DownUpofCreditCardIndustryinKorea韩国信用卡业的启.pptVIP

Down Up of Credit Card Industry in Korea韩国信用卡业的启示 Dae Young Kim Financial Supervisory Service Republic of Korea 韩国金融监管委员会 Credit Card Industry in Korea What happened in early 2003 to Korean Credit Card Businesses 2003年初，韩国信用卡业告诉我们的故事 Credit Card Industry in Korea Market situation 市场状况 ◇ SK Global event (February 2003) SK Global 事件(2003年2月) ? Family owner was arrested as a suspect of accounting fraud 家族产业所有人因涉嫌财务欺诈被捕。 ? Investors of Money Market Fund which invested in debt instruments issued by SK Global suffered loss. 投资SK Global债券的货币市场基金投资者遭受巨大损失。 ◇ Investors getting more sensitive about overissued credit card companies’ bonds 投资者对信用卡机构滥发债券行为十分敏感。 ? Increasing concern about credit card companies’ loss 市场对信用卡机构的关注增加。 Credit Card Industry in Korea Market getting deep 市场陷入低谷 ◇ Investors began to redeem investment trust funds in the fear of loss 投资者担心亏损，开始将信托投资基金变现。 ◇ Investment trust companies had to sell or stop rolling over credit card bonds 信托投资公司不得不出售或停止购买信用卡债券。 ◇ Other institutional investors were deeply concerned about their investment positions in credit card bonds。 其他机构投资者对其在信用卡债券方面的投资状况十分焦虑。 Credit Card Industry in Korea Credit Card Industry in Korea ◇ Shrink of bond transaction volume 债券交易量萎缩 ? Average daily trade volume of bonds issued by credit card companies 信用卡机构债券的日均交易量 174 m U$ (Feb.) → 51 m U$ (Mar.) ◇ Decreasing total asset of Investment trust funds 信托投资基金总资产下降 - 22,257 m U$ (during 3.11~3.31) Credit Card Industry in Korea ◇ Difficulties in refinancing 再融资面临的困境 ? Refinaning by issuing new bond was almost impossible 通过发新债的再融资几乎没有可能 ? One of the credit card company failed to raise debt with more than 300 bp above the rate of AA graded corporate bond. 一家信用卡机构以比AA级公司债券高300个基点的再融资宣告失败。 ? Before March the spread was less than 30bp. 三月份前，债券差价不足30个基点。 Credit Card Industry in Korea ◇ Liquidity problem surged up 流动性问题开始凸显 Liquidity reserve on t