The hottest basic assets tend to be diversified. S

2022-08-01
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the basic assets tend to diversify. Pudong Development Bank is the first to promote construction machinery abs

the basic assets tend to diversify. Pudong Development Bank is the first to promote construction machinery abs

China Construction Machinery Information

yesterday (January 20) morning, Pudong Development Bank successfully issued 1.466 billion yuan of "Pudong Development 2015 construction machinery loan asset securitization trust asset-backed securities" in the national inter-bank bond market

it is worth noting that since the implementation of a new round of asset securitization pilot in the second half of 2013, banks have become increasingly enthusiastic about issuing ABS (asset-backed securities) products, and the underlying assets have shown a trend of diversification. For example, China Development Bank's railway special credit asset-backed securities, postal savings bank's personal housing loan backed securities, industrial bank's green financial credit asset securitization trust asset-backed securities, and many auto mortgage securitization trust asset-backed securities issued by auto financing companies

in this regard, an insider of a stock bank told the author. "On the one hand, the issuance of such products has invigorated the bank's credit assets, and on the other hand, it has paved the way for other banks to issue such credit asset securitization products in the future."

the issuance scale reached 1.466 billion

according to the issuance instructions, the total amount of securities issued by Shanghai Pudong Development Bank in this period was 1.466 billion yuan, including priority and secondary. Priority also included 1.26 billion yuan of priority a and 107million yuan of priority B. the total amount (par value) of secondary asset-backed securities issued was 99.127 million yuan. Both preferred class A and preferred class B securities have floating interest rates, and subordinated securities have no coupon rate. From the perspective of repayment method, the securities principal shall be paid monthly, and the securities principal at all levels shall be paid in the order of priority a, priority B and subordinated

the underlying assets of the securities in this period are normal construction machinery loans granted by Shanghai Pudong Development Bank to individuals, involving 902 personal construction machinery loans from 811 borrowers, with a weighted average annual loan interest rate of 7.38%

according to the rating report of China National Debt Credit Rating Co., Ltd. (hereinafter referred to as China National Debt Credit), the credit quality of securities borrowers in this period is at a poor level, the amount of borrowers with overdue records accounts for 89.07%, and the weighted average credit rating of borrowers is b+/b

Lianhe credit evaluation Co., Ltd. (hereinafter referred to as Lianhe credit) believes that, in general, the growth rate of the construction machinery industry has declined rapidly due to the impact of the macroeconomic downturn. But at the same time, China is in the middle stage of industrialization. In the future, the construction of many large-scale infrastructure projects and the development of mineral resources will also give a strong impetus to the development of the construction machinery industry

"the pool assets of general asset securitization products will include multiple industries, and the risk will be reduced by (dispersing) the industry concentration and borrower concentration as much as possible. Compared with ordinary ABS products, the weighted average annual loan interest rate of SPD securities in this period is 7.38%, which is relatively high, and the final issue interest rate will be relatively attractive." As a leading B2B industrial information provider, a Jung industrial media Co., Ltd. told the author by the asset management project manager of a securities firm

"although the borrowers of the current period of securities loans into the pool 2. After exiting the computer software interface are all self-employed, and the industry concentration is very high, the amount of a single loan is very low, and the dispersion is very good. In addition, each loan is provided with a margin of not less than 7% of the outstanding principal of the loan, and the manufacturer's commitment to make up the margin and repurchase commitment and other guarantee measures, the credit quality of the underlying assets is very good." China National Debt Credit believes

to sum up, united credit and China National Debt Credit rated the ABS products of Shanghai Pudong Development Bank in this period as: priority A-class securities, with a credit rating of AAA; Preferred class B securities with a credit rating of aa+; Subordinated securities are not rated

the author learned from insiders that this issue of securities was successfully issued on the morning of January 20, and the subscription was good. The final issue interest rate was lower than the bank had expected

pave the way for subsequent issuance of similar products

since the implementation of a new round of asset securitization pilot in the second half of 2013, the enthusiasm of banks to issue asset securitization products has gradually increased. And different from the asset securitization products previously issued, in this round of asset securitization pilot, the underlying assets tend to be diversified, and the issuers gradually add some loans specifically for the segment market

for example, in March, 2014, China Merchants Bank issued the trust asset-backed securities of credit asset securitization in the first and second phases of 2014, with a scale of RMB 15.389 billion, which was the first time to test the water of credit card asset securitization in the domestic banking industry. In june2014, Ping An Bank's No. 1 small consumer loan asset disbursement completely exceeded our expectations and the securities it held were listed on the Shanghai Stock Exchange. It not only explored the asset categories of small consumer loans, but also explored the cross market issuance of bank credit asset securitization products. In addition, there are railway special credit asset-backed securities of China Development Bank, personal housing loan backed securities of postal savings bank, trust asset-backed securities of green financial credit asset securitization of Industrial Bank, and trust asset-backed securities of auto mortgage securitization of many auto financing companies. Shanghai Pudong Development Bank also innovatively developed the asset securitization mode of construction machinery this time

the insiders of the above joint-stock banks said that for banks, a lot of work needs to be done in the early stage of the issuance of construction machinery asset securitization products, such as product pricing, pool asset allocation, cash flow arrangement, etc. "After the successful issuance, it will bring convenience to the subsequent issuance of the same type of products. Since asset securitization is still in the pilot stage, we should explore different types of products."

according to the above insiders, in the future, Shanghai Pudong Development Bank will continue to issue asset securitization products of construction machinery loans and explore the securitization of credit assets of other types of basic assets

in addition, it is worth mentioning that on January 19, the CBRC and the national development and Reform Commission held a press conference in Beijing and jointly issued the guidelines on energy efficiency credit. Yeyanfei, deputy director of the Statistics Department of the CBRC, said that in the future, we will actively explore the pilot work of Credit Asset Securitization Based on energy efficiency credit, promote the issuance of green financial bonds, and expand the sources of energy efficiency credit financing

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