Abstract
Access to securitization transactions following the 2008 crisis has undergone significant changes, both from the perspective of the regulator and from the perspective of the participants to the transaction. This article discusses possible approaches to securitization transaction structuring.
The subject of credit derivatives represents an integral part of this topic, to which a significant part of the paper is devoted. Subsequently, various approaches for synthetic securitization and traditional (true sale) securitization are analyzed.
Firstly, the roles of individual participants to the transaction are examined, followed by the discussion on credit derivatives, which are further divided into groups of financed and non-financed credit derivatives. These sections provide a deeper insight into the synthetic securitization, which concludes the description of securitization structures.
In conclusion, the paper evaluates the structures individually and addresses their advantages and disadvantages.