年内企业ABS发行规模超5000亿元 底层资产多元拓展

Core Viewpoint - The asset securitization market in China is experiencing significant growth, with a notable increase in the issuance of asset-backed securities (ABS), particularly in the renewable energy sector, driven by favorable policies and market demand [1][2][3]. Group 1: Market Growth and Trends - As of June 10, 2023, there have been 583 ABS issued, totaling 508.501 billion yuan, representing year-on-year growth of 33.18% in quantity and 31.81% in scale [2]. - The first ABS product backed by photovoltaic assets has been accepted for filing, indicating a diversification of underlying asset types in the market [1][2]. - The original rights holders of ABS are becoming increasingly diverse, including large enterprises, financial institutions, and small to medium-sized enterprises, which enhances market vitality [2][3]. Group 2: Policy and Demand Drivers - The growth in the ABS market is attributed to dual support from policy guidance and market demand, with regulatory bodies optimizing approval processes and lowering market entry barriers [3][4]. - Companies are actively seeking to optimize their financial structures and enhance asset liquidity, leading to a sustained demand for asset securitization tools [3][4]. Group 3: Innovations in ABS - The design of holding-type real estate ABS incorporates six major mechanisms to promote investment and financing exchanges, enhancing liquidity and market participation [4]. - The introduction of liquidity support mechanisms allows for partial investor exit under specific conditions, improving product liquidity [4]. Group 4: Future Outlook - Recent policy announcements have further supported the development of holding-type real estate ABS, positioning them as effective financial tools for revitalizing existing assets [5]. - Recommendations for future growth include broadening the types of underlying assets eligible for ABS, optimizing secondary market trading mechanisms, and improving foundational policies related to valuation and information disclosure [5].