Originally published in Euromoney Handbooks.
Securitisation transactions represent a powerful means of
refinancing for banks and other originators. Nevertheless, there
are only very few securitisations that have been realised by Swiss
originators post-financial crisis. We expect that the more
stringent capital requirement regime applicable on systematically
important banks linked with the abolition of the stamp duty on
debentures, which are currently being discussed in the Swiss
parliament, will likely result in an increase in securitisation
transaction activities in Switzerland in the near future.
Background
In the past, securitisation transactions have never benefited
from favourable Swiss legislation and regulation. Nevertheless, we
have experienced quite a large amount of securitisation activities
in Switzerland before the financial crisis. Especially between the
years of 2005 and 2006, commercial mortgage-backed securities
(CMBS) conduit lending became
