Asset Backed Securities

Headquartered in Hong Kong, and with the largest securitisation team in Asia, HSBC's Asset Backed Securities team covers the origination, structuring, execution and distribution of non-vanilla and structured debt issuance for HSBC's corporate and institutional clients. HSBC prides itself in our ability to provide innovative solutions, both in terms of structuring and distribution, to our mainland China-based and international corporate clients.

The team has established itself as the pre-eminent securitisation house in Asia, having won Best Securitisation House awards in 2003 and 2004. The team has been involved in the majority of the most significant and groundbreaking transactions for Asia's leading government, corporate and financial institutions in recent years.

The Asset Backed Securities team is responsible for a number of different products and financing techniques, ensuring that our corporate clients receive the most appropriate financing tool. These include:

• Synthetic securitisation - credit risk is removed while assets remain on the balance sheet
• Commercial Mortgage Backed Securities (CMBS), where bonds are secured on single or multi-tenant commercial mortgages
• Residential Mortgage Backed Securities (RMBS), where bonds are secured on residential mortgages
Collateralised Loan Obligations (CLO), involving the true sale or credit risk transfer of loan obligations from a financial institution's balance sheet
• Whole business securitisation, where bonds are secured on entire assets and cash flows from a business
• Secured bonds (debentures), where corporate bonds are secured on property
• Structured corporate bonds ('hybrids'), issuing highly covenanted unsecured corporate bonds
• Liability management, involving the restructuring of existing secured structured financing
• Receivables finance issued into the public or term market
• Future flow backed securities, where defined future cash flows from payment streams are securitised
• Esoteric assets, where bonds are secured on stock such as diamonds or champagne
• Project Finance bonds (PFI), where bonds are secured on cash flows from a project
• Financing for Real Estate Investment Trusts (REITs) - special purpose business trusts or corporations that purchase, own and manage income-generating real estate assets