Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses

The report covers several types of structured finance with such capital market instruments as mortgage-backed securities, structured bond issues for infrastructure financing, securitization of small and medium enterprises (SME)-related assets, and securitization of loans to SMEs. The report also covers factoring and leasing, which can be important sources of finance for SMEs and can be pooled and packaged into marketable securities and sold to pension funds. The report does not cover other types of structured finance, such as exchange trade funds, structured notes with capital protection, or structured financing outside capital markets, such as bank syndications. Chapter 1 focuses on private pension fund investment management and the role of structured bonds. Chapter 2 focuses on the increasing use of structured finance for housing in Latin American countries. Chapter 3 deals with the less developed yet promising area of structured bonds for infrastructure financing. Chapter 4 focuses on the use of structured bonds for SME finance, still in the experimental stage. The report discusses the role of the government in supporting small and medium loan securitizations through partial guarantees (as in Spain) to share the risk of borrower default and through the development of an SME securitization conduit (as in Germany).

Bibliographic Details

Main Authors:	Cheikhrouhou, Hela, Gwinner, W. Britt, Pollner, John, Salinas, Emanuel, Sirtaine, Sophie, Vittas, Dimitri
Language:	English en_US
Published:	Washington, DC: World Bank 2007
Subjects:	ACCESS TO CAPITAL, ACCOUNTING, ACCOUNTS RECEIVABLE, ASSET CLASS, ASSET MANAGERS, ASSET-BACKED SECURITIES, BACKED SECURITIES, BANK CREDIT, BANK DEBT, BANKING SYSTEM, BANKRUPTCY, BOND, BOND INSURANCE, BOND INVESTORS, BOND ISSUANCE, BOND ISSUANCES, BOND ISSUE, BOND ISSUES, BOND MARKET, BOND MARKETS, BONDHOLDERS, BONDS, BORROWER, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CASH FLOW, CASH FLOWS, COLLATERAL, COLLECTION PROCEDURES, COMMERCIAL LOANS, CONTRACTUAL SAVINGS, CORPORATE BONDS, CREDIT DERIVATIVES, CREDIT ENHANCEMENT, CREDIT ENHANCEMENTS, CREDIT GUARANTEES, CREDIT INFORMATION, CREDIT LINES, CREDIT LOSSES, CREDIT MARKETS, CREDIT QUALITY, CREDIT RATINGS, CREDIT RISK, CREDIT SCORING, CREDITOR, CREDITOR RIGHTS, CREDITWORTHINESS, CREDITWORTHY SECURITIES, CURRENCY MISMATCHES, DEBT FINANCING, DEBT ISSUANCE, DEBT MARKETS, DEPOSIT, DEPOSIT MONEY BANK, DEPOSITS, DERIVATIVES, DEVALUATION, DEVELOPMENT BANK, DEVELOPMENT FINANCE, DISCLOSURE STANDARDS, DOMESTIC BANKS, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKETS, DOMESTIC CREDIT, DOMESTIC CREDIT RATING, DOMESTIC FINANCIAL MARKETS, ECONOMIC DEVELOPMENT, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKET ECONOMIES, EMERGING MARKETS, ENABLING ENVIRONMENT, ENFORCEABILITY, EQUITY INSTRUMENTS, ESCROW, EXCHANGE RATE, EXCHANGE RATE MOVEMENTS, FINANCIAL DEVELOPMENT, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, FINANCIAL PERFORMANCE, FINANCIAL STABILITY, FINANCIAL SYSTEMS, FLOATING INTEREST RATES, FORECLOSURE, FOREIGN INVESTMENT, FREE ASSETS, FUTURE CASH FLOW, FUTURES, GOVERNMENT DEBT, GOVERNMENT DEBT SECURITIES, GOVERNMENT SECURITIES, GOVERNMENT SUPPORT, GROSS DOMESTIC PRODUCT, HEDGE FUNDS, HOUSING FINANCE, ILLIQUIDITY, INDEXED BOND, INDEXED BONDS, INDIVIDUAL LOANS, INFLATION, INFORMATION SYSTEMS, INFRASTRUCTURE BONDS, INFRASTRUCTURE FINANCE, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE INVESTMENTS, INSTITUTIONAL CAPACITY, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE COMPANIES, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL MARKETS, INTERNATIONAL SECURITIES, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT DECISIONS, INVESTMENT FUND, INVESTMENT INSTRUMENTS, INVESTMENT OPPORTUNITIES, INVESTMENT PORTFOLIOS, INVESTMENT REGULATIONS, ISSUANCE, JUNK BOND, LEGAL PROVISIONS, LENDERS, LIQUIDATION, LIQUIDITY, LOAN, LOAN OBLIGATIONS, LOAN PORTFOLIO, LOCAL BANKS, LOCAL CORPORATIONS, LOCAL CURRENCY, LOCAL MARKETS, LOCAL STOCK MARKETS, LONG-TERM INVESTMENTS, MACROECONOMIC INSTABILITY, MACROECONOMIC STABILITY, MARKET CAPITALIZATION, MARKET INSTRUMENTS, MARKET PRACTICES, MARKET RISK, MARKET RISKS, MARKETABLE SECURITIES, MATURITIES, MATURITY, MICROCREDIT, MODERN FINANCIAL SYSTEM, MODERN FINANCIAL SYSTEMS, MORTGAGE, MORTGAGE BONDS, MORTGAGE LOANS, MORTGAGE MARKETS, MORTGAGE-BACKED SECURITIES, MORTGAGES, MUTUAL FUND, MUTUAL FUND ASSETS, MUTUAL FUNDS, OLD-AGE INCOME, PARTIAL CREDIT, PARTIAL GUARANTEES, PENSION, PENSION FUND, PENSION FUND ASSET, PENSION FUND ASSETS, PENSION FUND INVESTMENT, PENSION FUNDS, PENSION REFORM, PENSION REFORMS, PENSION SYSTEMS, PENSIONS, PLEDGES, PORTFOLIO, PORTFOLIO ALLOCATION, PORTFOLIO ALLOCATIONS, POTENTIAL INVESTORS, PRIMARY MARKET, PRIMARY MARKETS, PRIVATE BOND, PRIVATE CAPITAL, PRIVATE EQUITY, PRIVATE INVESTMENT, PRIVATE INVESTORS, PROTECTION OF INVESTORS, PRUDENTIAL REGULATION, PUBLIC DEBT, REGISTRY SYSTEMS, REGULATORY AUTHORITIES, REGULATORY FRAMEWORK, REPAYMENT, REPAYMENT CAPACITY, RESIDENTIAL MORTGAGES, RETURN, RETURNS, RISK MANAGEMENT, RISK SHARING, SECONDARY MARKET, SECONDARY MARKET LIQUIDITY, SECURITIES, SECURITIES MARKETS, SETTLEMENT, SMALL BUSINESS, SMALL BUSINESSES, STOCK ISSUANCE, STOCK MARKET, TAX, TAX TREATMENT, TRADE CREDIT, TRANCHE, TRANCHES, TRANSACTION, TRANSACTION COSTS, TURNOVER, UNDERLYING ASSETS, WORKING CAPITAL, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/2007/01/8101573/structured-finance-latin-america-channeling-pension-funds-housing-infrastructure-small-businesses https://hdl.handle.net/10986/6782
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