Core ABF Structures
Definition

Financiación Basada en Activos (ABF)

Modalidad de financiación en la que el reembolso proviene principalmente de los flujos de caja generados por un conjunto específico de activos financieros o reales, y no de los flujos operativos generales del prestatario. Concepto más amplio que los valores respaldados por activos (ABS): incluye préstamos bilaterales privados, líneas warehouse, acuerdos de flujo continuo, estructuras de transferencia significativa de riesgo (SRT) y valores emitidos públicamente.

Deep Dives

Introduction to Asset-Based Finance

Related Terms

Asset-Backed Securities (ABS)

Tradeable securities whose cash flows are backed by a pool of financial assets. A specific, publicly traded or 144A subset of ABF — all ABS falls under ABF, but ABF includes non-securitised structures.

Asset-Based Lending (ABL)

A revolving credit facility secured by a borrowing base of current assets (accounts receivable, inventory) with advances capped by eligible collateral value. Typically bilateral, funded by one or few lenders; collateral pool is corporate rather than consumer/financial.

Securitisation

The process of pooling financial assets (loans, leases, receivables) into a special purpose vehicle, which issues tranched securities backed by the cash flows from those assets. EU definition (SR 2017/2402 Article 2): a transaction where the credit risk associated with an exposure is tranched.

Warehouse Facility

A revolving credit facility that funds asset origination before the assets are securitised or sold; the warehouse lender holds a first-priority lien on the asset pool. A temporary funding mechanism — not a permanent funding structure.

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