市场特点与其他资产的证券化一样,信用卡证券化的一个重要目标是将应收科目从发卡银行规范的资产负债表中移除,以减轻资本的压力。为适应银行融资多元化的需要和降低管制资本,美国于1987年推出了第一个信用卡债权的证券化。自此,证券化成为发卡银行最重要的资金来源。继美国之后,MBNA EBL于1995年首次发行由欧洲信用卡债权资产支持的信用卡证券。图1给出了从1995～2002年所有信用级别的欧洲信用卡证券化的发行情况。 Market Characteristics Like other asset securitizations, an important goal of credit card securitization is to remove receivables from the balance sheet regulated by the issuing bank in order to reduce the pressure on capital. In order to meet the diversification of bank financing needs and reduce regulatory capital, the United States introduced the first credit card debt securities in 1987. Since then, securitization has become the most important source of funding for issuing banks. Following the United States, MBNA EBL first issued in 1995 credit card securities backed by European credit card debt assets. Figure 1 shows the issuance of European credit card securitization from 1995 to 2002 for all credit ratings.