The Issuer of an asset backed security is typically an espievie established in suitable jurisdiction — one that charges low or no tax on perfectly hedged obligations, and no this doesn’t mean anyone is dodging tax; just that tax costs aren’t needlessly leaking away into the local coffers of some random sun spot in the Caribbean — that is thinkly capitalised, and is ideally owned by no-one — or at least no-one with any interest in telling it massively what to do, beyond relentlessly issuing asset-backed securities at the bidding of its local friendly arranger.