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租赁证券化简明教程(英文)

来源:J.P. Morgan  发布时间:2006-5-17 0:43:33  作者:admin

·Equipment lease ABS have shown a steady supply of issuance over the years. The benefits that securitisation offers to lessors include diversification offunding sources, lower cost of funds and improved return on capital.
· An important aspect of collateral characteristics is lease provisions. A key provision is the “hell or high-water” provision whereby the lessee cannot voluntarily prepay, and is required to make monthly payments regardless of the condition of the equipment or any disagreement with the lessor. Thisprovision protects the lessor, and by extension, the investor.
· Equipment lease ABS have less prepayment uncertainty and more stable average lives than mortgages. But like other asset-backed securities, obligor defaults and portfolio servicing are the main credit risks.
· Equipment lease ABS provides diversity from traditional consumer-related ABS like credit cards and autos. We believe that, over time, the spread pickup that equipment ABS has over traditional asset classes should narrow as the market evolves in size and issuers, and liquidity improves.


200605/20060516184810536.pdf

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