循环资产证券化交易结构:主信托模式

Master Trust Structure: An Innovation in Transaction Structure of Asset-backed Securitization

资产证券化发展的一个重要体现是基础资产的不断丰富,并逐渐扩展至期限较短的循环资产。由于此类资产的期限普遍较短,存在较高的再投资风险和期限错配问题,针对短期循环资产证券化这一细分市场需求,主信托结构可以降低证券化平台的架构成本和运营成本,同时提高资产证券化的资产利用率。

An important embodiment of the development of asset securitization is the diversifying of basic assets, including its extension to short term revolving assets with higher reinvestment risks and maturity mismatch problem. The master trust structure was born too meet this specific market need through the innovation of internal transaction structure. It can lower the building cost and operation cost of securitization platform and improve the utilization rate of asset securitization.