Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses
AbstractThe report covers several types of structured finance with such capital market instruments as mortgage-backed securities, structured bond issues for infrastructure financing, securitization of small and medium enterprises (SME)-related assets, and securitization of loans to SMEs. The report also covers factoring and leasing, which can be important sources of finance for SMEs and can be pooled and packaged into marketable securities and sold to pension funds. The report does not cover other types of structured finance, such as exchange trade funds, structured notes with capital protection, or structured financing outside capital markets, such as bank syndications. Chapter 1 focuses on private pension fund investment management and the role of structured bonds. Chapter 2 focuses on the increasing use of structured finance for housing in Latin American countries. Chapter 3 deals with the less developed yet promising area of structured bonds for infrastructure financing. Chapter 4 focuses on the use of structured bonds for SME finance, still in the experimental stage. The report discusses the role of the government in supporting small and medium loan securitizations through partial guarantees (as in Spain) to share the risk of borrower default and through the development of an SME securitization conduit (as in Germany).
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Bibliographic InfoThis book is provided by The World Bank in its series World Bank Publications with number 6782 and published in 2007.
Macroeconomics and Economic Growth - Investment and Investment Climate Finance and Financial Sector Development - Debt Markets Private Sector Development - Emerging Markets Finance and Financial Sector Development - Non Bank Financial Institutions;
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- Jobst, Andreas A., 2002.
"Collateralised loan obligations (CLOs): A primer,"
CFS Working Paper Series
2002/13, Center for Financial Studies (CFS).
- Zervos, Sara, 2004. "The transactions costs of primary market issuance : the case of Brazil, Chile, and Mexico," Policy Research Working Paper Series 3424, The World Bank.
- de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2006. "Financial development in Latin America : big emerging issues, limited policy answers," Policy Research Working Paper Series 3963, The World Bank.
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