sponsor = arranger (issuer / underwriter)?

[ajsa]

Hi David,

Could you explain if they are all the same entity in securitization?

Thanks.

 

[David Harper CFA FRM]

Hi asja,

I started a new securitization chart with a focus on the participants, see what you think:
http://www.bionicturtle.com/learn/article/players_in_a_securitization_credit/

the arranger is generally = sponsor.
the underwriter (which can be, as i understand, the same/different as the sponsor) is a different role: the distribution of securities to investors
the "issuer" (IMO) could have multiple meanings but would most likely refer to the SPE, as in "the CDO Issuer" which refers to the SPE

hope that helps, David