Szekuritizáció

Szekuritizáció is a financial process where illiquid assets are pooled together and transformed into marketable securities. These securities can then be sold to investors in the capital markets. The underlying assets typically include things like mortgages, auto loans, credit card receivables, or future revenue streams. The core idea is to convert future cash flows from these assets into tradable financial instruments.

The process generally involves an originator, such as a bank, selling a portfolio of assets to a special purpose vehicle (SPV). This SPV then issues new securities backed by the cash flows generated by these assets. These securities, often referred to as asset-backed securities (ABS), are then sold to investors. The performance of these securities is directly tied to the repayment of the underlying assets. Szekuritizáció allows originators to free up capital, transfer risk, and access funding more efficiently. For investors, it offers an opportunity to invest in diversified pools of assets that might otherwise be inaccessible. However, the complexity of some securitized products, particularly those involving subprime mortgages, played a significant role in the 2008 financial crisis, highlighting the importance of careful risk assessment and regulation.