expect such credit stability or improvement in rated securities to continue during 2011. The recent stagnancy in new transaction issuance coupled with several deal enquiries that we have received, allowing us to envision several potential developments in the local securitization market. These factors could help to define the future of Taiwan-originated structured finance instruments in the short to mid term, including: The capital market generally recognizes the benefits of securitizations; Taiwan Ratings and Standard Poors Ratings Services observations show that, investors, sellers, and regulators generally recognize the helpful role that securitization provides in the functioning of capital markets, despite continuing criticism of securitization. Certainly this is true in Taiwans securitization market, where transaction arrangements place greater importance on the fundamental needs of the originators. This is supported by the findings of a report from the International Monetary Fund in October 2009, titled Global Financial Stability Report: Navigating the Financial Challenges Ahead (see /external/pubs/ft/gfsr/2009/02/index.htm). The majority of Taiwan securitization transactions aim to provide market liquidity for assets and alternative funding channels for sellers. In other words, they are designed to serve the fundamental needs of the originators and sellers. The recent stagnancy in new transaction issuance coupled with several deal enquiries that we have received, allow us to envision several potential developments in the local securitization market. These factors could help to define the future of Taiwan-originated structured finance instruments in the short to m