Research Center Are We Different? 동양공사채 분석 21 11 11 22 22 33 33 11 글로벌위기의 11 他山之石 22 지자체 및 공사채 22 신용분석 33 33 부록_해외 지방채 부도사례 금융시장팀
Are We Different?
Part 1
Market Analyst 377-3556 gaston@myasset.com
(%) 1 5-5 -1-15 -2-25 1999 21 23 25 27 29 (%) 1-1 -2-3 Iceland() -4 Ireland() -5 (% ) 15 1 5-5 -1 Iceland Ireland -3-6 1999 2 21 22 23 24 25 26 27 28 29 (%) 14 12 1 8 6 4 2 Iceland Ireland 1999 2 21 22 23 24 25 26 27 28 29
Bulgaria Estonia Latvia Lithuania Romania 1999-5.25-4.33-8.967-1.884-4.63 2-5.585-5.373-4.864-5.92-3.695 21-5.632-5.174-7.561-4.718-5.489 22-2.437-1.69-6.6-5.182-3.333 23-5.55-11.32-8.147-6.87-5.819 24-6.591-11.37-12.911-7.647-8.364 25-12.398-9.981-12.54-7.5-8.624 26-18.435-16.913-22.49-1.699-1.4 27-26.876-17.87-22.329-14.56-13.421 28-24.192-9.365-12.999-11.925-12.212 29-9.465 4.63 9.438 3.821-4.398 (%) 15 Estonia Latvia Lithuania Romania 1 5-5 -1-15 -2 1999 2 21 22 23 24 25 26 27 28 29
(% ) 2 21 22 23 24 25 26 27 28 29 (%) 2 21 22 23 24 25 26 27 28 29-2 -2-4 -6-8 -1-12 -14 Greece Italy Portugal Spain -4-6 -8-1 -12-14 -16 Greece Italy Portugal Spain (%) 2 15 Greece Portugal Italy Spain 1 5 1999 2 21 22 23 24 25 26 27 28 29
External Debt / GDP Gov't Debt/ Debt/ GDP GDP Current Gov't Country expenditure/revenu Revenue GDP Public private total per capita growth account Balance e Eurozone 177.7 78.2 24.9 95.4 12.4 38,6 -.2 -.5 16.8. PIGS Sweden 78.2 42.1 18.1 199.3 217.4 42,744 -.7 7.6 97.6 3. Norway 1 5 22.9 121.6 144.5 83,285 1.2 15.7 73.1 16.2 Denmark 7.8 38.4 17. 18.3 197.4 57,727 -.7 1.2 96.5 3.9 Finland 8 41.9 34.1 134.8 168.9 45,787 -.7 2.7 95.8 3.7 Austria 144.3 69.1 65.2 151.6 216.8 46,2.6 2.8 13.9.8 Belgium 23.8 97.2 74.3 192. 266.3 44,21.3.1 15.1 1.4 France 161.9 76.1 58.9 136.7 195.6 43,68.2-2.6 19.9-2. Germany 163.9 73.1 39.1 114. 153. 4,912 -.4 6.5 12.4 1.7 Luxembourg 36.5 15 6.4 3882.9 3889.3 15,269 1. 8.2 96.6 1.7 Netherlands 133.7 59.9 43. 267.3 31.3 49,74.4 5.5 12.9 1. Switzerland 146.6 43.9 6.9 238.1 245. 63,11 1. 6.2 12.1 1. U.K. 175.4 68.6 19.6 399.6 419.2 35,527 -.5-2.2 116.5-4.5 Greece 31.9 112.6 114.9 61. 175.9 3,414 1.8-12.5 12.7-3.5 Italy 247.5 114.6 53.8 68.7 122.5 35,786-1.4-2.7 16.9 1.7 Portugal 177.1 77.4 76.6 164.1 24.7 21,427. -1.6 11. -1.5 Spain 159.7 54.3 33.5 14.4 173.9 32,92.3-8.3 113.1-2.8 Iceland 371.2 142.6 36,24 -.5-21.5 118.8-3.5 Ireland 191.3 65.8 81.4 937.7 119.1 5,35-1.4-4.5 118.6-5.1 Czech Rep. 9.6 36.5 1.3 34.1 44.4 2,188 1.3-2.9 17.1 -.6 Estonia 17.7 7.4 6.9 124.2 131.1 14,35-3.7-7.1 12.6 -.8 Poland 137.5 51.7 21.6 43.3 65. 11,284 4.3-3.9 11.4-1.6 Bulgaria 39 15.1 1.6 16.8 117.4 5,935 -.5-2.2 116.5-4.5 Hungary 172.3 79.1 52.4 121.9 174.3 15,72-1.6-5.9 19.5 -.1 Latvia 95.4 33.2 26.2 133.4 159.7 11,355-4.2-9.6 113.2-3.7 Lithuania 82.8 29.9 21.3 67.5 88.8 1,948-1.8-8.8 113.2-3.8 Romania 69 21.8 18.3 54.1 72.4 8,338 1.5-1.3 117.1-4.5 Russia 23.7 7.2 3.7 34.6 38.4 8,747 2. 5.4 1.9.8 Slovakia 11.5 34.6 37.9 36.7 74.7 17,25 3.7-5.9 11.9-2.1 Slovenia 81.2 35.1 29.7 87.7 117.4 24,494 1. -3.8 16.3-1.4
Country Debt/ Revenue Debt/ External Debt / GDP GDP Public private total GDP per capita GDP growth Current account Gov't expenditure/ Revenue Gov't Balance Eurozone 177.7 78.2 24.9 95.4 12.4 38,6 -.2 -.5 16.8. 82.3 43.1 23. 159. 182. 57,386 -.2 6.8 9.8 6.7 145.8 62.9 39.2 672.8 711.9 53,466.3 3.1 14.9.1 PIGS 221.6 89.7 69.7 18.6 178.2 29,93.2-8.5 112.7-1.5 281.3 14.2 81.4 937.7 1,19.1 43,277-1. -13. 118.7-4.3 83.6 32. 21.7 76.8 98.5 13,56.2-5. 19.8-2.
Countries GDP Total General Government External Debt (GDP ) Monetary Banks Authorities Other Sectors Direct Inv. Intercomany Sweden Norway Denmark Finland Austria Belgium France Germany Luxembourg Netherlands Switzerland United Kingdom Greece Italy Portugal Spain Ireland Czech Republic Estonia Poland Bulgaria Hungary Latvia Lithuania Romania Russia Slovak Republic Slovenia
total claim European banks European banks / Total claim All countries 31,542,534 2,331,478 64.5 Europe 16,734,342 1,917,233 65.2 Austria 337,418 37,295 91.1 Andorra 2,18 2,84 98.9 Belgium 536,731 414,839 77.3 Cyprus 58,825 42,48 72.2 Denmark 353,228 271,8 76.9 Finland 216,751 196,639 9.7 France 1,799,739 99,238 5.5 Germany 2,221,775 1,377,39 62. Greece 32,566 252,813 83.6 Iceland 27,13 17,86 65.6 Ireland 938,642 691,56 73.7 Italy 1,462,849 1,71,663 73.3 Liechtenstein 6,434 5,611 87.2 Luxembourg 673,79 56,324 75.2 Malta 19,264 18,358 95.3 Netherlands 1,171,24 637,663 54.4 Norway 316,51 261,967 82.8 Portugal 286,662 238,943 83.4 Slovakia 75,827 7,581 93.1 Slovenia 41,882 4,161 95.9 Spain 1,153,86 867,719 75.2 Sweden 319,369 192,822 6.4 Switzerland 6,11 214,77 35.8 United Kingdom 3,88,91 2,34,13 6.5 Vatican 49 49 1. Other 2,439 2,393 98.1
Aaa 1 1 (Aaa:1, Aa1:2, Aa2:3..) 1 GDP GDP / World Bank t 1.75.53 2.19.6.2 2.58 1 GDP.. -3.39 GDP -.62.78 -.79-4.112.41-1.25 R-square.8 16
Advanced Industrial Countries (9.11 ) Australia Aaa Aaa Austria -1 Aaa Aa1 Belgium Aa1 Aa1 Canada -1 Aaa Aa1 Cyprus -1 Aa3 A1 Denmark Aaa Aaa Finland Aaa Aaa France -2 Aaa Aa2 Germany -2 Aaa Aa2 Greece -3 A1 Baa1 Hong Kong 1 Aa2 Aa1 Ireland Aa1 Aa1 Italy -6 Aa2 Baa2 Japan -3 Aa2 A2 Luxembourg Aaa Aaa Malta A1 A1 Netherlands Aaa Aaa New Zealand -1 Aaa Aa1 Norway Aaa Aaa Portugal -3 Aa2 A2 Singapore Aaa Aaa Slovakia -2 A1 A3 Slovenia -2 Aa2 A1 Spain -5 Aaa A2 Sweden Aaa Aaa Switzerland Aaa Aaa United Kingdom -1 Aaa Aa1 United States -2 Aaa Aa2
Developing Countries Aaa to A3 (9.11 ) Bahamas 1 A3 A2 Bahrain -1 A2 A3 Bermuda 1 Aa2 Aa1 Botswana -2 A2 Baa1 Cayman Islands 1 Aa3 Aa2 Chile A1 A1 China -4 A1 Baa2 Czech Republic -1 A1 A2 Estonia A1 A1 Israel A1 A1 Korea 1 A2 A1 Kuwait -5 Aa2 Baa1 Macao 1 Aa3 Aa2 Malaysia A3 A3 Oman -2 A2 Baa1 Poland -3 A2 Baa2 Qatar Aa2 Aa2 Saudi Arabia -5 A1 Baa3 South Africa -1 A3 Baa1 Taiwan -3 Aa3 A3 United Arab Emirates -2 Aa2 A1
Developing Countries Baa1 to Baa3 (9.11 ) Barbados 5 Baa3 A1 Brazil -1 Baa3 Ba1 Bulgaria Baa3 Baa3 Croatia 2 Baa3 Baa1 Hungary Baa1 Baa1 Iceland 7 Baa3 Aa2 India -2 Baa3 Ba2 Kazakhstan -3 Baa2 Ba2 Latvia 2 Baa3 Baa1 Lithuania Baa1 Baa1 Mauritius Baa2 Baa2 Mexico [1] -2 Baa1 Baa3 Romania -1 Baa3 Ba1 Russia -3 Baa1 Ba1 Thailand -3 Baa1 Ba1 Trinidad & Tobago -1 Baa1 Baa2 Tunisia -1 Baa2 Baa3
Developing Countries Ba1 to Ba3 (9.11 ) Armenia 1 Ba2 Ba1 Azerbaijan -1 Ba1 Ba2 Colombia Ba1 Ba1 Costa Rica 1 Ba1 Baa3 Egypt [1] -2 Ba1 Ba3 El Salvador -1 Ba1 Ba2 Guatemala -1 Ba2 Ba3 Indonesia Ba2 Ba2 Jordan 2 Ba2 Baa3 Montenegro [2] 3 Ba3 Baa3 Morocco -1 Ba1 Ba2 Panama 1 Ba1 Baa3 Peru -1 Ba1 Ba2 Philippines 1 Ba3 Ba2 Turkey 3 Ba3 Baa3 Uruguay 4 Ba3 Baa2 Vietnam 1 Ba3 Ba2
Developing Countries B1 to C (9.11 ) Albania 1 B1 Ba3 Argentina 4 B3 Ba2 Belarus -1 B1 B2 Belize 2 B3 B1 Bolivia 1 B2 B1 Bosnia and Herzegovina [1] 2 B2 Ba3 Cambodia B2 B2 Cuba [2] 4 Caa1 Ba3 Dominican Republic 2 B2 Ba3 Ecuador 4 Caa3 B2 Fiji Islands -2 B1 B3 Honduras 2 B2 Ba3 Jamaica 5 Caa1 Ba2 Lebanon -1 B2 B3 Mongolia B1 B1 Nicaragua 2 Caa1 B2 Pakistan [3] B3 B3 Papua New Guinea B1 B1 Paraguay 2 B3 B1 St. Vincent and the Grenadines 6 B1 Baa1 Suriname 4 B1 Baa3 Ukraine 2 B2 Ba3 Venezuela 1 B2 B1
3.1 16. 23.2 5.9 13.6 12. 29.9 21.1 24. 7.5 13.6 12.4-4.9-5. -4.9-1. -1.8-1.5
(% ) 5 48.1 4 3 2 3.3 29.6 28.4 27.8 21.9 21.3 17.7 21.1 1 12 1 8 6 4 2 198 1983 1986 1989 1992 1995 1998 21 24 27
(%) 25 218 2 15 112 116 113 1 5 83 82 77 73 58 68 64 68 62 28 Japan Italy US Canada France Germany UK
'97 ' '3 '5 '6 '7 '8 '9 3.9 3.2 7.9 1.9 12.2 12.2 13.3 11. 16.3 1.9 14.7 13. 1.4 9.1 8. 8.8 22.5 18.9 1.5 8.1 5.3 3.6 1.7.3 42.7 33. 33. 31.9 27.9 24.9 23. 2.2 26.3 33.9 37.8 36.6 37.3 36.3 38.2 4.9 17.4 18.9 18.3 18.5 19.5 2. 2.5 2.7 1.5 4.5 4.3 3.5 3.5 4.2 4.4 5.3 2.4 1.8 1.4 1.5 2.1 2.3 2.4 2.5 2.5 2. 2.1 3.5 4.2 4.6 4.5 4.2 5.1 61.1 63.9 63.6 66.6 67.4 7 73.6 7.3 6. 3.1 4.5 5.5 7.7 6.9 6.2 () 321 431 626 762 771 785 86 827 '9.12 12. 7.4 67.6 5.2 5.1 2.7 68,271 '9. 9 1.6 1.2 19.2 47.7 1.7 1.6 75,28 '9. 6. 19.1 47.3 32. 1.3.3 7,422 '9. 6..3 26.1 53.8 19.8 16,463 '9. 6 3.2 2.3 56.8 34.7 2..9 2,858
Jul-98 Venezuela $27 1998, Aug-98 Russia $72,79, MINFIN III. 1999 8 2 2 Sep-98 Ukraine $1,271, Jul-99 Pakistan $1,627 1998 11 4.. 1999 Aug-99 Ecuador $6,64, 9% Jan- Ukraine $1,64 2 2, 2 1. Sep- Peru $4,87 3 8, 1-Nov Argentina $82,268 21 11, 22 1. 7% 2-Jun Moldova $145 21 6. 5% 22 6 7, 3-May Uruguay $5,744 21. 5.
5-Apr Dominican Republic $1,622 5 6-Dec Belize $242 229, 546.8, 3 4.25% step-up. 98% 8-Dec Ecuador $3,21 28 11, 212 12% 5 1 3,6. 29 2, 23 27 1 3,5. 29 5 65% 91% 1) 2) Distressed exchange,
IMF (GFS Manual) OECD(SNA), (,,,) (,)
[:,%] 23 24 25 26 27 28 29 21 165.7 23.1 248 282.8 298.9 39 359.6 47.2 (GDP,%) 21.6 24.6 28.7 31.1 3.7 3.1 33.8 36.1 29.4 31.9 4.9 48.9 55.6 63 97 126.8 14.4 29.4 42.4 53.2 52.7 49.2 49.5 48 33.5 51.3 67.1 78.6 89.7 94 14.9 124.8 36.8 36.7 39.7 43.3 43.6 45.2 48.5 5.3 51.6 53.4 57.9 58.8 57.3 57.6 59.7 57.3
(IMF) 4 ( ),
<> :,, <> : (BTL) (: BTO)
1..8.6.4.2. 21 26 211 216 221 226 231 236 241 246 5 48 46 44 42 4 38 2 26 212 218 224 23 236 242 248 21 22 23 24 25 Korea 11 31 15.6 28 24.3 8 32.5 2 38.2 2 Canada 14.1 23 18.2 22 23.1 15 25 16 26.3 16 France 16.7 14 2.3 9 23.4 13 25.6 14 26.2 18 Germany 2.4 3 22.7 4 27.8 2 31.1 5 31.5 7 Italy 2.6 2 23.3 2 27.3 3 32.3 3 33.7 4 Japan 23.1 1 29.2 1 31.8 1 36.5 1 39.6 1 U.K. 16.5 16 19 18 21.9 21 23.7 24 24.1 24 U.S. 13 26 16.3 27 19.7 28 2.4 3 2.7 33 OECD 14.8 18 21.5 24.2 25.7 World 7.7 9.4 11.7 14.3 16.2
2 16 12 8 4 742.7 646.2 558.8 446 567 32 38.3 47.1 474.7 (% ) 15 115.7 1 5 131.3 136.7 28 21 212 28 21 212
(%) 2 15 1 54.4 199 5 43 16 66 67 7 71 52 3 Korea U.K. Germany France Canada U.S. Italy Japan
26 27 28 29 21 211 (E) 212 (E) 213 (E) 7.4 7.5 7.8 9.5 7.8 8.1 8.6 9.1 3.3 3.5 3.7 4.7 4.1 4.3 5. 5.7 1.3 1.3 1.3 1.6 1.1 1.2 1.3 1.5 / 1.9 2.1 2. 2.1 1.8 1.9 2.1 2.3 /.4.3.2.1.1.1.1.1 1. 1.1 1.4 2.1 2.2 2.3 2.6 2.9 2.2 1.6 1.6 2.3 5.4 4.8 3.5 2.1 /.5.6 1. 1.4 1.6 1.7 1.9 2.1.4.4.5.8.8.9.9 1. 18.4 18.4 19.6 24.7 25.1 25.3 25.9 26.7 1 GDP () () (1,) / / / / 27 2,45 48,456 1 1.48.5 1 1 1 1992 21,27 15,156 41.5 4.18.11.36 2.82 2.25 1987 19,89 4,184 324.2 2.36.11.53 1.59 2.35 1988 2,978 4,952 338.1 1.87.14.59 1.26 2.95 1987 19,196 8,413 449.9 2.13.18.89 1.44 3.73 1996 2,539 57,897 244.8 3.11.14 1.71 2.1 2.88 1991 2,463 56,811 31.2 2.33.12 1.88 1.57 2.52 199 21,72 56,735 547. 4.55.2 2.55 3.7 4.3 2,478 29,164 321 2.93.14 1.22 1.98 2.96
(/) 2.1(1) 9.2(4.4) 21.4(1.2) 6.4(3.) (km/) 1.(1) 3.1(3.1).7(.7) 1.6(1.6) (m/) 6.3(1) 15.7(2.5) 27.1(4.3) 12.5(2.) (km/ ) 1.48(1) 5.35(3.6) 3.81(2.6) 3.19(2.2) 21(B) 24 29 214 219(A) A/B (km) 2,637 2,923 3,561 4,521 5,462 2.7 (km) 14,254 14,246 14,28 14,374 14,466 1.1 (km) 3,125 3,374 3,619 4,118 4,792 1.53 (%) 32 39 59 62 65 2.3 (%) 21 47 65 71 78 3.71 (/) 5,359 65,35 83,173 1,732 123,85 2.46 (/) 1,327 3,387 4,885 6,423 8,39 6.32 ( /) 423 51 678 846 1,1 2.39
25 26 27 28 29 212 (A) 11,36 17,994 21,29 26,965 21,52 (B) 1,61 2,995 3,935 6,216 5,42 (B/A) 14.6 16.6 18.6 23.1 25.1 32 27 28 29 212 (A) 2,971 3,13 2,891 (B) 125 172 26 (B/A) 4 6 9 18.1 2, (%) 3 6 (%) 12 1,5 1, 5 25 2 15 1 5-5 5 4 3 2 1 1 8 6 4 2-1 23 24 25 26 27 28 29 21(E) 23 24 25 26 27 28 29
1 2 ( ) 3 (ha) 922 94 2,397 1,173 1,65 1,13 1,142 679 1,352 1,812 59 () 29 41 111 59 78 31 59 46 54 92 23 () 88 124 278 165 25 78 165 115 136 23 63 (/ha) 95 137 116 14 124 69 144 169 1 127 125 '3~'1 '1~'1 '8~'15 '2~'12 '3~'14 '5~'11 '7~'13 '8~'15 '8~'16 '9~'16 '9~'16; LH LH LH LH LH LH LH LH LH LH () 8.7 4.2 16.8 9.2 15.1 9.4 8.3 9. 8.3 14. 4.8 '6. 3 '4. 6 '11. 8. 8 ('6.3) '6. 9 '8. 9 '11. 12 '11. 16 '13. '12. '14. '8. 12 '7. 1 '14. 11. 6 ('8.3) '9. 6 '11.9 '13.12 '13. '16. '15. '16. ᆞ, 61.9ha ᆞ 23.1, 65 156, 61 ᆞᆞ ᆞ 3.( 1.8, 1.2) 9.8( 5. 4.8), LH LH 23~211 24~216
9 7.7 8 7 6.1 5.7 5.7 6 5 4 3 2 1 35 3.8 3 25 21.1 2 17.8 18.1 15.8 15 1 4.2 5 () 12 9 8. 95. 95.9 98.8 13.9 1.2 () 6 5 45.1 55. 54.1 51.2 46.1 49.8 6 3 4 3 2-3 -34.9-4.1-41.7-47.6-57.8-5.3 1-6 21 211 212 213 214 215 21 211 212 213 214 215
21 21 2.4 6.4 5 38.1.6 2.9 3 2.3.8 3 3 26.7 1.5 5.1 3.1.2.2.4.1.7.7 7.1.9 2.3 2 4.9 5.1 12 13 42.8 1. 8.4 8 11.4 1.1 3.18 3 35.5 1.9 9.7 1 19.8.6.7.7 87.1 1.3 3.5 5 36. 4.1 13.5 1 3.1.1.57.7 23.2 1.8 2.5 3.5 73.2.5 2.4 3 19.4 SH.2.3 2 6.3.2.4.6 37.5.1.7 1 14.3 24.7 78.3 74.6 31.5
6 5 4 3 2 1 (bp) 8 6 4 2 7 56 42 28 14 (bp) 7 56 42 28 14 7.6 7.11 8.5 8.11 9.5 9.1 1.4 8.1 8.5 8.1 9.2 9.7 9.12 1.4
AAA AA A BBB BB B 1999 8.18 5.26 2.48 21.43 6.16 7.36 6.5 2.63 3.63 9.52.36 4.48 1.77 21 1.54 5.98 16.67.86 7.12 2.91 22 2.96 21.15 5.9 2.15 23 1.3 3.95 5.26.36 4.31 1.45 24 13.58 17.86 15.33 3.1 25 12.68 6.87 1.21 26 2.4 2.13 1.82.91 1.96 1.5 27 28.93 13.33 8.87.29 1.33 2.37 29 6.17 16.42 6.77 1.38 1 3.24.71 1.38 5.16 1.7.79 6.84 2.26
7 6 5 4 3 2 1 (bp) 9 72 54 36 18 (bp) 16 12 8 4 (bp) 16 12 8 4 7.7 7.11 8.4 8.9 9.2 9.7 9.11 1.4 9.7 9.8 9.9 9.11 9.12 1.2 1.3 1.5
13 (%) 3 12 11 1 25 2 9 9.1 9.5 9.9 1.1 1.5 15
7. 3() () AAA() () 1.4 6. 1.2 5. 1. 4..8 3..6 2..4 1..2.. 2-5 3-4 4-3 5-1 5-12 6-1 7-9 9-7 1-5
Moody's S&P 1 1 1 1 / 1 / / Aaa AAA -2 4,265 22,156 17,486 4,459-194 4,157 4,177 1,153 99.5 36.4 -.5 Aaa AAA -1 3,698 18,335 14,255 3,172 527 3,951 3,884 42 11.7 9428.2 1.7 Aaa AAA -6 27,984 17,439 18,718 29,13-1,119 4,967 5,166 539 96.2 921.7-4. Aa1 AAA -5 29,295 13,22 1,986 29,61 233 5,612 5,567 1,137 1.8 493.7.8 Aaa AA+ -2 23,21 17,81 14,156 23,168-141 5,139 5,172 1,891 99.4 271.7 -.6 Aa3 AA 3 5,781-12,718 48,957 55,687-5,357 5,849 6,414 4,959 91.2 117.9-1.5 Aa3 AA 45 13,422 47,727 82,563 131,219-1,53 6,692 6,733 2,917 99.4 229.4-1.2 Aa1 AAA 41 67,347 59,13 57,273 68,723-1,376 3,674 3,75 2,21 98. 181.8-2. Aa3 AA 12 28,752 12,787 19,72 28,649 13 5,19 5,9 2,74 1.4 246.4.4 A2 A+ 68 54,624-19,886 56,621 58,177-3,564 4,234 4,59 3,466 93.9 122.2-6.5 Aa2 AA 58 59,942 28,745 25,877 59,182 76 4,815 4,754 1,5 11.3 479.4 1.3 Aa3 AA- 65 47,341 15,672 16,59 47,837-496 4,732 4,782 1,85 99. 436.1-1. Baa1 A- 14 197,496 34,969 147,815 29,369-11,873 5,373 5,696 2,914 94.3 184.4-6.
BIS >8% (Tier1+Tier2), (Tier1),, RP, : / 3 1% : / 1% () 4 32 24 16 () 4 32 24 16 () 9 5.2 6 5.1 3 3.9 3.3.9 6.5 5.2 8.1 8 8-3 -2.8-2.5-3. -6-4.2 22 4 24 1 25 2 26 3 27 4 29 1
29 2 2 ( 4.), 3.4 (28 12 29 1) 29 5 4 (29 1.1) (3) ( 195) ( 25) (1, ) BIS 1 (29 21) ( 3 1) ( 15% 3%) (28 8 5.25% 29 2 2.%) 1 (29 1 4.1 ) 3.5 (6.5 1.) (28 4.5) RP
5 4 2.6 2.8 (%) 1..8 3 2 1-1 1.56 1.4.52. 8.3 8.6 8.9 8.12 9.3 9.6 9.9 9.12.6.4.2. AAA~AA- A+~A- BBB+~B- BB+~B- B- 2% 5% 1% 1% 15% 1% % 2% 5% 1% 15% 1%
1 8 6 4 2 12 1 8 6 4 2 9.1 9.5 9.9 1.1 1.5 1.9 29-1 29-5 29-9 21-1 21-5 21-9
동양공사채분석 21 - Are We Different? 이자료에게재된내용들은본인의의견을정확하게반영하고있으며타인의부당한압력이나간섭없이작성되었음을확인함. 작성자 : 동양종금증권금융시장팀 본자료는투자자의투자를권유할목적으로작성된것이아니라, 투자자의투자판단에참고가되는정보제공을목적으로작성된참고자료입니다. 본자료는금융투자분석사가신뢰할만하다고판단되는자료와정보에의거하여만들어진것이지만, 당사와금융투자분석사가그정확성이나완전성을보장할수는없습니다. 따라서, 본자료를참고한투자자의투자의사결정은전적으로투자자자신의판단과책임하에이루어져야하며, 당사는본자료의내용에의거하여행해진일체의투자행위결과에대하여어떠한책임도지지않습니다. 또한, 본자료는당사투자자에게만제공되는자료로당사의동의없이본자료를무단으로복제전송인용배포하는행위는법으로금지되어있습니다. 동양종합금융증권리서치센터