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U.S. Structured Credit Roundtable: After A Robust Year, Whole Business And Royalty Securitization Is Promising For 2012 Jan 12 Product Image

U.S. Structured Credit Roundtable: After A Robust Year, Whole Business And Royalty Securitization Is Promising For 2012 Jan 12

  • ID: 2039749
  • January 2012
  • Region: United States
  • Standard & Poors

Abstract
Whole business and royalty securitizations offer investors an alternative from traditional asset-backed securities (ABS) to raise liquidity with generally lower correlations to the overall economy, according to panelists at a recent roundtable discussion hosted by Standard & Poor's Ratings Services. A diverse range of companies (from timber companies, restaurant chains, billboard companies, and film libraries) have, during the past year, securitized future cash flows from intellectual property--copyrights, trademarks, patents, royalties, etc.--or hard assets through bankruptcy-remote special-purpose entities. The sector still remains a niche market with a relatively narrow investor base and limited standardization because these typically one-off deals are secured by such a wide range of assets and take a long time to analyze. That said, increasing numbers of investors...

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