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* Securitisation *
Flow of Presentation
Definition of Securitisation
Parties to Securitisation
Process of Securitisation
Pass and Pay Through Structure
Motivation and Benefits
Scope of Securitisation
Constraint of Securitisation in India
Case Study: NHB - HDFC RMBS Issue
Definition of
Securitisation
Securitization is the process of pooling and
repackaging
of
homogenous
illiquid
financial
Parties to Securitisation
Primary Parties :
The SPV
The Investors
The Originator
Parties to Securitisation
Other Parties: The Obligor(s)
The Rating Agency
Administrator or Servicer
Agent and Trustee
Structurer
The Procedure
Selection and pooling of assets
Securitisation
Process
Obligor (s)
Ancillary Service
Providers
Interest &
Principal
Original
Loan
Credit Enhancement,
Liquidity Adjustment,etc.
Sale of Assets
Originator
Consideration for
assets purchased
Issue of Securities
Servicing of
Securities
Investors
Subscription
of Securities
Rating Agency
Structurer
Guarantee for
Timely Payment
Guarantor
Process of Securitisation
Estimation of the Cash Flows
Creation of SPV
SPV issues securities/notes to Investors
Investors - Proceeds of the issue of
securities to SPV
Collection
Obligors
and
Servicing
from
the
Process of Securitisation
(Pay
Scope of Securitisation
Issue Structure
Class A PTC of the loan originated from
HDFC
in
the
state
of
Gujarat,
Issue Structure
Rating "AAA (so)" by CRISIL.
Interest on Application Money 10%.
Deemed date of Allotment - 1st
September 2000.
Interest and Principal Payment
Dates - 1st Business working day of
the every month.
Hierarchy of Payments
Class A principal.
Fees to Service Providers - Trustee, Servicing
PTCs).
Class B income.
Credit Enhancements
Subordinated Class B PTC
payouts
Corporate Guarantee Structure
of HDFC
GoM
Disc. Rate X%
SICOM
Fees
Pvt. Cos.
Repayments Future Cash Inflows
SPV
Funds Management
Fees
Credit
Rating
Agency
Treasury
Investors