商业抵押担保证券 英文版

ASIAFINANCIAL(RESEARCH)LTD.AsubsidiaryofAsiaInvestmentServices10-12/FAsiaFinancialCentre,120DesVoeuxRoad,Central,HongKongResearch:(852)2119-6729Fax:[phone]COMMERCIALMORTGAGE-BACKEDSECURITIES(CMBS)-ANALTERNATIVEDEBTFINANCINGINSTRUMENTFORDEVELOPERSTheCMBS(CommercialMortgage-BackedSecurities)market,oncehighlypreferredbydevelopersasanalternativefundinginstrument,hascometostandingstillinrecentyears,thankstotheamplebankingliquiditiesandrelaxedlendingpolicy.DeveloperswidelyusedCMBSduringthe98–99creditcrunchperiodaftertheAsiaFinancialCrisisasitofferedadvantagesunrivalledbyotherconventionalfinancingoptions.Cheaperpricingisoneofitsbenefits.However,theintensecompetitionintheloanmarkethasundercutitsedge.Banks’eagernesstothrowlargecreditlinesatevencheaperrateshavedrivendeveloperswithlessincentivetostructurethecomplextheCMBSdeals.Despitegovernment’snewspateofhousingpoliciestopropuptheresidentialmarketrecently,thepropertymarketoutlookwasevengrimmerwithdwindlingdemandandfallingprices.Developersaremorefiercelycuttingtheirsalespricestoenticebuyerswhoareincreasinglyscarredawaybythesoaringunemploymentfigures.Saggingcorporateearningsandsurgingpropertyprovisionswouldhitpropertydevelopersamidthisbleakmarketoutlook.Toaggravatethematter,weanticipatebankswouldbelessaggressiveinlendingandadoptmorestringentlendingrules.Thedepressedstockmarketwouldn’tlendahelpinghandtodeveloperseitherastheyfinditdifficulttoplacetheirsharestoraisefunds.Againstthisbackdrop,wehavereasonstobelievethatCMBSmarketwillbebackinvogue.WethinkdeveloperswithlargerecurringrentalincomesandinhighgearingsuchasGreatEagle,NewWorl[e-mail](852)211966272Neitherthisdocumentnoritscontentsshallbeconstruedasanoffer,invitation,advertisement,inducementorrepresentationofanykindorformwhatsoever.Whiletheinformationcontainedhereinhasbeenobtainedfromsourcesbelievedtobereliable,wedonotrepresentthatitisaccurateorcompleteanditthatshouldbereliedupon.Weherebyexpresslydisclaimallliabilitiesarisingoutoforincidentaltotheaccuracyandcompletenessofthecontentsandinformationhereincontained.Wefurtheradvisethatthecontentsandinformationinthisdocumentwillbesubjecttochangewithoutfurthernotice.AsiaFinancial(Research)Limitedanditsofficersmayfromtimetotimehaveapositioninthesecuritiesmentionedandmay,asprincipaloragent,buyandsellsuchsecurities.ThisreportisprovidedsolelyfortheinformationofprofessionalinvestorswhoareexpectedtomaketheirowninvestmentdecisionswithoutunduerelianceonthisreportWHATISASSETSECURITISATION?Asset-backedsecuritiesaresecuritieswhicharebasedonpoolsofunderlyingassets.Theseassetsareusuallyilliquidandprivateinnature.Asecuritizationoccurstomaketheseassetsavailableforinvestmenttoamuchbroaderrangeofinvestors.ThepoolingofassetsmakestheSecuritisationlargeenoughtobeeconomicalandtodiversifythequalitiesoftheunderlyingassets.Aspecialpurposetrustorinstrumentissetupwhichtakestitletotheassetsandthecashflowsarepassedthroughtotheinvestorsintheformofanasset-backedsecurity.Thetypesofassetsthatcanbesecuritizedrangefromresidentialmortgagestotradereceivablesandevenmusicroyalties.Theasset-backedsecurityusuallyqualifiesforatopratingandenablestheissuingcompanyorbanktoraisefundsataveryattractiverate,whilefreeingupcapitalandretainingcustomerrelationshipsandservicingrevenues.COMMERCIALMORTGAGE-BACKEDSECURITIESTheCMBSaredebtsecuritiesusingcommercialassetsascollateralsandincomesgeneratedfromthepropertyassetsareusedtopaybacktheloansandtheinterests.Propertyassetsarenormallysoldtoaspecialpurposevehicle(SPV)whichthenissuesCMBSandthesalesproceedsfromthesecuritieswillthenbereturnedtotheoriginalpropertyowners.CMBSiswidelyconsideredasaninnovativefinancinginstrumentinthedebtmarket.AnIllustrationofCMBSStructureSource:ProfessorGiddy’sglobalsecuritisation.com3Neitherthisdocumentnoritscontentsshallbeconstruedasanoffer,invitation,advertisement,inducementorrepresentationofanykindorformwhatsoever.Whiletheinformationcontainedhereinhasbeenobtainedfromsourcesbelievedtobereliable,wedonotrepresentthatitisaccurateorcompleteanditthatshouldbereliedupon.Weherebyexpresslydisclaimallliabilitiesarisingoutoforincidentaltotheaccuracyandcompletenessofthecontentsandinformationhereincontained.Wefurtheradvisethatthecontentsandinformationinthisdocumentwillbesubjecttochangewithoutfurthernotice.AsiaFinancial(Research)Limitedanditsofficersmayfromtimetotimehaveapositioninthesecuritiesmentionedandmay,asprincipaloragent,buyandsellsuchsecurities.ThisreportisprovidedsolelyfortheinformationofprofessionalinvestorswhoareexpectedtomaketheirowninvestmentdecisionswithoutunduerelianceonthisreportSECURITISATIONDEALSINHONGKONGDatePropertiesFundRaisedDeveloperRemarksSept1995174luxuryapartmentsinQueen’sGarden,CentralHK$959mnEtonPropertiesHongKong’sfirstsingleassetsecuritisationNov1996425apartmentsand779carparksinPacificPalisades,NorthPointHK$1,045mnSino&theNgfamilyMar19975commercialbuildingscomprising2mnsq.ft.ofoffices&0.5mnsq.ft.ofretailspaceHK$2,340mnSino&theNgfamilyFeb19997commercialbuildingscom