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2018 | OriginalPaper | Chapter

3. Background II—What Is Reverse Securitisation?

Authors : Erik Hofmann, Urs Magnus Strewe, Nicola Bosia

Published in: Supply Chain Finance and Blockchain Technology

Publisher: Springer International Publishing

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Abstract

Reverse securitisation technique is lesser (if not) discussed in the literature and differs substantially from the conventional receivable (or supplier-led) securitisation. Technology platform-driven buyer-led securitisation approach can result in the best pricing option and can in part overhaul a domain that has traditionally been ruled by specialised banks. Due to the complex financial structure, high transaction costs are seen as the main barrier.

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previous chapter Background I—What Is Buyer-Led Supply Chain Finance?

next chapter Background III—What Is Blockchain Technology?

Mevissen (2005) considers that an optimal originator’s pooled portfolio is composed by 200 to 300 obligors from different industries and geographical locations (p. 49).

Usually from 30 to 90 days in maturity, rarely more than 270 (Fabozzi et al. 2006, p. 156).

As a general rule, only investment grade rated debt is purchased by the majority of funds, pension funds and retail investors (ERT 2014, p.42).

Under German Law (WpPG), a placement is qualified as private if securities are offered only to institutional investors or to a maximum of 150 non-qualified investors (Schlitt 2014, p. 66).

It is important to note that only eligible payables can be financed, and they are submitted to a series of decision constraints. For example, payables must be free from any liens or security interests and must not have been previously pledged or sold (Alite Group 2014, p. 10).

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Title: Background II—What Is Reverse Securitisation?
Authors: Erik Hofmann
Urs Magnus Strewe
Nicola Bosia
Publisher: Springer International Publishing
Book: Supply Chain Finance and Blockchain Technology
Print ISBN: 978-3-319-62370-2

Electronic ISBN: 978-3-319-62371-9

Copyright Year: 2018
DOI: https://doi.org/10.1007/978-3-319-62371-9_3