资产担保债券和资产支持证券:洞察、比较与展望

A Comparative Study of Covered Bonds and Asset-backed Securities

本文回顾资产担保债券的发展历史,总结资产担保债券典型的交易结构和核心特征,并与资产支持证券进行比较分析,发现两种资产证券化业务模式在资产端、证券端和发行端均存在较大差异。基于上述研究并结合中国实际情况,本文从发行主体、法律法规、产品要素和信用评级等方面提出针对性建议。

This paper reviews the development history of covered bonds and describes their core characteristics and transaction structure. It also compares covered bonds with asset-backed securities and identifies significant differences between the two securitization business models in terms of assets involved as well as the securities employed and their issuance. Based on the above research, this paper examines the current situation of these instruments in China and puts forward targeted suggestions concerning issuers, products, laws and regulations, and credit ratings.