意大利的資產(chǎn)證券化活動(dòng)【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：TheAssetSecuritizationActivityinItalyThemainobjectofthischapteristoanalyzethebasicacteristicsthemarketstructureofthesecuritizationactivityespeciallywithreferencetotheItaliansecuritizationmarketwhichha

2、srapidlydevelopedinrecentyears.Inparticularthischapterintendstoanswerthefollowingquestions:1.Whatismeantbysecuritization2.Howisthetransactionstructured3.Whatistheroleoffinancialintermediarieswithinthesecuritizationproces

3、sespeciallyinItaly4.WhatarethemainacteristicsoftheItaliansecuritizationactivityAtthispurposewewillfirstexplainthebasiccomponentsofasecuritizationtransactiondescribingthetypicalstructurethemainplayersinvolved.Secondlywewi

4、llanalyzetheItaliansecuritizationmarketemphasizingitspeculiaritiesthroughaninternationalcomparativeanalysis.Generallyspeakingtheaimofsecuritizationistotransfmilliquidassetsintosecurities.Fthepurposeofthischapterthetermse

5、curitizationisusedtorepresenttheprocesswherebyassetsarepooledtogetherwiththeircashflowsconvertedintonegotiablesecuritiestobeplacedintothemarket.Thesesecuritiesarebackedsecuredbytheiginalunderlyingassetsaregenerallydefine

6、dasAssetBakedSecurities(ABS).Theeticallyanyfinancialassetsproducingcashflows(receivablesresidentialcommercialmtgagescreditcardreceivablesotherconsumercommercialloans)canbesecuritized.Theconceptofassetsecuritizationwasint

7、roducedintheUSfinancialsystemininvolved:1.Assetsale2.IssuanceofAssetBackedSecurities.AssetSale.Thefirstdealisrepresentedbyasaleofassetsbetweentwoparties:1.Onepartyistheselleroftheassetsisknownasthe“iginat”.Inourexampleit

8、isrepresentedbyabank2.Theotherpartyisaseparateentityestablishedfthepurposeofbuyingtheassetstransfmingthemintonegotiablesecuritiestobeplacedintothecapitalmarket.Thisentityservesonlyassecuritizationvehiclesoitisoftendefine

9、das“SpecialPurposeVehicle”(SPV)“SpecialPurposeCompany”(SPC).Itmaytaketheganizationalfmofcpationlimitedpartnership.IssuanceofAssetBackedSecurities.IndertofinancetheassetpurchasetheSPVissuessecurities(usuallydebtobligation

10、instruments)whicharebackedbytheacquiredassets(AssetBackedSecurities–ABS).Thecashflowsiginatedbytheacquiredpoolofassetsarethenusedtopaytheprincipalinterestonthesecuritiessoldtothefinalinvests(holdersofABSsecurities).3.The

11、issuanceofAssetBackedSecuritiescontributestosatisfydifferentinvests’needstodevelopprimaryfinancialmarketsallowingatransferofcertainriskstothefinalinvests.Theriskscarriedbytheinvestsdependmainlyonthequalityoftheunderlying

12、assetsratherthanthecreditwthinessoftheissuertheiginat.Acarefulevaluationoftheassets’acteristicsisthenessentialbefeperfminganysecuritizationtransaction.Thequalityoftheassetsinfactwillaffect:1.Thecreditwthinessoftherelated

13、ABSwhichisusuallyrepresentedbyaratingassignedbyspecializedagencies2.ThetypetheamountofcreditenhancementmechanismswhichmightbenecessarytolowertheassociatedriskoftheAssetBackedSecuritiesimprovetheirrating.Asecuritizationdi

14、ffersfromatraditionalequitydebtfinancingfatleasttworeasons.Firstitisnotaloan.ItimpliesanassetsalebytheiginattotheSPV.SecondthebuyersofAssetBackedSecuritiesrelyprimarilyonthecashflowsgeneratedbytheunderlyingpoolofassetsra