?? CDO ??????? Taiwan CDO Securitization Market

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?? CDO ???????Taiwan CDO Securitization Market
? ? ? Hwa-Ping Chang

• July 14, 2006

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Type Review

• Types
• Cash-Flow Securitization
• CLO, CBO, Cash Type CDO
• Synthetic Securitization
• Synthetic CDO
• Market-Value Securitization
• Etc

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CDO Asset Securitization Types in Taiwan
Market(Up to 6/30/2006)
Financial Asset Securitization --- from
2002.07.24 Total Transactions
35 Total Amount 316 billion (NTD)
CDO Related CLO 8 deals (40.6 billion (NTD)
) CBO 10 deals (122.4 billion
(NTD)) ABCP 6 deals (81.7 billion (NTD))
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Asset Securitization Structure in TaiwanABS IBT
CLO Structure
IBT Originator and Servicer
Loans
Obligors
SPT (Land Bank)
Loans
Proceeds of Senior Trust Certificate
Proceeds of Senior Trust Certificate
Senior Trust Certificate
Sub Trust Certificate
Underwriters
Proceeds of Senior Trust Certificate
Senior Trust Certificate
Senior Trust Certificate twA
Investors
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Barriers of the CDO Development in Taiwan Market

• Tax and Regulation, e.g. RP tax
• Restriction of Off-shore Assets, e.g. index link,
  management type CDO
• Approval Procedures
• Underwriting Capability and Market Risk

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International Recognitions Accorded to IBT CLO
BEST SECURITIZATION DEAL OF THE YEAR 2003 in
Asia
BEST DOMESTIC ASSET-BACKED SECURITIZATION
2003 in Asia
BEST DOMESTIC SECURITIZATION 2003 in Asia
BEST DOMESTIC SECURITIZATION 2003 in Asia
???????
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Q A