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台 灣 CDO 證券化市場現況 Taiwan CDO Securitization Market

台 灣 CDO 證券化市場現況 Taiwan CDO Securitization Market. July 14, 2006. 張 華 平 Hwa-Ping Chang. Type Review. Types: Cash-Flow Securitization CLO, CBO, Cash Type CDO Synthetic Securitization Synthetic CDO Market-Value Securitization Etc….

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台 灣 CDO 證券化市場現況 Taiwan CDO Securitization Market

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  1. 台灣 CDO 證券化市場現況Taiwan CDO Securitization Market July 14, 2006 張 華 平 Hwa-Ping Chang

  2. Type Review • Types: • Cash-Flow Securitization • CLO, CBO, Cash Type CDO • Synthetic Securitization • Synthetic CDO • Market-Value Securitization • Etc…

  3. 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))

  4. Asset Securitization Structure in TaiwanABS: IBT CLOStructure IBT Originator and Servicer Loans Obligors Loans SPT (Land Bank) Proceeds of Senior Trust Certificate Proceeds of Senior Trust Certificate Senior Trust Certificate Sub Trust Certificate Underwriters Proceeds of Senior Trust Certificate Senior Trust Certificate Senior Trust CertificatetwA Investors

  5. Barriers of the CDO Development in Taiwan Market • Tax and Regulation, e.g. RP tax • Restriction of Off-shore Assets, e.g. index link, management type CDO • Approval Procedures • Underwriting Capability and Market Risk

  6. International RecognitionsAccorded 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 “BEST DOMESTIC SECURITIZATION – 2003” in Asia “最佳商品設計獎”

  7. Q & A

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