Iimpahla ezikhuselekileyo ze-Asset
Nantsi indlela esebenza ngayo: xa umboleki ekhupha imali mboleko, ityala labo liba yimpahla kwi-balance sheet yomboleki.
Umnini-mboleko, naye, unokuthengisa loo maxabiso kwi-trust okanye "inqobo yeso sithuthi," esiwafaka ipakethe kwindawo ekhuselekileyo ye-asethi engathengiswa kwimarike kawonkewonke. Inzala kunye nenkokhelo enqununu eyenziwa ngabathengi "idlulela" kubatyalomali abanabanini-mvume abaxhasiweyo. Ngokuqhelekileyo, izibambiso ezizimeleyo zihlanganiswe kwi " Tranches " okanye amaqela eemali -mboleko ezinezigaba ezifanayo zokukhula kunye nobungozi bokungcola.
Inzuzo yomkhupheli we-ABS kukuba umkhupheli ususa ezi zinto kwi-balance sheet, ngaloo ndlela athola kokubili umthombo weemali ezintsha kunye nokuguquguquka okukhulu ukuqhuba ibhizinisi elitsha. Inzuzo kumthengi - ngokuqhelekileyo abatyalo-mali-sikhungo-kukuba banako ukuthabatha isivuno esongezelelweyo ngokumalunga neebhanki zikaRhulumente kunye nokunyusa i-portfolio yabo. Nangona le njongo inenjongo, ngokudlulileyo, ezinye i-ABS zenze ukuba kubekho iimali-mali ezimbi kakhulu - bekuyi-meltown ye-ABS ephethe i-sub-prime mortgages eyayiqalise iRest Recession eyayiqala ngasekupheleni kuka-2007.
I-market ye-ABS yaqala ukuphuhliswa kuma-1980, yaye sele isakhulile ibe yinto ebalulekileyo kwimarike ye-matyala yase-US. I-US ABS Index yenziwe ngo-1992, apho i-aseset class yongezwa kwi-Lehman US Aggregate Bond Index - umlinganiselo wokubanjiswa kweebhondi ezibizwa ngokuba yiBhaclays US Aggregate Bond Index.
Ngethuba elishumi elidlulileyo, izithenxo ezixhaswe nge-asethi zenzeke naphi na kwi-2.5% ukuya kwi-7% yesalathisi.
Kuphela kwezemali eziyinkimbinkimbi, abatyebi-mali abatyebileyo kufuneka bathenge i-securities ezixhaswe ngabanye. Ukuphonononga iimali-mboleko ezisemgangathweni kufuna uphando olunzulu kwaye ukufumana idatha efunekayo akusoloko ilungile. Nangona kunjalo, ukuba unayo i-bond mutual fund , ethile inkcazo yesikhwama , kunethuba elihle lokuba iphothifoliyo inokulinganisela kwe-ABS. Kukho neengxowa-mali ezithengiswa ngeenombolo ezizinikezelwe kuphela kwiziqinisekiso zobungqina-mali, phakathi kwazo i-Vanguard Imali-mboleko-mboleko ye-ETF (i-VMBS), ephethe i-pass-backed back-through securities ekhishwe nguGinnie Mae (GNMA), uFannie Mae ( I-FNMA), kunye noFreddie Mac (FHLMC) kunye nokukhula okuphakathi kweminyaka emi-3 ukuya kwe-10. Le ngxowa-mali ekhuselekileyo ye-ABS ene-0.10% yentlawulo yolawulo.
Izingozi ze-ABS
I-ABS ithwala ingozi yokuhlawula imali, eyona ithuba lokuba abatyali-mali bafumane ukunyuka kweemali ezibangelwa ngababolekayo ukuhlawula iimali mboleko zabo kwangaphambili, ngokukodwa ekuhlaleni kwezinga lesenzalo xa ababolekayo banokuphucula imali ekhoyo ekhoyo kunye nemali-mboleko ephantsi.
Imbali exubeneyo ye-ABS yamasheya ibonisa ukuba kufuneka kuqaphele ezinye izinto xa kuthengwa i-AAA okanye i-AA ilinganise i-ABS, ekubeni ekudlulileyo i-credit ratings ezixhomekeke kwezinye zee-Moody kunye nabanye azizange zithembeke.
Kwakhona kunengqondo ukuthenga ii-ETF ze-ABS kuphela kubaxhasi abakhulu, abanjengoVanguard, kunye nokutyalomali kwimveliso yebakala lotyalo-mali.
Funda nzulu