Mai
Nguyen
Dawn of Finance
4
o unsecured debt in the United States and elsewhere
o secured debt in Great Britain
and some other countries
Unsecured bonds (TP ko có TSĐB) represent a claim to the
overall assets and
cash flows of the
issuer.
Secured bonds (TP có TSĐB)
o are backed by a claim to
specific assets of a
corporation, which reduces their risk of default
and the yield that investors require on the bonds.
o sometimes are referred to by the type of collateral pledged.
Equipment trust certificates backed by equipment such as railroad cars and oil
drilling rigs.
Collateral trust bonds backed
by financial assets, such as stocks and (other)
bonds.
Securitized bond (Trái phiếu được chứng khoán hóa):
Mortgage-backed security (MBS)
Covered bonds
Issued by SPE
Issued
by financial companies, banks (no SPE is
created)
Cover pool (TSĐB) remain
on balance sheet of
the SPE (the issuer), not on the BS of the
corporation
Cover pool (TSĐB) remain
on the balance sheet of
the bank (the issuer)
1 tầng TSĐB
Dual recourse (2 tầng TSĐB) issuers must
replace or augment (làm gia tăng) non-performing
assets in the cover pool so that it always provides for
the payment of the covered bond's
promised interest
and principal payments
(
nếu giá trị những khoản vay thế chấp làm TSĐB của
Covered bonds bị suy giảm giá trị, Tổ chức phát hành
phải bổ sung TSĐB để duy trì giá trị đảm bảo thanh toán
gốc và lãi cho Covered bonds
)
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