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| Asset-backed securities |
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Asset-backed transactions involve the sale of a number of receivables, where possible of the same type (pool of receivables) in order to obtain liquidity. Sellers can be enterprises or banks. As a rule, buyers are special-purpose entities located abroad. The special-purpose entities refinance the sales price by issuing securities (securitization as asset backed securities). Background: The existence of the structured pool of receivables makes it possible to issue securities. The receivables are thus practically converted and salable. Because of the variety of ways an asset-backed transaction can be structured, the liquidity of the securities can be very different.
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