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Asset-backed securities, called ABS, are bonds or notes backed by financial assets. Typically these assets consist of receivables other than mortgage loans,1 such as credit card receivables, auto loans, manufactured-housing contracts and home-equity loans. ABS differ from most other kinds of bonds in that their creditworthiness (which is at the triple-A level for more than 90% of outstanding issues) derives from sources other than the paying ability of the originator of the underlying assets.
Financial institutions that originate loans—including banks, credit card providers, auto finance companies and consumer finance companies—turn their loans into marketable securities through a process known as securitization. The loan originators are commonly referred to as the issuers of ABS, but in fact they are the sponsors, not the direct issuers, of these securities.
These financial institutions sell pools of loans to a special-purpose vehicle (SPV), whose sole function is to buy such assets in order to securitize them.2 The SPV, which is usually a corporation, then sells them to a trust. The trust repackages the loans as interest-bearing securities and actually issues them. The “true sale” of the loans by the sponsor to the SPV provides “bankruptcy remoteness,” insulating the trust from the sponsor. The securities, which are sold to investors by the investment banks that underwrite them, are “credit-enhanced” with one or more forms of extra protection—whether internal, external or both. (See “Credit Enhancement,” on page 11.)
ABS constitute a relatively new but fast-growing segment of the debt market. The first ABS were issued in 1985; in that year, the market for publicly offered ABS issues was $1.2 billion. In 2003, issuance totaled a new record of $479.4 billion. This booklet primarily addresses publicly issued ABS, although the growing private-issue ABS market is briefly mentioned. It is estimated that a total of over $2.6 trillion of ABS were issued from 1985 through 2003.
1 Securities backed by first mortgages, although the most common ABS, are considered a separate investment category and are therefore not included in this guide. They are discussed in detail in The Bond Market Association's Investor's Guide to Mortgage Securities.
2 Certain types of financial institutions, such as banks, may sell their loans directly to a trust that issues ABS, since the intermediate sale to an SPV is not needed to achieve bankruptcy remoteness. (See "Special-Purpose Vehicle and the Rating," on page 10.)
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What are Asset-Backed Securities||资产支持的安全是什么?
Asset-backed securities, called ABS, are bonds or notes backed by financial assets||财务资产的回来的被称为 ABS, 是束缚的资产支持的安全或笔记. Typically these assets consist of receivables other than mortgage loans,1 such as credit card receivables, auto loans, manufactured-housing contracts and home-equity loans||典型地这些资产除了抵押贷款贷款之外有应收帐款,1 如此的如信用卡应收帐款 , 汽车贷款, 制造-住屋契约和家-公正贷款. ABS differ from most other kinds of bonds in that their creditworthiness (which is at the triple-A level for more than 90% of outstanding issues) derives from sources other than the paying ability of the originator of the underlying assets||ABS 在他们的 creditworthiness(在三倍之数是-一个水平对于超过 90% 的杰出议题) 起源于在下面资产的创始人的支付能力之外的来源上不同于大多数的其他类型的束缚.
Financial institutions that originate loans—including banks, credit card providers, auto finance companies and consumer finance companies—turn their loans into marketable securities through a process known as securitization||开始包括贷款的银行，信用卡提供者, 汽车融资公司和消费者的财务的机构供给公司经费-透过一个已知的程序将他们的贷款变成可销售的安全如 securitization. The loan originators are commonly referred to as the issuers of ABS, but in fact they are the sponsors, not the direct issuers, of these securities||贷款创始人被普遍称为 ABS 的发行者，但是事实上他们是赞助者而不是直接的发行者, 这些安全.
These financial institutions sell pools of loans to a special-purpose vehicle (SPV), whose sole function is to buy such assets in order to securitize them.2 The SPV, which is usually a corporation, then sells them to a trust||这些财务的机构卖贷款的池给一辆特别-目的车辆 (SPV) ，功能将买在次序的如此的资产给 securitize 他们脚掌。2 通常是公司的 SPV 然后卖他们给信赖||通常是公司的 SPV 然后卖他们给信赖. The trust repackages the loans as interest-bearing securities and actually issues them||信赖再包装贷款当举止兴趣的安全而且实际上发行他们. The “true sale” of the loans by the sponsor to the SPV provides “bankruptcy remoteness,” insulating the trust from the sponsor||对 SPV 的赞助者的贷款的 " 真实的售卖 " 提供使来自赞助者的信赖绝缘的 "破产远离 ,". The securities, which are sold to investors by the investment banks that underwrite them, are “credit-enhanced” with one or more forms of extra protection—whether internal, external or both||被签名于下他们的投资银行卖到投资者的安全是 " 信用 - 可提高的 " 由于一或较多形式的额外的保护-是否内在的，外部的或两者的. (See “Credit Enhancement,” on page||在页上见到 "信用提高 ," 11.)
ABS constitute a relatively new but fast-growing segment of the debt market||ABS 构成债务市场的一个相对新的但是斋戒-成长片段. The first ABS were issued in 1985; in that year, the market for publicly offered ABS issues was $1.2 billion||第一 ABS 在 1985 年被发行; 在那年中, 给公然地提供的 ABS 议题的市场是十二亿元. In 2003, issuance totaled a new record of $479.4 billion||在 2003 年, 总计一笔四千七百九十四亿元的新记录的发行. This booklet primarily addresses publicly issued ABS, although the growing private-issue ABS market is briefly mentioned||这一本小册子主要地公然地演说发行 ABS,虽然成长的二等兵-议题的 ABS 市场简短地被提到. It is estimated that a total of over $2.6 trillion of ABS were issued from 1985 through||它被估计总数为上面的 ABS 中的 $2.6 兆被发行从 1985 穿越 2003.
1 Securities backed by first mortgages, although the most common ABS, are considered a separate investment category and are therefore not included in this guide||藉着第一个抵押贷款回来的安全, 虽然最通常的 ABS, 被视为一个分开的投资种类和是因此不在这一个引导者包含了. They are discussed in detail in The Bond Market Association's Investor's Guide to Mortgage Securities||他们在庞德被详细地讨论在市场上销售协会的投资者关于的指南抵押安全.
2 Certain types of financial institutions, such as banks, may sell their loans directly to a trust that issues ABS, since the intermediate sale to an SPV is not needed to achieve bankruptcy remoteness||像银行这样的财务机构的特定的类型,可能直接地对发行 ABS 的信赖卖他们的贷款,因为 SPV 的中间售卖没被需要达成破产远离. (See "Special-Purpose Vehicle and the Rating," on page 10.)