Direct purchase of non-refundable quantities
The authorities check the status of the loan every day
The government has invested more than 50 trillion won in emergency funds to solve the financial crisis in the bond market triggered by the Legoland accident in Gangwon-do during the real estate recession, but it has not worked and it is feared that small and medium-sized companies will Securities companies should be wary of default.
According to the Korea Securities Depository and Nice Credit Rating of 25, the size of asset-backed securities (ABCP, ABSTB) maturing next month between asset-backed commercial cards PF (ABCP) and short-term asset-backed bonds (ABSTB) that are guaranteed to be bought by a securities firm or have credit enhancements They are approximately 10.73 trillion won and the maturity of 9.76 trillion won is scheduled for December. The maturity of over 10.76 trillion won will come in January next year, making it the largest in the next six months. If the PF-backed securities are not sold, the securities firm must purchase them directly.
An industry official said: “As it becomes difficult to recruit investors, each brokerage firm has an item that has not been refinanced depending on the loan’s maturity. It will be lost,” he said.
Indeed, there are also instances where securities firms that have issued asset-backed securities using PF bonds as collateral directly purchase non-redeemable volumes. Korea Investment & Securities bought the full amount of PF ABCP for a value of 40 billion won on 19.
Initially, financial authorities have been warning the industry of the risk of PF home loan default since late last year, when interest rate hikes and a decline in the housing market were detected. In November last year, the Financial Supervisory Service decided to sanction four companies, including Meritz Securities, Kiwoom Securities, Hana Financial Investment and Hyundai Motor Securities, on the grounds that they were inadequate in managing real estate finance risks.
However, brokerage firms were eager to generate profits through PF Real Estate until the first quarter of this year. According to the Financial Supervisory Service, in the first quarter of this year, PF real estate debt guarantees from securities firms amounted to 24.66 trillion won, an increase of 418.7 billion won compared to the end of last year. (24,248.8 billion won).
Hi Investment & Securities (529.7 billion won, 37.4%) had the largest share of PF real estate asset-backed securities maturing this year by the securities firm and Meritz Securities (1,191 trillion won, 22, 8%) had the largest volume. was.
With real estate PF insolvency rising, the Financial Services Commission and Financial Supervision Service began identifying the status of real estate PF loans by sector by the end of this month. According to the Bank of Korea, the balance of PF real estate loans in the financial sector reached 112 trillion won in June. In particular, he said he is monitoring the risk situation for securities firms that risk triggering a second savings bank crisis every day.
The journalist Min Na-ri
