Core Insights - The report indicates that in the first three quarters of 2024, the issuance of accounts receivable asset-backed securities (ABS) totaled 69 products, with a total issuance scale of 962.28 billion, representing a year-on-year decrease of 11.07% in scale despite an increase of 6 products compared to the same period last year [2][26] - The financing cost for one-year AAA-rated ABS is reported to be between 1.90% and 2.40%, with a median decrease of approximately 60 basis points year-on-year [2][15] - The actual financing entities are primarily central enterprises and their subsidiaries, accounting for 87.43% of the total issuance scale, which is an increase of 1.83 percentage points year-on-year [6][26] Issuance Overview - In the first three quarters of 2024, the Shanghai Stock Exchange accounted for 61 products with an issuance amount of 916.96 billion, representing 95.29% of the total issuance, while the Shenzhen Stock Exchange had 8 products totaling 45.31 billion, accounting for 4.71% [5] - The top five original equity holders in terms of issuance scale include China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., Shenzhen Hairun Commercial Factoring Co., Ltd., and China Communications Commercial Factoring Co., Ltd., with a combined issuance scale of 710.56 billion, accounting for 73.84% [5][6] Market Activity - In the secondary market, the total transaction volume for accounts receivable ABS in the first three quarters of 2024 was 720.68 billion, a decrease of 32.63% year-on-year, with 1,812 transactions recorded, down 24.81% [24] - The report notes that the average issuance scale of single products has significantly decreased, with the average issuance scale being 13.95 billion, down 18.81% year-on-year [11][26] Product Characteristics - The weighted average maturity of the accounts receivable ABS is reported to be 2.19 years, which is a reduction of 0.22 years compared to the previous year [12][26] - The distribution of securities ratings shows that AAA-rated securities accounted for 90.71% of the total issuance, while AA+ rated securities made up 5.91% and subordinate securities accounted for 3.38% [14][26] Regulatory and Filing Status - A total of 70 accounts receivable ABS special plans were filed with the Asset Management Association of China in the first three quarters of 2024, with a total scale of 982.57 billion, reflecting a decrease of 17.94% in scale compared to the previous year [22][26]
应收账款类资产支持证券产品报告（2024年前三季度）：发行节奏基本平稳，央企需求持续释放，融资成本不断下行
Zhong Cheng Xin Guo Ji·2024-11-15 08:22