资产证券化中的CMO结构及其特性

Capital becoming security's CMO structure and its characteristics

资产证券化业务在我国刚刚拉开序幕,本文结合建元MBS和开元ABS的具体情况,介绍了在抵押过手证券基础上发展起来的CMO,分析了其结构、优势以及定价中提前偿还率模型的设定,并指出了将来发展需要注意的问题。

Asset securitization has just begun in China. With the examples of JianYuan MBS and KaiYuan ABS, this article introduced CMO based on Mortgage Pass - through Securities, analyzed its Construction, advantage and prepayment model in pricing. At last, it pointed out possible problems in future development.