资产担保债券:以住房金融资本募集为视角

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: From the Perspective of Housing Finance

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.