The web's most comprehensive resource on securitization
 Home |
|
A
bit of self-speak
|
|
About
Vinod Kothari |
|
Training/ Consulting on Securitization |
|
Books on Securitisation |
|
Contact details |
|
Stay
informed
|
|
Securitisation News |
|
Forthcoming Conferences |
|
Join our mailing list. Updates right into your inbox!! |
|
Mailing list benefits + FAQs |
|
Know-how
|
|
Online securitisation
Primer |
|
Securitisation Encyclopaedia |
|
Securitisation articles |
|
Securitisation laws |
|
Securitisation cases |
|
Securitisation
glossary |
|
Securitisation asset classes |
|
And
know-where
|
|
Links on Securitisation |
|
Global
view
|
|
|
|
Securitisation
in India |
|
Expression
mode
|
|
Securitisation
Forum
|
|
You
owe it to me !
|
|
Sign Guestbook |
|
View Guestbook |
|
Send us e-mail
|
You
are visitor number
If you are looking for something and you do not find it; do let me know
Visit our websites
Credit
Derivatives site
Leasing
site
Asian
Securitization Forum
Securitization markets in Chile
This page updated regularly deals with securitization developments in Chile. If you have any news or development to contribute to this, please write to me.
State of the Market:
The government of Chile has taken early initiatives to create a permissive framework for securitisation transactions.
The number of transactions has so far been limited. There are a few securitizadoras (special purpose securitisation conduits) in Chile. In 1996 and 1997, there were two real estate backed securitisation deals, both sponsored by Transa Securitizadora.
Legal initiatives:
In 1994, the Government enacted a Securities Market Law [no. 18.045], title XVIII of which relates to securitisation transactions. The law relates to formation of "securitization companies" called securitizadora, which is a special purpose company and must comply with the same requirements for incorporation etc as a public corporation. The securitisation companies are subject to overall supervision of the Securities and Insurance Superintendency, which is the supervisory body for insurance and capital markets.
Article 135 of the law mandates that the sole purpose of the securitisation company must be to acquire credits from an originator. The securitisation company should, in turn, issue long term or short term debt securities. Though the power to notify what kind of credit receivables can be acquired by the securitisation company is vested with the supervisory body, the law permits only acquisition of mortgage receivables and export credits.
It is also required that the portfolio transferred to the securitisation conduit should be rated by at least two rating companies.
The law also contains measures to ensure that the corpus of any specific securitisation scheme ("special estate") is not subjected to any bankruptcy risk either of the originator or of the securitisation company itself.
Another initiative taken by the Government recently includes the promotion of the House Leasing system: which is expected to provide housing for families with limited savings capabilities and has extended its subsidies to existing dwellings. The House Leasing System is estimated to include nearly $600 million, and many banks have expressed an interest in securitizing the mortgages of these accounts.
|
Before you leave ... |
|
|
|
|
|
|
|
|
|