Sustav izdavanja pokrivenih hipotekarnih obveznica na primjeru Raiffeisen Landesbank Steiermark

master's thesis

• Title (english): The issuance system of mortgage covered bonds: Case study - Raiffeisen Landesbank Steiermark
• Author: Domagoj Bešlić
• Mentor: Branka Tuškan Sjauš (mentor); MBZ: 306803
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Maja Mihelja Žaja (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2020-09-28, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Osigurane obveznice u europskom sustavu stambenog kreditiranja nakon depozita predstavljaju drugi najveći izvor financiranja. Zbog svojih svojstava zanimljive su i izdavateljima i ulagačima. Izdavateljima, jer na osnovu njih čak i u turbulentim vremenima mogu povoljno osigurati likvidna sredstva za potrebe daljnjeg financiranja, a ulagačima prvenstveno zbog svoje sigurnosti te zbog ostvarivanja većeg prinosa u odnosu na državne obveznice. Ubrzanom rastu pokrivenih hipotekarnih obveznica pridonjela je njihova dvostruka zaštita. U slučaju da izdvojeni kreditni skup pokrića, u kojem se nalaze visokokvalitetni hipotekarni krediti, nebude dostatan, banka odgovara imatelju cjelokupnom svojom imovinom. Cilj ovog rada je pobliže opisati proces izdavanja pokrivenih hipotekarnih obveznica na primjeru Raiffeisen Landesbank Steiermark te usporediti austrijsko tržište pokrivenih hipotekarnih obveznica sa tržištima drugih zemalja Europske unije. Također je cilj i istražiti važnost i utjecaj najznačajnijih izvora stambenog financiranja i uvjeta na financijskom tržištu na tržište pokrivenih hipotekarnih obveznica u Austriji.

Abstract (english)

Covered bonds in the European system of housing funding, after deposits, represent the second biggest source of funding. Because of their properties, they are interesting to emitents and also to investors. Based on them, banks can ensure liquidity with favorauble conditions for further funding even in turbulent times. They are interesting to investors primarly because of their safety and because they ensure higher yields than government bonds. Double protection contributed to accelerated growth of the mortgage covered bonds. In the case when cover pool assets, which includes high quality mortgage loans, is not sufficient, bank is liable to the bondholders with all their assets. The aim of this papier is to describe in detail the process of the issuing mortgage covered bonds on the example of Raiffeisen Landesbank Steiermark and to compare the Austrian market of mortgage covered bonds with the markets of other European union countries. It also aims to explore the importance and impact of the most significant sources of housing funding and financial market conditions on the mortgage covered bond market in Austria.

• Keywords: pokrivene hipotekarne obveznice; osigurane obveznice; kreditni skup pokrića; hipotekarni kredit
• Keywords (english): mortgage covered bonds; covered bonds; cover pool; mortgage loans
• Language: croatian
• URN:NBN: urn:nbn:hr:148:468530
• Study programme: Title: Business Economics; specializations in: Finance, Accounting, Marketing, Organization and management, Trade, Tourism, Analysis and Business planning, Business informatics; Course: Finance; Study programme type: university; Study level: graduate; Academic / professional title: diplomirani/a ekonomist/ekonomistica (diplomirani/a ekonomist/ekonomistica)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2020-09-29 11:54:39