資源描述：
《securities backed by automobile loans and leases》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫(kù)。
1、CHAPTERTWENTY-NINESECURITIESBACKEDBYAUTOMOBILELOANSANDLEASESW.ALEXANDERROEVER,CFAManagingDirector,Short-TermFixedIncomeStrategyJPMorganSecurities,Inc.BondscollateralizedbyretailautoloansandleasesplayaprominentrolewithintheU.S.asset-backedsecurities(ABS)market,accountingforalm
2、ost20%ofthemarket’soutstandingbalanceatyear-end2003.TheautosectorisamongthemostwidelytradedandmostliquidsegmentsoftheU.S.ABSmarket.ThepurposeofthischapteristoprovideanintroductiontotherealmofautoABS.ThechaptercoversABScollateralizedbyretailloansandleases.Thechapterconsidersis
3、suessurroundingcollateralperformance,ABSstructuring,andrelativevalueanalysis.TofullyappreciateautoABS,itiscriticaltohaveathoroughunderstand-ingoftheunderlyingcollateral,includinghowitwasoriginated,howitisserv-iced,andhowitisexpectedtobehaveovertime.Forthisreason,wewillbeginby
4、lookingattheU.S.auto?nanceindustryandtheenvironmentthatproducesautoABScollateral.U.S.AUTOFINANCEINDUSTRYDuring2003,approximately60millioncarsandlighttrucksweresoldintheUnitedStates.Ofthisnumber,approximatelythree-quarterswere?nancedusingloansandleases.Loanswereusedaboutthreet
5、imesasoftenasleases.Autoloansareoriginatedviatwochannels.Inthedirectautolendingchan-nel,consumersseekoutaloanfromabank,creditunion,or?nancialinstitutionoftheirchoice.Intheindirectlendingchannel,thedealeractsasanintermediarybetweenthecustomeranda?nancialinstitutionthatiswillin
6、gtoprovidecredit.Mr.RoeverwasHeadofGlobalSecuritizationforBancOneCapitalMarkets,Inc.whenthischapterwaswritten.647Copyright?2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.648PART3SecuritiesTypically,adealerwillmaintainrelationshipswithnu
7、merousbanksandauto?nancecompaniesinordertobestserveitscustomerbaseandtomaximizeitsownpro?t.Banks,captive?nancesubsidiariesofmajormanufacturers,andindependent?nancecompaniescompeteintenselyfordealer-originatedbusiness.Severalfactorsin?uenceadealer’schoiceoflender,includingcomp
8、etitiveloanpricing,fastunder-writingapproval,andvariousfundingincent
