Experience of Newly Industrialized Economies in Securitization-korea

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1、ASEAN+3WorkshopontheRiseofAssetSecuritizationinEastAsiaExperienceofNewlyIndustrializedEconomiesinSecuritization:Korea2005.11.07GyutaegOhKoreaFixedIncomeKFIRIResearchInstituteTableofContentsI.IntroductionII.FinancialRestructuringIII.OvercomingCreditCrunch

2、ProblemsIV.SMEFinancingV.MortgageFinancingVI.StudentLoanFinancingVII.RecentRegulatoryImprovementVIII.AComment:DemandforSecuritizationunderAsianBondMarketInitiativesAppendix:CrossBorderABSDealsfromKoreaIntroductionKFIRIKoreaFixedIncomeKFIRIResearchInstitu

3、teAsianBondMarketInitiativeandSecuritizationßOneofthemajorimpedimentsisthecreditMaturityandCreditQualityGapqualitygapbetweenthelowcreditratingsofissuersandminimumcreditrequirementofinvestorsßCreditguaranteescoupledwithsecuritizationcouldplayasignificantr

4、oleinAsianpromotingsoundanddeepbondmarketsAsianAsianBondßSecuritizationfacilitatesriskreallocationIssuersSavingsMarkets(sharing).ßAguaranteeagencycanrenthighratingbyprovidingcommercialandpoliticalriskguaranteesforissuersßWG2studiesaregionalguaranteeandLo

5、ng-TermShort-TerminvestmentmechanismtopromoteABMILowCreditQualityHighCreditQuality°Developmentofregionalcapitalmarketsforstableaccesstolong-termfundstofacilitate:•PrivateSectorDevelopmentor•SustainableinfrastructureprojectsKFIRIKoreaFixedIncomeKFIRIResea

6、rchInstituteExample:SMESecuritization–PanAsiaBondP-CBO°Transactiondate:December13,2004°TheissuanceofJapaneseyen-denominatedP-CBObetweenKoreaandJapanisanimportanttangibleoutcomefortheendorsementoftheAsianbondmarketandalsoprovidesnewsourcesforSMEsofotherco

7、untriesinthisregion.°Thesecuritizationofaportfolioofyen-denominatedcorporatebonds(PortfolioSecurities)of46Koreansmallandmediumenterprises(PortfolioObligors)°Furthercredit-enhancedbytheIndustrialBankofKorea(IBK)andJBIC.°TheP-CBOinterestrateis20to30basispo

8、intslowerthanthatforKoreanwon-denominatedP-CBO,evenaftertakingthecostofhedgingforforeignexchangerisksintoaccount.°SimilardealsofSMEsecuritizationhavetakenplaceinJapanandKoreaKFIRIKoreaFixedIncomeKFIRIResearchInstituteKorea