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资产担保债券:以住房金融资本募集为视角

Covered Bond: From the Perspective of Housing Finance
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摘要 资产担保债券(CB)有"欧洲银行的秘密融资武器"之誉,作为住房金融资本募集主要手段之一,其本质上是一种浮动担保型融资工具。资产担保债券独特的双层担保结构设计,兼顾了金融产品的安全性和流动性,一定程度上避免了住房抵押贷款支持证券(MBS)的内在道德风险,因而经历本轮全球金融危机后,更加凸显其较强的适用价值,成为有关国家实现住房金融公共政策目标的基本手段。 Covered bond has the reputation of"Secret Funding Weapon of European Banks". As a main means of housing finance capital raising, in essence it is a financing tool of floating security. Its unique double security design, considering safety and liquidity of the financial product, to some extent avoids the inside moral hazard of the mortgage-backed securities. After experiencing the global financial crisis, its wide application value has been highlighted, and it becomes the basic method to obtain housing finance public policy objectives in some countries.
作者 张晓东
出处 《西部金融》 2012年第7期69-72,共4页 West China Finance
关键词 资产担保债券 抵押贷款支持证券 住房金融 covered bond mortgage backed securities housing finance
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参考文献8

  • 1特瑞斯,M.克劳瑞特,斯泰西,西蒙著,龙奋杰等译.房地产金融--原理和实践(第三版)[M],经济科学出版社,2004.
  • 2Written Testimony of Shaun Donovan Secretary of the U.S. Department of Housing and Urban Development Transforming Rental Assistance Hearing before the House Financial Services Committee Tuesday, May 25, 2010.http://portal.hud.gov/ hudportal/documents/huddoc?id=hud_testimony_5-25-10.pdf.
  • 3Alex J. Pollock: Testimony on the Comparison of International Housing Finance Systems (September 29, 2010)http://www.aei. arg/files/2010/09/29/Testimony-Comparison-Intemational-Housing-Finance-Systems-Pollock.pdf.
  • 4U.S. Department of the Treasury and US Department of Housing and Urban Development: "Reforming America" s Housing Finance Market ", February 2011,http://www.treasury.gov/initiatives/Documents/Reforming%20America%27s%20Housing% 20Finance%20Market.pdf.
  • 5Cameron L. Cowan, "History and Overview of Securitization", Hearing on Protecting Homeowners: Preventing Abusive Lending While Preserving Access to Credit November 5,2003http://financialservices.house.gov/media/pdf/110503cc.pdf.
  • 6European Covered Bond Council (ECBC) : "Essential Features of Covered Bonds". June 2011 http://62.102.106.72/docs/1/ ECHJLPEDPBAFDINDGJLFEKIFPDBW9DBYW3TE4Q/EMF/Docs/DLS/2008-00117.pdf.
  • 7Covered Bonds: A Summary of Legislative and Regulatory Proposals, May 14, 2010, http://www.skadden.com/Index.cfm? eontentID=51 &itemID=2071.
  • 8European Covered Bond Council (ECBC): "Essential Features of Covered Bonds". June 2011 http.//62.102.106.72/docs/1/ ECHJLPEDPBAFDINDGJLFEKIFPDBW9DBYW3TE4Q/EMF/Docs/DLS/2008-00117.pdf.

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