新创建的混合资产支持的证券正在帮助欧洲的ABS市场克服其日益增长的痛苦。作为巴黎的律师确实有其特权。
jeanne burke
January 2001
亚博赞助欧冠机构投资者杂志
One of Richard Parolai's clients, Nomura International, won a mandate in 1999 to lead-manage the first securitization of champagne revenues for Groupe Marne & Champagne, the world's second-largest producer. Fittingly, the postsigning celebration included a tasting from a selection of Marne & Champagne's most coveted vintages. "This deal had some extremely pleasant moments," Parolai recalls.
Besides enjoying the bubbly, the Clifford Chance lawyer had a more serious brief: to find a securitization structure that would protect bondholders in the unlikely event that 200-year-old Marne & Champagne lost its fizzle. During a tour of the champagne maker's production facility, Parolai couldn't help noticing that "the bottles don't really move very much," since they have to be cellared for proper aging and to meet the French government's strict standards for qualifying as champagne. The rows of bottles captured his attention. As he puts it, "Your ideas become clearer after some wine tasting."
帕罗莱回到上班后，Parolai开始了他的法律研究，遇到了来自1804年的拿破仑民法典的法律，从1804年使用货物作为贷款人的安全的法律。如果Marne＆Champagne是利用该法规，它可以将6000万台式瓶子转移到第三方，这将代表债券持有人的利益。实际上，债券持有人可以根据年龄归还的自负的现金流量抵御未来的任何破产。
Parolai两家评级机构把他的主意,h, after a couple of months' deliberation, agreed that it could work. And so a company was hired to guard the champagne stores day and night, with instructions to lock the cellars if the bankers advised them to. Investors could thus rest easy, confident of a claim on the company's future revenue streams. And Marne & Champagne completed a successful E396 million (about $380 million at the then-prevailing rates) securitization in March 2000, ten months after the champagne tasting.
Although his client and bondholder protection scheme is unique, Parolai's experience in the European asset-backed-securities market isn't. Because of the lack of uniform - or, in some cases, of any - legal standards, investment bankers, attorneys and rating agency analysts must test their intellectual mettle on almost every deal. It's quite a contrast from the U.S. cookie-cutter process that enables issuers to tap the markets in a matter of days, if necessary. Says Sami Tabbarah, a director in the European securitization group at Schroder Salomon Smith Barney in London, "Securitization is just a lot more fun in continental Europe."
欧洲ABS市场的所有这些乐趣，特别是在大陆，自1995年推出以来的增长不均匀（见图）。经过大约90亿美元的新交易，第一年的市场飙升至1996年的330亿美元，在1997年的宽松达到310亿美元之前。1998年的卷再次上涨，达到400亿美元，然后推动欧元，飙升飙升达到1999年的625亿美元，在2000年创造了另一个巨大收益的期望。这些看涨预测缩短了标志：卷发布了一个可敬但不安全的上升至约720亿美元。
比不可预测的增长更令人不安的是证券化的不均匀地理传播。所有公共ABS交易量的近一半仍然来自于U.K.，破产和证券法律最密切地与美国其他地方相似，因为在法国的Paroli，需要大量的时间和聪明才智。
There are signs, however, that securitization may yet take a more dominant capital markets role in Europe, as it has in the U.S. It just may not happen in exactly the way many have envisioned.
不包括在欧洲的公共群体总数是市场最新的皱纹：合成安全。首先在1997年开发，综合有效地回避了法律武器，因为大多数资产从未出售。相反，通过利用信用违约交换，其中交易对手在特定参数下覆盖贷款池损失，合成证券化转移风险而不是资产本身。如果没有发生销售，许多破产和其他证券法就会成为实践。
这个概念更快地抓住了，特别是主要的大陆银行，而不是投资银行家预计。据美利林克策略称，总综合发行量在过去12个月内增加了一倍多，达到约400亿美元。它占据了传统的ABS市场四年来达到该体积水平。“我认为任何人都不预测这会发展的程度，”美丽的欧洲ABS研究负责人亚历山大Batchvarov说。
The first synthetic was actually created in the U.S. in 1997, when J.P. Morgan applied the concept to the so-called collateralized loan obligation structure in a $697 million transaction, the first of its Bistro series. Deutsche Bank's inaugural synthetic in late 1999 legitimized the European market, setting the stage for 2000's rapid growth trajectory. The German bank began securitizing its corporate loan portfolio in 1998 with a conventional securitization. Last year it completed two more synthetics deals totaling E2.5 billion. "We prefer the synthetic transactions because by using a huge credit swap, we decrease the cost of the transaction, and we have more flexibility," says JÙrgen Bilstein, divisional board member for corporates and real estate at Deutsche Bank.
In a traditional securitization, a bank earmarks for sale a specific pool of assets - say, corporate loans. Normally, it would sell the loans to a legal entity known as a special purpose vehicle. That SPV would repackage them as securities and market them to investors. The loans would then be cleared off the bank's balance sheet completely, since classic securitizations are complicated by tax issues, says Bilstein, with SPVs having to be set up offshore.
合成事件的不同之处在于，银行进入交换协议，只转入一些贷款的信贷风险，通常约为80％到90％到交易对手。剩下的10至20％是由银行持有或结构化为债券。“有两种分销渠道：下属关联的债券市场和高级裁员的信贷违约互换市场，”伦敦德意志银行欧洲证券化负责人Tamara Adler解释道。
交易对手是经合组织银行，其经常与保险公司交换。这些交换伙伴经常位于购买传统ABS的同一家公司的衍生部门，因此与产品有合理的舒适程度。
发行银行的大诱惑是由于国际结算法监管资本要求的银行减少。即使资产仍然存放在其资产负债表上，银行借助交换将抵消对手对手的一些风险，从而降低其监管风险加权。根据当前的BIS指南，从100％汇率向经合组织银行交换到经合组织银行的企业贷款的风险加权。这意味着发行银行不必留出尽可能多的资金来保持合规性，并可以将这笔钱放在其他地方。
整个过程也比传统的ABS交易便宜;银行家表示，与定期证券化的几次相比，互换范围的交换范围之间的费用。发行人还节省了技术支出，因为它们不必在用于建立证券化和跟踪资产性能的人力，软件和计算机上度过近似。“传统证券化的关键问题是监管机构不允许我们养成樱桃挑选资产，”德意志银行财务主管Detlef Bindert说。他补充说，选择资产，需要大量的系统支持和漫长的过程，“与评级机构相比，仍比具有交换的同伴看起来更难。”
虽然合成技术在其他地方开创，但欧洲银行已经扩大了所使用的资产类型和结构。例如，在德国，银行有时完全摆脱了SPV，这消除了任何税收问题。他们也超越了原有的公司贷款和债券，包括住宅和商业抵押贷款。该技术安全地交叉边界，最近进入荷兰，上个月ABN AMRO银行创建了第一个合成交易，面值为E85亿岁。
抓住是，大部分交易，高级托尔，不筹集资金。但在一些国家，释放资本对许多银行比提高新现金更重要。“德国银行更需要资本和风险救济而不是资金，”Torsten Althaus解释为法兰克福标准贸易群体的结构性融资。
重要的是，综合性已经跳转开始证券化过程。在德国银行家估计，过去一年，综合生产的数量超过了100亿美元，而传统交易的大约50亿美元。“突然，整个德国市场出现了，”阿尔萨斯说。
戏剧性的增长甚至提出了综合性是否很快将传统市场黯淡的问题。如果银行如此容易地对综合进行，去年在更典型的交易中的增长率可能会更高。“在伦敦斯法尔萨罗尔史密斯巴尼欧洲证券化主管威廉·杨说，”在资产证券化“中，每个人都希望[在资产证券化]，这主要是由于合成方所希望的。”
尽管如此，大多数分析师和投资银行家都不认为进一步的综合增长将从传统的证券化体积中取出巨大叮咬。因为综合作业不提供很多资金，而且不要减少资产负债表，许多金融机构仍然希望使用旧方法。
Instead of competing, synthetics and traditional securitization could ultimately coexist to fit different needs. "Synthetics will always have a role to play, and securitization will always have a role to play," predicts Deutche Bank's Adler.
限制人工合成材料的发展前景further are probable new capital requirements from the BIS. The proposed requirements, expected to take effect in about two years if approved, are likely to lower the amount of capital that banks must hold against their highest-quality loans. Thus banks will have less need for the capital relief that synthetics provide.
If the synthetics structure helps familiarize issuers with securitization while allowing European regulators and policymakers time to iron out the legalities, it will have more than served its purpose. A pan-European securitization framework, though the ideal solution, is not high on the European Union's list of priorities - other cross-border issues, such as taxation, are causing more controversy and have a greater effect on government revenues. And how quickly individual governments will resolve their issues is uncertain.
在美国证券化已成为健康业务的情况下，破产制度倾向于为债券持有人等债权人提供极大的权力。“U.K.是一个非常容易从法律角度做生意的地方，”野村证券化的Co-Head说，亨利·乔科说。
Continental legal systems, by contrast, favor the issuing companies. "In Europe the priority is to keep a company running and to keep the employment," explains Alain Carron, S&P director of securitization in Paris. That makes securitization on the Continent inherently more difficult.
每个欧洲国家都通过或正在努力证券化法律，但即使这些也没有治愈。11月份，出现了两个严重的法律障碍。荷兰提出了关于SPV的新税，这意外地伤害了证券交易所的下属裁决。在意大利，法院以多年前在高等利率环境中发起的方式重新解释了大教育法，可能被视为非法。意大利裁决申诉上诉，可能意味着，例如，许多抵押贷款不能包装证券化。如果意大利借款人申请诉讼，有些现有交易也会有风险。
虽然荷兰政府一旦意识到这个问题，意大利金融机构就会争夺其计划，虽然有意识地，但意大利金融机构正在焦急地等待政府的一些补救措施。“投资者很难接受这个事实，因为在意大利的监管和法律变更，”Carron Notes“突然他们的投资可能会遇到麻烦。“我们需要监管环境中的稳定性。”
Ironically, with so many asset-rich banks, Germany has proved to be an especially tough environment for securitization. A new securitization law took effect in 1998, but off-balance-sheet treatment remains difficult in part because no uniform approach exists. Recently, the government began to discuss the taxation of SPVs. A regulation addressing the taxation issue is expected shortly.
Despite these setbacks, traditional securitization is being aided as laws change. In 1999, before the recent snafu, Italy's government passed a securitization law that led to a surprisingly quick flow of deals; the country was one of the most active in Europe last year. Spain, meanwhile, is hammering away at its laws to make securitization of nonmortgage assets more feasible. Portugal, already active in securitizing consumer loans, is revamping its mortgage laws to promote securitization in that area. And Greece made some legal changes last year.
政府现在有一个自私的理由让他们的规定正确：他们已经成为发行人自己。意大利和希腊去年证券化的政府资产，包括对意大利政府保险机构和希腊未来彩票应收票据的违约捐款，以筹集资金。交易帮助他们根据Maastricht条约的条款留在其债务限制范围内。在那些政府作为发行人的新角色，阿德勒说：“我们很高兴看到它。”
jeanne burke
January 2001
亚博赞助欧冠机构投资者杂志
One of Richard Parolai's clients, Nomura International, won a mandate in 1999 to lead-manage the first securitization of champagne revenues for Groupe Marne & Champagne, the world's second-largest producer. Fittingly, the postsigning celebration included a tasting from a selection of Marne & Champagne's most coveted vintages. "This deal had some extremely pleasant moments," Parolai recalls.
Besides enjoying the bubbly, the Clifford Chance lawyer had a more serious brief: to find a securitization structure that would protect bondholders in the unlikely event that 200-year-old Marne & Champagne lost its fizzle. During a tour of the champagne maker's production facility, Parolai couldn't help noticing that "the bottles don't really move very much," since they have to be cellared for proper aging and to meet the French government's strict standards for qualifying as champagne. The rows of bottles captured his attention. As he puts it, "Your ideas become clearer after some wine tasting."
帕罗莱回到上班后，Parolai开始了他的法律研究，遇到了来自1804年的拿破仑民法典的法律，从1804年使用货物作为贷款人的安全的法律。如果Marne＆Champagne是利用该法规，它可以将6000万台式瓶子转移到第三方，这将代表债券持有人的利益。实际上，债券持有人可以根据年龄归还的自负的现金流量抵御未来的任何破产。
Parolai两家评级机构把他的主意,h, after a couple of months' deliberation, agreed that it could work. And so a company was hired to guard the champagne stores day and night, with instructions to lock the cellars if the bankers advised them to. Investors could thus rest easy, confident of a claim on the company's future revenue streams. And Marne & Champagne completed a successful E396 million (about $380 million at the then-prevailing rates) securitization in March 2000, ten months after the champagne tasting.
Although his client and bondholder protection scheme is unique, Parolai's experience in the European asset-backed-securities market isn't. Because of the lack of uniform - or, in some cases, of any - legal standards, investment bankers, attorneys and rating agency analysts must test their intellectual mettle on almost every deal. It's quite a contrast from the U.S. cookie-cutter process that enables issuers to tap the markets in a matter of days, if necessary. Says Sami Tabbarah, a director in the European securitization group at Schroder Salomon Smith Barney in London, "Securitization is just a lot more fun in continental Europe."
欧洲ABS市场的所有这些乐趣，特别是在大陆，自1995年推出以来的增长不均匀（见图）。经过大约90亿美元的新交易，第一年的市场飙升至1996年的330亿美元，在1997年的宽松达到310亿美元之前。1998年的卷再次上涨，达到400亿美元，然后推动欧元，飙升飙升达到1999年的625亿美元，在2000年创造了另一个巨大收益的期望。这些看涨预测缩短了标志：卷发布了一个可敬但不安全的上升至约720亿美元。
比不可预测的增长更令人不安的是证券化的不均匀地理传播。所有公共ABS交易量的近一半仍然来自于U.K.，破产和证券法律最密切地与美国其他地方相似，因为在法国的Paroli，需要大量的时间和聪明才智。
There are signs, however, that securitization may yet take a more dominant capital markets role in Europe, as it has in the U.S. It just may not happen in exactly the way many have envisioned.
不包括在欧洲的公共群体总数是市场最新的皱纹：合成安全。首先在1997年开发，综合有效地回避了法律武器，因为大多数资产从未出售。相反，通过利用信用违约交换，其中交易对手在特定参数下覆盖贷款池损失，合成证券化转移风险而不是资产本身。如果没有发生销售，许多破产和其他证券法就会成为实践。
这个概念更快地抓住了，特别是主要的大陆银行，而不是投资银行家预计。据美利林克策略称，总综合发行量在过去12个月内增加了一倍多，达到约400亿美元。它占据了传统的ABS市场四年来达到该体积水平。“我认为任何人都不预测这会发展的程度，”美丽的欧洲ABS研究负责人亚历山大Batchvarov说。
The first synthetic was actually created in the U.S. in 1997, when J.P. Morgan applied the concept to the so-called collateralized loan obligation structure in a $697 million transaction, the first of its Bistro series. Deutsche Bank's inaugural synthetic in late 1999 legitimized the European market, setting the stage for 2000's rapid growth trajectory. The German bank began securitizing its corporate loan portfolio in 1998 with a conventional securitization. Last year it completed two more synthetics deals totaling E2.5 billion. "We prefer the synthetic transactions because by using a huge credit swap, we decrease the cost of the transaction, and we have more flexibility," says JÙrgen Bilstein, divisional board member for corporates and real estate at Deutsche Bank.
In a traditional securitization, a bank earmarks for sale a specific pool of assets - say, corporate loans. Normally, it would sell the loans to a legal entity known as a special purpose vehicle. That SPV would repackage them as securities and market them to investors. The loans would then be cleared off the bank's balance sheet completely, since classic securitizations are complicated by tax issues, says Bilstein, with SPVs having to be set up offshore.
合成事件的不同之处在于，银行进入交换协议，只转入一些贷款的信贷风险，通常约为80％到90％到交易对手。剩下的10至20％是由银行持有或结构化为债券。“有两种分销渠道：下属关联的债券市场和高级裁员的信贷违约互换市场，”伦敦德意志银行欧洲证券化负责人Tamara Adler解释道。
交易对手是经合组织银行，其经常与保险公司交换。这些交换伙伴经常位于购买传统ABS的同一家公司的衍生部门，因此与产品有合理的舒适程度。
发行银行的大诱惑是由于国际结算法监管资本要求的银行减少。即使资产仍然存放在其资产负债表上，银行借助交换将抵消对手对手的一些风险，从而降低其监管风险加权。根据当前的BIS指南，从100％汇率向经合组织银行交换到经合组织银行的企业贷款的风险加权。这意味着发行银行不必留出尽可能多的资金来保持合规性，并可以将这笔钱放在其他地方。
整个过程也比传统的ABS交易便宜;银行家表示，与定期证券化的几次相比，互换范围的交换范围之间的费用。发行人还节省了技术支出，因为它们不必在用于建立证券化和跟踪资产性能的人力，软件和计算机上度过近似。“传统证券化的关键问题是监管机构不允许我们养成樱桃挑选资产，”德意志银行财务主管Detlef Bindert说。他补充说，选择资产，需要大量的系统支持和漫长的过程，“与评级机构相比，仍比具有交换的同伴看起来更难。”
虽然合成技术在其他地方开创，但欧洲银行已经扩大了所使用的资产类型和结构。例如，在德国，银行有时完全摆脱了SPV，这消除了任何税收问题。他们也超越了原有的公司贷款和债券，包括住宅和商业抵押贷款。该技术安全地交叉边界，最近进入荷兰，上个月ABN AMRO银行创建了第一个合成交易，面值为E85亿岁。
抓住是，大部分交易，高级托尔，不筹集资金。但在一些国家，释放资本对许多银行比提高新现金更重要。“德国银行更需要资本和风险救济而不是资金，”Torsten Althaus解释为法兰克福标准贸易群体的结构性融资。
重要的是，综合性已经跳转开始证券化过程。在德国银行家估计，过去一年，综合生产的数量超过了100亿美元，而传统交易的大约50亿美元。“突然，整个德国市场出现了，”阿尔萨斯说。
戏剧性的增长甚至提出了综合性是否很快将传统市场黯淡的问题。如果银行如此容易地对综合进行，去年在更典型的交易中的增长率可能会更高。“在伦敦斯法尔萨罗尔史密斯巴尼欧洲证券化主管威廉·杨说，”在资产证券化“中，每个人都希望[在资产证券化]，这主要是由于合成方所希望的。”
尽管如此，大多数分析师和投资银行家都不认为进一步的综合增长将从传统的证券化体积中取出巨大叮咬。因为综合作业不提供很多资金，而且不要减少资产负债表，许多金融机构仍然希望使用旧方法。
Instead of competing, synthetics and traditional securitization could ultimately coexist to fit different needs. "Synthetics will always have a role to play, and securitization will always have a role to play," predicts Deutche Bank's Adler.
限制人工合成材料的发展前景further are probable new capital requirements from the BIS. The proposed requirements, expected to take effect in about two years if approved, are likely to lower the amount of capital that banks must hold against their highest-quality loans. Thus banks will have less need for the capital relief that synthetics provide.
If the synthetics structure helps familiarize issuers with securitization while allowing European regulators and policymakers time to iron out the legalities, it will have more than served its purpose. A pan-European securitization framework, though the ideal solution, is not high on the European Union's list of priorities - other cross-border issues, such as taxation, are causing more controversy and have a greater effect on government revenues. And how quickly individual governments will resolve their issues is uncertain.
在美国证券化已成为健康业务的情况下，破产制度倾向于为债券持有人等债权人提供极大的权力。“U.K.是一个非常容易从法律角度做生意的地方，”野村证券化的Co-Head说，亨利·乔科说。
Continental legal systems, by contrast, favor the issuing companies. "In Europe the priority is to keep a company running and to keep the employment," explains Alain Carron, S&P director of securitization in Paris. That makes securitization on the Continent inherently more difficult.
每个欧洲国家都通过或正在努力证券化法律，但即使这些也没有治愈。11月份，出现了两个严重的法律障碍。荷兰提出了关于SPV的新税，这意外地伤害了证券交易所的下属裁决。在意大利，法院以多年前在高等利率环境中发起的方式重新解释了大教育法，可能被视为非法。意大利裁决申诉上诉，可能意味着，例如，许多抵押贷款不能包装证券化。如果意大利借款人申请诉讼，有些现有交易也会有风险。
虽然荷兰政府一旦意识到这个问题，意大利金融机构就会争夺其计划，虽然有意识地，但意大利金融机构正在焦急地等待政府的一些补救措施。“投资者很难接受这个事实，因为在意大利的监管和法律变更，”Carron Notes“突然他们的投资可能会遇到麻烦。“我们需要监管环境中的稳定性。”
Ironically, with so many asset-rich banks, Germany has proved to be an especially tough environment for securitization. A new securitization law took effect in 1998, but off-balance-sheet treatment remains difficult in part because no uniform approach exists. Recently, the government began to discuss the taxation of SPVs. A regulation addressing the taxation issue is expected shortly.
Despite these setbacks, traditional securitization is being aided as laws change. In 1999, before the recent snafu, Italy's government passed a securitization law that led to a surprisingly quick flow of deals; the country was one of the most active in Europe last year. Spain, meanwhile, is hammering away at its laws to make securitization of nonmortgage assets more feasible. Portugal, already active in securitizing consumer loans, is revamping its mortgage laws to promote securitization in that area. And Greece made some legal changes last year.
政府现在有一个自私的理由让他们的规定正确：他们已经成为发行人自己。意大利和希腊去年证券化的政府资产，包括对意大利政府保险机构和希腊未来彩票应收票据的违约捐款，以筹集资金。交易帮助他们根据Maastricht条约的条款留在其债务限制范围内。在那些政府作为发行人的新角色，阿德勒说：“我们很高兴看到它。”