CDO Taiwan CDO Securitization Market HwaPing Chang July
- Slides: 7
台灣 CDO 證券化市場現況 Taiwan CDO Securitization Market 張華平 Hwa-Ping Chang July 14, 2006
Type Review n Types: l Cash-Flow Securitization – CLO, CBO, Cash Type CDO l Synthetic Securitization – Synthetic CDO l Market-Value Securitization l Etc… 1
CDO Asset Securitization Types in Taiwan Market (Up to 6/30/2006) Financial Asset Securitization --- from 2002. 07. 24 Total Transactions: 35 Total Amount: 316 billion (NTD) CDO Related: CLO: 8 deals (40. 6 billion (NTD) ) CBO: 10 deals (122. 4 billion (NTD)) ABCP: 6 deals (81. 7 billion (NTD)) 2
Asset Securitization Structure in Taiwan ABS: IBT CLO Structure Obligors Loans IBT Originator and Servicer Loans Proceeds of Senior Trust Certificate Sub Trust Certificate SPT (Land Bank) Proceeds of Senior Trust Certificate Underwriters Proceeds of Senior Trust Certificate tw. A 3 Senior Trust Certificate Investors
Barriers of the CDO Development in Taiwan Market n Tax and Regulation, e. g. RP tax n Restriction of Off-shore Assets, e. g. index link, management type CDO n Approval Procedures n Underwriting Capability and Market Risk 4
International Recognitions Accorded to IBT CLO “BEST SECURITIZATION DEAL OF THE YEAR – 2003” in Asia “BEST DOMESTIC ASSET-BACKED SECURITIZATION – 2003” in Asia “BEST DOMESTIC SECURITIZATION – 2003” in Asia “最佳商品設計獎” 5
Q&A 6
