Muhasebe
ilk zarar teminati
İngilizce: first loss cover
Türkçe Tanım
Bir tarafin, diger yatirimcilar veya kredi verenler herhangi bir zarar maruziyeti tasimasindan once belirli bir tutara veya yuzdeye kadar baslangic zararlari karsilamayi kabul ettigi kredi iyilestirme mekanizmasidir. Ilk zarar teminati, ust dilim sahiplerinin asagi yonlu riskini azaltarak ozel sermayeyi cekmek icin menkulkiymetlestirme yapilari, harmanlama finansman duzenlenmeler ve kalkinma finansmaninda yaygin olarak kullanilir. Ilk zarar teminatini saglayan taraf, yuksek risk konumunu telafi etmek icin genellikle daha yuksek getiri alir.
English Definition
A credit enhancement mechanism in which one party agrees to absorb initial losses up to a specified amount or percentage before other investors or lenders bear any loss exposure. First loss cover is commonly used in securitisation structures, blended finance arrangements, and development finance to attract private capital by reducing downside risk for senior tranche holders. The party providing first loss cover typically receives a higher return to compensate for the elevated risk position.