China's asset-based business is "entering the in-depth period from the outbreak period".
*According to the latest "2023 Assetization Development Report" released by the China Bond R&D Center of the Clearing Corporation, China's assetization market will issue various products in 2023185 trillion yuan, the issuance scale decreased slightly year-on-year, and the product structure was relatively stable. Among the various types of asset-backed (ABS), accounts receivable ABS issuance scale led the way, green ABS doubled, and the underlying asset types continued to be enriched.
Looking back on previous years, the issuance scale of China's asset-based business has maintained growth for many years, reaching a peak of 3After 1 trillion yuan, it will decline for two consecutive years in 2022 and 2023.
In order to further play the function of the asset-based market and better serve the strategic development of the national financial system, in the current stage of optimizing the structure and improving the quality and efficiency, it is recommended to study and promote the implementation of the STC standard (the STC standard is the evaluation rule for the simplicity, transparency and comparability of asset-based products), and strive to promote the healthy and prosperous development of the credit ABS market. Improve and promote the construction of the green ABS market.
The issuance scale decreased slightly by 7%, and the structure was relatively stable.
The above report shows that the issuance scale of the asset-based market will decline slightly in 2023, and the product structure will be relatively stable.
In 2023, a total of 18,481 asset-based products will be issued400 million yuan, down 7% year-on-year; The market stock at the end of 2023 is 43,5168.5 billion yuan, down 17% year-on-year.
In terms of business structure, from the perspective of the issuance scale in 2023, the issuance of credit ABS is 34851.9 billion yuan, down 2% year-on-year, accounting for 19% of the total issuance; Enterprise ABS Issue 117841 billion yuan, a year-on-year increase of 2%, accounting for 64% of the total issuance; Asset-backed notes for non-financial enterprises (hereinafter referred to as "ABN") issued 32121.5 billion yuan, down 31% year-on-year, accounting for 17% of the total issuance.
From the perspective of the stock scale as of the end of 2023, the stock size of credit ABS is 180262.5 billion yuan, down 26% year-on-year, accounting for 41% of the total market; The scale of enterprise ABS stock is 199815.5 billion yuan, down 2% year-on-year, accounting for 46% of the total market; The stock of ABN is 55090.5 billion yuan, down 29% year-on-year, accounting for 13% of the total market.
Among the credit ABS, personal car mortgage ABS has become the largest variety of issuance for two consecutive years, with 1799 issued throughout the year7.7 billion yuan, down 18% year-on-year, accounting for 52% of credit ABS issuance. The size of residential mortgage-backed loans** ("RMBS") issuance has been reduced to zero.
Among the enterprise ABS, accounts receivable ABS and leased assets ABS are the two largest issuance varieties, with an issuance volume of 2913 respectively6 billion and 26148.7 billion yuan, accounting for 25% and 22% respectively.
From the perspective of the issuance interest rate, the issuance interest rate of asset-based products in the first three quarters of 2023 will decline in the first three quarters and rise in the fourth quarter. Among them, the highest issuance rate of corporate ABS priority A** is 750% with a minimum issuance rate of 235% with an average issuance rate of 334%, up 16 basis points (bp) for the year.
The underlying assets continue to be enriched, and the green ABS has doubled.
The report shows that the basic asset types of asset-based products are becoming more and more abundant, which helps to promote the diversified development of asset-based business.
For example, Yi Parking (Beijing) Investment issued the first parking asset REITs structured asset product in the market. Xi'an High-tech Financial Service Enterprise Management Group issued the first high-tech property rights ABS in the market to revitalize technical resources. China Cinda Asset Management Co., Ltd. issued the market's first urban village renovation ABS. Guangxi Agricultural Reclamation Group issued the first "green + rural revitalization" land contract fee ABS in the market to revitalize and release the value of state-owned land. Zhonghe Commercial Factoring (Tianjin)** issued the first "flat-emergency dual-use" ABS in the market, giving full play to the role of the bond market in promoting the construction of "flat-emergency dual-use" public infrastructure.
At the same time, the issuance scale of green ABS will increase significantly in 2023. Statistics show that in 2023, a total of 351 green ABS products will be issued in the whole market, with a scale of 2,438800 million yuan, which is 11 times. Among them, the issuance scale of ABS on the exchange accounted for the highest proportion, at 5218%, and interbank green ABN accounted for 3034%, and green credit ABS accounted for 1748%。
In terms of green ABS product innovation, the report mentions several product cases:
Haitong Hengxin No. 26 Green Asset-Backed Special Plan (Low-carbon Transformation Linkage)" is the country's first single-household "green + low-carbon transformation linkage" double-labeled asset-based product, the underlying assets corresponding to the project is green transportation, and the key performance indicator of low-carbon transformation is the amount of new energy vehicle financial leasing newly signed contracts.
Taikang Asset-CPI Leasing No. 1 Carbon Neutral Green Asset-backed Special Plan is the first green asset-based product of an insurance company in China, which has been approved by the Shanghai Stock Exchange.
The first product under the shelf of Jinmao Shenwan - Shanghai Jinmao Building Phase 1-5 Green Asset-Backed Special Plan (Carbon Neutrality)" - "Jinmao Shenwan - Shanghai Jinmao Building - Xinyue Green Asset-Backed Special Plan (Carbon Neutrality)" was issued on the Shanghai Stock Exchange, with a total shelf size of 10 billion yuan and an initial single-phase scale of 3 billion yuan, which is the country's largest shelf carbon neutral CMBS (i.e., commercial housing mortgage loan support**) The country's first flexible term storage shelf CMBS, CMBS, the first single building storage shelf CMBS of a central enterprise, and the subject property involved in the project is Shanghai Jin Mao Tower.
Shui On Land - Hongqiao Tiandi Green Asset-Backed Special Program" is the largest green CMBS for private enterprises in China, with an issuance amount of 440.1 billion yuan, which is the first CMBS supporting a transportation hub in China, intends to use the net proceeds to repay the group's existing debts and use it as general working capital.
It is worth mentioning that in 2023, the ABS products of insurance asset management companies will be launched. Since March 2023, when the Exchange expanded the scope of participation in the ABS and real estate investment trusts** business to insurance asset management companies, the process of insurance institutions participating in the ABS market in the dual capacity of "management + investment" has gradually accelerated. The first batch of asset-based products managed by insurance asset management companies will be unveiled at the end of 2023, including China Life Assets, Taikang Assets, CPIC Assets and other companies, involving construction machinery and equipment, green energy, lease claims and other fields.
According to the report, this will open up new channels for the refinancing of institutional stock funds, improve the return on investment, and also help better serve the real economy, and at the same time play a significant role in improving the level of integration of industry and finance of enterprises, revitalizing market stock assets, and optimizing the asset-liability structure.
Editor-in-charge: Gui Yanmin.
Proofreading: Wang Wei.
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