In securitisation, disbursements refer to the payments that are made to investors from the cash flows generated by the underlying assets. Disbursements are typically made on a monthly basis, and they are calculated based on the amount of interest and principal that has been earned on the underlying assets.
The timing and amount of disbursements can vary depending on the type of securitization. For example, securitizations that are backed by residential mortgages typically make monthly disbursements, while securitizations that are backed by commercial mortgages typically make quarterly disbursements.