{"id":16257,"date":"2026-09-22T12:23:38","date_gmt":"2026-09-22T06:53:38","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16257"},"modified":"2026-09-22T12:23:39","modified_gmt":"2026-09-22T06:53:39","slug":"how-securitised-debt-instruments-work","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/","title":{"rendered":"Securitised Debt Instruments Explained: SPTs, Cash Waterfalls &#038; Pool Risks"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"From_vehicle_loans_to_microfinance_receivables_Indian_lenders_are_increasingly_turning_loan_pools_into_tradable_securities_This_guide_explains_the_mechanics_behind_securitised_debt_instruments_SPT_structures_payment_waterfalls_credit_enhancement_and_the_real_risks_embedded_in_the_underlying_pool_in_plain_language_with_the_latest_RBI_rules_and_market_data\"><\/span><strong>From vehicle loans to microfinance receivables, Indian lenders are increasingly turning loan pools into tradable securities. This guide explains the mechanics behind securitised debt instruments: SPT structures, payment waterfalls, credit enhancement, and the real risks embedded in the underlying pool, in plain language, with the latest RBI rules and market data.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>If you&#8217;ve followed Indian credit markets, you&#8217;ve likely seen the number everywhere: securitization volumes reached approximately \u20b92.5 lakh crore in FY2026 <sup>[1]<\/sup>, representing a 5% increase from the previous year, with ICRA expecting them to reach \u20b92.6-2.7 lakh crore in FY2027. Banks and NBFCs are increasingly using securitization to manage their credit-deposit ratios and liquidity, as well as to diversify their funding sources. The complexities of structured finance (SPTs, waterfalls, and tranches) can be intimidating to someone outside a structured finance desk. This article aims to break down those nuances in an easy-to-understand manner.&nbsp;<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#From_vehicle_loans_to_microfinance_receivables_Indian_lenders_are_increasingly_turning_loan_pools_into_tradable_securities_This_guide_explains_the_mechanics_behind_securitised_debt_instruments_SPT_structures_payment_waterfalls_credit_enhancement_and_the_real_risks_embedded_in_the_underlying_pool_in_plain_language_with_the_latest_RBI_rules_and_market_data\" >From vehicle loans to microfinance receivables, Indian lenders are increasingly turning loan pools into tradable securities. This guide explains the mechanics behind securitised debt instruments: SPT structures, payment waterfalls, credit enhancement, and the real risks embedded in the underlying pool, in plain language, with the latest RBI rules and market data.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#What_Is_Securitization_Really\" >What Is Securitization Really?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#The_Special_Purpose_Trust_SPT_The_Legal_Firewall\" >The Special Purpose Trust (SPT): The Legal Firewall<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#The_Cash_Waterfall_Who_Gets_Paid_and_When\" >The Cash Waterfall: Who Gets Paid, and When<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#Pool_Risks_What_Can_Go_Wrong\" >Pool Risks: What Can Go Wrong<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#The_Bigger_Picture\" >The Bigger Picture<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#How_Securitised_Debt_Instruments_Work_Frequently_Asked_Questions\" >How Securitised Debt Instruments Work Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_Securitization_Really\"><\/span><strong>What Is Securitization Really?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Essentially, securitization is the process of converting a bundle of loans (e.g., car loans, home loans, microfinance loans, etc.) into a security that can be sold to investors. Banks can\u2019t hold on to thousands of individual loans and the associated EMIs for 15 years. To avoid doing so, they bundle the loans and sell the projected cash flows to investors. This frees up capital for the lender (called the originator) and gives investors access to a diversified, rated debt instrument.<\/p>\n\n\n\n<p>Think of it like a landlord who owns 500 rental units. Instead of waiting decades to collect rent, they sell the right to that rent stream today, in exchange for a lump sum now. The buyer takes on the risk that tenants might not pay but earns a return for taking that risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Special_Purpose_Trust_SPT_The_Legal_Firewall\"><\/span><strong>The Special Purpose Trust (SPT): The Legal Firewall<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is where the SPT comes in. The originator doesn&#8217;t sell loans directly to investors; that would tangle investor claims with the originator&#8217;s own balance sheet risk (what if the originator goes bankrupt?). Instead, the loan pool is transferred to a Special Purpose Trust: a standalone legal entity created solely to hold that pool and issue securities against it, typically as Pass-Through Certificates (PTCs).<\/p>\n\n\n\n<p>Under RBI&#8217;s securitization framework, the SPT must be bankruptcy-remote and independent of the originator. The originator is also required to retain a Minimum Retention Requirement (MRR), so it doesn&#8217;t just sell off risky loans and walk away.<\/p>\n\n\n\n<p>PTCs continue to be the preferred route. In FY2026, PTCs comprised about 62% of total securitisation volumes <sup>[1]<\/sup>, a trend that has been observed since FY2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Cash_Waterfall_Who_Gets_Paid_and_When\"><\/span><strong>The Cash Waterfall: Who Gets Paid, and When<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Once SPT begins collecting EMIs, cash does not get distributed randomly. It follows a strict sequence known as the cash waterfall (or payment waterfall). A simplified version looks like this:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Priority<\/strong><\/td><td><strong>Payment<\/strong><\/td><td><strong>What it covers<\/strong><\/td><\/tr><tr><td>1<\/td><td>Trustee &amp; servicing fees<\/td><td>Costs of running the SPT and collecting payments<\/td><\/tr><tr><td>2<\/td><td>Senior tranche interest<\/td><td>Investors in the highest-rated, lowest-risk tranche<\/td><\/tr><tr><td>3<\/td><td>Senior tranche principal<\/td><td>Repayment of senior investors&#8217; capital<\/td><\/tr><tr><td>4<\/td><td>Subordinate\/junior tranche interest<\/td><td>Investors taking on more risk for higher yield<\/td><\/tr><tr><td>5<\/td><td>Subordinate tranche principal<\/td><td>Junior investors repaid last<\/td><\/tr><tr><td>6<\/td><td>Residual\/excess spread<\/td><td>Returned to the originator, if anything is left<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>This hierarchy is exactly why senior PTCs carry <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/credit-ratings-demystified-the-indian-context\/\" type=\"post\" id=\"6916\">higher credit ratings<\/a> (often AAA) than junior tranches; senior investors get first claim on every rupee collected. If borrowers default and collections fall short, junior investors absorb the hit first, acting as a buffer that protects senior investors. This buffer is called credit enhancement, and it&#8217;s a key reason rating upgrades in FY2025 <sup>[2]<\/sup> were largely driven by healthy collections building up this cushion over time as the loan pools got repaid over time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pool_Risks_What_Can_Go_Wrong\"><\/span><strong>Pool Risks: What Can Go Wrong<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Even with a well-structured waterfall, the quality of the underlying pool determines everything. Key risks investors and originators watch for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Credit risk:<\/strong> Concentrated default risk within a pool is a growing concern, particularly in the case of unsecured microfinance and personal loans. Securitization of such loans was virtually stagnant during FY2025 due to rising asset quality concerns across the NBFCs <sup>[3]<\/sup><\/li>\n\n\n\n<li><strong>Prepayment risk:<\/strong> Borrowers repaying loans early leaves less money paid over the life of the loan, thus reducing the expected return for the investor<\/li>\n\n\n\n<li><strong>Concentration risk:<\/strong> Risk associated with having huge exposure to a single originator, geography, or asset type within a pool<\/li>\n\n\n\n<li><strong>Servicer risk:<\/strong> Dependence on the loan servicer (often the originator itself) continuing to collect and remit payments properly<\/li>\n\n\n\n<li><strong>Interest rate risk:<\/strong> Mismatches between the pool&#8217;s fixed-rate receivables and market rate movements affecting PTC yields<\/li>\n<\/ul>\n\n\n\n<p>Vehicle loans continue to dominate the securitization landscape in India, with a 37% share of the total volume in FY2026, followed by home\/loans against property, with gold loan securitization also carving out an 11% <sup>[4]<\/sup> share of total market volume in H1 FY26. This asset-class concentration matters, as unfavorable movements in vehicle financing or prices of gold, for instance, could significantly impact the performance of the associated securitization pools.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/low-risk-investment-options-in-india\/\" aria-label=\"Low-Risk Investment Options in India 2026: Safety, Returns &#038; Tax Efficiency\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22134204\/Low-Risk-Investment-options-in-india-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Low-Risk Investment options in india\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22134204\/Low-Risk-Investment-options-in-india-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22134204\/Low-Risk-Investment-options-in-india-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22134204\/Low-Risk-Investment-options-in-india-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22134204\/Low-Risk-Investment-options-in-india-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22134204\/Low-Risk-Investment-options-in-india.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/low-risk-investment-options-in-india\/\">Low-Risk Investment Options in India 2026: Safety, Returns &#038; Tax Efficiency<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/all-about-recurring-deposits-rds-the-complete-investors-guide\/\" aria-label=\"All About Recurring Deposits (RDs): The Complete Investor\u2019s Guide\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22124135\/Recurring-Deposits-RDs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Recurring Deposits RDs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22124135\/Recurring-Deposits-RDs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22124135\/Recurring-Deposits-RDs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22124135\/Recurring-Deposits-RDs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22124135\/Recurring-Deposits-RDs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22124135\/Recurring-Deposits-RDs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/all-about-recurring-deposits-rds-the-complete-investors-guide\/\">All About Recurring Deposits (RDs): The Complete Investor\u2019s Guide<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/\" aria-label=\"Securitised Debt Instruments Explained: SPTs, Cash Waterfalls &#038; Pool Risks\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22121458\/How-Securitised-Debt-Instrument-Works-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"How Securitised Debt Instrument Works\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22121458\/How-Securitised-Debt-Instrument-Works-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22121458\/How-Securitised-Debt-Instrument-Works-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22121458\/How-Securitised-Debt-Instrument-Works-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22121458\/How-Securitised-Debt-Instrument-Works-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/22121458\/How-Securitised-Debt-Instrument-Works.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/\">Securitised Debt Instruments Explained: SPTs, Cash Waterfalls &#038; Pool Risks<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Bigger_Picture\"><\/span><strong>The Bigger Picture<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Securitization in India has evolved to the point that it is now critical for banks and NBFCs to manage their liquidity and capital. CRISIL reported that in FY2025, the number of issuers increased to 175 <sup>[5]<\/sup> from 165 the year prior, with NBFCs accounting for 92% of Q1 FY2026 <sup>[6]<\/sup> market volumes. RBI&#8217;s updated rules are pushing the market toward more transparency and accountability: lenders staying more accountable, better disclosure, and cleaner deal structures. That focus is only likely to get stronger as volumes keep growing.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Securitised_Debt_Instruments_Work_Frequently_Asked_Questions\"><\/span><strong>How Securitised Debt Instruments Work Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1789986582637\"><strong class=\"schema-faq-question\">Q1. <strong>What is a securitized debt instrument?<\/strong><\/strong> <p class=\"schema-faq-answer\">A securitized debt instrument (SDI) is a debt security backed by a pool of underlying receivables or debt. Instead of relying only on the financial strength of one corporate borrower, investors receive payments from the cash flows generated by the underlying pool.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789986596583\"><strong class=\"schema-faq-question\">Q2. <strong>What is an SPT in securitization?<\/strong><\/strong> <p class=\"schema-faq-answer\">SPT stands for Special Purpose Trust. In a securitisation structure, the SPT is used to hold or represent the securitised assets and facilitate the issuance of securities backed by those assets, subject to the applicable regulatory and transaction structure.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789986625093\"><strong class=\"schema-faq-question\">Q3. <strong>Who is the originator in a securitization transaction?<\/strong><\/strong> <p class=\"schema-faq-answer\">The originator is the entity that originally created or acquired the underlying receivables, such as a bank or NBFC that originated loans. The receivables are transferred into the securitization structure so that securities can be issued against their cash flows.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789986652957\"><strong class=\"schema-faq-question\">Q4. <strong>What is the underlying pool in securitization?<\/strong><\/strong> <p class=\"schema-faq-answer\">The pool is a collection of loans, receivables, or other eligible debt exposures whose cash flows support the securitized instrument. The composition of this pool is one of the most important factors determining the risk of the investment.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789986671605\"><strong class=\"schema-faq-question\">Q5. <strong>What is a cash waterfall in securitization?<\/strong><\/strong> <p class=\"schema-faq-answer\">A cash waterfall is the predetermined order in which money collected from the underlying pool is distributed. Depending on the transaction, collections may first cover taxes, servicing costs, and other senior expenses before being used for interest, principal, and other investor payments.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1789986691109\"><strong class=\"schema-faq-question\">Q6. <strong>What is credit enhancement in securitization?<\/strong><\/strong> <p class=\"schema-faq-answer\">Credit enhancement is a structural mechanism intended to absorb or reduce losses from the underlying pool. Its form can vary and may include subordination, cash collateral, excess spread, guarantees, or other permitted mechanisms.\u00a0<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/www.icra.in\/Research\/ViewResearchReport\/securitisation-scales-new-peak-of-rs-2-5-trillion-in-fy2026-projected-to-rise-to-rs-2-6-2-7-lakh-crore-in-fy2027\/6891\">ICRA \u2014 &#8220;Securitisation scales new peak of Rs. 2.5 trillion in FY2026&#8221;<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.icra.in\/Rating\/DownloadResearchSummaryReport\/6376\">ICRA \u2014 Indian Securitisation Market, June 2025 report<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.business-standard.com\/amp\/finance\/news\/securitisation-volumes-top-rs-68-000-crore-in-q3-fy25-says-icra-125010300973_1.html\">Business Standard \u2014 &#8220;Securitisation volumes top Rs 68,000 crore in Q3 FY25&#8221;<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.business-standard.com\/industry\/news\/securitisation-volumes-rise-q2-fy26-icra-crisil-nbfcs-banks-125101001115_1.html\">Business Standard \u2014 &#8220;Securitisation volumes rise to \u20b973,000 crore in Q2 FY26&#8221;<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.business-standard.com\/amp\/finance\/news\/securitisation-volumes-jump-24-to-hit-new-record-of-2-35-trn-in-fy25-125040700352_1.html\">Business Standard \u2014 &#8220;Securitisation volumes jump 24% to hit new record of \u20b92.35 trn in FY25&#8221;<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.business-standard.com\/finance\/news\/securitisation-volumes-rise-9-percent-rs-49000-crore-q1fy26-125070701070_1.html\">Business Standard \u2014 &#8220;Securitisation volumes up 9% at \u20b949,000 crore in Q1FY26: Crisil&#8221;<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: From vehicle loans to microfinance receivables, Indian lenders are increasingly turning loan pools into tradable securities. This guide explains&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-16257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securitised Debt Instruments Explained: SPTs, Cash Waterfalls &amp; Pool Risks<\/title>\n<meta name=\"description\" content=\"Learn how securitised debt instruments work in India, including SPT structures, cash waterfalls, credit enhancement, underlying loan pools and key investor risks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-securitised-debt-instruments-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Securitised Debt Instruments Explained: SPTs, Cash Waterfalls &amp; 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