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Fabozzi,Frank J.(1995),Investment Management, Prentice Hall International, P.P.12-13
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Bryan,Lawell(1992),Structured Securitized Credit :A superior Technology for lending,
New Development in commercial Banking Ed.Donald Chew,BlackWell, P.P. 63-69
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‫א‬0X‫א‬Y#;>#3H
W(ABC)F‫ل‬O‫< نא‬9MK‫א^א‬S#`D‫א‬S9‫ ^א‬#<`#c
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6]YT‫و‬EO#S10X‫א‬V'9?‫;د‬F0X‫א‬P HV*(‫א‬2!W‫وא‬EP ‫א‬
WGBG@‫)و‬0 ‫=א‬B286:G;)0 Y#;0X‫ لא‬T
WECollateralsF‫ن‬2‫ א‬J١
.0:‫א=و‬0X#-0‫=א‬-?‫א‬Y#;2Qˆ
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P HV*(‫א‬4P‫א‬p‫א‬Y#;V‫وא‬EHV*(‫א‬2!W‫א‬F‫אد‬X‫;مא‬2!™6:
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W^‫א‬S‫א‬#2 J٢
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6@2B:WX‫وضوא‬2-‫א‬9Vr9DU‫@نوذ‬2‫א‬U#V'‫ض‬.x‫א‬6:E2VgX‫א‬F
‫ض‬2l‫ذא=א‬#‫א‬FYX]GHH'‫ن‬B،=‫א‬0X#*B@*‫א=و?א‬0X#
@‫و‬،Egrantor trustF6:N‫وقא‬0 ‫'نא‬Ji‫وא‬,ESPV or SPCFE‫ص‬v‫א‬
‫א‬Z‫א‬2Qˆ6‫ل‬iD‫و‬# .0:::‫ذ‬O6‫و‬P V##„GHH'‫ن‬B
#C-2!0@‫و‬،=‫א‬0X#HV*(‫א‬4‫د‬p‫א‬Y#;OE?YT(‫و‬P V#
K9?‫א‬#@‫و‬22V‫א‬#@G@‫א=و‬0X‫א‬
WEPass-through structureF<9‫א‬#2
9V“6‫"א‬M1=;?:‫א*و‬.‫א‬G@‫و‬،EreceivableF=E ‫عא‬
D‫م‬-‫وא‬،ESPVF‫ص‬v‫ضא‬2l‫ذא=א‬Xˆ‫א‬Y#;4PW‫وضא‬2-‫א‬
1
Bryan,Lawell(1992),Structured Securitized Credit :A superior Technology for lending,
New Development in commercial Banking Ed.Donald Chew,BlackWell, P.P. 55-57
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=‫א‬S:6:;<:XH"gb Z"gV ‫وא‬0X‫א‬2VgX‫¡א‬w<‫و‬،2VgXV#
D‫و‬
U#"$@Xˆ‫א‬P‫ودو‬،=E ‫א‬#Q„XH
SŽO> Xˆ‫^א‬i@
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=‫א‬0X‫وא‬K2N‫=א‬E ‫^א‬i@9N‘E?‫ل‬M‫א‬U#V'‫و‬1=E ‫א‬
(Asset-securities) F‫ل‬MyD:;‫א=א‬0X‫א‬YVX#V‫^א‬i@6:4‫א‬
Back
WEPay- through structureF;4‫א‬#2
=‫ذא‬Xˆ‫لא‬M‫א‬U#6:=E ‫لא‬MzU‫وא‬1P ‫?لא‬
Xˆ‫وא‬،‫ل‬M‫א‬U#6:=E D‫ن‬VN:=‫א‬0
DP ‫صوא‬v‫ضא‬2l‫א‬
6‫"و‬-X:GHH'‫ن‬B=‫ذא‬T‫ضو‬2n=‫ذא‬Xˆ:‫ص'ن‬v‫ضא‬2l‫ذא=א‬
T0X‫"א‬:TU#](-23‫^א‬i@‫و‬،0:N‫א‬XˆV#D‫و‬1P V#D
=E ‫א‬Y#;2VgX‫ لא‬T‫ن‬VN‫ل‬M‫مא‬WX¬‫لو‬M‫א‬9Vr;<:
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Y#;V*-‫א=א‬0X‫
א‬0:4‫لא‬M‫א‬YVX‫و‬6@2‫"א‬e‫ن‬#2‫א‬
(Asset-Based securities) ‫ل‬M‫א‬
WECredit EnhancementF <9MK‫א‬H‫א‬d‫א‬eSc J٣
S(‫ن‬1A5?،HV*(‫א‬2!W‫א‬G@#
‫א=א‬0X#‫א‬2!W‫نא‬1
HV*(‫א‬2!W‫א‬YT‫و‬،#‫=א‬#V;‫ل‬Eu‫ن_אل‬1A­=S‫@وذאو‬kn2!™
،HV*(‫א‬4P‫א‬p‫א‬CX$=#V;‫ل‬Eu6:2VgX‫
א‬0;‫ن_ل‬1A­P V#
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P V#HV*(‫א‬4P‫א‬p‫وא‬،=‫א‬0X##‫!א‬Y#;‫و‬6@2‫א‬9\:‫אن‬
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6:‫אع‬H1®EQCD_V‫א‬6]‫و‬،‫אن‬U#9V~t:W‫אא‬k‫א‬Y#;‫و‬
WG@‫و‬HV*(‫=א‬0X‫א‬
=‫א‬0X#‫א‬V-‫א‬G3lJi‫وא‬JP~U0D"'6:ELOCF‫ن‬V\s3u J١
‫ط‬D2:‫ن‬VN‫نא‬:n‫א=و‬0X‫א‬U#4PXv‫א‬6:XH‫و‬14P ‫א‬
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@‫ن‬VN‫א‬s3u‫و‬،
.B‫;م‬TU0#9S2E?U0#4‫د‬e‫ل‬MyD
2!W‫א‬6;2VgX‫ _لא‬#HV*(‫א‬4P‫א‬p‫א‬CX*X‫•א‬V0‫א‬
‫وض‬2-‫א‬9V“HV*(‫א‬
‫אد‬X‫مא‬C:y,‫א‬2<D
HV\‫ون‬،ESurety BondFHVN‫א=א‬0X‫ א‬J٢
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B2<#,:2l‫א‬
W`D‫< نא?א‬9MK‫א‬O
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CD'‫'=א‬E‫א‬#@4‫¡;د‬2S#-‫=א‬50‫א‬GB$=50:@O:'
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>#‘YTU‫وذ‬،‫د‬-‫א‬U#‫@א‬1>-$(
H16:n2‫א‬Y#;‫د‬-#;2<‫=א‬VX‫א‬
"<DU‫ذ‬t¯'‫و‬K#-‫=א‬50‫א‬X?0:6;O?" .0:‫ق‬
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G
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S‬‬
‫א ‪;0‬א ‪?2‬א‪G:E0:>#u:EF‬ن‪16:‬دوא=א‪6‬ون?‪O‬‬
‫‪_:‬א=و?א*وو‪)*+‬א‪0X‬א=א
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‪ W‬‬
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#V$‬وא‪2‬א‪K
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‫א
א‪2‬ض'‪
V‬و;א*@א‪2!W‬א‪1A­V0D،'X‬ن‪2!™2 -‬‬
‫א ;‪Y#‬א‪2!W‬א(*‪ KHV‬‬
‫وא<‪#‬א =א‪0‬אא‪GWG@
-.‬ن‪;'0‬‬
‫‪ #‬א‪)+O?:EF‬א‪:‬אلא‪1:EF‬دوא=‪16]:‬نאول‬
‫‪1‬אقאلא­‪1A‬ن?‪2‬א ‪U‬אא‪=.M‬א‪ W‬‬
‫‪1 J١‬نن‪H:UM‬و‪:UMm‬‬
‫‪1 J٢‬ننא*‪1DQ‬و‪1‬نن‪::‬و‪D2:6‬طŽˆ‪2:28‬و‪"g:‬‬
‫א‪ P#‬‬
‫‪2 J٣‬ض?‪2!WV#•-‬א(*‪HV‬و_ل;‪-DO0‬א‪"g:2!W‬א‪23v‬א‪،G'X‬‬
‫‪\P 1‬אن‪،E٢٠٠٥Fk،‬א<‪=-‬אودو‪@P‬دא‪4P‬א‪،2!W‬ودو‪P‬א‪0‬א‪1;0M‬دوא
‪،‬دא‪P‬א‪2<0‬‬
‫‪kD،=:5#‬و=‪،‬ص‪K‬ص‪٩٣ J٧٦K‬‬
‫‪٩‬‬
،H:UMOH16:n2‫א‬Y#;‫אول‬#"D'‫ ون‬J٤
،P V#HV*(‫א‬2!WD2Qy(‫ن‬1‫ و‬J٥
،U #P ‫سא‬E?±D2Qy(‫ن‬1‫ و‬J٦
K;2<‫•א‬D‫א‬N‫א‬9:-?‫א‬:‫نن‬1U‫ و?قذ‬J٧
2?‫
دو‬rAS‫@א‬2?"X‫وא‬U ‫א‬-DX‫طא‬2<‫א‬k?‫ن‬1
#TtHB‫و‬G:EF‫א‬U ‫א‬0@K@D‫د‬:)‫قو‬EuG
-?‫و‬G:
WG‫א‬
*;=‫وذא‬H:0‫وא‬#S}‫دאعא‬-;Y#;0‫"א‬V‫دא‬-;t:W‫ א‬J١
‫ل‬M1>#ukSy‫وא‬#X‫عوא‬0 (‫א§وא‬2‫"א‬g:Og6]‫و‬1tDQ
‫אض‬w;(‫نא‬JkSy1"V‫א‬-;
0D6:"N?‫نא‬B6‫و‬،
‫و‬
@q‰‫نא‬16:n2‫א‬Y#;@kn6:"'1kSy‫א‬MH:‫ول‬Y#;
'‫لא‬Mz4*‫א‬tg:WX‫א*"א‬6:‫و‬،١k
Sy‫א‬0;-;
‫ع‬.P‫א‬9'‫لא‬M‫;א*א‬4‫زد‬1‫ن‬1Y#;-‫”א‬0‫ن‬1،@*‫;א‬A#-
:1،P ‫א‬A H6:‫
ن‬#;>.‫א‬X0‫א‬6;6@2‫א‬9\:‫;א*@ون‬
4‫א_د‬O?‫™ ”دع‬sXT0@‫אא*?ن‬siDi9'0@‫ن‬B‫ذא‬
٢‫ ن‬-0‫א‬O0:q~‫و‬
‫ن‬VNB#-‫א=א‬0X‫א‬G@VB:EF‫@نא א‬2‫א‬t:W‫ א‬J٢
9??،#T0;U ‫א‬V'‫و‬1*‫א‬.‫א‬9?‫د‬U #P ‫א‬2g6:U #
‫א*Ž_ل‬.‫ونא‬16@2‫א‬9\:"M‫א‬EreceivableF=E :6:*‫א‬.‫א‬
U ‫@نא‬2‫א‬tHB‫و‬،*‫א‬.‫א‬² =E ‫א‬6@26‫=و‬E ‫א‬6;
‫_م‬#‫ن‬1A­P ‫نא‬E0;9D‫و‬1F#8D‫ن‬B‫و‬9DYVX ŽG:EF‫א‬
G'X‫א‬23W#2VgX‫ضא‬2(YT'X‫א‬m‫א(و‬OV-D"M‫א‬,‫א‬2<D
FG
-?YVXŽ"M‫א‬,‫א‬284‫;د‬±D
‫א‬G‫و‬،6@2‫א‬9\:"M‫א‬V'A#-
;‫א‬:‫
=_א‬-.D‫ج‬2u1‫و‬E,‫א‬2<‫א‬4‫;د‬±D‫_م‬#‫א;א‬
‫س‬E?2!™6;U ‫א‬V'‫ن_ل‬1U ‫א‬2?‫ن‬1A­‫وطא‬2<‫א‬6: J٣
،U #P ‫
א‬#]ESPVF‫ص‬u‫ض‬2n=‫ذא‬4T‫>و‬#U‫وذ‬،P ‫א‬
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2.‫א‬P‫دא‬،‫ن‬P-‫نאא‬H-‫א‬P5‫=א‬B2<‫א‬،E١٩٧٨F‫\אن‬P‫ز‬D1
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وא' د‬-?N'W ‫א‬،E١٤٣٠F،‫ز‬D1K‫;א‬،:،GSPp‫א‬
G:EF‫א‬O-.‫א‬9Vr،'P<‫א‬،2<;‫א‬4P‫אو‬
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CXT،‫ن‬XT
G:EF‫א‬O-.‫א‬9Vr،'P<‫א‬
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‫א‬0‫א‬P‫ودو‬،2!W‫א‬4P‫@دא‬P‫=אودو‬-<‫א‬،E٢٠٠٥Fk،‫\אن‬P
٩٣ J٧٦K‫ص‬K‫ص‬،=‫و‬kD،=:5#2<0‫א‬P‫دא‬،
‫دوא‬1;0M
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‫א‬4P‫אو‬،42M‫
א‬-3‫و‬:EF‫א א‬،E١٤٣٠FG#;Ve،J2-‫א‬
G:EF‫א‬O-.‫א‬9Vr،'P<‫א‬،2<;
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KE‫م‬١٩٩٢@١٤١٢FDX‫^א‬2bˆ:4P‫دو‬G‫א‬G:EF‫א‬O-.‫א‬9Vr
•
•
•
Bryan,Lawell(1992),Structured Securitized Credit :A superior
Technology for lending, New Development in commercial
Banking Ed.Donald Chew,BlackWell, P.P. 63-69
Fabozzi,Frank J.(1995),Investment Management, Prentice Hall
International, P.P.12-13
http://www.arrouiah.com/node/39411،٢٠٠٨m3Xn1٢٢،Vp‫א‬
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http://www.moody,s.com
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