커버드본드(Covered Bond)에 관한 법적 연구 : 국민은행 커버드본드의 발행구조 분석 및 관련 법제정비를 위주로Legal Research on Covered Bond - focused on the structure of covered bond issued by Kookmin Bank and the need for modifying related laws -
- Other Titles
- Legal Research on Covered Bond - focused on the structure of covered bond issued by Kookmin Bank and the need for modifying related laws -
- Authors
- 양기진
- Issue Date
- 2010
- Publisher
- 한국금융법학회
- Keywords
- 커버드본드 ∥ 주택담보대출채권 ∥ 도산위험 ∥ 이중상환청구권 ∥자산유동화 ∥ 주택저당채권담보부채권; covered bond; mortgage loan; bankruptcy risk; dual recourse; ABS(asset-backed securitization); MBS(mortgage-backed securitization)
- Citation
- 금융법연구, v.7, no.1, pp.171 - 204
- Journal Title
- 금융법연구
- Volume
- 7
- Number
- 1
- Start Page
- 171
- End Page
- 204
- URI
- https://scholarworks.bwise.kr/hongik/handle/2020.sw.hongik/21205
- ISSN
- 1738-3706
- 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.
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