Credit card asset-backed securities (ABS) were first issued in 1987. Since that time, the credit card ABS market has become the primary vehicle by which the card industry funds unsecured loans to consumers. Given the significance of credit card ABS, the Payment Cards Center encourages research in this area and is working to promote an understanding of securitization's impact on industry profitability, safety, and growth. Toward that end, the Center currently sponsors Joseph Mason of Drexel University, one of the Center's visiting scholars, in his research of credit card asset securitization.
In addition to sponsoring research in this area, the Center invited Mark Adelson, head of structured finance research at Nomura Securities International, to lead a credit card ABS workshop. Adelson is a veteran analyst of the ABS market, having worked for a rating agency and as an attorney specializing in mortgage-backed securities transactions. During the workshop, Adelson discussed the details of credit card asset-backed securities, including their growth, pricing characteristics, and deal structures. He concluded by noting several issues currently facing the credit card ABS market.
The funder of this research, the Department for International Development (DFID), wishes to enhance the private sector’s contribution to sustainable development by encouraging business practices that embrace social, environmental and financial responsibility. Ethical supply chain management is a critical aspect of responsible business in developing countries.
Work by the Natural Resources and Ethical Trade Programme (NRET) and the Ethical Trading Initiative (ETI) has shown that trading partners in the North and South are willing to develop this approach to managing social and environmental performance, but have highlighted the need to understand the cost implications more thoroughly. In particular, there is concern that improved social performance will increase employment costs, and lead either to companies avoiding such approaches or to reduced foreign direct investment in developing countries.
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