|
EconStor >
Universität Konstanz >
Center of Finance and Econometrics (CoFE), Universität Konstanz >
CoFE-Diskussionspapiere, Universität Konstanz >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/32185
|
| | |
| Title: | | Securitisation of mezzanine capital in Germany  |
| Authors: | | Franke, Günter Hein, Julia |
| Issue Date: | | 2007 |
| Series/Report no.: | | Discussion paper series // Zentrum für Finanzen und Ökonometrie, Universität Konstanz 2007,09 |
| Abstract: | | 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. |
| Subjects: | | securitisation middle market transactions mezzanine loans medium-sized enterprises junior tranche |
| JEL: | | G10 G21 G24 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CoFE-Diskussionspapiere, Universität Konstanz
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/32185
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|