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资产保证证券(asset-backed securities)或资产证券化经过20多年的发展,早已是成熟的金融产品。近年来,一种新的证券化工具——抵押贷款证券或贷款证券化(collateralised loan obligation,CLO)正越来越引起金融界,特别是商业银行界的关注。自英国国民西敏寺银行于1996年第一次推出价值50亿美元的这种金融创新产品以来,国际银行界已纷纷开始利用贷款证券化的方法,发行大型抵押贷款证券,以增加商业贷款组合的流动性,提高资本回报率;迄今
Asset-backed securities or asset securitization, after more than 20 years of development, is already a mature financial product. In recent years, a new securitization tool - collateralized loan obligation (CLO) is increasingly aroused the concern of the financial community, especially the commercial banking community. Since the British National Bank Westminster Bank first launched this $ 5 billion financial innovation product in 1996, the international banking community has started to use the method of loan securitization to issue large-scale mortgage-backed securities to increase the commercial loan portfolio The liquidity and increase the return on capital; so far