Title: http://onepark.netian.com
1??? ??????? ??? ?? ??
???? ????
??? ?? ?? ? ? ? http//onepark.netian.com onepar
k_at_khu.ac.kr
2???? ????(project finance)
? ?? ????? ???? ???
? ????, ??, ?????, ?????? ???
- ???? ????? ??? ???? - ?? BP? ???? ?? - ???
??? ??? ??? ?? - ???? ? ????? ???? ???? ?? -
Privately Financed Infrastructure Project? ??
3????? ??? SOC ?? - ??? ???, ??????6
4???? ??? ??
- ???? ??? ?? ????? ????? ??
- - ??? ????? ?????? ???? ???
- ??? Pax Romana ??
- - ??? ??? 107-112?? ???? ????
- ??, ??, ???? ??
- - ???????? ???? ????? ??
- SPV British Petroleum? ????
- - Non-Recourse Financing Aggressive Financing
- BOT Hopewell Holdings? ???? ?????
- PFI (Private Finance Initiative)
- - DBFO (Design-Build-Finance-Operate)
5???? ????? ??
- ????? ???
- ? ???? ??(Cash Flow)
- ? ?????? ??? Debt Service Cover Ratio
- ????? ???
- ? SPV? ?? Off Balance Sheet Financing
- ? Sponsor? ?? Non-/Limited Recourse Financing
- ????? ??
- ? ???? ??? ??? ???
- ? ????? ???? ??? ??? ??? ?? ??
6???? ????? ??????
? ? ?? ?? ??
???? ????,Supplier,Buyer? ?? ????? ???? ??? ??? ?? ??? ??
???? ???? ???? ???? ?? ???? ?? ???(SEC144A) ?? ??? ???? ???? ??
7???? ??? ???? ??
- ?????? Co-financing, Syndicated Loan
- SEC Rule 144A? ?? ???? ??
- ???? ??? ??? ??(Infrastructure Fund)
8???? ???? ???
? ? ??? ?? ??
???? ??? ??? ?? ??? ?? -????? ?????? ?? -????, ????? ????
? ? ??? -???? ?? -??,??? ?? -??? ?? -???? -?????? ?? -???? ?? ????? ?? -??????? ??? ?? -??,?? ???? ??? ?? -?? ??
? ? ??? -??? ?? ?? -??,??? ?? -??????? ?? -??? ??????? ??
??? ??? -????? ??, ???? -???, ???? ?? -Letter of Undertaking ?? -??????? ???? ?? -???? ??, NGO ???? -?? ??
9?? ????(asset-based finance)
? ????? ???? ??? ???? ?? ???? ? LHS Funding
- ?????(asset-backed securitization ABS) CBO, CLO
- ????????? ???(mortgage-backed securitization
MBS)
- ???????(real estate investment trusts REITs)
????
- ???? ??(project financing)
10?? ???? 2
- SPV? ??
- - ??, ?? ??? ??? ?? ???? ??
- - Off-Balance Sheet Financing ?? BIS ????
- ?? ??
- - Conduit ??? ????? ??? ????
- ? ????????? ?? ??
-
- - Bankruptcy Remote ? ?? ??? ??
- ? ????? ??????????? ?? ????
- ????, ???? ????? ??, ??? ??
11???? ???? ?????(CLO)
??
??-?????? ????
????
???? ??
Servicer
????
???? ? ??? ??
?????
???????
Credit Line ??
CLO ??
????
? ? ?
12P/F ABS ? ????
- ??? ??(Risk Allocation)
- - ???, ??? ?????? ??
13P/F ABS ? ?? ??
- Collateralized Loan Obligation? ??
- - Borrower? ?? ??? ??? ?? ?? ??
- Security Package
- - Ramp-up ??? ??? ??, ??????
- - Financial Covenants
- ? ????,????, ???? ?? ???? ??
- - ??? ?? ?? ??
- - ?????? ?? ???? ??
- - ?? ???? ??? ?? ???? ??
- ???? Escrow Account ??
- - ?????? ?? ????
14??? ????
- ??? ??? ???? ?? ??
- - ??? ??? ??? ???? ?? ?? ??
- - ????? ????? ?? ??? ???,
- ??????? ??? ???
- - ??? ???? ????? ???? ????
- ? ???? ??
- ???? ????? ???? ?? ??
- - ???????(SPC)? ???? ????
- ????? ??
- - ??? ????? ???????(K-REITs)?
- ???? ??? ??
15??(REITs)
???? ??? ??? ???? ???? ??
- ??? 1998 ??????? ??
- - ? ??? ??????? ??
- ??? 2001. 7 ???????? ??
- - K-REITs(???? ????)? ??
- - Equity, Mortgage, ????? ??
- ?? ?? ?? CR-REITs ??
- - Mutual Fund ??? ??? Paper Company???
- AMC(??????) ??
- ? ???? ??
16?????? ?????
- ??? Cash Flow
- - SPV? ??(structuring)
True Sale
??????? SPV
????? Originator
? ?
?????
ABS??
??????
????
??? ??
????
??????
? ? ?
17?????? ????? (2)
- ????? ?? ??? ?? ?? ??
- - ?? ? ???? ?? ???? ????
- ??? ??? ???? ? ??????? ??? ????????
SPC?, ??? ?????? ???????? ?? ? ???
???????????? ?? ????? ????? ??? ?????
??
- ??????? ?? ??? ??? ? ????? ?????? SPC?
?? ? ?3?(??)? Buy-back Option?? Guarantee
? ????? ??? ??, ?? ????
18SOC??? ??
- ???? ??????(SOC)?? ??
- - ????? ?58?
- ?? SEC Rule 144A? ??? ???? ??
- ????? ??? ???? ????
- - ?? ?? Non-ABS ??? ??
19SOC??? ?? ?? (1)
- ??? ?????? (1999. 5)
- - ???? 1??? ????
- - ?? 5? ?? ?? 10?
- - ?? ???2 p
- - ??? ????
2. LG?? ???? ?????? ??? (2000. 8) - ????
5,040?? - ?? 2,3,5,10,12? ? 5? - ????
AA ? LG???(?) (2001. 10) - ?? 2-12? 11?,
?? 1600??
20SOC??? ?? ?? (2)
3. ???? ???? SOC?? (2001. 2) - ?? 7300???
???? ???? ?? ?? - ????? ??, ?? ?? ??? ??? -
????? ??????? ??(pass-through) - ?????????
?? - 5-15? ?? 6??? ?? - All-in-Cost 8.59
? ???? ??? ?????(CLO)? ?? - SPV? ??? ?
Structured Financing? ??? - ???, ???, ???? ??
Win-Win ??
21SOC ??? ??
- P/F ??? ??? ??? ????? ???
- ????? ???
- ? ??? ????(Stranded Cost)? ???
- ???? ???? ?? ???? ?? ??
- ? ABS? ?????? ??? ?? ?? ??
- BOT ?? PFI ??? ???? ?? ??
- - Private Finance Initiative DBFO
- - ??? Client?? ??? Cash Flow ??
22???? SOC ????? ??
- ?? ?? ??
- - ???? ?? ??? ?? ??, ???? ??
- - ????? ?????? ???? Voucher ??
- PFI (private finance initiative)? ??
- - BLT (build-lease-transfer)? ??
- ABS? Project Finance? ??? ????
- - Primary CBO/CLO ??? ??