{"id":8822,"date":"2024-12-16T10:40:15","date_gmt":"2024-12-16T10:40:15","guid":{"rendered":"https:\/\/marc.deschenaux.com\/?p=8822"},"modified":"2025-01-14T17:54:02","modified_gmt":"2025-01-14T17:54:02","slug":"definition-of-a-passthrough-security","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/de\/articles\/definition-of-a-passthrough-security\/","title":{"rendered":"Definition of a Passthrough Security"},"content":{"rendered":"
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This article was written for Investopedia By TROY SEGAL<\/strong><\/a> updated May 29, 2020 and reviewed by GORDON SCOTT<\/strong><\/a>. I reproduce it here because it is generally excellent but modified because it contains several errors.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Was ist eine Pass-Through-Sicherheit?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A pass-through security<\/strong> is a security transferring fix or variable income from one or more income producing asset\/s which also back said pass-through security.<\/p>

A servicing intermediary collects the monthly payments from issuers and, after deducting a fee, remits or passes them through to the holder of the pass-through security (that is, investors). A pass-through security is also known as a “pay-through security” or a “Pass-Through-Zertifikat<\/a>“\u2014though technically the certificate is the evidence of interest or participation in a pool of assets that signifies the transfer of payments to investors; it’s not the security itself.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Pass-Through-Sicherheit erkl\u00e4rt<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A pass-through security is a derivative based on certain debt or royalties receivables that provides the investor a right to a portion of those incomes. Often, the royalties or debt receivables are from underlying assets, which can include things such as movies, music, patents, mortgages on homes or loans on vehicles.<\/p>

Generally, each security represents a large number of income streams.<\/p>

The term “pass-through” relates to the transaction process itself, whether it involves a royalty, a mortgage or other loan product. It originates with the debtor’s or issuer’s payment, which passes through an Vermittler<\/a> vor der Freigabe an den Investor.<\/p>

Payments are made to investors on a periodic basis, corresponding with the standard payment schedules for royalties or debt repayment. The payments may include accrued interest<\/a> on the unpaid principal or not, amortization on the Rektor<\/a> itself or not, or simply royalties streams or not.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Risiken von Pass-Through-Wertpapieren<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Das Risiko eines Ausfalls der mit den Wertpapieren verbundenen Schulden ist ein allgegenw\u00e4rtiger Faktor, da die Nichtzahlung des Schuldners zu geringeren Renditen f\u00fchrt. Sollten gen\u00fcgend Schuldner ausfallen, k\u00f6nnen die Wertpapiere grunds\u00e4tzlich an Wert verlieren.<\/p>

Ein weiteres Risiko ist direkt mit dem aktuellen Zinsniveau verbunden. Wenn die Zinsen sinken, besteht eine h\u00f6here Wahrscheinlichkeit, dass aktuelle Schulden refinanziert werden, um von den niedrigen Zinsen zu profitieren. Dies f\u00fchrt zu geringeren Zinszahlungen, was f\u00fcr die Anleger von Pass-Through-Wertpapieren geringere Renditen bedeutet.<\/p>

Auch eine Vorauszahlung des Schuldners kann Auswirkungen auf die Rendite haben. Zahlt eine gro\u00dfe Zahl von Schuldnern mehr als die Mindestzahlungen, ist die H\u00f6he der auf die Schulden aufgelaufenen Zinsen geringer \u2013 und entf\u00e4llt nat\u00fcrlich, wenn der Schuldner den Kredit vorzeitig vollst\u00e4ndig zur\u00fcckzahlt. Letztendlich f\u00fchren diese vorzeitigen R\u00fcckzahlungen zu geringeren Renditen f\u00fcr Wertpapierinvestoren. In einigen F\u00e4llen sind Kredite erforderlich Vorf\u00e4lligkeitsentsch\u00e4digung<\/a> Dies kann einen Teil der zinsbedingten Verluste ausgleichen, die eine Vorauszahlung verursachen wird.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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An Example of Pass-Through Securities<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The most common type of pass-through is a mortgage-backed certificate or a a mortgage-backed security<\/a> (MBS), in which a homeowner’s payment passes from the original bank through a government agency or investment bank before reaching investors. These types of pass-throughs derive their value from unpaid mortgages, in which the owner of the security receives payments based on a partial claim to the payments being made by the various debtors. Multiple mortgages are packaged together, forming a pool, which thus spreads the risk across multiple loans. These securities are generally self-amortizing<\/a>, meaning the entire mortgage principal is paid off in a specified period of time with regular interest and principal payments.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

This article was written for Investopedia By TROY SEGAL updated May 29, 2020 and reviewed by GORDON SCOTT. I reproduce it here because it is generally excellent but modified because it contains several errors. What Is a Pass-Through Security? A pass-through security is a security transferring fix or variable income from one or more income … Weiterlesen<\/a><\/p>","protected":false},"author":1,"featured_media":5813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":3,"footnotes":""},"categories":[3,49,57],"tags":[],"class_list":["post-8822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-beginners","category-ipo"],"_links":{"self":[{"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/posts\/8822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/comments?post=8822"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/posts\/8822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/media\/5813"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/media?parent=8822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/categories?post=8822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/de\/wp-json\/wp\/v2\/tags?post=8822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}