Publikation:

Securitization of Mezzanine Capital in Germany

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Datum

2008

Autor:innen

Hein, Julia

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http://nbn-resolving.de/urn:nbn:de:bsz:352-opus-94321
DOI (zitierfähiger Link)
https://doi.org/10.1007/s11408-008-0082-x
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Published

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Financial Markets and Portfolio Management. 2008, 22(3), pp. 219-240. Available under: doi: 10.1007/s11408-008-0082-x

Zusammenfassung

A recent trend in the German Asset Backed Securities (ABS) market is the securitisation of subordinated loans and profit participation agreements (PPAs) granted to medium-sized enterprises (MEs). This paper provides an overview of this growing market and analyses the benefits of such transactions for the portfolio companies as well as originators and potential investors. Simulations of ten recent transactions indicate that despite of relatively low interest rates charged on obligors, originators and investors can earn attractive returns at fairly low risk. In particular, the junior tranches of these securitisations exhibit quite attractive risk-return profiles.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

securitisation, middle market transactions, mezzanine loans, medium-sized enterprises, junior tranche

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ISO 690FRANKE, Günter, Julia HEIN, 2008. Securitization of Mezzanine Capital in Germany. In: Financial Markets and Portfolio Management. 2008, 22(3), pp. 219-240. Available under: doi: 10.1007/s11408-008-0082-x
BibTex
@article{Franke2008Secur-1879,
  year={2008},
  doi={10.1007/s11408-008-0082-x},
  title={Securitization of Mezzanine Capital in Germany},
  number={3},
  volume={22},
  journal={Financial Markets and Portfolio Management},
  pages={219--240},
  author={Franke, Günter and Hein, Julia}
}
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