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Special purpose vehicle (SPV)
Also known as special purpose company, a company created for the sole purpose of acquiring certain assets or derivative exposures and issuing liabilities that are thereby linked solely to those assets or exposures. An SPV is designed to be 'bankruptcy remote' - that is, unlikely to be subject to bankruptcy proceedings.
SPVs are used to issue all kinds of asset-backed securities, as well as cash CDOs and credit linked notes.
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