2025年结构融资：境外资产证券化市场回顾及热点洞察

Group 1 - The report highlights the resilience and evolution of the international asset securitization market, despite experiencing cyclical fluctuations. It emphasizes that asset-backed securities remain a crucial component of the global capital market, with ongoing developments in structure, asset types, and regulatory frameworks [1][3]. - In the U.S. market, asset securitization products accounted for approximately 19% of the fixed income market issuance in 2024, down from a peak of 38% in 2021. The market is primarily divided into mortgage-backed securities (MBS) and asset-backed securities (ABS), covering various underlying assets such as housing loans, auto loans, credit card debt, student loans, and commercial real estate [1][7][9]. - The European market is showing steady recovery, with a year-on-year growth of about 15% in issuance scale for 2024. The adoption of the "Simple, Transparent, Standardized" (STS) framework has significantly increased the proportion of compliant products, reflecting a growing demand for standardized and high-transparency offerings [1][3][18]. Group 2 - The report discusses the rising popularity of asset-backed securities (ABS), which have reached a historical high in global issuance in 2023, with Europe leading the market. These securities have the potential to break through the sovereign rating "ceiling," allowing issuers in constrained sovereign rating markets to expand their financing options [2][26]. - The report also focuses on overseas real estate investment trusts (REITs) holding domestic real estate, particularly in Hong Kong and Singapore. These cross-border products enhance resilience against cyclical fluctuations through diversified asset portfolios and flexible management mechanisms [2][3]. - Looking ahead, the report identifies the emergence of innovative asset securitization products, including those linked to data centers, aircraft leasing, and container leasing. The integration of artificial intelligence, blockchain technology, and environmentally related financial products is becoming a new trend in market development [3][6].