Jing Ji Guan Cha Bao·2025-12-12 13:08Core Viewpoint - The issuance of credit card non-performing asset-backed securities (ABS) by Everbright Bank at a low discount rate of 4.81% raises concerns about the underlying asset quality and the challenges in recovering credit card debts in the current economic environment [1][2]. Group 1: ABS Issuance and Discount Rates - Everbright Bank's latest ABS issuance of 300 million yuan is backed by credit card non-performing assets totaling approximately 6.24 billion yuan, resulting in a discount rate of about 4.81%, which is lower than the industry average [1]. - The bank's previous ABS issuances in 2025 had discount rates of 5.01%, 5.25%, and 5.27%, indicating a trend of declining discount rates, reflecting the increasing difficulty in recovering credit card debts [2]. - The cumulative issuance of Everbright Bank's credit card non-performing asset ABS in 2025 has reached 1 billion yuan, covering a total of 19.7 billion yuan in non-performing assets [2]. Group 2: Market Trends and Asset Transfer - The active transfer of credit card non-performing assets on platforms like Yindeng Network indicates a growing urgency among banks to address the rising levels of non-performing assets [3][5]. - Major banks such as Ping An Bank and Minsheng Bank have significantly increased their asset transfer activities, with Minsheng Bank's recent transfer involving 9.607 billion yuan in non-performing loans, highlighting the severity of the issue [4]. - The parallel development of ABS issuance and asset transfers creates a dual-channel approach for banks to manage non-performing credit card assets, reflecting a trend towards systematic and normalized asset disposal [5]. Group 3: Credit Card Business Challenges - The total number of credit cards in circulation has decreased by 10 million from a peak of 807 million, marking a continuous decline over 12 quarters, indicating challenges in the credit card business [6]. - Regulatory pressures and changing consumer behaviors are forcing banks to shift from aggressive card issuance to a focus on quality and risk management, as evidenced by the decline in both card issuance and transaction volumes [7][9]. - Recent regulatory actions against banks for compliance failures underscore the need for stringent management practices in credit card operations, emphasizing the importance of balancing growth with risk control [8][9].