MDB Loans: A New Asset Class for CLOs

IF 0.4 Q4 BUSINESS, FINANCE
Mahesh Kotecha
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引用次数: 0

Abstract

Use of structured financings for balance sheet management by multilateral development banks (MDBs) is still in its infancy. Three path-breaking deals by the African Development Bank (AfDB) and International Finance Corporation (IFC) are leading the way, however. The two AfDB deals are both synthetic, with the loans remaining on the balance sheet despite substantial risk transfers. The IFC transaction allows co-funding of private sector loans with other lenders. New insights and opportunities will certainly emerge with rising experience in MDB loan deals. A few imperatives for a robust MDB collateralized loan obligation (CLO) market are already evident: (i) public disclosure of the relevant parts of proprietary historical MDB loan performance data; (ii) more-transparent rating agency criteria for MDB securitizations, and (iii) greater management, investor, banker, and MDB expertise in this asset class.
多边开发银行贷款:clo的新资产类别
多边开发银行利用结构化融资进行资产负债表管理仍处于初级阶段。然而,非洲开发银行(AfDB)和国际金融公司(IFC)的三项突破性交易正在引领潮流。非洲开发银行的两项交易都是综合性的,尽管存在大量风险转移,但贷款仍保留在资产负债表上。国际金融公司的交易允许与其他贷款人共同为私营部门贷款提供资金。随着多边开发银行贷款交易经验的增加,新的见解和机会肯定会出现。稳健的MDB抵押贷款义务市场的一些必要条件已经很明显:(i)公开披露专有历史MDB贷款业绩数据的相关部分;(ii)MDB证券化的更透明的评级机构标准,以及(iii)该资产类别的管理层、投资者、银行家和MDB专业知识。
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来源期刊
Journal of Structured Finance
Journal of Structured Finance BUSINESS, FINANCE-
CiteScore
0.60
自引率
25.00%
发文量
28
期刊介绍: The Journal of Structured Finance (JSF) is the only international, peer-reviewed journal devoted to empirical analysis and practical guidance on structured finance instruments, techniques, and strategies. JSF covers a wide range of topics including credit derivatives and synthetic securitization, secondary trading in the CDO market, securitization in emerging markets, trends in major consumer loan categories, accounting, regulatory, and tax issues in the structured finance industry.
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