Potential of asset-backed securities for private investors
Future trend or dead end?
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Diplomarbeit aus dem Jahr 2003 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Fachhochschule Aachen (Wirtschaft), Sprache: Deutsch, Abstract: Inhaltsangabe:Abstract:Asset-backed securities (ABS) are an innovative capital market instrument, and can be defined as homogenous, financial, cash flow producing, illiquid assets, which are separated from other company assets, transferred to a third party and used as collateral for securities issued on the capital market. The question to be answered in this study is: In how far does the market segment of asset-backed securities contain po...
Diplomarbeit aus dem Jahr 2003 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Fachhochschule Aachen (Wirtschaft), Sprache: Deutsch, Abstract: Inhaltsangabe:Abstract:
Asset-backed securities (ABS) are an innovative capital market instrument, and can be defined as homogenous, financial, cash flow producing, illiquid assets, which are separated from other company assets, transferred to a third party and used as collateral for securities issued on the capital market.
The question to be answered in this study is: In how far does the market segment of asset-backed securities contain potential for private investors as an interesting investment alternative? This is of interest for commercial banks for broadening their investment product range and following innovation in order to stay competitive in a highly contested market. The empirical research consists of exemplary case studies of recent ABS issuances, dialogs with experts in the field of asset securitization and complementary data on the current market situation.
After a close examination of the obtained data, the conclusion to be drawn is that asset-backed securities are an interesting investment alternative for private investors and the market segment can be entered indirectly through mutual funds, since a direct investment is hindered by several market conditions. The positive risk-return ratio in comparison to other alternatives and the innovative character of ABS makes them an attractive component of private investment portfolios. In the light of a trade tax law change in favor of special purpose vehicles for true sale transactions and plans for a common ABS platform by several large German banks, commercial banks should consider launching ABS mutual funds and marketing them to retail clients in order to profit from the positive side effects on the investment business from growing supply on the credit side of this market segment.
Inhaltsverzeichnis:Table of Contents:
1.INTRODUCTION1
1.1Background1
1.2Previous research in the field of asset securitization3
1.3ABS - a suitable investment product?4
1.4Problem statement5
1.5Objective of the study6
1.6Detailed research questions6
1.7Scope and limitations of the study7
1.8Outline7
2.THEORETICAL FRAMEWORK9
2.1Asset-backed securities - concepts and structure9
2.2Classification of asset-backed securities12
2.3Risks and credit enhancement13
2.4Investor perspective on ABS15
2.5The magic triangle - basis of investment decisions16
2.6Marketing context of the study17
2.7Consumer segmentation17
2.8Investor segmentation20
2.9Summary22
3.METHODOLOGY23
3.1Research purpose24
3.2Research approach24
3.3Research strategy24
3.4Data collection25
3.5Data analysis27
3.6Reliability and validity27
3.6.1Construct validity27
3.6.2Internal validity28
3.6.3External validity28
3.6.4Reliability28
4.EMPIRICAL FINDINGS30
4.1Market overview30
4.2Expert dialogs34
4.2.1Interview H. Wellmann, Director of funding advisory, Dresdner Kleinwort Wasserstein35
4.2.2Interview D. Graf Droste zu Vischering, ABS & CDO, HSBC Trinkaus & Burkardt38
4.2.3Interview H. Erasmus, financial advisor at Commerzbank AG42
4.2.4Summary44
4.3Case studies45
4.3.1PROVIDE-A 2001-1 PLC: German RMBS with a credit default swap45
4.3.2PROMISE-I 2000-1 Plc: German CLO of Mittelstand (SME) loans47
4.3.3Free Mobility No. 1 Limited: ABS of auto mobile loans49
4.3.4CAST 1999-1: Synthetic German Corporate Loan Credit-linked Notes51
4.4Summary53
5.DATA ANALYSIS54
5.1Comparison and evaluation of case studies54
5.2Comparison and evaluation of expert dialogs57
5.3Choice of target customer segments63
5.4Suggestions for the marketing implementation65
6.CON...
Asset-backed securities (ABS) are an innovative capital market instrument, and can be defined as homogenous, financial, cash flow producing, illiquid assets, which are separated from other company assets, transferred to a third party and used as collateral for securities issued on the capital market.
The question to be answered in this study is: In how far does the market segment of asset-backed securities contain potential for private investors as an interesting investment alternative? This is of interest for commercial banks for broadening their investment product range and following innovation in order to stay competitive in a highly contested market. The empirical research consists of exemplary case studies of recent ABS issuances, dialogs with experts in the field of asset securitization and complementary data on the current market situation.
After a close examination of the obtained data, the conclusion to be drawn is that asset-backed securities are an interesting investment alternative for private investors and the market segment can be entered indirectly through mutual funds, since a direct investment is hindered by several market conditions. The positive risk-return ratio in comparison to other alternatives and the innovative character of ABS makes them an attractive component of private investment portfolios. In the light of a trade tax law change in favor of special purpose vehicles for true sale transactions and plans for a common ABS platform by several large German banks, commercial banks should consider launching ABS mutual funds and marketing them to retail clients in order to profit from the positive side effects on the investment business from growing supply on the credit side of this market segment.
Inhaltsverzeichnis:Table of Contents:
1.INTRODUCTION1
1.1Background1
1.2Previous research in the field of asset securitization3
1.3ABS - a suitable investment product?4
1.4Problem statement5
1.5Objective of the study6
1.6Detailed research questions6
1.7Scope and limitations of the study7
1.8Outline7
2.THEORETICAL FRAMEWORK9
2.1Asset-backed securities - concepts and structure9
2.2Classification of asset-backed securities12
2.3Risks and credit enhancement13
2.4Investor perspective on ABS15
2.5The magic triangle - basis of investment decisions16
2.6Marketing context of the study17
2.7Consumer segmentation17
2.8Investor segmentation20
2.9Summary22
3.METHODOLOGY23
3.1Research purpose24
3.2Research approach24
3.3Research strategy24
3.4Data collection25
3.5Data analysis27
3.6Reliability and validity27
3.6.1Construct validity27
3.6.2Internal validity28
3.6.3External validity28
3.6.4Reliability28
4.EMPIRICAL FINDINGS30
4.1Market overview30
4.2Expert dialogs34
4.2.1Interview H. Wellmann, Director of funding advisory, Dresdner Kleinwort Wasserstein35
4.2.2Interview D. Graf Droste zu Vischering, ABS & CDO, HSBC Trinkaus & Burkardt38
4.2.3Interview H. Erasmus, financial advisor at Commerzbank AG42
4.2.4Summary44
4.3Case studies45
4.3.1PROVIDE-A 2001-1 PLC: German RMBS with a credit default swap45
4.3.2PROMISE-I 2000-1 Plc: German CLO of Mittelstand (SME) loans47
4.3.3Free Mobility No. 1 Limited: ABS of auto mobile loans49
4.3.4CAST 1999-1: Synthetic German Corporate Loan Credit-linked Notes51
4.4Summary53
5.DATA ANALYSIS54
5.1Comparison and evaluation of case studies54
5.2Comparison and evaluation of expert dialogs57
5.3Choice of target customer segments63
5.4Suggestions for the marketing implementation65
6.CON...
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