Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses

The 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...

Full description

Bibliographic Details
Main Authors: Cheikhrouhou, Hela, Gwinner, W. Britt, Pollner, John, Salinas, Emanuel, Sirtaine, Sophie, Vittas, Dimitri
Format: Publication
Language:English
en_US
Published: Washington, DC: World Bank 2012
Subjects:
TAX
Online Access:http://documents.worldbank.org/curated/en/2007/01/8101573/structured-finance-latin-america-channeling-pension-funds-housing-infrastructure-small-businesses
http://hdl.handle.net/10986/6782
id okr-10986-6782
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic ACCESS TO CAPITAL
ACCOUNTING
ACCOUNTS RECEIVABLE
ASSET CLASS
ASSET MANAGERS
ASSET-BACKED SECURITIES
BACKED SECURITIES
BANK CREDIT
BANK DEBT
BANKING SYSTEM
BANKRUPTCY
BOND
BOND INSURANCE
BOND INVESTORS
BOND ISSUANCE
BOND ISSUANCES
BOND ISSUE
BOND ISSUES
BOND MARKET
BOND MARKETS
BONDHOLDERS
BONDS
BORROWER
CAPITAL MARKET
CAPITAL MARKET DEVELOPMENT
CASH FLOW
CASH FLOWS
COLLATERAL
COLLECTION PROCEDURES
COMMERCIAL LOANS
CONTRACTUAL SAVINGS
CORPORATE BONDS
CREDIT DERIVATIVES
CREDIT ENHANCEMENT
CREDIT ENHANCEMENTS
CREDIT GUARANTEES
CREDIT INFORMATION
CREDIT LINES
CREDIT LOSSES
CREDIT MARKETS
CREDIT QUALITY
CREDIT RATINGS
CREDIT RISK
CREDIT SCORING
CREDITOR
CREDITOR RIGHTS
CREDITWORTHINESS
CREDITWORTHY SECURITIES
CURRENCY MISMATCHES
DEBT FINANCING
DEBT ISSUANCE
DEBT MARKETS
DEPOSIT
DEPOSIT MONEY BANK
DEPOSITS
DERIVATIVES
DEVALUATION
DEVELOPMENT BANK
DEVELOPMENT FINANCE
DISCLOSURE STANDARDS
DOMESTIC BANKS
DOMESTIC CAPITAL
DOMESTIC CAPITAL MARKETS
DOMESTIC CREDIT
DOMESTIC CREDIT RATING
DOMESTIC FINANCIAL MARKETS
ECONOMIC DEVELOPMENT
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
ENABLING ENVIRONMENT
ENFORCEABILITY
EQUITY INSTRUMENTS
ESCROW
EXCHANGE RATE
EXCHANGE RATE MOVEMENTS
FINANCIAL DEVELOPMENT
FINANCIAL INSTITUTIONS
FINANCIAL MARKETS
FINANCIAL PERFORMANCE
FINANCIAL STABILITY
FINANCIAL SYSTEMS
FLOATING INTEREST RATES
FORECLOSURE
FOREIGN INVESTMENT
FREE ASSETS
FUTURE CASH FLOW
FUTURES
GOVERNMENT DEBT
GOVERNMENT DEBT SECURITIES
GOVERNMENT SECURITIES
GOVERNMENT SUPPORT
GROSS DOMESTIC PRODUCT
HEDGE FUNDS
HOUSING FINANCE
ILLIQUIDITY
INDEXED BOND
INDEXED BONDS
INDIVIDUAL LOANS
INFLATION
INFORMATION SYSTEMS
INFRASTRUCTURE BONDS
INFRASTRUCTURE FINANCE
INFRASTRUCTURE FINANCING
INFRASTRUCTURE INVESTMENT
INFRASTRUCTURE INVESTMENTS
INSTITUTIONAL CAPACITY
INSTITUTIONAL INVESTORS
INSURANCE
INSURANCE COMPANIES
INTEREST RATES
INTERNATIONAL BANK
INTERNATIONAL MARKETS
INTERNATIONAL SECURITIES
INTERNATIONAL STANDARDS
INVESTING
INVESTMENT DECISIONS
INVESTMENT FUND
INVESTMENT INSTRUMENTS
INVESTMENT OPPORTUNITIES
INVESTMENT PORTFOLIOS
INVESTMENT REGULATIONS
ISSUANCE
JUNK BOND
LEGAL PROVISIONS
LENDERS
LIQUIDATION
LIQUIDITY
LOAN
LOAN OBLIGATIONS
LOAN PORTFOLIO
LOCAL BANKS
LOCAL CORPORATIONS
LOCAL CURRENCY
LOCAL MARKETS
LOCAL STOCK MARKETS
LONG-TERM INVESTMENTS
MACROECONOMIC INSTABILITY
MACROECONOMIC STABILITY
MARKET CAPITALIZATION
MARKET INSTRUMENTS
MARKET PRACTICES
MARKET RISK
MARKET RISKS
MARKETABLE SECURITIES
MATURITIES
MATURITY
MICROCREDIT
MODERN FINANCIAL SYSTEM
MODERN FINANCIAL SYSTEMS
MORTGAGE
MORTGAGE BONDS
MORTGAGE LOANS
MORTGAGE MARKETS
MORTGAGE-BACKED SECURITIES
MORTGAGES
MUTUAL FUND
MUTUAL FUND ASSETS
MUTUAL FUNDS
OLD-AGE INCOME
PARTIAL CREDIT
PARTIAL GUARANTEES
PENSION
PENSION FUND
PENSION FUND ASSET
PENSION FUND ASSETS
PENSION FUND INVESTMENT
PENSION FUNDS
PENSION REFORM
PENSION REFORMS
PENSION SYSTEMS
PENSIONS
PLEDGES
PORTFOLIO
PORTFOLIO ALLOCATION
PORTFOLIO ALLOCATIONS
POTENTIAL INVESTORS
PRIMARY MARKET
PRIMARY MARKETS
PRIVATE BOND
PRIVATE CAPITAL
PRIVATE EQUITY
PRIVATE INVESTMENT
PRIVATE INVESTORS
PROTECTION OF INVESTORS
PRUDENTIAL REGULATION
PUBLIC DEBT
REGISTRY SYSTEMS
REGULATORY AUTHORITIES
REGULATORY FRAMEWORK
REPAYMENT
REPAYMENT CAPACITY
RESIDENTIAL MORTGAGES
RETURN
RETURNS
RISK MANAGEMENT
RISK SHARING
SECONDARY MARKET
SECONDARY MARKET LIQUIDITY
SECURITIES
SECURITIES MARKETS
SETTLEMENT
SMALL BUSINESS
SMALL BUSINESSES
STOCK ISSUANCE
STOCK MARKET
TAX
TAX TREATMENT
TRADE CREDIT
TRANCHE
TRANCHES
TRANSACTION
TRANSACTION COSTS
TURNOVER
UNDERLYING ASSETS
WORKING CAPITAL
YIELD CURVE
spellingShingle ACCESS TO CAPITAL
ACCOUNTING
ACCOUNTS RECEIVABLE
ASSET CLASS
ASSET MANAGERS
ASSET-BACKED SECURITIES
BACKED SECURITIES
BANK CREDIT
BANK DEBT
BANKING SYSTEM
BANKRUPTCY
BOND
BOND INSURANCE
BOND INVESTORS
BOND ISSUANCE
BOND ISSUANCES
BOND ISSUE
BOND ISSUES
BOND MARKET
BOND MARKETS
BONDHOLDERS
BONDS
BORROWER
CAPITAL MARKET
CAPITAL MARKET DEVELOPMENT
CASH FLOW
CASH FLOWS
COLLATERAL
COLLECTION PROCEDURES
COMMERCIAL LOANS
CONTRACTUAL SAVINGS
CORPORATE BONDS
CREDIT DERIVATIVES
CREDIT ENHANCEMENT
CREDIT ENHANCEMENTS
CREDIT GUARANTEES
CREDIT INFORMATION
CREDIT LINES
CREDIT LOSSES
CREDIT MARKETS
CREDIT QUALITY
CREDIT RATINGS
CREDIT RISK
CREDIT SCORING
CREDITOR
CREDITOR RIGHTS
CREDITWORTHINESS
CREDITWORTHY SECURITIES
CURRENCY MISMATCHES
DEBT FINANCING
DEBT ISSUANCE
DEBT MARKETS
DEPOSIT
DEPOSIT MONEY BANK
DEPOSITS
DERIVATIVES
DEVALUATION
DEVELOPMENT BANK
DEVELOPMENT FINANCE
DISCLOSURE STANDARDS
DOMESTIC BANKS
DOMESTIC CAPITAL
DOMESTIC CAPITAL MARKETS
DOMESTIC CREDIT
DOMESTIC CREDIT RATING
DOMESTIC FINANCIAL MARKETS
ECONOMIC DEVELOPMENT
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
ENABLING ENVIRONMENT
ENFORCEABILITY
EQUITY INSTRUMENTS
ESCROW
EXCHANGE RATE
EXCHANGE RATE MOVEMENTS
FINANCIAL DEVELOPMENT
FINANCIAL INSTITUTIONS
FINANCIAL MARKETS
FINANCIAL PERFORMANCE
FINANCIAL STABILITY
FINANCIAL SYSTEMS
FLOATING INTEREST RATES
FORECLOSURE
FOREIGN INVESTMENT
FREE ASSETS
FUTURE CASH FLOW
FUTURES
GOVERNMENT DEBT
GOVERNMENT DEBT SECURITIES
GOVERNMENT SECURITIES
GOVERNMENT SUPPORT
GROSS DOMESTIC PRODUCT
HEDGE FUNDS
HOUSING FINANCE
ILLIQUIDITY
INDEXED BOND
INDEXED BONDS
INDIVIDUAL LOANS
INFLATION
INFORMATION SYSTEMS
INFRASTRUCTURE BONDS
INFRASTRUCTURE FINANCE
INFRASTRUCTURE FINANCING
INFRASTRUCTURE INVESTMENT
INFRASTRUCTURE INVESTMENTS
INSTITUTIONAL CAPACITY
INSTITUTIONAL INVESTORS
INSURANCE
INSURANCE COMPANIES
INTEREST RATES
INTERNATIONAL BANK
INTERNATIONAL MARKETS
INTERNATIONAL SECURITIES
INTERNATIONAL STANDARDS
INVESTING
INVESTMENT DECISIONS
INVESTMENT FUND
INVESTMENT INSTRUMENTS
INVESTMENT OPPORTUNITIES
INVESTMENT PORTFOLIOS
INVESTMENT REGULATIONS
ISSUANCE
JUNK BOND
LEGAL PROVISIONS
LENDERS
LIQUIDATION
LIQUIDITY
LOAN
LOAN OBLIGATIONS
LOAN PORTFOLIO
LOCAL BANKS
LOCAL CORPORATIONS
LOCAL CURRENCY
LOCAL MARKETS
LOCAL STOCK MARKETS
LONG-TERM INVESTMENTS
MACROECONOMIC INSTABILITY
MACROECONOMIC STABILITY
MARKET CAPITALIZATION
MARKET INSTRUMENTS
MARKET PRACTICES
MARKET RISK
MARKET RISKS
MARKETABLE SECURITIES
MATURITIES
MATURITY
MICROCREDIT
MODERN FINANCIAL SYSTEM
MODERN FINANCIAL SYSTEMS
MORTGAGE
MORTGAGE BONDS
MORTGAGE LOANS
MORTGAGE MARKETS
MORTGAGE-BACKED SECURITIES
MORTGAGES
MUTUAL FUND
MUTUAL FUND ASSETS
MUTUAL FUNDS
OLD-AGE INCOME
PARTIAL CREDIT
PARTIAL GUARANTEES
PENSION
PENSION FUND
PENSION FUND ASSET
PENSION FUND ASSETS
PENSION FUND INVESTMENT
PENSION FUNDS
PENSION REFORM
PENSION REFORMS
PENSION SYSTEMS
PENSIONS
PLEDGES
PORTFOLIO
PORTFOLIO ALLOCATION
PORTFOLIO ALLOCATIONS
POTENTIAL INVESTORS
PRIMARY MARKET
PRIMARY MARKETS
PRIVATE BOND
PRIVATE CAPITAL
PRIVATE EQUITY
PRIVATE INVESTMENT
PRIVATE INVESTORS
PROTECTION OF INVESTORS
PRUDENTIAL REGULATION
PUBLIC DEBT
REGISTRY SYSTEMS
REGULATORY AUTHORITIES
REGULATORY FRAMEWORK
REPAYMENT
REPAYMENT CAPACITY
RESIDENTIAL MORTGAGES
RETURN
RETURNS
RISK MANAGEMENT
RISK SHARING
SECONDARY MARKET
SECONDARY MARKET LIQUIDITY
SECURITIES
SECURITIES MARKETS
SETTLEMENT
SMALL BUSINESS
SMALL BUSINESSES
STOCK ISSUANCE
STOCK MARKET
TAX
TAX TREATMENT
TRADE CREDIT
TRANCHE
TRANCHES
TRANSACTION
TRANSACTION COSTS
TURNOVER
UNDERLYING ASSETS
WORKING CAPITAL
YIELD CURVE
Cheikhrouhou, Hela
Gwinner, W. Britt
Pollner, John
Salinas, Emanuel
Sirtaine, Sophie
Vittas, Dimitri
Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses
geographic_facet Latin America & Caribbean
relation Direction in Development;finance
description The 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).
format Publications & Research :: Publication
author Cheikhrouhou, Hela
Gwinner, W. Britt
Pollner, John
Salinas, Emanuel
Sirtaine, Sophie
Vittas, Dimitri
author_facet Cheikhrouhou, Hela
Gwinner, W. Britt
Pollner, John
Salinas, Emanuel
Sirtaine, Sophie
Vittas, Dimitri
author_sort Cheikhrouhou, Hela
title Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses
title_short Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses
title_full Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses
title_fullStr Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses
title_full_unstemmed Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses
title_sort structured finance in latin america : channeling pension funds to housing, infrastructure, and small businesses
publisher Washington, DC: World Bank
publishDate 2012
url http://documents.worldbank.org/curated/en/2007/01/8101573/structured-finance-latin-america-channeling-pension-funds-housing-infrastructure-small-businesses
http://hdl.handle.net/10986/6782
_version_ 1764398523707555840
spelling okr-10986-67822021-04-23T14:02:26Z Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses Cheikhrouhou, Hela Gwinner, W. Britt Pollner, John Salinas, Emanuel Sirtaine, Sophie Vittas, Dimitri ACCESS TO CAPITAL ACCOUNTING ACCOUNTS RECEIVABLE ASSET CLASS ASSET MANAGERS ASSET-BACKED SECURITIES BACKED SECURITIES BANK CREDIT BANK DEBT BANKING SYSTEM BANKRUPTCY BOND BOND INSURANCE BOND INVESTORS BOND ISSUANCE BOND ISSUANCES BOND ISSUE BOND ISSUES BOND MARKET BOND MARKETS BONDHOLDERS BONDS BORROWER CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CASH FLOW CASH FLOWS COLLATERAL COLLECTION PROCEDURES COMMERCIAL LOANS CONTRACTUAL SAVINGS CORPORATE BONDS CREDIT DERIVATIVES CREDIT ENHANCEMENT CREDIT ENHANCEMENTS CREDIT GUARANTEES CREDIT INFORMATION CREDIT LINES CREDIT LOSSES CREDIT MARKETS CREDIT QUALITY CREDIT RATINGS CREDIT RISK CREDIT SCORING CREDITOR CREDITOR RIGHTS CREDITWORTHINESS CREDITWORTHY SECURITIES CURRENCY MISMATCHES DEBT FINANCING DEBT ISSUANCE DEBT MARKETS DEPOSIT DEPOSIT MONEY BANK DEPOSITS DERIVATIVES DEVALUATION DEVELOPMENT BANK DEVELOPMENT FINANCE DISCLOSURE STANDARDS DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CREDIT DOMESTIC CREDIT RATING DOMESTIC FINANCIAL MARKETS ECONOMIC DEVELOPMENT EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS ENABLING ENVIRONMENT ENFORCEABILITY EQUITY INSTRUMENTS ESCROW EXCHANGE RATE EXCHANGE RATE MOVEMENTS FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL STABILITY FINANCIAL SYSTEMS FLOATING INTEREST RATES FORECLOSURE FOREIGN INVESTMENT FREE ASSETS FUTURE CASH FLOW FUTURES GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT SECURITIES GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT HEDGE FUNDS HOUSING FINANCE ILLIQUIDITY INDEXED BOND INDEXED BONDS INDIVIDUAL LOANS INFLATION INFORMATION SYSTEMS INFRASTRUCTURE BONDS INFRASTRUCTURE FINANCE INFRASTRUCTURE FINANCING INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNATIONAL BANK INTERNATIONAL MARKETS INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INVESTING INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT INSTRUMENTS INVESTMENT OPPORTUNITIES INVESTMENT PORTFOLIOS INVESTMENT REGULATIONS ISSUANCE JUNK BOND LEGAL PROVISIONS LENDERS LIQUIDATION LIQUIDITY LOAN LOAN OBLIGATIONS LOAN PORTFOLIO LOCAL BANKS LOCAL CORPORATIONS LOCAL CURRENCY LOCAL MARKETS LOCAL STOCK MARKETS LONG-TERM INVESTMENTS MACROECONOMIC INSTABILITY MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET INSTRUMENTS MARKET PRACTICES MARKET RISK MARKET RISKS MARKETABLE SECURITIES MATURITIES MATURITY MICROCREDIT MODERN FINANCIAL SYSTEM MODERN FINANCIAL SYSTEMS MORTGAGE MORTGAGE BONDS MORTGAGE LOANS MORTGAGE MARKETS MORTGAGE-BACKED SECURITIES MORTGAGES MUTUAL FUND MUTUAL FUND ASSETS MUTUAL FUNDS OLD-AGE INCOME PARTIAL CREDIT PARTIAL GUARANTEES PENSION PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUNDS PENSION REFORM PENSION REFORMS PENSION SYSTEMS PENSIONS PLEDGES PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO ALLOCATIONS POTENTIAL INVESTORS PRIMARY MARKET PRIMARY MARKETS PRIVATE BOND PRIVATE CAPITAL PRIVATE EQUITY PRIVATE INVESTMENT PRIVATE INVESTORS PROTECTION OF INVESTORS PRUDENTIAL REGULATION PUBLIC DEBT REGISTRY SYSTEMS REGULATORY AUTHORITIES REGULATORY FRAMEWORK REPAYMENT REPAYMENT CAPACITY RESIDENTIAL MORTGAGES RETURN RETURNS RISK MANAGEMENT RISK SHARING SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SETTLEMENT SMALL BUSINESS SMALL BUSINESSES STOCK ISSUANCE STOCK MARKET TAX TAX TREATMENT TRADE CREDIT TRANCHE TRANCHES TRANSACTION TRANSACTION COSTS TURNOVER UNDERLYING ASSETS WORKING CAPITAL YIELD CURVE The 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). 2012-05-31T19:23:44Z 2012-05-31T19:23:44Z 2007 http://documents.worldbank.org/curated/en/2007/01/8101573/structured-finance-latin-america-channeling-pension-funds-housing-infrastructure-small-businesses 978-0-8213-7139-8 http://hdl.handle.net/10986/6782 English en_US Direction in Development;finance CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC: World Bank Publications & Research :: Publication Publications & Research :: Publication Latin America & Caribbean