La titulización de derechos de credito futuros: propuesta de una metodologia aplicada a los peajes de autopista

Identifier:  TDX:586

Handle: https://hdl.handle.net/20.500.11797/TDX586

Authors:  Sarda Garcia, Susana

Abstract:
Motivations: 1. A great and historical problematic exists about provision and funding infrastructure and public services in general; and of that of transport infrastructures, highways especially. The base of the problematic takes root in the roles that public and private sectors can and/or must play in the funding, construction, management and payment of this type of investments. In the thesis there are exposed the different possibilities and existing combinations. On the other hand, from the European Commission the attitude is clear: collaboration is tried to be promote by Public Private Partnerships. Also they seem to plead for the payment of the users of the infrastructures of transport for highway. 2. The Spanish legislation authorized in 1998 the securitisation of toll roads, but up to the moment it has not removed to end. One of the reasons can be the complexity in the design of the whole process.Mechanisms provided by this thesis: 1. A model to determine future tolls optimum securitisation, and the temporary distribution of these. The model is useful if the highway is managed by a public entity or a private one. 2. A model for the optimum design of the issue of bonds backed by the mentioned tolls. With the application of these models: 1. It is managed to join, if it is considered suitable, public and private sectors. 2. The originator of the process (who runs the highway, public or private) can optimize his aims of profitability and pay-back; or in case of the public sector, to minimize the resource to the budget. 3. The management of the Special Purpose Vehicle is facilitated, with the optimization of its passive structure depending on the assets constituted by the tolls. 4. Both models consider the risk transmitted to the final investors and incorporate credit enhancement mechanisms; obtaining financial resources directly on financial markets.