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|English to Spanish translations [PRO]|
Bus/Financial - Finance (general)
|English term or phrase: credit-wrapped bonds|
|The text is the following:|
Traditionally project financing was provided by commercial lenders.
However, as projects became more complex and financial markets more sophisticated project finance also developed.
In addition, as well as bank borrowings sponsors are also using more sophisticated products like ***credit wrapped bonds***, securitisation of future cash flows and political, technical and completion risk insurance to provide a portion of the necessary finance.
In assessing bankability lenders will look at a range of factors and assess a contract as a whole.
Therefore, in isolation it is difficult to state whether one approach is or is not bankable.
At this link
I found the explanation of what it is:
Credit wrapping is a type of credit enhancement whereby a bond insurer guarantees to meet
interest and principal payments if the issuer cannot. In Australia, credit wrapping is primarily
used by lower-rated (generally BBB) investment-grade corporates – typically airports, utilities
and infrastructure related issuers – to obtain a higher rating on their bonds. This is because the
rating of a credit-wrapped bond is generally set at the higher of the insurer or issuer’s rating.
It also enables issuers to issue at longer maturities and lower spreads than otherwise. Very few
structured credit products, such as asset-backed securities, are credit-wrapped in Australia, in
contrast to the United States.
But I'm really at odds on how to translate it.
|emisiones de bonos con seguro de pago|
Es eso, no?
Algunos ILS cuentan con la participación de una aseguradora de crédito. Numerosas titulizaciones de vida incluyen una protección crediticia, en la que un asegurador de bonos (a menudo denominado “monorramo” o “ wrapper”) garantiza el pago de los intereses y del principal de los títulos subyacentes. La garantía respalda el título con una calificación alta (generalmente AAA). La compañía emisora abona una prima al asegurador de los bonos a cambio de la mejora crediticia, conocida como “ credit wrap”.
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|muchas gracias, saludos|
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|Changes made by editors|
|Nov 25, 2013 - Changes made by patinba:|
|Created KOG entry||KudoZ term » KOG term|| |
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