Abstract: The present invention relates to a water-dispersible binder composition which is suitable for the production of a stoving filler to be processed from the aqueous phase and which containsa) 65 to 95% by weight of a urethane-modified polyester resin containing carboxyl groups,b) 5 to 35% by weight of a crosslinker resin andc) 0 to 2% by weight of an emulsifier,wherein the percentages are based on the total weight of components a) to c), characterized in that component a) has an acid value of 15 to 36, a hydroxyl value of at least 40 and a molecular weight (M.sub.