ASSET-BACKED SECURITIES: TURKEY AND WORLD APPLICATIONS

Abstract

Along with globalization, developments that in financial markets have brought some recency in recent years. The most important of these recency is the securitization of financial assets and sale to investors in capital markets. Nonliquid asset items are converted into liquid with securitization so additional funding is provided to finance markets. Securitization, which has an important financial aspect, has emerged as a preferred phenomenon in place of traditional banking in the 1970s due to the changes taking place in the international financial markets. Initial securitization practices began with the securitization of mortgage loans in the United States. The first mortgage-backed securities application was the securitization of receivables arising from financial lease agreements in 1985. Today, automobile loans, credit card receivables, equipment leases in financial leasing, student loans, commercial receivables, other assets assets securitized receivables arising from export transactions are among the products. The aim of this study is analyzing securitization which a new funding technique and analyzing the applications of liquidity-based securitization which are one of the securitization transactions in Turkey and in the world. In this context; information are given about structuring of capital markets which securitization transactions, and in generally information are given about securitization traded in these market. Followed by definition and development of the securitization. In the last part of the study, the definition of asset-backed securities transactions which is one of the securitization types has been examined and the literature on Turkey and world applications of asset-backed securities has been examined and the related review and suggestion have been evaluated.

Keywords

• Capital Market
• Securitization
• Asset-Backed Securities