Преимущества и недостатки сделок секьюритизации активов типа "Balance-Off Sheet"

Описан инновационный для России метод финансирования - секьюритизация активов забалансового типа. Приведены основные различия между сделками подобного рода и традиционными способами финансирования. Раскрыты ситуации, в которых секьюритизация активов имеет наибольшее распространение; вместе с тем также описаны критерии эффективности, на которые делает основной упор руководство фирмы при определении и структурировании самой сделки и ее потенциальных результатов.

ADVANTAGES AND WEAKNESSES OF "BALANCE-OFF SHEET" ASSETS SECURITIZATION

This article is dedicated to innovation way of financing in Russia - "Balance Off Sheet" securitization. Are described the key differences between such deals and deals of traditional financing. Also are disclosed the situations, in which assets securitization has the most coverage, at the same time there are efficiency multiples which the top-management of company implements for identification and structuring deal and final goals. In addition to those criteria ’s there are the list of specific indicators, which top-management can ignore to structuring deals - thus it''s a significant advantage in comparison with other standard''s ways of financing. By the one hand are unpacked the positive aspects of assets securitization, they touch financing benefits for the company, as well as strategic preferences, which are inherent for such deals. It will be an explain not only the finals goals of the deals, but an opportunities of reinvesting free resources - especially those areas, that could satisfy the needs of company. As a rule, it''s the most important reason and purpose of implementation such deals. By the other hand, there are weaknesses, which are attached to assets securitization. The description of those allows us to understand the cause of slowly extending of this method and to indentify the breakdeals in realization; especially, the absence of flexible of deals, the changes of agreement conditions with previous debtors. Nevertheless, "Balance Off Sheet" assets securitization is slowly extending in Russia coverage and is going to new structures and models.