資產基礎證券的發行始於1986年。在具有自資本市場直接融資、降低籌資成本、分散籌資來源、提高資本適足率等誘因之下，逐漸受到銀行以及其他企業的重視，並發展成為固定收益證券市場中比重相當大的一環。其中，信用卡資產證券化不只是發展最早的商品之一，其龐大之發行量與良好之流通性亦為現今證券化類商品之首。在美國，發行信用卡基礎證券已成為大型發卡銀行最主要的營運資金來源。本研究首先介紹資產證券化以及信用卡資產基礎證券在美國市場之歷史發展經驗，以及實際發行之商品結構，包括資產群組、信用加強、信用評等、證券發行…等。並以一商品實例，進行商品結構之探討與歷史績效之比較。為因應本國擬於近期立法通過金融資產證券化條例，在本研究之最終章，將探討信用卡資產證券化業務於本國市場發行之可行性，並依據本國之法令規範與市場現況，設計一可行之商品結構，提供所有在未來可能參與資產證券化相關業務之機構做為參考。 After the first public deal was introduced into the market in 1986, the asset-backed securities have comprised one of the largest sectors in the US fixed-income market. Credit cards, as one of the first sectors to develop in the ABS market, are among the most liquid products. Securitization provides an opportunity for banks to trim their balance sheet and boost capital without relinquishing control of the underlying accounts or customer relationships. Today, securitization is the primary funding source for specialized credit card banks in the US. The purples of this study is to introduce the development and expansion of securitization and credit card ABS in the US market, explore how they are structured and work commendably in the financial market. We also introduce a real case called BAMT 1999-C and compare its structure, counterparty relationships, and historical performance data with other 8 US credit card ABS issuing banks. At the end of this study, we will analysis the practicable of establishing those products in Taiwan market.
