제 목 : ’19년 ABS 발행 실적 분석

□  ’19년 자산유동화증권(ABS : Asset- Backed Securities) 발행총액은 51.7조원으로 전년(49.4조원) 대비 2.3조원 증가(+4.7%)

◦  한국주택금융공사는 주택저당채권을 기초로 28.1조원(전체의 54.4%)의 MBS^*를 발행(전년 24.8조원 대비 3.3조원 증가,  +13.3%)

    * MBS(Mortgage Backed Securities) : 한국주택금융공사가 주택저당채권을 기초자산으로 하여 발행하는 ABS의 일종

◦  한편, 금융회사는 부실채권(NPL), 할부금융채권^*등을 기초로 13.3조원(전체의 25.7%),  일반기업은 단말기할부대금채권 등을 기초로 10.3조원(전체의 19.9%)의 ABS를 발행

    * 카드채권, 자동차할부채권, 리스채권

※  ’19년 12월말 기준 ABS 발행잔액은 약 190.8조원^*

 *  유동화계획시의 만기일을 기준으로 추정(MBS는 주택금융공사 통계 활용)

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[ 연도별 ABS 발행추이 ]  

(단위: 조원, 건, %)

□ (자산보유자별)  전년 대비 자산보유자별 ABS 발행액은 공공법인 및 금융회사는 증가, 일반기업은 감소

◦  한국주택금융공사(공공법인)는  3.3조원 증가(+13.3%)한 28.1조원의 MBS를 발행

◦  금융회사(은행･여전사･증권 등)는 2.4조원 증가(+22.0%)한 13.3조원의 ABS를 발행

  -   은행은 부실채권을 기초로 3.1조원(△0.6조원, △16.2%), 여전사는 할부금융채권을 기초로 7.6조원(+2.6조원, +52.0%), 증권사는 중소기업 발행 회사채를 기초로 P- CBO를 2.6조원(+0.4조원, +18.2%) 발행

◦  일반기업은 단말기할부대금채권, 부동산 PF 등을 기초로 3.4조원 감소(△24.8%)한 10.3조원의 ABS를 발행

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□  (유동화자산별) 유동화자산별로는 전년 대비 대출채권¹⁾기초 ABS, 매출채권²⁾ 기초 ABS 및 회사채 기초 P- CBO 모두 증가

1) MBS, NPL(감소), SOC 대출채권(감소)

2) 카드채권, 자동차할부채권, 기업매출채권(감소), 부동산 PF(감소)

◦ 대출채권 기초 ABS는 1.8조원 증가(+6.0%)한 31.6조원 발행

-   한국주택금융공사의 MBS 28.1조원(+3.3조원, +13.3%), 부실채권(NPL) 기초 ABS 3.1조원(△0.6조원, △16.2%) 및 SOC 대출채권 기초 ABS 0.4조원(△0.9조원, △69.2%) 발행

◦ 매출채권 기초 ABS는 0.1조원 증가(+0.6%)한 17.5조원 발행

-   카드채권 기초 ABS는 3.9조원(+1.3조원, +50.0%), 자동차할부채권^* 기초 ABS는 3.7조원(+1.3조원, +54.2%), 기업매출채권^** 기초 ABS는 8.6조원(△2.1조원, △19.6%), 부동산 PF 기초 ABS는 1.3조원(△0.4조원, △23.5%) 발행

*  리스채권 포함

**  단말기할부대금채권, 항공운임채권

◦ 중소기업 회사채를 기초로 한 P- CBO는 0.4조(+18.2%) 증가한 2.6조원 발행

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◦  주택저당채권을 기초로 한 한국주택금융공사의 MBS 발행은 전년 대비 3.3조원 증가(+13.3%)

-   ’19.4분기 중 서민형 안심전환대출 신규 공급과 이에 동반한 기존 보금자리론 이용 증대, 그리고 변화된 예대율^*규제 시행(’20.1.1.)으로 인한 은행의 주금공 앞 주택담보 개인대출 양도 증가에 기인

   * 예대율 가중치 조정(가계대출 +15%, 기업대출 △15%)

분기별 MBS 발행 실적

◦  카드사의 할부금융채권^* 기초 ABS 발행액은 5.0조원으로 전년 대비 2.4조원 증가(2.6조원→5.0조원, +92.3%)

   * 카드채권(3.9조원), 자동차할부채권(1.1조원)

-   카드사가 조달비용 감축^* 등을 위해 회사채 발행규모를 줄이고(20.1조원→17.4조원, 2.7조원↓) ABS 발행규모를 늘린데 기인

   * ABS는 회사채보다 신용등급이 높아 발행금리가 상대적으로 낮음

◦  기업매출채권 기초 ABS 발행액은 8.6조원으로 전년 대비 2.1조원 감소(10.7조원→8.6조원, △19.6%)

-   이는 통신사의 단말기할부대금채권 ABS 발행 감소(8.9조원→8.1조원) 및 항공사의 항공운임채권 ABS 발행 감소(1.5조원→0.5조원) 등에 기인

붙임) 자산유동화증권 발행실적 세부내역

☞ 본 자료를 인용하여 보도할 경우에는 출처를 표기하여 주시기 바랍니다.(http://www.fss.or.kr)

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(단위: 억원, %)         

1)  보험사, 농협협동조합자산관리회사, 수산업협동조합

2)  부동산 PF 기초 ABS  및  SOC 대출채권 기초  ABS를 포함

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(단위 : 억원, %)  

1) NPL, SOC 대출채권 기초 ABS 포함

2) 카드론 포함

3) 오토론 포함

4) 카드사의 단말기할부대금채권 ABS 

5)  단말기할부대금채권, 항공운임채권, 휴대폰소액결제대금채권, 도시가스 판매대금채권 기초 ABS

6) P- CBO의 기초자산이 되는 회사채

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(단위 : 억원)   

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