Thesis (MBA)--Stellenbosch University, 2002. / Some digitised pages may appear illegible due to the condition of the original hard copy / ENGLISH ABSTRACT: Enormous growth has been experienced in the South African securitisation
environment due to the lack of Government bond issues. There is little doubt that
securitisation is still in its early stages in South Africa, but it is here to stay. Asset
securitisation can be described as the process of pooling and repackaging non
tradable assets secured by relatively uniform, small value assets into liquid securities.
The original form of asset securitisation is mortgage backed securities. The success
achieved in the securitisation of mortgage loans globally resulted in the securitisation
of other types of asset backed securities. Auto loans, credit card receivables and
synthetic securitisation have attracted substantial interest in South Africa in the
recent past. Synthetic securitisation is becoming an increasingly important topic
following the focus of financial institutions to manage regulatory and risk capital.
Each securitisation transaction can be structured in such a way to demonstrate
specific cash flow characteristics, risk profiles or average life parameters.
Securitisation structures include several entities, with each playing a distinct role.
The originator is the entity which creates the underlying asset pool. The asset pool is
then sold to a SPV, which is a bankruptcy remote vehicle through which the
securitisation transaction is facilitated. The SPV will sell securities backed by the
asset pool to investors. The proceeds of the issue are used to finance the purchase
of the asset pool from the originator. The SPV appoints a servicer that administers
the asset pool on behalf of the issuer in return for a fee.
The South African legal and tax environment is currently undergoing a transformation
in order to accommodate the growing interest in securitisation. Precedents regarding
the taxation of securitisation structures are still lacking in South Africa. Both legal
and taxation issues around securitisation transactions are likely to change over the
coming years.
The South African securitisation market still needs to be improved significantly ahead
of being classified as world class. The lack of familiarity among investors involved in securitisation is keeping the market from growing to its full potential. Investor
education and the documentation of deal information are crucial. The growth of
securitisation issues is necessary to increase volumes and in turn enhance liquidity.
Knowledge, volumes and regulations regarding securitisation are certainly lacking in
South Africa, and though this may slow growth, it will most definitely not prevent the
business from rapidly expanding. / AFRIKAANSE OPSOMMING: Die tekort aan staatseffekte in Suid Afrika is een van die redes wat gelei het tot die
groei van die Suid Afrikaanse bate effekte mark. Alhoewel bate effektering nog 'n
nuwe konsep in Suid Afrika is, het die finansiele markte in Suid Afrika effektering
aanvaar en groot belangstelling word getoon deur beide finansiele instellings en
beleggers. Bate effektering kan beskryf word as die proses waar onverhandelbare
bates saam gegroepeer word en omskep word in likiede sekuriteite wat in die ope
mark verhandel kan word.
Bate effektering het sy oorsprong in die Verenigde State van Amerika gehad, waar
verbandlenings ge-effekteer is. Groot suksesse is behaal en ander vorme van bates
is vinnig ge-effekteer en aan die mark gebied. In Suid Afrika is verskillende vorme
van effektering al aangetref, die nuutste en mees opwindenste is egter sintetiese
effektering.
Effektering sluit verskillende entiteite in, en elkeen speel 'n baie spesifieke rol.
Kortliks is die proses soos hierna beskryf. Die bates word deur die oorspronklike
eienaar aan 'n spesiale doel voertuig verkoop. Die spesiale doel voertuig is
heeltemal onafhanklik van ander eenhede in die effekteringsstruktuur en finansiele
probleme in die struktuur het geen effek op die kredietwaardigheid van die spesiale
doel voertuig nie. Die spesiale doel voetuig verkoop effekte aan beleggers, en die
inkomste ontvang van beleggers befonds die aankoop van die poel bates van die
oorspronklike eienaar. Die spesiale doel voertuig word gediens en onderhou deur 'n
diens verskaffer in ruil vir 'n kontraktuele vergoeding.
Die Suid Akrikaanse finansiële markte is tans besig om 'n transformasie proses te
ondergaan om effektering te akkomodeer, die fokus is veral op wetlike en belasting
aspekte. Alhoewel baie veranderinge al plaasgevind het, sal daar nog baie gedoen
moet word voor die Suid Afrikaanse mark as wereld-klas geklassifiseer kan word.
Ongelukkig is beleggers nog onbekend met effektering en daarom weerhou dit die
mark van vinnige ontwikkeling.
Kortom, kennis, volumes en duideliker regulasies wat betrekking het op effektering is
definitief nodig in Suid Afrika, en alhoewel dit groei verstadig, sal dit definitief nie die
nuwe finansiële instrument keer om tot een van Suid Afrika se vooraanstaande
finansiële instrumente te ontwikkel nie.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/52644 |
| Date | 12 1900 |
| Creators | Olivier, Albert |
| Contributors | Burger, J. H., Stellenbosch University. Faculty of Economic & Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | [117] p. : ill. |
| Rights | Stellenbosch University |
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