Korea Shipowners Association seeks a boost from the FSC

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Korea Shipowners Association seeks a boost from the FSC

The Korea Shipowners Association yesterday asked the Financial Supervisory Commission (FSC) to ease the regulation on primary collateralized bond obligations.

The P-CBO is a form of asset-backed securities with a pool of newly issued bonds as underlying assets. It is designed to help low-rated companies sell bonds.

The FSC in July announced it would support issuing 6.4 trillion won ($5.9 billion) worth of P-CBO, but all 30 shippers, which want their bonds included in the P-CBO last month, failed to get approval.

The association urged the government to ease the P-CBO regulation by lowering the bar for credit rating and a company’s debt ratio so more shippers can qualify for financial help.

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