浅析国内资产担保债券的特点及评级逻辑  

An Analysis of the Characteristics and Rating of Domestic Covered Bonds

作　　者：娄源 张玥 曹雨璇 LOU Yuan;ZHANG Yue;CAO Yuxuan(China Lianhe Credit Rating Co.,Ltd.)

机构地区：[1]联合资信评估股份有限公司

出　　处：《金融市场研究》2023年第3期39-49,共11页Financial Market Research

基　　金：联合资信评估股份有限公司关于《国际资产担保债券评级逻辑及国内启发》重点专题研究成果之一。

摘　　要：资产担保债券在欧洲等国家具有悠久的发展历史,拥有成熟和完善的法律体系与市场环境;我国抵押债券、资产支持证券市场发展成熟,但受限于国内法律体系与市场环境,资产担保债券的发展相对较晚。本文通过分析国际资产担保债券的发展现状、法律体系与市场环境、交易结构设置、国内差异对比等,对国内资产担保债券的特点及评级逻辑进行研究,并结合国内相关政策探究其发展意义,以期为市场参与者提供更广阔的分析视角。Covered bonds have a long history in Europe, aided by a mature legal system and market environment. China’s domestic market for mortgage bonds and asset-backed securities is well developed, but the use of covered bonds has lagged due to shortcomings of the legal system and the overall market environment. This paper examines the characteristics of domestic covered bonds and the logic employed in the rating process. It also compares the domestic and international markets. Additionally, it explores the significance of covered bonds in conjunction with relevant domestic policies, with a view to providing market participants with a broader analytical perspective.

关 键 词：资产担保债券 破产隔离 发行模式 评级逻辑 

分 类 号：F832.51[经济管理—金融学]