O movimento de titularização de activos em Portugal

Asset securitization as an alternative source of funding has assumed increasing importance. Its importance is manifested not only in the financial industry, but also in other industries and is reflected in a growing number (and volume) of transactions in international markets. The present study aims to clarify the concept of asset securitization, describe how is the transaction structured, and present the evolution of the Portuguese securitization market. Then we identify the economic motivations underlying the choice of asset securitization by Portuguese sponsors. As shown in the clinical study conducted, the reasons that most strongly determine the choice of asset securitization transaction are: (i) source of liquidity and funding diversification; and (iii) reduction of funding costs. Other economic motivations, such as improve/preserve financial and regulatory ratios and risk management, proved to be equally important.