| Summary: | 碩士 === 臺灣大學 === 財務金融學研究所 === 96 === On 21st June, 2002, securitization act for financial assets was enacted by the Legislative Yuan; furthermore, this debuted regulation set the cornerstone in forming the Taiwan securitization market and also broke through the existing circumstances into a new era. Small and Median enterprises (SMEs) are the foundation of Taiwan economic growth and have influential power with respect to the social stability and harmony, the national progress and the welfare and prosperous habitable environment. But the bank carries serious asymmetric information to the financial status of SMEs; thus, restricted in difficulty of raising fund and higher funding cost, SMEs endure the negative impact on their business development. Followed by a variety of asset categories for doing securitization and gradually developed securitization market , SMEs also can be treated as an asset-typed securitization target. Yet SMEs loan portfolios are composed by a number of loans; among these loan portfolios, the default rate of the loan is not entirely independent with the others. The result may not be affirmative nor satisfied in accordance with the requirement of originator if it is securitized by a traditional cash-typed collateralized loan obligation (CLOs).
A synthetic CLOs is originated by the originator by means of packaging its underlined SMEs loan portfolios and pays premium periodically similar to purchase an insurance in order to receive a protection through a trust agreement with a Special Purpose Trust (SPT). Originator can still remain the underlined SMEs loan portfolios in its balance sheet but decrease its lending risk significantly via risk transfer. Additionally, with a simple deal structure, a synthetic SMEs CLOs is apt to retain the loyalty of SMEs’ owners in banking relationship and in accordance with the requirement of BASEL II. Thus far, there is no related regulation to guide synthetic SMEs CLOs in Taiwan. In contrast, the percentage of the issuing volume of credit derivatives products including Credit Default Swap, Credit Linked Notes and synthetic securitization accounts increasingly in total financial assets securitization market in developed countries. If Taiwan can not deregulate the rules of synthetic securitization, the development of securitization may not be grown nor connect to the international financial markets. Suggest government authority to amend the relevant regulations, especially in the general principle of credit derivatives securitization. Moreover, remain the flexible in issuing terms and conditions in order to encourage the issues of synthetic SMEs CLOs or more issues of credit derivatives securitization in near future.
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