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Business English Exercises
 

Asset Backed Securities

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Home > Teaching Business English > Business English Lessons, Advanced Level # 238
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Ope Agbaje, the ABS analyst at CSAM, goes on to explain that there are a number of important advantages for investors holding asset backed securities.

Correct answer: (b) holding

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Firstly, they gain exposure to a liquid, fixed income investment in a diversified pool of assets, such as auto loans, which make an attractive alternative to a corporate bond or other fixed income investment.

Correct answer: (b) an attractive

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In some cases illiquid assets, or assets which investors would not ordinarily have access to, such as loans to small and medium enterprises, make up the pool of assets.

Correct answer: (c) illiquid

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However, unlike unsecured bonds, which are fully dependent on the operating, payment ability and ultimately bankruptcy risk of a company, asset backed securities to various degrees tend to be removed (fully or partly) from those risks.

Correct answer: (d) removed

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Typically, they are legally separated from the originator and rely entirely on the performance of the ring-fenced assets, transferred and pledged as bond collateral.

Correct answer: (b) pledged

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Simply put, the investor buying the securities is not exposed to the credit risk associated with originator of the assets and, thus, ABS bonds represent one of the more secure forms of fixed income securities from a credit quality standpoint.

Correct answer: (c) exposed

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A number of ABS issues also benefit from external protection in the form of insurance, such as a credit enhancement provider that ensures the quality of the issue, as well as a liquidity provider that covers certain cashflow shortfalls.

Correct answer: (c) shortfalls

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A further benefit for the investor is that the risk associated with consumer credits, such as credit cards and home loans, can be more easily calculated using advanced quantitative techniques, without the same level of subjectivity often associated with other fixed income debt such as corporate bonds.

Correct answer: (c) subjectivity

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This is because a statistical approach can be more relevant for some asset back bonds that have a homogenous underlying collateral consisting of thousands of loans.

Correct answer: (b) homogenous

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While ABS bonds have long been a key component of many fixed income strategies, the search for new sources of yield have led many investors to the ABS market.

Correct answer: (d) yield

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