利率风险与资产证券化的拆息证券设计

Interest Risk and IO-PO Security Design

商业银行通过贷款证券化实现资产的流动性,这种流动性的最终实现依赖于市场的需求,这要求贷款证券化设计一些反常规的新品种。随着我国机构投资者的日益增加和利率的逐步市场化,回避利率风险的要求不断增加。因此,设计不同利率敏感性的证券就是为能够满足特定投资者的需求。

In order to gain liquidity of their assets, commercial banks practice securitization that depends on the market demand for its final realization. New sort of security of the abnormal type .has to be designed, With the ever- increasing number of institution investors and gradual marketization of interest system, risk aversion is becoming all the more desirable. Design of securities with different level of interest rate sensibility is therefore for the demand of investors.