커버드본드(Covered Bond)에 관한 법적 연구 : 국민은행 커버드본드의 발행구조 분석 및 관련 법제정비를 위주로

Abstract

Since the outbreak of the global credit crisis, covered bond has been getting more attention in financial market. Domestic banks have needs to finance them from abroad using their mortgage loans as collateral; covered bond can be more favorable device to make its issuer finance at less spread gap compared to MBS. This paper analyzes the structure of the structured covered bond issued by Korea-based Kookmin bank in 2009 and also related laws which are needed to be modified to introduce the statutory covered bond into Korea. Kookmin bank brought in foreign capital from its covered bond issuance but at unsatisfactory spread, which the credit rating companies explained as a result of legal uncertainty from lack of laws securing the investors' dual recourse. Therefore, Korea needs to modify related laws for securing the issue of statutory covered bond. Covered bond is a double-edged financial product. Conflicts of interest arising from issue of covered bond exist among the issuer and its creditors, especially deposit creditors. This matters because commercial banks' excessive dependence on covered bond would incur loss to the deposit insurance fund. In designing laws for statutory covered bond, 1988 EU UCITS Directive should definitely be taken into consideration.