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1、JacobGyntelbergEliMRemolona+8522878-7145+8522878-7150jacob.gyntelberg@bis.orgeli.remolona@bis.orgSecuritisationinAsiaandthePacific:implicationsforliquidityandcreditrisks1AsurgeinstructuredfinanceinAsiaandthePacifichasbeendrivenbythesecuritisationofcon
2、sumerloansandmortgages,alargelyliquiditytransformingactivity.Thesecuritisationofcorporatedebtintheregionhassofarseenrelativelyfewdealsbuthasalargelyuntappedpotentialtoenhancetheallocationofcreditrisks.JELclassification:G150,G180,G210andO160.Inrecentye
3、ars,financialmarketsinAsiaandthePacifichaveseensignificant2growthinthesecuritisationofdomesticassets.Thisgrowthhasbeenbasedlargelyontherepackagingofresidentialmortgagesandconsumerfinanceassetsratherthanofcorporatedebt.Inthecountrieshitbythe1997Asiancr
4、isis,thenewlawsandregulationsthatallowedsecuritisationwereinsomecasesspurredbyaneedtodealwiththefloodofnon-performingloansthatflowedfromthecrisis.Whileafewtransactionsbasedoncorporatedebtwereundertakenforthispurpose,therecoveryfromthecrisiswasaccompan
5、iedbyariseofhouseholdsasthedominantclassofborrowers.Hence,thegreatbulkofsecuritisationdealsintheregionhavebeenbasedonhouseholddebt.Ingeneral,therearetwomainadvantagestosecuritisation.First,itcanturnordinarilyilliquidassetsintoreasonablyliquidinstrumen
6、ts.Second,itcancreateinstrumentsofhighcreditqualityoutofdebtoflowcreditquality.SincesecuritisationintheAsia-Pacificregionhasbeenbasedlargelyonresidentialmortgagesandconsumerloans,inrelativetermsithastendedtoenhanceliquidityratherthanreallocatecreditri
7、sk.Inthenextsectionweexplainthebasicsecuritisationtechniques.Followingthis,weprovideabriefoverviewofthegrowthandcompositionofsecuritisationintheAsia-Pacificregion.Inthethirdsectionweconsiderthe1TheauthorsaregratefultoAmitAgarawal,ClaudioBorio,KalpeshG
8、ada,MarkGaw,RachelHardee,FrankLu,FrankPacker,WitSolbergandPhilipWooldridgeforusefuldiscussionsandcommentsandtoEmirEmirayforexcellentresearchassistance.TheviewsexpressedinthisarticlearethoseoftheauthorsanddonotnecessarilyreflectthoseoftheBIS.2F
