{"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\/pt\/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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O que \u00e9 uma seguran\u00e7a pass-through?<\/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 “certificado de passagem<\/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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Seguran\u00e7a de passagem explicada<\/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 intermedi\u00e1rio<\/a> antes de ser liberado para o investidor.<\/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 diretor<\/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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Riscos de Pass-Through Securities<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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O risco de incumprimento das d\u00edvidas associadas aos t\u00edtulos \u00e9 um fator sempre presente, uma vez que o incumprimento por parte do devedor resulta em retornos mais baixos. Se um n\u00famero suficiente de devedores ficar inadimplente, os t\u00edtulos podem essencialmente perder todo o valor.<\/p>

Outro risco est\u00e1 diretamente ligado \u00e0s taxas de juros atuais. Se as taxas de juros ca\u00edrem, h\u00e1 uma maior probabilidade de que as d\u00edvidas atuais possam ser refinanciadas para aproveitar as taxas de juros baixas. Isso resulta em pagamentos de juros menores, o que significa retornos menores para os investidores de t\u00edtulos pass-through.<\/p>

O pagamento antecipado por parte do devedor tamb\u00e9m pode afetar o retorno. Se um grande n\u00famero de devedores pagar mais do que os pagamentos m\u00ednimos, o valor dos juros acumulados sobre a d\u00edvida \u00e9 menor - e, \u00e9 claro, torna-se inexistente se o devedor pagar integralmente o empr\u00e9stimo antes do prazo. Em \u00faltima an\u00e1lise, esses pagamentos antecipados resultam em retornos mais baixos para os investidores em valores mobili\u00e1rios. Em alguns casos, os empr\u00e9stimos ter\u00e3o penalidades de pr\u00e9-pagamento<\/a> que podem compensar algumas das perdas baseadas em juros que um pr\u00e9-pagamento causar\u00e1.<\/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 … Ler mais<\/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\/pt\/wp-json\/wp\/v2\/posts\/8822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/comments?post=8822"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/posts\/8822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/media\/5813"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/media?parent=8822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/categories?post=8822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/pt\/wp-json\/wp\/v2\/tags?post=8822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}