English translation: asset-backed securities (covered bonds)
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Spanish to English translations [PRO] Finance (general)
Spanish term or phrase:bonos de titulización de cédulas
As below, thanks
Las ampliaciones de diferencial sufridas por los bonos de titulización de cédulas se enmarcan en el contexto más genérico de la crisis del mercado de crédito, bancaria y de deuda soberana
Edward.Hugh.Blog: June 2008
23 Jun 2008 ... So these cedulas will effectively soon be coming up for rollover. .... by the issue of asset backed securities (ABS, cedulas hipotecarias). ...
edwardhughtoo.blogspot.com/2008_06_01_archive.html - Cached
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PIMCO - Covered Bond Basics
By contrast, mortgage- and asset-backed securities are typically off-balance-sheet ... covered bonds backed by mortgages, known as Cédulas Hipotecarias, ...
europe.pimco.com/LeftNav/.../Covered+Bond+Basics.htm - Cached - Similar
What Are Covered Bonds?
Covered bonds are securities issued by a bank and backed by a dedicated group of loans known as a “cover pool”. There are two different types of covered bonds: those backed by high-quality mortgage loans and those backed by public sector loans. If the issuing bank becomes insolvent, the assets in the cover pool are separated from the issuer’s other assets solely for the benefit of the covered bondholders. Asset eligibility for the cover pool and the process in the event of an issuer insolvency are determined by laws specific to each country.
Based on the high quality of the loans in the cover pool and the strength of the issuing banks, most covered bonds receive high credit ratings of double- or triple-A. In general, their maturities range from two to 10 years, although there is a recent trend toward long-term securities greater than 10 years.
Covered bonds are similar in many ways to mortgage- and asset-backed securities with one major difference: the loans backing a covered bond remain on the balance sheet of the issuing bank. The bonds are therefore obligations of the issuing bank, and the issuer retains control over the assets. It can change the make-up of the loan pool to maintain its credit quality, which can benefit investors, and it can also change the terms of the loans. By contrast, mortgage- and asset-backed securities are typically off-balance-sheet transactions in which lenders sell loans to special purpose vehicles that issue bonds, thus removing the loans—and the risk associated with those loans—from the lenders’ balance sheets. http://europe.pimco.com/LeftNav/Bond Basics/2006/Covered Bon...
I think that "bonos" are bonds, "cédulas" are debentures and "titulización" is securitisation, but I'm really not sure how all of these fit together in this context.
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Answers
5 hrs confidence:
securitization of (mortgage) bonds
Explanation: Saludos
Smartranslators Local time: 08:49 Specializes in field Native speaker of: Spanish PRO pts in category: 941
Edward.Hugh.Blog: June 2008
23 Jun 2008 ... So these cedulas will effectively soon be coming up for rollover. .... by the issue of asset backed securities (ABS, cedulas hipotecarias). ...
edwardhughtoo.blogspot.com/2008_06_01_archive.html - Cached
--
PIMCO - Covered Bond Basics
By contrast, mortgage- and asset-backed securities are typically off-balance-sheet ... covered bonds backed by mortgages, known as Cédulas Hipotecarias, ...
europe.pimco.com/LeftNav/.../Covered+Bond+Basics.htm - Cached - Similar
What Are Covered Bonds?
Covered bonds are securities issued by a bank and backed by a dedicated group of loans known as a “cover pool”. There are two different types of covered bonds: those backed by high-quality mortgage loans and those backed by public sector loans. If the issuing bank becomes insolvent, the assets in the cover pool are separated from the issuer’s other assets solely for the benefit of the covered bondholders. Asset eligibility for the cover pool and the process in the event of an issuer insolvency are determined by laws specific to each country.
Based on the high quality of the loans in the cover pool and the strength of the issuing banks, most covered bonds receive high credit ratings of double- or triple-A. In general, their maturities range from two to 10 years, although there is a recent trend toward long-term securities greater than 10 years.
Covered bonds are similar in many ways to mortgage- and asset-backed securities with one major difference: the loans backing a covered bond remain on the balance sheet of the issuing bank. The bonds are therefore obligations of the issuing bank, and the issuer retains control over the assets. It can change the make-up of the loan pool to maintain its credit quality, which can benefit investors, and it can also change the terms of the loans. By contrast, mortgage- and asset-backed securities are typically off-balance-sheet transactions in which lenders sell loans to special purpose vehicles that issue bonds, thus removing the loans—and the risk associated with those loans—from the lenders’ balance sheets. http://europe.pimco.com/LeftNav/Bond Basics/2006/Covered Bon...
argosys Local time: 14:49 Specializes in field Native speaker of: English PRO pts in category: 102
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