2024年第三季度小微贷款类ABS市场概况

Investment Rating - The report indicates a positive investment outlook for the micro-loan ABS market, highlighting significant growth in issuance and net financing despite a general decline in the overall ABS market [1][4]. Core Insights - In Q3 2024, the micro-loan ABS market saw a total of 100 issuances with a combined scale of 914.22 billion, marking a substantial increase of 69% quarter-on-quarter and 61% year-on-year in the number of issuances, and a 55% quarter-on-quarter and 111% year-on-year increase in issuance scale [3][4]. - The growth in micro-loan ABS issuance is primarily driven by the rapid recovery of ABN and significant contributions from major banks like China Construction Bank [1][3]. - The net financing for micro-loan ABS in Q3 2024 reached 503.63 billion, with a market balance of 1913.37 billion, reflecting a 36% quarter-on-quarter and 21% year-on-year increase [5][6]. Summary by Sections Overall Issuance Overview - The micro-loan ABS market experienced a robust growth trajectory in Q3 2024, with 100 issuances totaling 914.22 billion, driven by the resurgence of ABN and significant contributions from credit ABS [3][4]. - The cumulative issuance for the first three quarters of 2024 reached 213 issuances totaling 1924.53 billion, representing a 40% increase in the number of issuances and a 94% increase in total issuance scale year-on-year [4]. Issuance Rates - The issuance rates for micro-loan ABS continued to decline in Q3 2024, although the rate of decline has slowed. The average issuance rates for credit ABS were 2.06% and 2.24% for AAAsz and AA*sr securities, respectively [15][19]. - The average issuance rates for ABN were 2.17% and 2.25%, reflecting a decrease of 8bp and 22bp, respectively [15][19]. Issuer Composition - The primary issuers of micro-loan ABS in Q3 2024 were trust companies, micro-loan companies, and commercial banks, with trust companies showing a significant increase in both the number and scale of issuances [6][7]. - The asset providers for micro-loan ABS included commercial banks, internet financial platforms, and financing guarantee companies, with commercial banks leading in issuance numbers and scale [8][9]. Market Trends - The report highlights a notable head effect in the trading market, where the top three asset providers accounted for 61% of the total issuance scale of micro-loan ABS [11]. - New entrants in the ABN market included internet financial platforms such as Du Xiaoman and JD.com, indicating a diversification of asset providers [12][14].