Die Sicherheit gedeckter Wertpapiere

Both »Pfandbriefe« and asset-backed securities are covered bonds. When examining the covered bond market and legislation pertaining to it however, many different structures are to be found. This applies not only to Anglo-American asset-backed securities, which are based exclusively on the contractually stipulated transaction documents, but also to Europe, where national legislators have entered into regulatory competition by adopting new covered bond regulations or updating existing regulations. In spite of the various differences, the legal concepts behind Anglo-American asset-backed securities as well as behind the traditional and the new national regulations in Europe have much in common. In the first part of his analysis, Christoph Kern distinguishes among the three fundamental methods which may be used in order to isolate a cover assets pool from external risks, and compares them with regard to national as well as cross-border transactions. In the second part, he discusses the quality of the cover assets pool and various forms of cash flow management, credit enhancement and special structuring. Focusing in particular on the risk factors in international transactions, the doctoral thesis examines many aspects of foreign and private international law.