Скачать или смотреть PROJECT FINANCE LECTURE 51: STAGES IN THE SECURITIZATION PROCESS- B.COM CA S3

Securitization of a project loan is a technique by which a long term, non-negotiable and high valued financial asset is converted into securities of small values which can be tradable in the market just like shares.
Stages in the Securitization Process
 Identification stage: in this stage the originator selects a pool of illiquid loans and receivables from its asset portfolio for securitization.
 Transfer stage: in this stage the selected pool of assets is transferred by the originator to the SPV.
 Issue stage: here the SPV issues securities to the investors on the basis of the pooled assets it has bought from the originator in the transfer stage. It is from the sales proceeds of the securities that the SPV gets reimbursed.
 Credit rating stage: in order to make the securities more acceptable and attractive they have to be rated by a credit rating agency. the issue stage and the credit rating stage takes place simultaneously.
 Redemption stage: the redemption and payments of interest on these securities are facilitated by the collection received by the SPV from the securitized assets. Normally the task of collection of dues is entrusted to the originator. In rare cases, a special servicing agent is appointed for the purpose.