2024年第三季度不良贷款ABS市场概况

Investment Rating - The report indicates a declining trend in the issuance of non-performing loan (NPL) asset-backed securities (ABS) in the interbank market, with a total issuance of 9.756 billion yuan in Q3 2024, representing a year-on-year decrease of 28.36% [1][2] Core Insights - The issuance of NPL ABS in Q3 2024 saw a significant drop, with 31 products issued compared to 39 in the same period last year, and the total issuance amount decreased from 13.619 billion yuan to 9.756 billion yuan [2][4] - The demand for the disposal of non-performing assets remains strong, particularly from commercial banks and consumer finance companies, with the transaction volume of NPL transfer pilot business reaching 64.5 billion yuan, 1.57 times that of the same period last year [1][4] - The structure of NPLs remains consistent, with housing mortgage NPLs accounting for 65.93% of the total [1][11] Summary by Sections Issuance Situation - In Q3 2024, the total issuance of NPL ABS was 9.756 billion yuan, down 28.36% year-on-year, with a total of 31 products issued [2][4] - For the first three quarters of 2024, the cumulative issuance was 33.224 billion yuan, showing a slight year-on-year decrease of 1.46% [2] NPL Transfer and Rights - The issuance of NPL rights transfer products increased significantly, with 7 products issued in Q3 2024, totaling 0.821 billion yuan, which is 2.33 times the amount from the same period last year [4] - The total transaction volume for NPL transfer pilot business reached 64.5 billion yuan, primarily driven by personal NPL bulk transfers [4] Asset Types and Trends - The issuance of personal operating loan ABS increased, while other types saw a decrease in issuance volume [8] - The total number of commercial banks participating in NPL ABS issuance was 15, with the disposal scale of joint-stock banks reaching 130.337 billion yuan, significantly higher than that of state-owned banks [8] Financing and Stock Scale - By the end of September 2024, the stock scale of NPL ABS slightly decreased to 60.589 billion yuan, indicating a net outflow of financing [11] - The average overdue days and discount rates for credit card NPL ABS remained stable, while other products experienced significant fluctuations [14] Interest Rate Trends - The issuance rates for NPL ABS continued to decline in Q3 2024, with rates lower than those in the first half of the year, showing a decrease of 9-19 basis points [16] - The interest rate spreads for different categories of NPL products have converged, remaining within a limited range of 65-80 basis points [18]