金融双语--潘得布雷夫债券与ABS/MBS的差异

Difference between ABS/MBS and the Pfandbrief

ABS／MBS具有与潘得布雷夫债券非常不同的特征，潘得布雷夫债券主要覆盖了住宅信贷（达到了总借款价值的60％）和国家信贷的细分市场。潘得布雷夫以被法律监管的符合抵押品资格（抵押资产池）的资产作为抵押。资产仍然留在发行者（即相应银行）的资产负债表内。潘得布雷夫发行者也依然对发行在外的债券的赎回和利息支付承担责任。只有当发行者破产的时候，潘得布雷夫债券的投资者才能够通过债券的抵押品追索。信用风险依然留在发行银行。

ABS/MBS and Pfandbriefe have quite distinct features, with the Pfandbrief covering 0nly the market segment of housing finance （up to a lending value of 60% ） plus state loans. Pfandbriefe are collateralised by assets which qualify for a socalled Deckungsstock （collateral pool） regulated by law. The assets remain in the balance sheet of the Pfandbrief issuer, i.e. the corresponding bank. The Pfandbrief issuer is also liable for the payment of interest and redemption on the outstanding Pfandbriefe.