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Abstract(s)
Recuando até 2008, o ano em que eclodiu a crise financeira nos Estados Unidos da América (EUA), sendo esta sentida por toda a Europa, dando origem a crise do subprime as operações de titularização, surgiram como um mecanismo de antecipação de recebimento de valores futuros. Sendo esta, uma técnica financeira que permite alocar ativos ilíquidos e difíceis de colocar per si junto dos investidores, alterando-os para ativos líquidos e comercializáveis, suscitando um elevado interesse por parte dos investidores. A Titularização de créditos é uma modalidade de estruturação financeira que permite à empresa originadora de créditos o acesso direto ao mercado de capitais, sendo desta forma uma importante ferramenta para a intermediação financeira. No âmbito desta modalidade de cessão de créditos há lugar à constituição de uma entidade específica para este fim e para a emissão de títulos. Este estudo pretende, pois, abordar a relação entre a titularização de créditos e o crédito malparado, analisando as recentes operações da banca portuguesa nos últimos dez anos, sendo que a referência serão os dados disponibilizados pelo Banco de Portugal e Comissão de Mercado de Valores Imobiliários, com o objetivo de caracterizar as operações de titularização e a relação com a evolução do crédito malparado na banca.
It was in 2008 that a financial crisis broke out in the United States of America, having the same repercussions throughout Europe, giving rise to securitization operations that emerged as a mechanism for anticipating the receipt of future securities. This is a financial technique that allows the allocation of illiquid assets that are difficult to put into the hands of investors, changing them to liquid and marketable assets, attracting high investor interest. Securitization of loans is a form of financial structuring that allows the originator of credits to have direct access to the capital market, thus being an important tool for financial intermediation. Within the scope of this type of assignment of credits, there is a specific entity for this purpose and for the issuance of securities. This study aims at precisely addressing the relationship between securitization and bad credit, analysing the recent operations of Portuguese banks in the last ten years, and the reference will be the data made available by the Bank of Portugal and the Securities Market Commission, with the purpose of characterizing the securitization operations and the relation with the evolution of bad credit in banking.
It was in 2008 that a financial crisis broke out in the United States of America, having the same repercussions throughout Europe, giving rise to securitization operations that emerged as a mechanism for anticipating the receipt of future securities. This is a financial technique that allows the allocation of illiquid assets that are difficult to put into the hands of investors, changing them to liquid and marketable assets, attracting high investor interest. Securitization of loans is a form of financial structuring that allows the originator of credits to have direct access to the capital market, thus being an important tool for financial intermediation. Within the scope of this type of assignment of credits, there is a specific entity for this purpose and for the issuance of securities. This study aims at precisely addressing the relationship between securitization and bad credit, analysing the recent operations of Portuguese banks in the last ten years, and the reference will be the data made available by the Bank of Portugal and the Securities Market Commission, with the purpose of characterizing the securitization operations and the relation with the evolution of bad credit in banking.
Description
Mestrado em Análise Financeira
Keywords
Titularização de créditos Securitization Asset Manager Non Performing Loans Crédito malparado Bad credit