Asset-backed Commercial Paper (ABCP)

Maitiro eABCP Anoda Kuparadza Sangano reUnited States

Tsanangudzo : Pepa rekutengeserana rakasungirirwa rakapiwa chikwereti kwenguva pfupi rinotsigirwa nekutengesa. Pepanhau rezvebhizimisi ndiro rimwe shoko rezuva makumi mashanu kusvika kumakore makumi mapfumbamwe nematatu. Makambani ane zvikwereti zvakanyanya zvikuru zvekwereti anogona kubvisa peji rebhizimisi pasina chero chibvumirano. Makambani anoshandisa ivo kusimudza mari yavanoda pakarepo.

Makambani anotora mapepa ekutengeserana mune zvemadhora $ 100 000 kana kupfuura. Peji yebhizimisi uye ABCP ndeyemhando yemari yemakethe midziyo .

Iwe uri kuisa mari muABCP apo iwe unotenga mari yemusika mari .

Kusiyana nepepa rekutengeserana, ABCPs inotsigirwa nekutengesa. Izvo zvinotengeswa ndezvokubhadharwa kwemunguva yemberi yakagadzirwa pamotokari yemotokari, makadhi emakadhi uye invoice. Makambani anoshandisa ABCP kukwereta mari ikozvino mukudzorera kwezvikwereti zvinotarisirwa mune ramangwana. Zvikwereti hazvina kushandiswa kuti zvidzoke shure kweABCPs nokuti ndezvenguva refu chikwereti, kwete nguva pfupi.

MunaJanuary 2017, pakanga pane $ 236 mabhiriyoni muUnited US ABCPs. Marikiti yemari yakatsigira chikamu 30 kubva muzana. Izvo zvinoteverwa ne25 muzana mumari yezvokutengeserana uye 7 muzana yemakadhi ekubhadhara mari. Vamwe vose vakanga vari pasi pe5% muzana. Izvi zvinosanganisira zvikwereti zvebhizimisi, zvikwereti zvevatengi nemari yemari. (Chinyorwa: " A Primer Pamusoro Pezvokutengeserana Pepanhau ," Wells Fargo. "Asset-Backed Commercial Paper," Federal Reserve yeSt. Louis.)

IABCPs Inoshanda Sei?

I-ABCP inoratidzirwa chechikwata chechikwereti chikwereti chinotengeswa pamusika wechipiri .

Masangano emari, zvakadai semabhangi, anotengesa ABCPs. Bhizinesi rinofanira kugadzira Special Purpose Vehicle iyo inofambisa zvinhu. I-SPV inodzivirira pfuma iyo kana sangano rezvemari richikanganisika. Iko yakabvumira bhangi kuti ibate nzvimbo yacho muSPV "off- balance sheet ." Izvozvo zvakapa SPV rusununguko rwokutenga rudzi rwemari kuti ruzadzise varairi vayo.

Bhizinesi haifaniri kusangana nemitemo yayo yemitemo kana mamwe mitemo muPSV. (Chinyorwa: "A Primer Pamusoro Pezvokutengeserana Zvokutengeserana," Wells Fargo. )

Kubatsirwa

IQCP dzakasikwa muma1980 kuti dzive nehuwandu hwehupfumi muhupfumi. Vakabvumira mabhanga nehurumende kutengesa chikwereti. Izvo zvakabudiswa mari yakawanda kudyara kana kukwereta. Izvozvo zvakabvumira ABCP kuwedzera hupfumi hweUnited States. Pakazosvika 2007 kwakange kune $ 1.2 triliyoni yakabudiswa muUnited States uye $ 250 mabhiriyoni muEurope.

I-ABCP ndeyokuchengetedza kupfuura kwenguva refu yezvisungo zvehurumende nokuti ndezvenguva pfupi. Pane nguva shoma yokuti chimwe chinhu chiende zvisina kunaka. Makambani anotora ABCP akakwirira. Izvo zvinoita kuti zvive zvisingaiti zvaizoitika mumwedzi mishomanana chete. Vakawanda vanochengeteka vanochengetwa muBABCP uye vasina chikwereti chemari yekutengeserana.

Kukanganisika

Izvo zvakaderera zveAABCP zvaive zvichienderana nekuda kweSVV. Sezvo bhangi uye SPV vakanga vari zvikamu zvakasiyana, ivo vaidzivirirwa kubva kune imwe isipo. Izvozvo zvakapa mabanki pfungwa yekunyengera yekuchengeteka. Havana kufanirwa kunge vaine chirango pakunamatira kune zvikwereti zvakasimba zvemari.

Mabhandiwo aisazofanira kutora pane zvikwereti paakazofanira. Pane kudaro, chikwereti chaicho chakatengeswa mumusika wechipiri.

Vakava dambudziko revamwe vatengesi. Icho chaiva chimwe chikonzero mabanki haana kutevedzera maitiro avo akazara zvakasimba.

Iyo Inobatsira Sei Kuwanda Kwemari

Pepa rekutengeserana reAA-backed rakakonzera hupfumi hweUnited States nenzira yakafanana neyekutengesa mari . Kufanana neBMS, chibvumirano chacho chaiva chikwereti chezvikwereti.

Munguva yematambudziko ezvemari, vatengesi vaive vakavharidzirwa neBMS zvisiri izvo. Ivo vakabva vava nehanya nekodzero-yechikwereti yeABCPs, kunyange zvazvo pepanhau rakachengeteka rekutengeserana rakamira shure kweAABCPs. Vaifunga kuti ma ABCPs aiva nezvikwereti zvakashata, sezvinongoita zvikwereti zvakabhadhara mari zvaiva ne subprime mortgage .

Kushungurudzika kwakakura kusvika pakupedzisira iyo yakatorawo mari yemari yemari yakasimwa muABCPs. Musi waSeptember 17, 2008, mari yemusika mari yekutengeserana yakarwiswa nebhanga rekare rinoshandiswa.

Vakatengesa varairidzi vakabvisa $ 144.5 mabhiriyoni kubva kumari yemari yemari . Iko yaive yakawanda kanopfuura makumi maviri emadhora mabhiriyoni manomwe anowanzobudiswa muvhiki. Havana kukwanisa kukwidza mari yakakwana kuti vasangane nekutora. Misika yeAbcP yakanga yanyangarika.

Zvinhu zvakanga zvakashata zvokuti Primary Reserve Fund "yakaputsa buck." Izvozvo zvaireva kuti haikwanise kuchengetedza mutengo waro wekugovana pamutambo wemadhora. Kana mabhizimusi emari ainge apera, mabhizimisi aizovhara nemavhiki. Zvokudya zvekutengesa hazvingavi nemari yekuraira kudya. Vatori vangave vasina mari yekubhadhara gasi. Varimi vangave vasina mari yekudiridza minda yavo. Ona Primary Primary Money Market Market Run .

IWatch Reserve yakapinda kuti itsigire ABCPs. Yakapa mari kumabhanga ayo. Yakavarayira kutenga ma ABCP kubva pamari yemari yemari. Izvozvo zvakapa mari yakawanda mari yekubhadhara kubhadhara. Izvo zvakapfuurira kubva musi waSeptember 22, 2008, kusvika munaFebruary 1, 2010. Zvakatora makore maviri kuvarimi kuti vadzokezve kuvimba kwavo. (Kubva: "ABCP MMMF Liquidity Facility," Federal Reserve, February 5, 2010.)