"Fixed Income":Amortizing collateral

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Questions 1:

In a securitization, the seller of the pool of securitized assets is the:

A 、trustee.

B 、special purpose entity.

C 、depositor.

Questions 2:

Which of the following is least likely a feature of a credit card receivable ABS?

A 、An early amortization provision

B、Amortizing collateral

C 、A lockout period

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The collateral in a securitization is the pool of securitized assets from which cash flows will be generated. The seller of the collateral is the depositor, also referred to as the originator.

A is incorrect because the trustee is typically a financial institution that safeguards the assets, hold funds for bondholders until they are paid, and provides periodic information to the bondholders.

B is incorrect because the special purpose vehicle (SPV) is the issuer in the securitization.

【Answer to question 2】B

【analysis】

B is correct. A credit card receivable ABS is an example of an ABS with a non-amortizing collateral.

A is incorrect because a credit card receivable ABS may require early amortization of the principal if certain events occur. Such an early amortization provision would safeguard the credit quality of the issue.

C is incorrect because a credit card receivable ABS would typically have a lockout period during which the cash flow that is paid out to security holders is based only on finance charges collected and fees.

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