СЕК'ЮРИТИЗАЦІЯ ІНФРАСТРУКТУРНИХ ПРОЄКТІВ: СУТНІСНІ ХАРАКТЕРИСТИКИ ТА ОСНОВИ ОРГАНІЗАЦІЇ

Abstract

Recently, the growing trends in the development of project financing mechanisms which are focused on the use of stock market instruments. Such trends are explained by an increase in interest in new financial technologies that being infiltrated into various spheres of economic activity and reduced the existing barriers to entry into the market of infrastructure projects by institutional investors. In the early stages of development, securitization was viewed as a transaction to write off assets from the balance sheet of banks. However, later the approaches to the definition of securitization have been changed. Such changes are caused by the development of financial technologies and the intensification of activities in the mortgage lending market. Nowadays, the approaches of scientific researchers to the interpretation of securitization do not differ significantly. Discrepancies relate to clarifications related to the pragmatic nuances of the implementation of this financial technology. Based on the generalization of various approaches to disclosing the essence of the conceptual apparatus of the definition of "securitization", the main features of the securitization of infrastructure projects as a financial technology aimed at minimizing credit risks by converting non-current assets into a liquid form by issuing securities are identified. In the features of securitization of infrastructure projects by types of infrastructure assets, by types of securities and by types of issuers of infrastructure liabilities are proposed. The meaning of the term "infrastructure bonds" has been revealed and the features inherent in infrastructure bonds are investigated. The study of foreign experience made it possible to identify the features of infrastructure bonds, which made it possible to substantiate the elements of a mechanism for bond financing of securitized infrastructure projects. Financial instruments of protection against credit risk have been investigated. In particular, these apply to insurance contracts, guarantees or credit default swaps. The financial schemes for the implementation of the securitization mechanism, including classical, synthetic, accumulative schemes have been considered.