17-2007 Securitisation Process
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Securitisation Process:
6
ORIGINATOR
7b
Uses invested funds to acquire receivables of originator
2 Transfers legal and beneficial interest in the asset to the spv
Gives loan
1 Pays the investor in form of interests & principle
9
OBLIGORS
SERVICER
7a Collects payments due from obligors
8 Receives the installments & pays the spv
SPV
5 Invests small sum in the spv
4 Invites investments from investor
3 Reduces the overall credit risk of security issuers
3a
Assesses the strength of cash flow & credit quality 3b
CREDIT ENHANCERS
CREDIT RATING AGENCIES
Structures the issue
3c
INVESTMENT BANKER
INVESTOR
6
ORIGINATOR
7b
Uses invested funds to acquire receivables of originator
2 Transfers legal and beneficial interest in the asset to the spv
Gives loan
1 Pays the investor in form of interests & principle
9
OBLIGORS
SERVICER
7a Collects payments due from obligors
8 Receives the installments & pays the spv
SPV
5 Invests small sum in the spv
4 Invites investments from investor
3 Reduces the overall credit risk of security issuers
3a
Assesses the strength of cash flow & credit quality 3b
CREDIT ENHANCERS
CREDIT RATING AGENCIES
Structures the issue
3c
INVESTMENT BANKER
INVESTOR
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