커버드본드(Covered Bonds)의 담보구조

서지정보

· 발행기관 : 은행법학회
· 수록지 정보 : 은행법연구 / 2권 / 1호
· 저자명 : 최성현

목차

Ⅰ. 머리말
Ⅱ. 커버드본드의 개념 및 특징
1. 커버드본드의 개념
2. 커버드본드의 특징
Ⅲ. 커버드본드의 담보구조
1. 독일 Pfandbriefe의 담보구조
2. 영국 Regulated Covered Bonds의 담보구조
3. 미국의 Residential Covered Bonds의 담보
구조
Ⅳ. 우리 현행법상의 커버드본드 담보구조
1. 개 관
2. 판례법상의 담보신탁에 따른 담보구조
3. 자산유동화에 의한 담보구조
V. 맺음말

초록

2008년 9월 16일자 미국의 월스트리트저널1)은 미국 서브프라임 모기지 사태(US
subprime mortgage crisis)2)의 정점을 알리는 듯한 리만 브라더스(Lehman Brothers
Holdings Inc.)의 회생절차신청3) 뉴스를 대서특필하면서, 서브프라임 모기지 사태의 중심에 자리잡고 있는 자산유동화업무(asset securitization)의 주축이었던 투자은행
(investment banks)으로부터 예금업무와 대출업무로 대변되는 전통적인 은행업무의
주축인 상업은행(commercial banks)으로의 힘의 균형의 이동과 더불어, 미국에서의
주택담보대출의 주요 재원조달수단인 주택저당증권(mortgage-backed securities; 이
하 “MBS”)의 역할 축소와 그 대체수단으로서 커버드본드(covered bonds)의 역할 증
가를 예견하고 있다.
커버드본드는 주로 유럽대륙의 은행들이, 자국의 커버드본드에 관한 특별법제도
에 근거하여, 부동산담보대출채권(mortgage loans)이나 공공부문대출채권(publicector
loans) 등과 같은 일정한 우량 자산의 집합(cover pool; 이하 “담보 풀”)을 그 담
보자산(cover assets; collateral)으로 하여 발행해 오고 있는 채권(債券)으로서, 발행
은행이 도산하는 경우 커버드본드 소지인들이 그 담보자산에 대하여 우선변제권
(preferential claim)을 가지는 채권을 말한다4). 우리말로 간단히 말하면 담보부 은
행채(bank bonds)5)이며, 더 넓게는 일종의 담보부사채(secured corporate bond)6)라
고 할 수 있다. 또, 커버드본드는 은행이 보유하고 있는 부동산담보대출채권 등 일정
자산의 집합을 증권 발행을 위한 담보로 사용한다는 개념에 기초하고 있다는 점에서
는 MBS와 유사하지만, MBS와는 달리 담보자산이 별도의 특수목적기구(Special
Purpose Vehicle; 이하 “SPV”) 등으로 이전되지(off-balance sheet securitization; [그림
1]) 않고 발행은행의 재무제표에 계속 남아 있다는 점에서(on-balance sheet
securitization; [그림 2])7) MBS와는 근본적인 차이를 가진다.

영어초록

Covered bonds are a class of secured corporate bond, generally issued by banks and
secured by a cover pool of mortgage loans or public‐sector loans to which investors have
a preferential claim in the event of default. Covered bonds differ from mortgage‐backed
securities(“MBS”) in that the cover assets used to secure the obligations remain on the bank’s
balance sheet. The essential feature of covered bonds is that an investor possesses not only
a debt claim against the issuer, but also a security interest in a pool of cover assets that places
it in a priority position of the issuer becomes insolvent. As a result of dual recourse against
an issuer and a pool of cover assets, the rating on covered bonds is usually higher than that
of their issuer.
With respect to security mechanism, a typical secured bond simply creates a security interest
that can be enforced over the issuer’s assets in priority to most other unsecured creditors upon
the insolvency of the issuer. However, a covered bond is structured to meet the following two
requirements: (i) it will not accelerate as a consequence of the insolvency of the issuer, in the
sense that terms and conditions of the cover bond will remain as agreed initially; and (ii) the
investors will maintain a preferential claim on cover assets compared with all other unsecured
creditors of the issuer.
The statutory covered bonds based on special legislation, such as German Pfandbriefe,
satisfies the above‐mentioned two requirements concerning security mechanism by means of
bankruptcy remoteness of the cover assets and the covered bonds that means the segregation
of the cover pool and the pertaining covered bonds from the balance sheet of the issuer if
the issuer becomes insolvent. By comparison, the structured covered bonds, such as U.K.
Regulated Covered Bonds and the U.S. Residential Covered Bonds, in the absence of specific covered bond legislation, have instead applied conventional structured finance techniques to
achieve the desired segregation of cover assets and bankruptcy remoteness in an insolvency
situation. In the U.K., these structured covered bonds typically involve a bank issuing the
covered bonds and transferring the assets in the cover pool to a special purpose vehicle (SPV),
which then guarantees the issuer’s obligations to the covered bondholders and secures that
guarantee with a charge over the asset pool. In the United States, the Uniform Commercial
Code (UCC), which provides the legal basis to pledge assets via creation of a first priority
perfected security interest, was also utilized.
Recently, some Korean commercial banks are seeking to issue foreign currency denominated
covered bonds secured by residential mortgage loans in order to diversify their funding
sources. Notwithstanding that Korea has currently no statutory or regulatory provisions
governing the issuance of covered bonds, the segregation and bankruptcy remoteness of cover
assets for the issuance of covered bonds is able to be achieved by applying structured finance
techniques under the Korean Asset Backed Securitization Act. The main obstacle to the
issuance of covered bonds would be the inconvenience of creation and perfection of security
interests over a large number of mortgage loans for a large number of investors under the
present Korean legal system. Thus, development of special measures to ease and simplify the
procedures for creation and perfection of security interests, including the introduction of the
security trust quite common in obtaining security interests under English or New York law, will
be much conducive to efficient issuance of covered bonds.

참고자료

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