全覆盖债券的发行模式研究及借鉴

Covered bond issuance and its enlightenment for China

全覆盖债券在欧洲是一个古老而又年轻的金融工具,因其资产抵押和发行人的双重信用担保而具有较高的信用等级和较低的发行成本,故而广受投资人欢迎。该文比较了全覆盖债券与具有相似结构安排的资产支持证券的本质区别,介绍了欧洲全覆盖债券的法律框架及其主要发行模式,并从进一步完善法律环境等角度对我国引入全覆盖债券的相关问题进行了探讨。

Covered bond is an old financial instrument in Europe. Thanks to its double guarantee of pledged assets and issuer＇s credits, covered bonds are popular among investors for their high credit rate and low issuing cost. This paper compares the essential difference between covered bonds and asset-backed bonds with similar structure, and introduces the legal framework and major issuing models of covered bonds in Europe. It also discusses the introduction of covered bonds to China in view of improvements in the legal environment.