2024年第三季度应收账款ABS市场概况

Investment Rating - The report indicates a positive investment outlook for the accounts receivable ABS market, with an increase in issuance quantity and scale compared to the previous year [1][2]. Core Insights - In Q3 2024, the issuance of accounts receivable ABS (including exchange ABS and ABN) saw a significant increase, with 48 issuances totaling 646.81 billion, marking an 11.58% growth year-on-year [2][3]. - The primary issuance venue remains the exchange, while the share of asset-backed commercial paper (ABCP) in the accounts receivable ABN issuance has notably declined [3][4]. - The asset providers are predominantly state-owned enterprises and their subsidiaries, with a high concentration in the construction industry, which is characterized by a significant amount of accounts receivable [4][5]. - The majority of securities issued maintain a credit rating of AAAst, reflecting a low overall credit risk [6][7]. Summary by Sections Issuance Situation - In Q3 2024, the accounts receivable ABS issuance included 48 units, an increase of 18 units from the previous year, with a total issuance scale of 646.81 billion [2]. - The cumulative issuance for the first three quarters of 2024 reached 113 units and 1389.80 billion [2]. Issuance Venue and Types - The exchange remains the main venue for accounts receivable ABS, with a cumulative issuance of 613 units and 8841.68 billion by the end of September 2024 [3]. - The issuance of ABCP in Q3 2024 was 33.83 billion, accounting for 24.03% of the accounts receivable ABN issuance, which represents a 37.60 percentage point decrease from the previous quarter [3][4]. Asset Providers - The asset providers are mainly state-owned enterprises, with a concentration in the construction sector, which accounted for 87.54% of the issuance in Q3 2024 [4][5]. - Major contributors include China Railway, China Communications Construction, and China State Construction, collectively issuing 36 units worth 560.91 billion, representing 86.72% of the total issuance [4]. Credit Ratings - The majority of issued accounts receivable ABS are rated AAAst, with 92.06% of the issuance being AAAst rated, indicating a low credit risk environment [6][7]. Credit Enhancement - Full credit enhancement securities dominate the market, with 38 units issued, totaling 531.42 billion, which accounts for 82.16% of the total issuance [8][9]. - The issuance of partially enhanced securities has decreased by 30.27% compared to the previous quarter [8]. Issuance Rates - The average issuance rate for accounts receivable ABS in Q3 2024 was 2.42%, reflecting a downward trend in line with benchmark rates [12][13]. - The average issuance rate for AAA rated securities was 2.32%, with a decrease of 9.71 basis points from the previous quarter [12][14]. Spread Analysis - The issuance spreads for AAA rated securities vary significantly among asset providers, with local state-owned enterprises showing the widest spread [16][17]. - The average issuance spread for AAA rated securities has narrowed for most asset providers compared to 2023, with reductions ranging from 5.42 to 80.41 basis points [16].