|The assets in the portfolio are, or can be, asset-backed securities.
|Aircraft hire-purchase or lease receivables
|Asset Backed Commercial Paper
|Asset-Backed Commercial Paper …. a bankruptcy-remote SPV, or conduit, that issues commercial paper and uses the proceeds to purchase various types of assets, either through asset purchase or secured lending transactions
|Automobile Loans and/or Leases
|Loans or Leases provided for the borrower to purchase or lease a new or used motor vehicle
|Buy-to-let. The issue includes at least some BTL mortgage loans..
|A high-yield debt instrument that is usually insurance linked and meant to raise money in case of a natural disaster catastrophe. They usually carry a special condition that states that if the issuer (insurance or reinsurance company) suffers a loss from a particular pre-defined catastrophe, then the issuer's obligation to pay interest and/or repay the principal is either deferred or completely forgiven. Reinsurance companies issue them in order to protect their own balance sheets in the event of large scale payouts such as those caused by earthquakes or typhoons. Catastrophe bonds are usually issued via an SPV, where the SPV will keep the bondholders' money and pay them interest. It will also usually receive a premium from the insured. In the event of the "catastrophe" occurring the bondholders lose their money and it is used to pay the insured.
|Spanish Covered Bonds, issued by Spanish credit institutions (banks, savings banks and coop banks) backed by the total portfolio of mortgage loans of the institution, where the holders have a priority security claim over the Issuer’s entire mortgage loan book. CH issuances are controlled by the Spanish supervisory authorities, and the maximum amount of outstanding CHs that a credit institution is allowed to issue may not exceed 80% of the Cover Pool – providing for a minimum 25% over-collateralisation. If this limit is breached, the sponsor bank must restore the limit within 3 months
|Spanish covered bonds issued by Spanish credit institutions (banks, savings banks and coop banks) and European Economic Area credit institutions. The bonds are mandatorily over-collateralized and the issuer cannot issue CTs in an amount greater than 70% of the outstanding value of all qualifying loans
|Central Government Receivables
|The underlying assets were originated by a Government or sovereign entity (eg Kingdom of Belgium, The Hellenic Republic). They may, or may not carry a Sovereign guarantee
|Collateralised Commodity Obligation
|Collateralised Commodity Obligations.. are credit structures where the risk is linked to the performance of an underlying portfolio of commodities.
|Collateralised Debt Obligations
|Collateralized Debt Obligation….. a financial instrument that allows various debt assets to be securitized into one or more classes of notes
|Collateralised Fund Obligation
|Collateralised Fund Obligation…where the underlying collateral is usually a fund of hedge funds.
|Collateralised Loan Obligation
|A debt security backed by a pool of commercial loans (which can be secured or unsecured)
|Collateralised Swap Obligation
|Issuance backed by receivables from a portfolio of swap agreements
|Issuance backed by a portfolio of Commercial Mortgages.
|Commercial Real Estate
|CRE CDOs are essentially, more complex and riskier versions of CMBS, where the investor is offered higher rates of return. Typically they are pools of loans ( subordinate CMBS and REIT debt) made on commercial properties divided into tranches with varying yields and levels of risk.
|Constant Proportion Debt Obligation
|Constant Proportion Debt Obligation….. is normally backed by an investment in an index of debt securities (CDS indices), or could be deal specific. As the index is periodically rolled, the SPV must buy protection on the old index, and sell protection on the new index.
|Consumer Loans. The receivables are be loans granted to consumers for a wide variety of purposes: white goods; furniture; general household expense; etc
|Covered Bond. The assets backing the particular issue remain on the balance-sheet of the issuer (and asset originator) and have been "ring-fenced".
|Credit Card Receivables
|Backed by receivables on loans advanced to car dealerships to set up the franchise, and to finance the dealers’ inventories of new and used cars, and spare parts.
|Debt Issuance Programme
|Debt Issuance Programme, a Master document, which subsequent tranches & issues can be referenced to.
|Diversified Payment Rights
|Diversified Payments Rights. The issue is secured against future (foreign currency) remittances via the originator's international operations.
|The cash-flow is derived from an electricity generating company
|lease & rental contracts (usually corporate) on construction and heavy equipment.
|Future flow obligations….. which are backed by receivables from the future processing of payments received by financial institutions.
|The underlying assets were originated by a Government-owned/related or sovereign-owned/related entity (e.g. future receipts to EU members under the Community Support Framework, the Secretary of State for the Environment, Transport and the Regions ). They may, or may not carry a Sovereign guarantee.
|Green residential mortgages
|Applies to transactions which meet “green” or environmental criteria, as defined in the underlying transaction documents
|receivables from public & private payments to the healthcare industry
|Hypotheken Pfandbrief. German mortgage-backed Covered Bonds
|The receivables are insurance-related contracts.
|Covered Bond Issuance greater than 1 billion Euros
|lettres de gage hypothecaires
|Luxemburg-issuer Covered Bonds. Issuers have to be credit institutions with a specialist bank licence, where the bank’s principal activities are limited to mortgage lending and public sector financing
|Local Government Receivables
|The underlying assets are either local-government owned, or the cash flow to service the issue is derived from a local government entity (eg Regional Government of Sicily) .
|Master Trust Issuance
|An issuance event from a Master Trust Programme. Each series of issuance will consist of one or more classes of notes. One or more series and class (or sub-class) of notes may be issued and outstanding at any one time.
|Master Trust Programme
|A note programme with a revolving pool of receivables (primarily residential and other consumer loans), where the issuer may from time to time issue various classes of notes in one or more series. The proceeds of each series are used to purchase a portion of the receivables from the originator. Each series will consist of one or more classes of notes. One or more series and class (or sub-class) of notes may be issued and outstanding at any one time.
|Medium Term Note
|Lease contract receivables from a variety of sources eg aircraft, shipping, equipment
|Monoline insured. The issue has at least one tranche where the output cashflow is guaranteed by one of the recognised monoline bond insurers
|Non-conforming loan, which is a loan that fails to meet the usual banking criteria for funding. These NON-CLs can include: borrowers with CCJs; self-employed with limited credit history; former bankruptees, high LTVs.
|obbligazioni bancarie garantite
|Italian mortgage-backed Covered Bonds
|Obligations a l'Habitat
|Obligations à l'Habitat are French housing financing bonds, issued by housing financing companies (société de financement à l'habitat) and can be secured by either mortgages or guaranteed loans without any restrictions. Such Obligations à l'Habitat will be issued by a new type of credit institution called "Sociétés de Financement à l'Habitat" whose exclusive purpose would be to grant or finance home loans and to issue home bonds. Although the legal regime for OFs and OHs is very similar, the intention is to provide investors with an instrument as efficient and as secured as the OFs but without applying some of the more onerous regulatory constraints that currently apply to SCFs
|Obligations Foncieres. French Covered Bonds.
|Obligazioni Bancarie Garantite
|Italian covered bonds
|Obrigacoes Hipotecaries. Portugese mortgage-backed Covered Bonds.
|Obrigacoes sobre o Sector Publico
|Portugese public-sector backed Covered Bonds.
|Offentlicher Pfandbrief. German public-backed Covered Bonds.
|Peer to Peer
|Also known as CrowdLending. The lending money to individuals or businesses (usually through online services) that match lenders directly with borrowers. Usually, peer-to-peer loans are unsecured personal loans, though some of the largest amounts are lent to businesses. In the UK, since April 2014 the peer-to-peer lending industry has been regulated by the Financial Conduct Authority.
|The receivables are pension-related.
|Only applies to residential mortgage issuance, which conforms to a conservative lending policy: adequate lender documentation, acceptable LTV, good credit history for all mortgagees.
|Public House / Brewery chain receivables
|Public Finance Initiative
|Private Finance Initiative… provides a way of funding major capital investments, without immediate recourse to the public purse. They usually involve private consortia, (large construction firms etc), contracted to design, build, and in many cases manage new projects (hospitals, roads, schools etc)
|Issuance backed by rail services, or franchise payment receivables
|Real Estate Investment Trust
|Real Estate Investment Trust.
|Issuance backed by a portfolio of Residential Mortgages.
|a range of products letting you access the equity (cash) tied up in your home if you are over the age of 55.
|Sakerstalida Obligationer. Swedish Covered Bonds
|SIV-Lite Much more highly leveraged than a traditional SIV. SIV-Lites have equity leverage of perhaps 40-70x , depending on the collateral.
|Small & Medium Enterprise Loans
|Residential housing loan receivables, where the loans have been awarded to Housing Associations, or at non-market conditions.
|A securitisation where the relevant cash-flow to service the transaction is derived from rental income from campus-type student accommodation provided primarily by colleges and Universities (usually via 3rd parties) to under & post graduate students.
|Loans provided to students for educational, living, and housing expenses
|only applies to residential mortage issuance. one or more mortgagees has a certified bad credit history
|the issue displays the characteristics, and the methodology of an Islamic finance instrument.
|Malaysian Sukuk-compliant issuance. The stand-alone assets are identified on the balance sheet. The leased assets (aircraft, equipment, shipping etc) can be both fixed and floating
|Malaysian Sukuk-compliant issuance. A Musyarakah arrangement involves a partnership between various parties that provide capital towards the financing of the business venture. While profits are shared based on an agreed ratio, losses are shared on the basis of equity participation.
|The owner of the assets has transferred the credit risk to the capital markets via the bond issue. However, actual ownership of the reference obligations (which can be static, or be replenished) remains with the protection buyer.
|The issuer, or provider of the assets is a Telecoms company. The cash-flow is from a Telecomm company
|Issuance backed by toll bridge (or related) receivables.
|Issuance backed by toll road or other road based receivables
|Trade Receivables ….. the sale of a stock of receivables (diamonds, oil, etc) to a specially created legal entity, and the issuing of debt securities by this entity.
|The cash-flow is derived from the Utility company, either electricity, gas, or water
|The cash-flow is derived from a water company.
|Whole Business Securitisation transactions are structured based on the residual cash flows of an operating business. Whole Business Securitisations may be likened to a securitised Leveraged Buy Out – where, it is the value of a business, reflected by the residual cash flows of the business, which is being securitized.