A concessão de créditos garantidos pelo próprio ativo financiado responde por substancial fatia da atividade creditícia e permite o acesso a financiamentos de devedores mais arriscados com taxas de juros reduzidas. O financiamento de aeronaves é um nicho especialmente dependente desse tipo de estrutura e a investigação de um indicador que consolide os parâmetros quantitativos relevantes para sua análise amplia a robustez e organiza a subjetividade dos processos de tomada de decisão. Esse trabalho ilustra o desenvolvimento do indicador time to loss como um desdobramento prático dos fundamentos implícitos na formulação de perda esperada do Comitê de Basileia. São evidenciadas as três curvas que caracterizam a estimação do tempo para a perda: a exposição devida ao inadimplir, o valor residual da aeronave e os custos e encargos no período de recuperação do crédito. Calculado o indicador para o caso base de estudo, o trabalho explora ainda alternativas para a construção de escalas de referência que qualifiquem sua interpretação. Testes e estudos continuados são propostos como referência para futuras pesquisas e desenvolvimento do tema. / The concession of credit secured by the financed asset itself accounts for a substantial share of lending activity and allows access to finance for riskier borrowers with lower interest rates. The aircraft financing is a typical niche dependent on this type of structure and the investigation of an index that consolidates relevant quantitative parameters for its analysis extends the robustness and organizes the subjectivity of the decision-making process. This work illustrates the development of the indicator time to loss as a practical deployment of the implicit foundations in the expected loss formulation of the Basel Committee. Three curves are evidenced featuring the estimation of the time to loss: exposure due to defaults, the residual value of the aircraft and the cost and burden on the credit recovery period. After calculating the time to loss indicator for the base case study, the work also explores ways to build a reference scale which qualify its interpretation. Tests and continued studies are proposed as reference theme for future research and development. / Dissertação (mestrado) - Programa de Pós-Graduação e Pesquisa em Administração e Economia, Faculdades Ibmec, Rio de Janeiro, 2015. / Bibliografia: p. 76-77

This thesis considers the typical structure and requirements of a traditional securitisation scheme in South Africa. The models used in other jurisdictions cannot be applied unchanged in South Africa. South African securitisation structures make use of a security special purpose vehicle (SPV), because of uncertainties about the provisions of the Companies Act 61 of 1973 relating to the trustee for debenture-holders. An evaluation of the functioning of a security SPV leads to the conclusion that a trustee for debenture-holders should still be appointed within the security SPV structure to represent the interests of the investors. The trust for debenture-holders can be a true trust. The use of general notarial bonds over claims, pledges of claims and fiduciary security cession is examined to determine the effectiveness of each one during securitisation. Aspects of several Acts, Notices and other regulatory measures are considered where they are relevant to securitisation. Of specific importance is the Exemption Notice Relating to Securitisation Schemes, 2008. The Notice requires that both rights and obligations of the originator must be transferred to the SPV. The requirement that the obligations of the originator must be transferred leads to the conclusion that the Notice requires a transfer of claims by means of cession and a transfer of duties by means of delegation. For several reasons, delegation is not a suitable method of transfer during securitisation. Foremost among these reasons is that delegation is a form of novation, which means that the claims cease to exist and are replaced with new claims between the debtors and the SPV. Security rights that were accessory to these claims will then also cease to exist. The amendment to the Notice is recommended so that transfer of claims by means of cession will suffice for compliance with the Notice. The South African courts‘ approach to simulated transactions is evaluated to determine the possibility that the sale of the assets to the SPV may be viewed as a simulated transaction. This thesis evaluates the provisions in insolvency law that could be raised to impeach the sale of the assets in the event of the originator‘s insolvency. The risk of avoidance of the transaction on either ground is small. / Mercentile Law / L.L.D. (Mercentile Law)

This thesis considers the typical structure and requirements of a traditional securitisation scheme in South Africa. The models used in other jurisdictions cannot be applied unchanged in South Africa. South African securitisation structures make use of a security special purpose vehicle (SPV), because of uncertainties about the provisions of the Companies Act 61 of 1973 relating to the trustee for debenture-holders. An evaluation of the functioning of a security SPV leads to the conclusion that a trustee for debenture-holders should still be appointed within the security SPV structure to represent the interests of the investors. The trust for debenture-holders can be a true trust. The use of general notarial bonds over claims, pledges of claims and fiduciary security cession is examined to determine the effectiveness of each one during securitisation. Aspects of several Acts, Notices and other regulatory measures are considered where they are relevant to securitisation. Of specific importance is the Exemption Notice Relating to Securitisation Schemes, 2008. The Notice requires that both rights and obligations of the originator must be transferred to the SPV. The requirement that the obligations of the originator must be transferred leads to the conclusion that the Notice requires a transfer of claims by means of cession and a transfer of duties by means of delegation. For several reasons, delegation is not a suitable method of transfer during securitisation. Foremost among these reasons is that delegation is a form of novation, which means that the claims cease to exist and are replaced with new claims between the debtors and the SPV. Security rights that were accessory to these claims will then also cease to exist. The amendment to the Notice is recommended so that transfer of claims by means of cession will suffice for compliance with the Notice. The South African courts‘ approach to simulated transactions is evaluated to determine the possibility that the sale of the assets to the SPV may be viewed as a simulated transaction. This thesis evaluates the provisions in insolvency law that could be raised to impeach the sale of the assets in the event of the originator‘s insolvency. The risk of avoidance of the transaction on either ground is small. / Mercentile Law / L.L.D. (Mercentile Law)

The emerging financial industry of asset-backed short-term finance was investigated by this study. Literature indicated that banks, locally and globally, are forced by regulation and the use of information technology, to rely less on human judgement and more on programmed decision-making, when evaluating loan applications. This leads to time-consuming processes with non-standard loan applications and loss of opportunities for business persons. Asset-backed short-term finance is a market response to this tendency. Due to the emerging nature of this industry, no previous academic description of or investigation into this industry could be found – a gap in academic literature which this study aims to fill. The industry is strategically positioned in relation to banks by focusing on functionality for urgent non-standard loan applications (period between application and decision, and access to decision-makers) as value proposition, where banks are found lacking. Relatively high interest rates form the profit proposition, as firms in this industry have limited access to funds. Collateral is central as risk-mitigating strategy, forming a part of the profit proposition. The people proposition is essential, as the industry is distinguished by individualised decision-making. A survey among customers of this industry identified four clusters of potential customers: The first had no needs unfulfilled by banks, while the other three clusters were attracted by either functionality, or the evaluation of collateral in contrast to repayment ability, or a combination of the two. A survey among providers revealed hesitance to supply information and a low level of agreement on strategic matters – possibly due to the emergent nature of the industry. It is asserted that the basis for further study was laid. / Business Management / D. Com. (Business Management)