Securitization of receivables: analysis of the related risks / Securitização de recebíveis: uma análise dos riscos inerentes

AUTOR(ES)
DATA DE PUBLICAÇÃO

2008

RESUMO

The securitization is a type of structure finance which allows a company capable of originate receivables to access the capital market, and so, contributing to the financial disintermediation. Basically, the securitization consists in selling credits for a special purpose vehicle, responsible for issuing securities collateralized by those receivables. The investor in a securitized obligation has the benefit of avoiding the risks coming from the credit originator, but the diversified risk from its collateral. In Brazil, the securitization took the form of mutual funds the FIDC, which borrow funds by issuing senior and subordinated cotes. This study investigates the securitization techniques, the capital market practices, the benefits of this structure finance model and, in the case of a FIDC, the risks arising from senior and subordinated cotes. The rules established by the monetary authorities focusing the risks inherent of the securitization process are also presented, considering the fact this structure is largely used by financial institutions; additionally, the adequacy of those rules are evaluated.

ASSUNTO(S)

securitização fidc risco de crédito receivables risco operações estruturadas securitization credit risk risk fidc recebíveis direitos creditórios structured finance

ACESSO AO ARTIGO

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