U.S. Structured Credit Roundtable: For Timeshare Securitizations, The Shift Toward A Stronger Borrower Will Likely Boost Performance Jan 12
- Language: English
- Published: January 2012
- Region: United States
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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Research Type: Commentary
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