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Global securitisation consists of transferring
the securitised asset (tangible, intangible, movable or immovable
property) to the securitisation vehicle.
In this case, the vehicle becomes the legal
and economic owner of the asset. It assumes all the risks
connected with its ownership and with any possible income
that might derive from it.
On the other hand, synthetic securitisation
consists of not transferring ownership of the securitised
asset.
In that situation, the originator (the initial
owner) remains the legal owner the securitised asset. Nevertheless,
the securitisation vehicle acquires or assume the risks linked
to the assets without being the owner. We could cite as examples:
the successful conclusion of a transaction, the recovery of
a debt, risks linked to climate conditions (CATBONDS).
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