You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
A<br />
A Notes<br />
( �)<br />
����� �� ����<br />
ﻲﺘﻟﺍ ﺕﺎﻧﻮﻫﺮﻟﺎﺑ ﺔﻧﻮﻤﻀﻤﻟﺍ ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﻭﺃ ﻝﻮﺻﻷﺎﺑ ﺔﻧﻮﻤﻀﻤﻟﺍ ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﺔﺌﻓ<br />
ﻦﻋ ﻼﻀﻓ ﻥﺎﻤﺘﺋﻻﺍ ﺕﺎﺤﻠﻄﺼﻣ ﻲﻓ ( ﺏ)<br />
ﺔﺌﻔﻟﺍ ﻦﻣ ﻥﻭﺫﻷﺍ ﻞﺜﻣ ﻯﺮﺧﻷﺍ ﺕﺎﺌﻔﻟﺍ ﻰﻠﻋ ﺰﻴﻤﺘﺗ<br />
. ﺽﺮﻘﻟﺍ ﻞﺻﺃ ﺩﺍﺪﺳ ﺔﻳﻮﻟﻭﺃ<br />
Administrator<br />
������<br />
ﺽﺮﻐﻟﺍ ﺕﺍﺫ ﺓﺄﺸﻨﻤﻟﺍ ﻭﺃ ﺔﻳﺭﺎﺠﺘﻟﺍ ﻕﺍﺭﻭﻷﺍ ﺭﺎﺴﻣ ﺓﺭﺍﺩﺇ ﺔﻴﻟﻭﺆﺴﻣ<br />
ﻰﻟﻮﺘﻳ ﻞﻴﻛﻭ ﺔﺑﺎﺜﻤﺑ ﺪﻌﻳ<br />
ﺕﺎﻌﻓﺪﻟﺍ ﻉﺍﺪﻳﺇ ﺎﻬﻴﻓ ﻢﺘﻳ ﻲﺘﻟﺍ ﻚﻨﺒﻟﺍ ﺕﺎﺑﺎﺴﺣ ﻙﺎﺴﻣﺇ ﺮﻳﺪﻤﻟﺍ ﺕﺎﻴﻟﻭﺆﺴﻣ ﻦﻤﻀﺘﺗ ﺪﻗﻭ . ﺹﺎﺨﻟﺍ<br />
ﻦﻳﺮﻤﺜﺘﺴﻤﻟﺍ ﻰﻟﺇ ﺕﺎﻌﻓﺪﻟﺍ ﺩﺍﺪﺳ ﻦﻋ ﻼﻀﻓ ،ﺔﻴﻟﺎﻣ<br />
ﻕﺍﺭﻭﺃ ﻰﻟﺇ ﺔﻟﻮﺤﻤﻟﺍ ﻝﻮﺻﻷﺍ ﻦﻣ ﺔﻤﻠﺴﺘﻤﻟﺍ<br />
. ﺔﻴﻟﺎﻣ ﻕﺍﺭﻭﺃ ﻰﻟﺇ ﺔﻟﻮﺤﻤﻟﺍ ﻝﻮﺻﻷﺍ<br />
ءﺍﺩﺃ ﺔﻌﺑﺎﺘﻣﻭ ،ﻱﺪﻘﻨﻟﺍ<br />
ﻖﻓﺪﺘﻟﺍ ﺍﺬﻫ ﻡﺍﺪﺨﺘﺳﺎﺑ<br />
Advance Rate<br />
������ ���<br />
ﺔﻠﻤﺠﻟﺎﺑ ﻊﻴﺒﻟﺍ ﻭﺃ ﺔﺋﺰﺠﺘﻟﺎﺑ ﻊﻴﺒﻟﺍ ﺔﻤﻴﻘﺑ ﺎﻣﺇ ًﺎﻣﻮ ﺴﻘﻣ ﻲﻠﺻﻷﺍ ﺕﺍﺭﺎﻴﺴﻟﺍ ﺽﺮﻗ ﻞﺻﺃ ﺪﻴﺻﺭ<br />
ﻦﻫﺮﻟﺎﺑ ﻥﻮﻤﻀﻤﻟﺍ ﺽﺮﻘﻟﺎﺑ ﻖﻠﻌﺘﻳ ﺎﻤﻴﻓ ﺮﻌﺳ ﺪﻌﻳﻭ . ﺕﺍﺭﺎﻴﺴﻟﺍ ﺽﺮﻗ ﻞﺒﻗ ﻦﻣ ﺔﻟﻮﻤﻤﻟﺍ ﺓﺭﺎﻴﺴﻠﻟ<br />
ﻞﺻﻷﺍ ﻲﻓ ﺽﺮﺘﻘﻤﻟﺍ ﺎﻬﻜﻠﺘﻤﻳ ﻲﺘﻟﺍ ﺔﺼﺤﻟﺍ ﻢﺠﺤﻟ ﺱﺎﻴﻘﻣ ﺔﺑﺎﺜﻤﺑ ﺪﻌﻳ ﺎﻤﻛ ،ﻲﻨﻜﺴﻟﺍ<br />
ﻱﺭﺎﻘﻌﻟﺍ<br />
. ﺽﺮﻘﻠﻟ ﻦﻣﺎﻀﻟﺍ<br />
ﺎﻤﻠﻛﻭ ﺽﺮﺘﻘﻤﻟﺍ ﺎﻬﺑ ﺮﻃﺎﺨﻳ ﻲﺘﻟﺍ ﺔﺼﺤﻟﺍ ﺔﺒﺴﻧ ﺖﻠﻗ ﺎﻤﻠﻛ ،ﻡﺪﻘﻤﻟﺍ ﺔﺒﺴﻧ ﺖﻌﻔﺗﺭﺍ ﺎﻤﻠﻛﻭ<br />
. ﻥﺎﻤﻀﻟﺍ ﺕﺎﺒﻴﺗﺮﺗ ﺐﺟﻮﻤﺑ ﺽﺮﻘﻤﻠﻟ ﺔﺣﺎﺘﻤﻟﺍ ﺔﻳﺎﻤﺤﻟﺍ ﺖﻀﻔﺨﻧﺍ<br />
Adverse Selection<br />
������� �������<br />
ﺩﺍﺩﺰﻳ ﻑﻮﺳ ﻝﻮﺻﻷﺍ ﻊﻤﺠﻣ ﺮﻃﺎﺨﻣ ﻞﻤﺤﺗ<br />
ﻥﺃ ﺎﻬﻟﻼﺧ ﻦﻣ ﺽﺮﺘﻔﻳ ﻲﺘﻟﺍ ﺔﻴﻠﻤﻌﻟﺍ ﻪﺑ ﺪﺼﻘﻳ<br />
ًﺍﺮﻄﺧ ﻞﻗﻷﺍ ﻦﻴﺿﺮﺘﻘﻤﻟﺍ ﻥﺃ ﻞﻤﺘﺤﻤﻟﺍ ﻦﻣ ﻪﻧﺄﺑ ﺪﺋﺎﺴﻟﺍ ﺽﺍﺮﺘﻓﻼﻟ ًﺍﺮﻈﻧ ﺖﻗﻮﻟﺍ ﺭﺍﺪﻣ ﻰﻠﻋ ًﺍءﻮﺳ<br />
. ﻢﻬﺿﻭﺮﻗ ﻎﻟﺎﺒﻣ ﺩﺍﺪﺴﺑ ﺍﻮﻣﻮﻘﻳ<br />
ﻥﺃ ﺢﺟﺮﻳ ﻦﻳﺬﻟﺍ ﺹﺎﺨﺷﻷﺍ ﻢﻫ<br />
Amortization<br />
����� ����<br />
ﺭﺍﺪﻣ ﻰﻠﻋ ﺔﻴﺠﻳﺭﺪﺗ<br />
ﺓﺭﻮﺼﺑ ﻦﻳﺪﻟﺍ ﻞﺻﺃ ﻎﻠﺒﻣ ﺾﻴﻔﺨﺗ ﺎﻬﺘﻄﺳﺍﻮﺑ ﻢﺘﻳ ﻲﺘﻟﺍ ﺔﻴﻠﻤﻌﻟﺍ ﻪﺑ ﺪﺼﻘﻳ<br />
ﺓﺪﺋﺎﻔﻟﺍ ﻊﻣ ﺽﺮﻘﻟﺍ ﻞﺻﺃ ﺓﺩﺎﻋﺇ ﻊﻣ ﻢﺘﻳ ﻝﻮﺻﻷﺎﺑ ﺔﻧﻮﻤﻀﻤﻟﺍ ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﻙﻼﻫﺇ . ﺖﻗﻮﻟﺍ<br />
ﺪﻋﻮﻣ ﺪﻨﻋ ﺓﺪﺣﺍﻭ ﺔﻌﻓﺩ ﻲﻓ ﻦﻳﺪﻟﺍ ﺩﺍﺪﺳ ﻊﻣ ﻙﻼﻫﻹﺍ ﻥﺭﺎﻘﻳ ﺎﻣ ًﺍﺮﻴﺜﻛ . ﻦﻳﺮﻤﺜﺘﺴﻤﻟﺍ ﻰﻟﺇ<br />
ﻥﻮﻳﺪﻟﺍ ﻙﻼﻫﺇ ﺪﻌﻳ . ﻕﺎﻘﺤﺘﺳﻻﺍ ﺪﻋﻮﻣ ﻲﻓ ﻲﻠﻜﻟﺍ ﺽﺮﻘﻟﺍ ﻞﺻﺃ ﺩﺍﺪﺳ ﻢﺘﻳ ﺚﻴﺤﺑ ﻕﺎﻘﺤﺘﺳﻻﺍ<br />
ﺦﻳﺭﺎﺘﻟﺍ ﻞﻴﺒﻗ ﺽﺮﻘﻟﺍ ﻞﺻﺃ ﺩﺍﺪﺴﺑ ًﺎﻄﺒﺗﺮﻣ<br />
ﻥﻮﻜﻳ ﻱﺬﻟﺍﻭ ،ًﺎﻣﺪﻘﻣ<br />
ﻊﻓﺪﻟﺍ ﻦﻋ ًﺎﻔﻠﺘﺨﻣ ﺔﻟﻭﺪﺠﻤﻟﺍ<br />
. ﻩﺩﺍﺪﺴﻟ ﻝﻭﺪﺠﻟﺍ ﻲﻓ ﺩﺪﺤﻤﻟﺍ<br />
Amortization Period<br />
����� ����<br />
ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻸﻟ ﻖﻠﻌﻤﻟﺍ ﺪﻴﺻﺮﻟﺍ ﺩﺍﺪﺳ ﺎﻬﻴﻓ ﻢﺘﻳ ﻲﺘﻟﺍ ﺔﻴﻠﻤﻌﻟﺍ ﺪﻳﺪﺠﺗ ﺓﺮﺘﻓ ﻊﺒﺘﺗ ﺪﻗ ﻲﺘﻟﺍ ﺓﺮﺘﻔﻟﺍ ﻲﻫ<br />
. ﻲﺋﺰﺟ ﻞﻜﺸﺑ ﺓﺩﺪﺴﻤﻟﺍ<br />
Arbitrage CDO<br />
����� ��� ������� ����� ������� ����� ������<br />
ﻦﻋ ﺎﻬﺗﺍﺩﺍﺮﻳﺇ ﻉﻮﻤﺠﻣ ﺪﻳﺰﻳ ﻲﺘﻟﺍ ﻝﻮﺻﻷﺍ ﻰﻠﻋ ﺔﻴﻨﺒﻤﻟﺍ ﻥﻮﻤﻀﻤﻟﺍ ﻦﻳﺪﻟﺍ ﻡﺍﺰﺘﻟﺍ ﺔﻴﻠﻤﻋ ﻪﺑ ﺪﺼﻘﻳ<br />
. ﺔﻴﻠﻤﻌﻟﺎﺑ ﻖﻠﻌﺘﻳ ﺎﻤﻴﻓ ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﻞﻳﻮﻤﺗ ﻭﺃ ﻊﻴﺑ ﻦﻋ ﺔﻤﺟﺎﻨﻟﺍ ﺕﺍﺩﺍﺮﻳﻹﺍ ﻉﻮﻤﺠﻣ<br />
Asset-Backed Commercial Paper (ABCP)<br />
������ �������� ��������<br />
������<br />
ﻞﺻﺃ ﺕﺎﻌﻓﺩ ﻰﻠﻋ ﻝﻮﺼﺤﻟﺍ ﻢﺘﻳ ﻲﺘﻟﺍﻭ ﻝﻮﺻﺄﺑ ﺔﻧﻮﻤﻀﻤﻟﺍ ﺔﻳﺭﺎﺠﺘﻟﺍ ﻕﺍﺭﻭﻷﺍ ﺎﻬﺑ ﺪﺼﻘﻳ<br />
ﻲﻓﻭ . ﻲﺳﺎﺳﻷﺍ ﻝﻮﺻﻷﺍ ﻊﻤﺠﻣ ﻦﻣ ﺓﺪﻤﺘﺴﻤﻟﺍ ﺔﻳﺪﻘﻨﻟﺍ ﺕﺎﻘﻓﺪﺘﻟﺍ ﻦﻣ ﺔﻘﺤﺘﺴﻤﻟﺍ ﺓﺪﺋﺎﻔﻟﺍ ﻭﺃ ﺎﻬﺿﺮﻗ<br />
ﺪﻋﻮﻣ ﻥﺎﺣ ﺔﻳﺭﺎﺠﺗ ﺔﻗﺭﻭ ﺩﺍﺪﺳ ﻢﺘﻴﻟ<br />
ﺔﻳﺭﺎﺠﺘﻟﺍ ﺔﻗﺭﻮﻟﺍ ﺭﺍﺪﺻﺇ ﺓﺩﺎﻋﺇ ﺔﻴﻧﺎﻜﻣﺇ ﻡﺪﻋ ﺔﻟﺎﺣ<br />
. ﻦﻳﺮﻤﺜﺘﺴﻤﻠﻟ<br />
ﺩﺍﺪﺴﻠﻟﺔﻟﻮﻴﺴﻟﺍﺮﻴﻓﻮﺘﻟ<br />
ﻢﻋﺪﻟﺍ ﺔﻟﻮﻴﺳ ﺕﻼﻴﻬﺴﺗ ﺐﺤﺳ ﻢﺘﻳ ،ﺎﻬﻗﺎﻘﺤﺘﺳﺍ<br />
Asset-Backed Securities (ABS)<br />
������ �������� ������� ������<br />
،ﺔﻌﻗﻮﺘﻣ<br />
ﺔﻳﺩﺍﺮﻳﺇ ﺕﺎﻘـﻓﺪﺘﺑ ﺔﻴﻟﺎﻤﻟﺍ ﻝﻮﺻﻷﺍ ﺕﺎﻌﻤﺠﻤﺑ ﺔﻧﻮﻤﻀﻤﻟﺍ ﻥﻭﺫﻷﺍ ﻭﺃ ﺕﺍﺪﻨﺴﻟﺍ ﻲﻫ<br />
ﻩﺬﻫ ﻰﻠﻋ ﺔﻠﺜﻣﻷﺍ<br />
ﻦﻴـﺑ ﻦﻣﻭ . ﻦﻳﺮﺧﻵﺍ ﻥﺎﻤﺘﺋﻻﺍ<br />
ﻱﺩّﺭﻮﻣﻭ<br />
ﻙﻮﻨﺒﻟﺍ ﻞﺒﻗ ﻦﻣ ﺎﻫﺪﻴﻟﻮﺗ ﻢﺘﻳ ﻲﺘﻟﺍﻭ<br />
. ﺕﺍﺭﺎﻴﺴﻟﺍ ﺽﻭﺮﻗﻭ ﺔﻳﺭﺎﺠﺘﻟﺍ ﺔﻴﻧﻮﻳﺪﻤﻟﺍ ﺕﺍﺪﻨﺳﻭ ﻥﺎﻤﺘﺋﻻﺍ ﺔﻗﺎﻄﺑ ﺔﻴﻧﻮﻳﺪﻣ ﺕﺍﺪﻨﺳ ﻝﻮﺻﻷﺍ<br />
Asset Originator<br />
����� ����<br />
ﻦﻣ ﺮﺜﻛﺃ ﻭﺃ ﺪﺣﺍﻮﻟ ﻥﺎﻤﺘﺋﻻﺍ ﺢﻨﻣ ﻝﻼﺧ ﻦﻣ ﻝﻮﺻﻷﺍ ﺔﻋﻮﻤﺠﻣ<br />
ﻭﺃ ﻞﺻﻷﺍ ﺄﺸﻧﺃ ﻱﺬﻟﺍ ﻑﺮﻄﻟﺍ<br />
. ﻦﻴﻨﺋﺍﺪﻟﺍ<br />
Average Life<br />
����<br />
�����<br />
ﻎﻠﺒﻣ ﺩﺍﺩﺮﺘﺳﻻ ﺔﺑﻮﻠﻄﻤﻟﺍ ﺔﻴﻨﻣﺰﻟﺍ ﺓﺮﺘﻔﻟﺍ ﻝﻮﻃ ﻂﺳﻮﺘﻣ ﻰﻠﻋ ًءﺎﻨﺑ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺓﺪﻣ ﺱﺎﻴﻗ ﻪﺑ ﺪﺼﻘﻳ<br />
ﻞﺻﺃ ﺩﺍﺪﺴﻟ ﺔﻌﻓﺩ ﻞﻛ ﺏﺮﺿ ﻞﺻﺎﺤﺑ ﻞﺟﻷﺍ ﻂﺳﻮﺘﻣ ﺏﺎﺴﺘﺣﺍ ﻢﺘﻳﻭ . ﺮَﻤﺜﺘﺴﻤﻟﺍ<br />
ﺽﺮﻘﻟﺍ ﻞﺻﺃ<br />
ﻞﺻﺃ ﺩﺍﺪﺳ ﺕﺎﻋﻮﻓﺪﻣ ﻡﻼﺘﺳﺍﻭ ﺭﺎﻤﺜﺘﺳﻻﺍ ءﺍﺮﺟﺇ ﻦﻴﺑ ﺔﻴﻀﻘﻨﻤﻟﺍ ﺔﻴﻨﻣﺰﻟﺍ ﺓﺮﺘﻔﻟﺍ ﻊﻣ ﺽﺮﻘﻟﺍ<br />
ﻂﺳﻮﺘﻣ ﺪِﻤﺘﻌ<br />
َﻳﻭ . ﺮَﻤﺜﺘﺴﻤﻟﺍ<br />
ﻎﻠﺒﻤﻟﺍ ﻲﻟﺎﻤﺟﺇ ﻰﻠﻋ ﻪﺘﻤﺴﻗ<br />
ﻢﺛ ﻞﺻﺎﺤﻟﺍ ﻊﻴﻤﺠﺗ ﻢﺘﻳﻢﺛﻦﻣﻭﺽﺮﻘﻟﺍ<br />
ﻞﺻﺃ ﺩﺍﺪﺳ ﻪﺑ ﻢﺘﻳ ﻱﺬﻟﺍ ﺮﻌﺴﻟﺍ ﻰﻠﻋ ﻝﻮﺻﻷﺎﺑ ﺔﻧﻮﻤﻀﻤﻟﺍ ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻸﻟ ﻲﻠﻌﻔﻟﺍ ﻞﺟﻷﺍ<br />
ﺩﺍﺪﺳ ﻮﻫ ﺔﻨﻣﺎﻀﻟﺍ ﻝﻮﺻﻷﺍ ﺩﺍﺪﺳ ﺕﺎﻴﻠﻤﻋ ﻦﻣ ﺽﺮﻐﻟﺍ ﻥﺃ ﺚﻴﺣ ،ﺔﻨﻣﺎﻀﻟﺍ<br />
ﻝﻮﺻﻷﺍ ﺽﺮﻗ<br />
ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻸﻟ ﻊﻗﻮﺘﻤﻟﺍ ﻞﺟﻷﺍ ﻂﺳﻮﺘﻣ ﺏﺎﺴﺘﺣﺍ<br />
ﻦﻜﻤﻳﻭ . ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﺽﺮﻗ ﻞﺻﺃ ﺪﻴﺻﺭ<br />
ّﺪﻌﻳ ﻭ . ﺔﻨﻣﺎﻀﻟﺍ ﻝﻮﺻﻷﺎﺑ ﻖﻠﻌﺘﻳ ﺎﻤﻴﻓ ًﺎﻣﺪﻘﻣ ﺩﺍﺪﺴﻠﻟ ﺮﻴﻐﺘﻣ ﺮﻌﺳ ﻭﺃ ﺖﺑﺎﺛ ﺮﻌﺳ ﺽﺍﺮﺘﻓﺎﺑ<br />
ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﻦﻳﺩ ﻙﻼﻫﺇ ﻦﻴﺑ ﺔﻧﺭﺎﻘﻤﻟﺍ ءﺍﺮﺟﻹ ﺔﻌﻓﺎﻧ ﺓﺍﺩﺃ ﺔﺑﺎﺜﻤﺑ ﻊﻗﻮﺘﻤﻟﺍ ﻞﺟﻷﺍ ﻂﺳﻮﺘﻣ<br />
. ﻯﺮﺧﻷﺍ ﺔﻴﻟﺎﻤﻟﺍ ﻕﺍﺭﻭﻷﺍ ﻊﻣ ﻝﻮﺻﻷﺎﺑ ﺔﻧﻮﻤﻀﻤﻟﺍ<br />
B<br />
B Notes<br />
( �)<br />
����� �� ����<br />
.<br />
ﺮﻐﺻﻷﺍ ﻭﺃ ﺮﺒﻛﻷﺍ ﻝﺎﻤﻟﺍ ﺱﺃﺭ ﻞﻜﻴﻫ ﻲﻓ ﺔﻌﺑﺎﺘﻟﺍ ﺔﺌﻔﻟﺍ
Change language