企业类过手摊还资产支持证券二级交易浅析

Analysis of Secondary Transactions of Pass-Through Asset-Backed Securities

发行企业类资产支持证券是企业募集资金,实现资产出表的重要途径。过手摊还,指证券定时不规则还本的现象,是资产支持证券常见的偿付条款,具有该条款的企业类资产支持证券在二级市场交易定价方面存在诸多问题。本文试从市场现状入手,尝试根据不同的摊还条款预测现金流及试算交易价格,并对提高企业类资产支持证券二级流动性给出合理建议。

The issuance of asset-backed securities is an important way for enterprises to raise funds and realize value from assets on their balance statement.Pass-through amortization,which refers to the irregular repayment of securities principal,is a common payment clause of asset-backed securities.Enterprise assetbacked securities with this provision are faced with many pricing problems in the secondary market.This paper tries to forecast cash flow and calculate transaction prices according to different amortization terms.It also makes suggestions aimed at improving the secondary liquidity of enterprise asset-backed securities.