2002年12月早晨在2002年的12月早晨，比尔年轻和安吉拉的Clist在伦敦市走进了HBOS财政服务，想知道他们是否会快速退出。Though Young, the head of European securitization at Goldman Sachs International, and Clist, a partner in the international capital markets practice at law firm Allen & Overy, knew their counterparts at the U.K.'s biggest mortgage lender well, they were bringing a bold proposal. The pair wanted HBOS to become the lead participant in Project Connery, their code name for the U.K.'s first covered-bond offering (Sean being the first bond -- James Bond, that is). "We didn't know what reception to expect," says Clist.
当年轻人和Clist从HBOS的旧街道上的办事处出现后，他们完成了他们的使命：该公司已同意粮食界定债券。“我们在苏格兰银行2001年2001年收购哈利法克斯建设社会的银行创建的副主任召集了对以前的创新交易中，我们对他们的创新交易进行了非常好的The group had crafted the first U.K. residential-mortgage-backed securities master trust, for Bank of Scotland in 2000, and a similar vehicle for Halifax in 2001. The latter had raised £3.5 billion ($5 billion), which was then Europe's largest RMBS issue. "There was a huge amount of accumulated knowledge in the team," says Parker.
Covered bonds, which are debt obligations backed by mortgages or public debt that remains on the balance sheet of the issuer, weren't new. Continental markets in these instruments -- first authorized by law in Germany in 1772 -- expanded rapidly once German banks started issuing huge offerings, so-called jumbo Pfandbriefe, that typically exceeded Dm1 billion ($720 million), in 1995. Jumbo Pfandbriefe proved so popular with big international investors that France began issuing its version, obligations foncières, and Spain its rendition, cedulas hipotecarias, in 1999. Total issuance last year alone reached E115 billion ($102 billion), up 53 percent from E75 billion in 2002.
但HBOS将在德国，法国和西班牙旅行不同的课程。这些国家的各国政府已通过立法，旨在阐明哪些债权人将被偿还，并以破产的秩序;他们还规定了披露要求和资产质量指南。德国的联邦金融监管局和法国委员会Bancaire被指控确保在其各国遵循规则。相比之下，U.K.没有特定的立法，没有特殊监管机构。相反，它依靠现有的破产和资产保护的普通法先决权。
“意识到Pfandbriefe市场成立非常明确，对我们来说，对现有的Pfandbriefe投资者来说，构建一个既强劲和可识别的交易，”帕克说。
除了法律框架,HBOS transaction would in most aspects closely resemble other covered-bond offerings. It would be backed by residential mortgages, and these assets would remain on its balance sheet. The asset pool can be overcollateralized, giving the bonds a credit rating superior to that of the issuer. The appeal to investors would also remain the same: They could buy an asset typically rated triple-A at a spread of between 7 and 10 basis points above government bonds. HBOS, in turn, could save quite a few basis points over other, less-secure types of financing.
在HBOS会议后七个月，项目Connery袭击了屏幕，大银行销售2010年至今的七年债券达到七年债券。花旗集团和德雷斯德·克莱斯维特瓦瑟·斯坦领导了超过50％以上的发售在二级市场上交易。10月，HBOS随访了这一成功，随着2亿十年的十年问题。抵押贷款银行北部岩石和布拉德福德·宾利每年筹集了2亿美元，分别为今年4月和5月的五年债券。
今年花旗集团预计U.K.承保市场增长到强大的E25亿。如果该估计是正确的，U.K. Market将于2004年占欧洲承保债券发行的预期欧洲债券发行的15.6％。
HBOS和其他发行人的成功提出了关于法律是否需要的问题。“U.K.所承担的债券市场挑战了市场与国家特定立法运营的必要性，”法兰克福巴克莱首都的欧洲涵盖债券负责人表示。“这对整个欧洲市场来说是一个有趣的发展，因为它引领了意大利市场的银行[授权立法的审议是否拖延的市场中的问题，等待或遵循HBOS和U.K.”
无论对欧洲的更广泛的影响，U.K.抵押银行对欧洲的救助人员很高兴有一个新的融资工具。在伦敦布拉德福德＆宾利的财政部主任彼得格林州，这是他银行的e2亿欧元，五年的债券交易去年的兴趣。绿色转向该技术降低了他的资金成本。Bradford＆Bingley的无抵押债务交易以20个基点蔓延到中间人，企业发行人的基准，但债券交易以9个基点传播价格为9基点，自从中二级市场收紧了一点。绿色对他的交易非常满意，他计划制定债券发出贿赂债券和宾利的资金战略的基石。
“我们计划每年做一笔交易，”他说。“我们的整体资金要求每年为45亿英镑，我期望四分之一来来自涵盖的债券。”
发行人的进一步优势是仪器为其投资者基础增加了品种。Whereas 70 percent of a typical bond issue from a U.K. mortgage bank is distributed to local investors, more than 80 percent of the euro-denominated covered-bond issues have been sold outside the U.K. The biggest investors, typically buying 35 percent of the issues, have been German, says Marcus Guddat, head of the covered-bond syndicate at Citigroup in Frankfurt.
它们不仅可以获得政府债券的一些产量，而且投资者还喜欢覆盖债券的事实，即在借款地位正在审查的时候，抵押贷款机构的证券和弗雷迪MAC的证券提供替代方案。涵盖的债券也提供了充足的流动性，因为铅管理人员提供了市场承诺。作为Roger Webb，伦敦的莫利·莫利基金管理的固定收入经理，笔记，“如果您对债券的结构和资产池的质量感到满意，那么这些都是吸引人的价格三倍一个额定资产。“
德国投资者，在拥有自己的E1亿Pfandbriefe市场的长期经验后，德国投资者对债券结构感到舒适，也会在其家庭市场上获得屈服优势。例如，HBOS的首次式7月份提供以3.5个基点为基准发行人Depfa银行的相当于Pfandbriefe交易的价格。（传播缩小为2个基点。）
虽然投资者在看到与交易的名称相同时享受一些舒适，但问题本身就是结构化，以便证券的信用评级离婚，从发行人的信用评级中离婚。伦敦的欧洲结构 - 金融分析师Brian Kane在伦敦的欧洲结构融资分析师Brian Kane解释说：“支持所带来的债券，最终决定了评级，而不是发行人，而不是发行人。
The spread of U.K. covered-bond issues above that of equivalent Pfandbriefe issues results from the lack of specific covered-bond legislation in the U.K. But the fact that HBOS has to pay only a slim 2 basis points more than Pfandbriefe is a tribute to the structure devised by lawyers at Allen & Overy and the bankers at Goldman Sachs, Citigroup and Dresdner.
"The most important thing is to ring fence the assets from the sponsor," lawyer Clist explains. "HBOS acts as a guarantor, but a separate company holds the assets."
该公司称为HBOS覆盖的债券LLP，在HBOS违约的情况下担任担保人，支付利息和成熟期的主要金额。在Continental达成的法律规定这些程序中，避免了单独伙伴关系作为担保人的必要性。
STUART Jennings，惠誉评级的结构金融集团高级总监表示，“债券的三重评级反映了法律结构的稳健性，并依赖在发行人违约的最坏情况场景中通过货币化封面组合。“在该案例中，资产受到限制责任伙伴关系。除旨在支付债券持有人的人之外，LLP没有资产，这些投资者在任何管理员或债权人领先的资产上有声明。另一个赋予评级机构舒适性的保护元件是资产池的过掩煤，通常是债券价值的108％。所有的U.K.问题都使用了相同的法律结构，所有人都是三重评级。
U.K.涵盖债券根据法律原则发出的事实，而不是明确的法律，实际上通过一些措施提供了更大的灵活性。对于其首届交易HBOS使用的抵押池中的资产与Pfandbriefe规则完全匹配。包括贷款到价值比率大于60％的抵押贷款，欠款或拖欠贷款也没有抵押贷款。然而，作为花旗集团的证券化主任Bob Liao，注意事项，一些发行人因各种资产池的化妆而变化。例如，布拉德福德和宾利和北岩债券的抵押贷款的贷款与价值比率增加到75％。此外，拖欠抵押贷款包括在其价值的40％。
“因为HBOS是第一个债券，我们希望尽可能多地看待像Pfandbriefe一样。我们是保守的，”廖解释。“但拖欠的抵押贷款确实有一个值，只要应用适当的加权，就可以包含在资产池中。”
As attractive as these deals are for U.K. issuers, there is one downside: The absence of covered-bond laws means that U.K. bonds have a 20 percent risk weighting under current international bank capital guidelines, known as the Basel accord, whereas European covered bonds such as Pfandbriefe have a 10 percent risk weighting. That means banks, which are big buyers of triple-A-rated bonds, have to put aside twice as much regulatory capital to buy a U.K. cover bond as they do for the equivalent Pfandbrief, obligation foncière or cedula. As a result, they have bought small amounts of these new securities.
然而，银行家，发行人和律师希望获得国际银行监管机构降低U.K.加权所以这笔交易可以与欧洲替代品竞争。“这个行业一直在游说难以改变它，”廖说。
Covered bonds should also benefit from the Basel II accord, to be published at the end of this month, which will update the original capital requirements, set in 1988. The key difference between covered bonds and the mortgage-backed securities first popularized in the U.S. is that the American invention allows issuers to move assets off their balance sheets. Under Basel II the risk weighting for residential mortgages is expected to decline from 50 percent to at most 20 percent. As a result, the impetus to get mortgages off balance sheets will decrease, making covered bonds more attractive to issuers. Basel II will take effect at the end of 2006.
尽管如此，u.k.覆盖债券的资本加权看起来像它会持续一段时间。在接下来的几个月里，HBOS计划以前15年的债券进入市场。和全国范围的建筑协会，U.K.的第四大抵押贷款人宣布，它将在今年晚些时候推出一份受保的债券计划。
但是，市场变得有多大，仍然可以依靠U.K.若有所思地决定占据该地区的自由立法。他们说，投资者和发行人可能不希望通过未经测试的法律支持系统对市场暴露过多。“我认为这不是2004年或2005年的问题;这个市场很容易增长到e40亿亿欧元，”巴克莱首都的主说。"Whether it can grow to E200 billion without legislation is another issue. In Spain there were E8 billion of bonds outstanding in 2001, and there are now E75 billion. The U.K. could grow that fast, but in Spain the growth has been accompanied by tightening and clarification of the cedulas legislation." No such legislation is under discussion in the U.K.
虽然大多数欧洲国家正在采用涵盖的债券立法，但花旗集团的廖廖不同意U.K.需要遵循诉讼的概念。据报道，一名意大利抵押贷款人正在寻找发出U.K.-Squide的债券，而不是等待当地立法。Clist表示，她已经讨论了U.K.在澳大利亚的律师们讨论了律师，有兴趣调整它的当地需求。
与此同时，U.K.像HBOS这样的借款人正在享受他们的辉煌隔离。