Dual recourse to both the highly rated issuer KHFC and the cover pool comprising Korean mortgage loans with weighted-average current loan-to-value ratio of 55.19%. Protection provided by the KHFC Act. The committed credit enhancement supports two notches of collateral-based uplift to achieve a 'AAA' rating. Potential structural mitigants such as liquidity reserve and swap advance payment should the rating on the issuer fall below 'A' enhance the short-term liquidity of this transaction. Hard bullet principal repayment profile might limit time and options to use the cover pool to repay the maturing covered bonds should the issuer become insolvent around the maturity date of the covered bonds. The rating on the covered bonds is susceptible to the sovereign credit rating on