Core ABF Structures
Definition

Finance adossée à des actifs (ABF)

Mode de financement dans lequel le remboursement provient principalement des flux de trésorerie générés par un portefeuille spécifique d'actifs financiers ou réels, et non des flux opérationnels généraux de l'emprunteur. Notion plus large que les ABS : englobe les prêts bilatéraux privés, les facilités d'entrepôt, les accords de flux continu, les structures de transfert significatif de risque (TSR) et les titres émis publiquement.

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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