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In 2000, public offerings of ABS reached 41 trillion Won, taking 69.9 percent of the total publicly offered corporate bonds. The most remarkable instance is the recently floated ABS-type bonds backed by the assets related with the Chunan-Nonsan Expressway (under construction), whose aggregate principal amount is 730 billion Won and maturity spreads from five to 15 years. The various advantages of the ABS Act enable financial institutions and business entities to securitize their assets including distressed loan portfolios and real estate backlogs at a competitive cost. This is because the ABS Act does not confine the assets eligible for securitization to specific types, and provides for some exceptions in the registration of real estate transactions. Also the Korean tax laws afford considerable tax benefits to the ABS players. Bankruptcy Remote Purpose of Structured Financing The ABS Act allows qualified asset owners, or originators, to transfer assets such as claims, account receivables, real estate and other property rights, that are deemed to generate cash flow, to a special purpose company or a trust company (collectively referred to as the "special purpose vehicle" or "SPV"), and the SPV to float securities backed by such assets. The SPV is required by the ABS Act to register with the Financial Supervisory Commission (FSC) a securitization plan and the transfer of assets, respectively, in order. Accordingly, a huge amount of non-performing assets owned by Korean financial institutions could be securitized through the SPV, thus improving liquidity and the financial ratio demanded by the Bank for International Settlements (BIS). The ABS Act also provides that the transfer of assets to an SPV must satisfy certain conditions, under which such a transfer is deemed a true sale rather than a secured borrowing. In other words, a defined group or pool of assets can be structurally isolated, and thus serve as the basis of financing that is independent from the bankruptcy risks of the originator. Thus, ABS is often called structured financing, and the isolation from the originator's bankruptcy is legally termed as "bankruptcy remote". b