1、<p><b>　　中文3490字</b></p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　The Asset Securitization Activity in Italy</p><p>　　The main object o

2、f this chapter is to analyze the basic characteristics and the market structure of the securitization activity, especially with reference to the Italian securitization market, which has rapidly developed in recent years.

3、 </p><p>　　In particular, this chapter intends to answer the following questions: </p><p>　　1. What is meant by securitization? </p><p>　　2. How is the transaction structured? </

4、p><p>　　3. What is the role of financial intermediaries within the securitization process, especially in Italy? </p><p>　　4. What are the main characteristics of the Italian securitization activity

5、?</p><p>　　At this purpose, we will first explain the basic components of a securitization transaction, describing the typical structure and the main players involved. Secondly, we will analyze the Italian s

6、ecuritization market, emphasizing its peculiarities through an international comparative analysis. </p><p>　　Generally speaking, the aim of securitization is to transform illiquid assets into securities. For

7、 the purpose of this chapter, the term securitization is used to represent the process whereby assets are pooled together, with their cash flows, and converted into negotiable securities to be placed into the market. The

8、se securities are backed or secured by the original underlying assets and are generally defined as Asset Baked Securities (ABS).</p><p>　　Theoretically, any financial assets producing cash flows (receivables

9、, residential and commercial mortgages, credit card receivables, and other consumer and commercial loans) can be securitized. </p><p>　　The concept of asset securitization was introduced in the US financial

10、system in the 1970s, when the Government National Mortgage Association issued securities backed by a pool of loans, represented by residential mortgages.During the last decade, it has rapidly developed within Europe, esp

11、ecially in the UK. Recently, the Italian securitization market has rapidly expanded thanks to the introduction of a specific regulation (Law 130/99). </p><p>　　Two main types of securitization transactions e

12、xist:</p><p>　　1. Cash flow based (CFB) securitization. The transaction is structured as a sale of assets by a company (Originator) to a special entity (Special Purpose Vehicle, SPV), which then issues secur

13、ities backed by the underlying assets. The CFB securitization is also defined as Funded Securitization, because the Originator can raise money through the asset sale, diversifying its financing sources; </p><p

14、>　　2. Synthetic securitization. It is a transaction through which the credit risk, associated with a pool of assets, is transferred to a separate entity (SPV). It is not a sale of assets, so the Originator does not re

15、ceive any cash flow. The SPV in this case is not the owner of a pool of assets, but only the entity that carries the associated credit risk. It is realized through the use of derivatives instruments (total return swaps a

16、nd credit derivatives).</p><p>　　-asset backed securities (ABS), which represent securities backed by specific assets (auto loans, credit card receivables, student loans, equipment leases). This definition d

17、oes not include mortgages loans or corporate bond loans; -mortgage backed security (MBS), which are securities backed by specific mortgage loans.</p><p>　　Securitization is a financial instrument aimed at tr

18、ansforming a pool of assets into marketable securities, which are secured by the cash flow stream related to the underlying assets (Asset Backed Securities – ABS). </p><p>　　It is realized through a transfer

19、 of assets by a company (Originator) to a separate firm (Special Purpose Vehicle – SPV), which then issues securities, in the form of debt instruments, to be placed into the market through a private or public offering.

20、 </p><p>　　In order to analyze the basic structure of a securitization transaction, let us consider the following example. The Originator is a bank, willing to raise money by liquidating a specific pool of l

21、oans through securitization. Two basic deals are involved: 1. Asset sale; 2. Issuance of Asset Backed Securities.</p><p>　　- Asset Sale. The first deal is represented by a sale of assets between two parties:

22、 </p><p>　　1. One party is the seller of the assets and is known as the “Originator”. In our example it is represented by a bank; </p><p>　　2. The other party is a separate entity, established f

23、or the purpose of buying the assets and transforming them into negotiable securities to be placed into the capital market. This entity serves only as securitization vehicle and so it is often defined as “Special Purpose

24、Vehicle” (SPV) or “Special Purpose Company” (SPC). It may take the organizational form of corporation or limited partnership.</p><p>　　- Issuance of Asset Backed Securities. In order to finance the asset pur

25、chase, the SPV issues securities (usually debt obligation instruments), which are backed by the acquired assets (Asset Backed Securities– ABS).The cash flows originated by the acquired pool of assets are then used to p

26、ay the principal and interest on the securities sold to the final investors (holders of ABS securities).</p><p>　　3. The issuance of Asset Backed Securities contributes to satisfy different investors’ needs

27、and to develop primary financial markets, allowing a transfer of certain risks to the final investors. </p><p>　　The risks carried by the investors depend mainly on the quality of the underlying assets, rat

28、her than the creditworthiness of the issuer or the Originator. A careful evaluation of the assets’ characteristics is then essential before performing any securitization transaction. The quality of the assets in fact wil

29、l affect:</p><p>　　1. The creditworthiness of the related ABS, which is usually represented by a rating assigned by specialized agencies;</p><p>　　2. The type and the amount of credit enhancemen

30、t mechanisms, which might be necessary to lower the associated risk of the Asset Backed Securities and improve their rating. </p><p>　　A securitization differs from a traditional equity or debt financing for

31、 at least two reasons. First, it is not a loan. It implies an asset sale by the Originator to the SPV. Second, the buyers of Asset Backed Securities rely primarily on the cash flows generated by the underlying pool of as

32、sets, rather than the cash flows generated by the business activity of the issuer.</p><p>　　Two important aspects of securitization needs to be emphasized. First, securitization is realized through a true sa

33、le of assets by the Originator to a separate company (SPV), which issues securities backed by those assets. The true sale mechanism allows a company to isolate a group of financial assets, separating the risk of the firm

34、 as a whole from the risk associated with the securitized assets. Second, the SPV representsa critical actor within the securitization process: it servers as a veh</p><p>　　In order to understand the cruci

35、al role played by the SPV, let us consider the following scenario. Imagine that the Originator could directly issue securities backed by a pool of assets, without selling it to an intermediate vehicle. In this scenario

36、,the investors interested in buying the Asset Backed Securities would carry both the default risk connected to the entire business activity of the Originator and the risk related to the securities. In reality, in a secur

37、itization transaction invest</p><p>　　The SPV involvement provides an investor with greater protection against the credit risk of the Originator and the default risk of the issuer, for at least two reasons.

38、In the first place, the SPV is a separate company which is intended to generate an isolation of assets. In principle, once a pool of assets is transferred to a special independent vehicle, it is no longer available to th

39、e Originator or to its creditors. The subject assets are then “isolated” from the Originator activity and can o</p><p>　　Different credit enhancement strategies can be necessary to improve the credit rating

40、of the marketable securities and to reduce the risks that is transferred to investors. These procedures aim at creating specific mechanisms to absorb potential losses. </p><p>　　Credit enhancement can be eit

41、her internally determined within the transaction structure (internal enhancement) or externally provided by a third party (external enhancement).Typical examples of internal credit enhancement provisions are the followin

42、g: </p><p>　　1.Over collateralization of the offer. In this case, the value of the underlying assets acquired by the SPV is greater than the total face value of the issued securities. Excess cash flows will

43、then be used to cover potential losses;</p><p>　　2.Spread accounts. The spread is represented by the positive difference between: the yield generated by the underlying assets and the yield associated to th

44、e related securities,issued by the SPV. This spread is retained by the SPV in order to absorb potential losses; </p><p>　　3. Reserve Funds. A cash reserve fund might be created in order to cover potential

45、underpayments from the original borrowers;</p><p>　　4.Senior/subordinated debt structure. With this provision, the SPV sells different types of securities (senior, subordinated)with different risk/return cha

46、racteristics. In particular, the securities have different payment priority. Senior securities are characterized by a lower risk, higher rating and lower return. Conversely, junior securities are more risky. As a consequ

47、ence, they are associated with: lower rating and higher expected return. In the worst-case scenario, senior securities give</p><p>　　External credit enhancement examples are the following: </p><

48、p>　　1.Letter of credits by a bank or insurance company, to guarantee the security issuance; </p><p>　　2. Insurance contracts; </p><p>　　3. Special guarantees from a third party.</p>&l

49、t;p>　　As Figure shows, other two parties are involved into the securitization process: the Servicer and the Trustee. The Servicer is responsible for the collection of receivables and other payments on the assets acqui

50、red by the SPV. On the other hands, the Trustee is an independent third party (usually a bank) assumed to monitor the entire collection process and to make payments to the security-holders. Its aim is to protect the inve

51、stors’interests, monitoring the regular payment-reports prepared by t</p><p>　　Many steps are necessary to accomplish securitization transactions. The credits are first transferred by the Originator to a SPV

52、, and then transformed into marketable securities to be sold to final investors. The payments on the receivables are then collected by a servicing institution (Servicer), usually represented by the Originator. The fund

53、s are forwarded to a third party (Trustee) which forwards them to the security holders.</p><p>　　Regarding the future developments of the Italian securitization market, we can make at least two assumptions.&

54、lt;/p><p>　　1. If the market would have to continue the actual trend, then we expect the captive financial institutions, such as banks, leasing and factoring firms and personal lending institutions, to maintain

55、 a massive role within the Arranger activity. In order to increase their weight, they have to become primary dealers in the secondary market context, given the strong international competition in the primary market.</

56、p><p>　　2. A second alternative is that securitization would have to become an important financial instruments not only for financial institutions but also for corporate, especi -ally for medium/big size firms,

57、 which could use this technique to raise money outside the traditional lending channel. In order to realize the above scenario, the bank system would have to offer to the corporate system an economic “full” service withi

58、n the primary and secondary market context, especially for the credit manageme</p><p>　　Source: Roberto Tasca and Simona Zambelli1. The Asset Securitization Activity in Italy: Current and Future Trends. Fina

59、nce, 2003(4)：p17-20.</p><p><b>　　譯文：</b></p><p>　　意大利的資產(chǎn)證券化活動</p><p>　　本章的主要目的是分析資產(chǎn)證券化的基本特征和證券化市場的活動結(jié)構(gòu),特別是借鑒了意大利證券化市場最近幾年迅速發(fā)展的經(jīng)驗。</p><p>　　與此同時打算在這一章回答下列問題：

60、</p><p>　　1、資產(chǎn)證券化的含義是什么?</p><p>　　2、交易是如何組織的?</p><p>　　3、它在證券化金融中介機構(gòu)中扮演什么樣的角色,特別是在意大利?</p><p>　　4、意大利證券化活動的主要特點是什么?</p><p>　　在這個目的上,我們將首先說明資產(chǎn)證券化交易的基本組成,描述典

61、型結(jié)構(gòu)和主要參與者。其次,我們將通過國際社會做出的比較來分析強調(diào)意大利證券化市場的一些特征。</p><p>　　一般來說,資產(chǎn)證券化的目的是要把流通性很低的資產(chǎn)重組為有價證券。證券化是一種過程,用來表示合并在一起的資產(chǎn)，并將他們的現(xiàn)金流轉(zhuǎn)化為有價證券投放在市場。這些債券由原來的潛在的資產(chǎn)擔(dān)保或支持著,并通常被定義為資產(chǎn)證券化(ABS)。理論上,任何產(chǎn)生金融資產(chǎn)的現(xiàn)金流(例如應(yīng)收賬款,住宅和商業(yè)抵押,信用卡應(yīng)收賬

62、款等以及商業(yè)貸款)可以被證券化。</p><p>　　資產(chǎn)證券化的概念介紹了20世紀(jì)70年代美國政府國民抵押協(xié)會發(fā)行的有價證券。美國國民這一行為為社會提供了貸款池,其表現(xiàn)為住宅區(qū)貸款。在過去的十年里,歐洲得到了迅速的發(fā)展,尤其是在英國。近日,意大利證券化市場由于迅速擴大因此引入了一個明確的規(guī)定(法律130/99)。</p><p>　　交易資產(chǎn)證券化的兩種主要存在形式:</p>

63、<p>　　1、現(xiàn)金流量為基礎(chǔ)(CFB)的資產(chǎn)證券化。在潛在的資產(chǎn)支持下通過構(gòu)建一個出售資產(chǎn)的交易公司（創(chuàng)始人）來發(fā)行證券，它是一個特殊實體(特殊目的交易機構(gòu))。資產(chǎn)證券化也被定義為資本資產(chǎn)證券化,因為發(fā)起人可以通過資產(chǎn)銷售、多元化融資籌集資金；</p><p>　　2、合成證券化。這是交易所通過相關(guān)資產(chǎn)把信用風(fēng)險轉(zhuǎn)移到一個獨立的實體機構(gòu)(交易機構(gòu))。這并不是出售資產(chǎn),所以發(fā)起人可以不接受任何流動現(xiàn)

64、金。人們通過利用衍生產(chǎn)品工具(總回報互換和信用衍生產(chǎn)品)來實現(xiàn)這一目標(biāo)。</p><p>　　——資產(chǎn)支持證券(ABS),它是由特定市場來支持的資產(chǎn)(例如汽車貸款、信用卡應(yīng)收賬款、學(xué)生貸款、設(shè)備租賃合同)。這個定義不包括抵押貸款或者公司債券的貸款。</p><p>　　——抵押擔(dān)保證券(MBS),這是由特定市場來支持的抵押貸款。</p><p>　　證券化是一種金融

65、工具，目的在于將資產(chǎn)轉(zhuǎn)變?yōu)橛袃r證券或者進(jìn)行資產(chǎn)重組轉(zhuǎn)變?yōu)楝F(xiàn)金流證券(標(biāo)的資產(chǎn),ABS)，這些都是由相關(guān)支持資產(chǎn)來提前清償?shù)?。通過實現(xiàn)資產(chǎn)轉(zhuǎn)讓的企業(yè)(創(chuàng)始人) 轉(zhuǎn)讓資產(chǎn)給獨立的公司(交易機構(gòu)),然后以債務(wù)形式等金融工具來發(fā)行有價證券，這些證券也都通過私人或公開發(fā)行股票的形式投入到市場。</p><p>　　為了分析證券化交易的基本結(jié)構(gòu),讓我們來考慮下面這個例子。發(fā)起人是一家銀行,希望通過資產(chǎn)證券化來清償一些特殊的債

66、務(wù)，以達(dá)到籌集資金的目的。兩種基本的交易涉及以下兩項內(nèi)容：一是出售資產(chǎn)；二是資產(chǎn)支持證券的發(fā)行。其中資產(chǎn)出售中，第一筆交易的代表人為賣出資產(chǎn)的兩個當(dāng)事人：一方是賣方的財富，也就是被稱為“發(fā)起機構(gòu)”的那一方。在我們的例子中以銀行為代表的是一方；還有一方是指對方是一個為購買資產(chǎn)而建立的獨立的實體，其目的是將他們轉(zhuǎn)化為有價證券放置在資本市場。這個實體僅僅是作為一個證券化服務(wù)的工具而已,所以它通常被定義為交易機構(gòu)或“特殊目的公司”(SPC)。它

67、可能會采取一些公司或有限合作伙伴的組織形式。</p><p>　　為了采購資產(chǎn)，交易機構(gòu)開始發(fā)行證券(通常是債務(wù)憑證工具)。它是以獲得的資產(chǎn)(資產(chǎn)支持證券- ABS)為支持，從資金池獲得現(xiàn)金流，然后把這些現(xiàn)金流作為本金和利息支付給證券投資者（賣給最終投資者的資產(chǎn)支持型證券持有者)。</p><p>　　3、資產(chǎn)支持證券的發(fā)行是為了滿足不同投資者的需求以及發(fā)展不同的初級金融市場,并且允許在主

68、要金融市場將某些風(fēng)險轉(zhuǎn)移給最后的投資者。風(fēng)險投資者所攜帶的資產(chǎn)主要是依靠質(zhì)量標(biāo)的資產(chǎn)的信用度,而不是發(fā)行人或創(chuàng)始人個人的資產(chǎn)信用程度。資產(chǎn)的質(zhì)量事實上會影響以下幾個方面：</p><p>　?。?）相關(guān)ABS的信用度。這是一個代表評級交辦的專門機構(gòu)；</p><p>　?。?）信用增級機制的種類和數(shù)量。這可能有必要去降低相關(guān)資產(chǎn)支持證券的風(fēng)險并提高他們的等級。</p><

69、;p>　　證券與傳統(tǒng)的股票或者債務(wù)融資不同至少有兩個原因：首先,它不是一筆貸款，它是發(fā)起機構(gòu)對交易機構(gòu)（SPV）的資產(chǎn)出售；第二,買方依賴的資產(chǎn)支持證券主要是潛在資金池所產(chǎn)生的現(xiàn)金流,而不是經(jīng)營活動的情況。</p><p>　　此外，資產(chǎn)證券化有兩個重要方面需要加以強調(diào)。首先，證券化是由發(fā)起人把資產(chǎn)真實出售給獨立公司（SPV），用這些資產(chǎn)抵押證券。真正的銷售機制是指企業(yè)將孤立的金融集團資產(chǎn)與其相關(guān)的風(fēng)險分離

70、。第二，SPV的一個關(guān)鍵點是資產(chǎn)證券化的過程：以IT服務(wù)器為一種工具來完成證券化交易。根據(jù)意大利法律，如果把證券出售給非專業(yè)投資者只需要一個等級。預(yù)期收益主要取決于投資者的風(fēng)險與證券化資產(chǎn)，而不是默認(rèn)的風(fēng)險。</p><p>　　為了了解SPV發(fā)揮的關(guān)鍵作用，讓我們來考慮下面的情形。試想一下，發(fā)起人可以直接發(fā)行資產(chǎn)支持證券，沒有把它賣給中間公司。在這種情況下，投資者就有興趣購買資產(chǎn)，那么雙方將繼續(xù)存在支持證券的違

71、約風(fēng)險。這將會影響到企業(yè)的發(fā)起人以及和該活動相關(guān)的證券的風(fēng)險。事實上，證券交易的投資者只愿意承擔(dān)與他們有關(guān)的資產(chǎn)池的風(fēng)險投資英寸。 為了防止最終投資者（發(fā)起人）的破產(chǎn)風(fēng)險（關(guān)鍵是孤立的資產(chǎn)證券化業(yè)務(wù)活動及其債權(quán)人），為了保證這項資產(chǎn)的隔離，第三個獨立的實體（SPV）是專門為這一目的而建立的。</p><p>　　SPV的參與可以提供給投資者更多的保護,它的介入至少有兩個原因：第一，SPV是一個獨立的公司，其目的是

72、進(jìn)行資產(chǎn)隔離。原則上，一旦資產(chǎn)池轉(zhuǎn)入一個特別獨立的形式，那么它就不再提供給發(fā)起人或債權(quán)人。 “孤立”的活動發(fā)起人只能通過SPV將這個問題的資產(chǎn)支付給最后的投資者（愿意持有資產(chǎn)抵押證券）。第二，為了保護投資者的權(quán)益，SPV的活動受到嚴(yán)格限制。交易機構(gòu)只能容納特定資產(chǎn)和資產(chǎn)支持證券的發(fā)行。該SPV是不允許開始其他經(jīng)營活動，不允許承擔(dān)新的義務(wù)。通過限制其活動，可使運作和業(yè)務(wù)風(fēng)險最小化。這就是為什么該機構(gòu)也被稱為“破產(chǎn)隔離實體“。</p&

73、gt;<p>　　信貸策略的不同，可能有必要改善有價證券的信用評級。這些程序旨在建立特定機制，吸納潛在的損失。</p><p>　　信用增強可以在交易結(jié)構(gòu)內(nèi)部決定（內(nèi)部提升）也可以是外部提供的第三方（外部增強）。內(nèi)部信用增強規(guī)定的典型的例子包括下列各項：</p><p>　　1、要約抵押。在這種情況下，由特殊目的公司獲得的相關(guān)資產(chǎn)的價值大于已發(fā)行的證券的價值。多余的現(xiàn)金流將被

74、用來彌補潛在損失；</p><p>　　2、利差賬戶。價差代表的是產(chǎn)量所產(chǎn)生的相關(guān)資產(chǎn)及相關(guān)證券，這是由SPV保留的，用來吸收潛在損失；</p><p>　　3、儲備基金?；鸬默F(xiàn)金儲備可以支付原來借款人的潛力；</p><p>　　4、高級/次級債務(wù)結(jié)構(gòu)。根據(jù)這一規(guī)定，SPV的銷售與不同類型的證券（高級，次級）不同，特別是證券的優(yōu)先支付 。高級證券的特點是風(fēng)險較低

75、，有較高的評價和較低的回報。相反，更多的初級證券則體現(xiàn)為風(fēng)險高。因此，他們是相關(guān)聯(lián)的：較低的評級，較高的預(yù)期回報。在最壞的情況下，優(yōu)先證券支付給持有人有權(quán)收取相關(guān)費用的次級證券。因此，現(xiàn)金流將用于支付高級證券。最終，只有足夠的資金滿足次級證券。</p><p>　　外部信用增強例證如下：</p><p>　　1、由銀行或保險公司貸款，以信用為保證發(fā)行證券；</p><p

76、><b>　　2、保險合同；</b></p><p>　　3、來自第三方的特殊保障；</p><p>　　另外兩方都參與到證券化過程：服務(wù)商及受托人。服務(wù)商為應(yīng)收賬款和其他收集業(yè)務(wù)工作，并由特殊目的公司支付收購的資產(chǎn)。在其他方面，受托人是一個獨立的第三方（通常是銀行），承擔(dān)監(jiān)控整個收集過程的任務(wù)，并作出對安全負(fù)責(zé)人支付資產(chǎn)的行為。其目的是保護投資者利益，監(jiān)測由服

77、務(wù)機構(gòu)編制的定期付款報告，通常充當(dāng)發(fā)起人服務(wù)商。在意大利，這發(fā)生在發(fā)起人為代表的金融機構(gòu)。在這種情況下，義務(wù)人繼續(xù)支付資產(chǎn)給發(fā)起人，這將使現(xiàn)金流向受托人。然后，受托人將提供現(xiàn)金流動服務(wù)機構(gòu)收集到的資產(chǎn)給最后的投資者。</p><p>　　完成證券交易需要許多必要的步驟。首先將資產(chǎn)轉(zhuǎn)移給特殊目的公司的發(fā)起人，然后轉(zhuǎn)化成有價證券出售給最終投資者。該應(yīng)收款項由服務(wù)機構(gòu)收取（通常由發(fā)起人）。最后這些資金轉(zhuǎn)發(fā)給第三者（受托

78、人），其中一部分也轉(zhuǎn)發(fā)給證券持有人。</p><p>　　對于未來發(fā)展意大利證券化市場,我們可以做出至少兩個假設(shè)：</p><p>　　一是如果市場將繼續(xù)目前的趨勢,那么我們會期望金融機構(gòu)（如銀行、租賃和保理業(yè)務(wù)公司以及個人貸款機構(gòu)）在安排活動方面能維持巨大的作用。為了增加他們的份量,他們必須成為二級市場環(huán)境中的主要經(jīng)營者,并在首要投放市場中給予強大的國際競爭力；</p>&

79、lt;p>　　二是資產(chǎn)證券化能成為一種重要的金融工具。這不僅為金融機構(gòu)也為公司,特別是對中/大公司, 在傳統(tǒng)借貸業(yè)務(wù)中提供較好的籌資渠道。為實現(xiàn)上述情況,銀行體系在第一、第二市場范圍內(nèi)提供給企業(yè)制度經(jīng)濟“飽”的服務(wù),尤其是對信用證銀行的經(jīng)營活動(服務(wù)機構(gòu))提供優(yōu)質(zhì)服務(wù)。這些都可由國內(nèi)的問題貸款銀行來掌控。意大利金融機構(gòu)并不考慮國際中介對他們產(chǎn)生的積極作用。</p><p>　　出處:羅伯托．塔斯卡和西蒙娜．