Investment Rating - The report indicates a stable overall credit level in the local AMC industry, with a slight increase in the proportion of AAA-rated entities [4][19]. Core Insights - The number of local AMCs has decreased to 59 following the cancellation of one entity in 2024, with the industry facing significant short-term repayment pressures due to a concentration of bond maturities within three years [3][25]. - The issuance of long-term bonds and asset securitization products has increased in 2024, while short-term bond issuance has decreased compared to the previous year [8][11]. - The overall credit rating of local AMCs remains stable, with 75% of rated entities holding AAA ratings as of October 2024, an increase from 68.97% at the end of 2023 [4][19]. Industry Overview - As of the end of 2023, there were 60 local AMCs recognized by financial regulatory authorities, but this number has reduced to 59 due to the cancellation of one entity [3]. - The local AMC industry has experienced multiple operational and reputational risks in 2023, leading to rating adjustments for three entities [4]. Rating Adjustments - Three local AMCs have undergone rating adjustments since 2023, with two entities receiving upgrades due to positive business developments, while one entity faced a downgrade due to significant losses and increased repayment pressures [4][7]. Bond Issuance Review - In the first ten months of 2024, local AMCs issued a total of 506.50 billion yuan in long-term bonds, marking a 20.88% increase from the previous year [11][19]. - The issuance of short-term bonds has decreased, with a total of 187.50 billion yuan issued in 2024, compared to 272.70 billion yuan in 2023 [14][17]. Debt Maturity and Repayment Pressure - The majority of local AMC bonds are set to mature between 2025 and 2027, with 512.57 billion yuan maturing in 2025, representing 35.11% of total outstanding bonds [25][27]. - The industry faces significant short-term repayment pressures, particularly for two private entities that have extended their bonds, with concentrated repayment obligations expected in 2025 [25][28]. Interest Rates and Spreads - The average issuance rates for short-term and long-term bonds have significantly decreased in 2024, with short-term bonds averaging 2.20% and long-term bonds averaging 2.57% [19][20]. - The average spreads for long-term bonds have decreased by 59.94 basis points, indicating a narrowing gap between different credit ratings [20][21]. Asset Securitization Products - The issuance of asset securitization products remains limited, with only two products issued in 2024, reflecting a small overall scale in this segment [22][23]. Conclusion - The local AMC industry is navigating a landscape of stable credit ratings, increased long-term bond issuance, and significant short-term repayment pressures, with a focus on refinancing and managing operational risks effectively [4][19][25].
2024年地方AMC回顾与展望系列之发债回顾—— 信用风险水平稳定 短期偿债压力较大
Lian He Zi Xin·2024-12-02 04:33