By Sophie Sirtaine, Hela Cheikhrouhou, Emanuel Salinas, Dimitri Vittas, W. Britt Gwinner, John Pollner
Dependent Finance in Latin the United States explores how based finance mechanisms can channel pension discount rates to aid tasks in underserved sectors, deepen capital markets, and give a contribution to funding and financial progress. deepest pension cash were collecting resources swiftly within the wake of pension procedure reforms in lots of Latin American international locations. Strict funding rules to guard employees' reductions have restricted their funding in hugely creditworthy family securities, but pension fund call for for brand new securities has outstripped issuance of eligible conventional company debt tools. This has contributed to a excessive focus of pension fund resources in public debt. cutting edge established finance mechanisms might help convey to the industry a brand new set of creditworthy securities subsidized via swimming pools of loans to small debtors, loan loans or the predicted proceeds of huge infrastructure initiatives. those mechanisms create new funding possibilities for pension cash, whereas constructing extra resources of investment for underserved industry segments. coverage makers and regulatory professionals have a catalytic position to play within the improvement of dependent finance securities through setting up a conducive felony, regulatory, and tax framework. dependent Finance in Latin the US serves as a realistic consultant for improvement practitioners, coverage makers, and others operating in executive, overseas or nongovernmental enterprises, and fiscal associations, who specialize in finance and funding; infrastructure, delivery, and concrete improvement; housing finance; small and medium-sized company improvement; and pension reform.
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Extra resources for Structured Finance in Latin America: Channeling Pension Funds to Housing, Infrastructure, and Small Business (Directions in Development)
This has helped governments obtain the liquidity to fund such transition gaps while providing pension fund managers with a relatively safe investment. However, these transition-financing arrangements are probably suboptimal from an asset allocation perspective. In markets where AFPs have accumulated large funds (Chile, for example), they have grown into a significant public debt holder. 5). Attractive historical yields underpin the strong appetite of institutional investors for government securities.
D. Limit not defined but interpreted as 0% according to market conditions. e. Ten percent limit for securities issued by the Banco Nacional de la Vivienda (mortgage securities development), FIAP 2007. 6. Example of Investment Limits and Actual Use in Colombia, December 2005 50 50% 48% percentage use maximum limit percent 40 30 30% 30% 40% 30% 20% 20% 20 14% 10 13% 10% 10% 7% 4% 2% 1% in pu s bl Su titu ic pe tio de rin ns bt te su in nd p st e itu en rv t o ise Su tion fB d pe s n an by rin ot ks te su nd p en erv t o ise f d fo Ban by re ig ks n en tit ie de s po sit in su eq ra no ui nc ty nm e f or un ta d ge (F og -b m as af or ed in tg ) se ag c ur e bo iti za nd tio sa ns nd se cu rit iza tio ns 0 Source: Superintendencia Financiera (Rudolph and others 2006).
In such cases, whether directly through transition regulations or indirectly through the sheer volume of issues, the new private pension fund industries have been called on to fund government securities. This has helped governments obtain the liquidity to fund such transition gaps while providing pension fund managers with a relatively safe investment. However, these transition-financing arrangements are probably suboptimal from an asset allocation perspective. In markets where AFPs have accumulated large funds (Chile, for example), they have grown into a significant public debt holder.