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Tham khảo tài liệu 'innovation in microfinance from rapidshare_10', kinh tế - quản lý, kinh tế học phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 338 Harald Huttenrauch and Claudia Schneider Fig. 4. Domestic securitisation of a microloan portfolio the MFI CLO securities amounting to BDT 1 billion about USD 15 million . Each tranche of securities is collateralised by a pool of eligible unsecured microloans that will be purchased by the SPV from the originator at each issuance. The scheduled maturity of each series of securities is one year. The securities are floating rate notes and tranche-specific pricing will be referenced to the Bangladesh government six-month Treasury Bill rate at the time of a new issuance. The Bangladesh central bank required the structure to be rated. The Credit Rating Agency of Bangladesh rated this first ever securitisation transaction launched in Bangladesh. The certificates in this first local ABS issue obtained an AAA rating on a national scale.83 There is no subordination among the notes. However there is credit enhancement to sustain their high rating. In addition to several risk mitigating features built into the structure BRAC as the servicer is required on each issuance date to assign additional receivables to the SPV equal to 50 of the purchased asset pool. The structure includes the creation of a dynamic pool of receivables. Each tranche will be based on tens of thousands of microloans and it is estimated that over the lifetime of the transaction approximately 3.3 million microloans will be assigned to the SPV. The original selection of the pool its proper administration and subsequent replenishment constituted a big challenge for the execution of the transaction. In order to handle such huge numbers of receivables the Boston-based company MF Analytics with partial grant financing from KfW developed a software package to I 83 Refer to Credit Rating Agency of Bangladesh BRAC Micro Credit Securitisation Series I Preliminary Rating Report February 28 2006. Securitisation A Funding Alternative for Microfinance Institutions 339 enable BRAC to generate pools that have similar .
