AsiaABS Issue Type Categorisation Glossary
NameMnemonicDescription
ABS AssetsABSThe assets in the portfolio are, or can be, asset-backed securities.
Aircraft FinanceAIRAircraft hire-purchase or lease receivables
Asset Backed Commercial PaperABCPAsset-Backed Commercial Paper …. a bankruptcy-remote SPV, or conduit, that issues commercial paper and uses the proceeds to purchase various types of assets, either through asset purchase or secured lending transactions
Automobile LoansAUTOLoans provided for the borrower to purchase a new or used motor vehicle
CashflowCASH
Collateralised Commodity ObligationCCOCollateralised Commodity Obligations.. are credit structures where the risk is linked to the performance of an underlying portfolio of commodities.
Collateralised Debt ObligationsCDOCollateralized Debt Obligation….. a financial instrument that allows various debt assets to be securitized into one or more classes of notes
Collateralised Loan ObligationCLOA debt security backed by a pool of commercial loans (which can be secured or unsecured)
Commercial MortgagesCMBSIssuance backed by a portfolio of Commercial Mortgages.
Commercial Real EstateCRECRE CDOs are essentially, more complex and riskier versions of CMBS, where the investor is offered higher rates of return. Typically they are pools of loans ( subordinate CMBS and REIT debt) made on commercial properties divided into tranches with varying yields and levels of risk.
Constant Proportion Debt ObligationCPDOConstant Proportion Debt Obligation….. is normally backed by an investment in an index of debt securities (CDS indices), or could be deal specific. As the index is periodically rolled, the SPV must buy protection on the old index, and sell protection on the new index.
Consumer LoansCONConsumer Loans. The receivables are be loans granted to consumers for a wide variety of purposes: white goods; furniture; general household expense; etc
ConvertibleCONV
CorporateCORP
Credit Card ReceivablesCARDCredit-card receivables
Debt Issuance ProgrammeDIPDebt Issuance Programme, a Master document, which subsequent tranches & issues can be referenced to.
Diversified Payment RightsDPRDiversified Payments Rights. The issue is secured against future (foreign currency) remittances via the originator's international operations.
ElectricityELECThe cash-flow is derived from an electricity generating company
Equipment FinanceEQUIPlease & rental contracts (usually corporate) on construction and heavy equipment.
Future FlowFFOFuture flow obligations….. which are backed by receivables from the future processing of payments received by financial institutions.
Government RelatedGOVThe underlying assets were originated by a Government-owned/related or sovereign-owned/related entity (e.g. future receipts to EU members under the Community Support Framework, the Secretary of State for the Environment, Transport and the Regions ). They may, or may not carry a Sovereign guarantee.
Healthcare ReceivablesHEALTHreceivables from public & private payments to the healthcare industry
High YieldHYIELD
Hybrid CapitalHYBRID
Medium Term NoteMTN
Mixed AssetsMIXED
Mixed LeasesLEASELease contract receivables from a variety of sources eg aircraft, shipping, equipment
Monoline InsuredMONOMonoline insured. The issue has at least one tranche where the output cashflow is guaranteed by one of the recognised monoline bond insurers
Multi BorrowerMULTI
Non-Performing LoansNPLNon-performing Loans
Real Estate Investment TrustREITReal Estate Investment Trust.
Repackaged AssetsREPACK
Residential MortgagesRMBSIssuance backed by a portfolio of Residential Mortgages.
Sakerstallda ObligationerSKOBLSakerstalida Obligationer. Swedish Covered Bonds
SME AssetsSMESmall & Medium Enterprise Loans
SubordinatedSUB
SukukSUKUKthe issue displays the characteristics, and the methodology of an Islamic finance instrument.
Sukuk IjarahSUK_IJAMalaysian Sukuk-compliant issuance. The stand-alone assets are identified on the balance sheet. The leased assets (aircraft, equipment, shipping etc) can be both fixed and floating
Sukuk MusyarakahSUK_MUSMalaysian Sukuk-compliant issuance. A Musyarakah arrangement involves a partnership between various parties that provide capital towards the financing of the business venture. While profits are shared based on an agreed ratio, losses are shared on the basis of equity participation.
SyntheticSYNThe owner of the assets has transferred the credit risk to the capital markets via the bond issue. However, actual ownership of the reference obligations (which can be static, or be replenished) remains with the protection buyer.
TelecomsTELCOMThe issuer, or provider of the assets is a Telecoms company. The cash-flow is from a Telecomm company
Toll BridgeBRIDGEIssuance backed by toll bridge (or related) receivables.
Toll RoadROADIssuance backed by toll road or other road based receivables
Trade ReceivablesTRADETrade Receivables ….. the sale of a stock of receivables (diamonds, oil, etc) to a specially created legal entity, and the issuing of debt securities by this entity.
UtilitiesUTILThe cash-flow is derived from the Utility company, either electricity, gas, or water
Whole BusinessWHOLEWhole Business Securitisation transactions are structured based on the residual cash flows of an operating business. Whole Business Securitisations may be likened to a securitised Leveraged Buy Out – where, it is the value of a business, reflected by the residual cash flows of the business, which is being securitized.