ABS月报（2025年4月）：ABS交易活跃度提升-20250408

Report Title - ABS Transaction Activity Increases — ABS Monthly Report (April 2025) [1] Core Viewpoint - In March 2025, the issuance scale of ABS increased significantly, the trading volume and turnover rate improved notably, the short - and medium - term yields declined rapidly, and the spreads with medium - and short - term notes widened [2][3][5] Specific Content Summary 1. Primary Issuance 1.1 Issuance Scale - In March 2025, the ABS issuance scale increased by 96% month - on - month to 170.966 billion yuan. Among them, the issuance scales of credit ABS, enterprise ABS, and ABN were 18.6 billion yuan, 105.209 billion yuan, and 47.157 billion yuan respectively, with month - on - month growth rates of 1140%, 83%, and 66% [2][8] - In terms of underlying asset types, the issuance scale of non - performing loan ABS in credit ABS increased the most; in enterprise ABS, the issuance scales of general small - loan claim ABS and financial leasing claim ABS increased significantly, while the issuance scale of quasi - REITs decreased; in ABN, the issuance scale of bank/internet consumer loan ABS increased the most, and the issuance of subsidy payment ABS dropped to zero [8] 1.2 Issuance Term and Interest Rate - In March 2025, most newly issued ABS had a term of 1 - 2 years, and the weighted coupon rate rebounded. The weighted average coupon rate was 2.18%, up 7.40bp from February [10] - By ABS type, the weighted term of newly issued credit ABS was 2.43 years, and the weighted interest rate was 1.77%; for enterprise ABS, the weighted term was 3.22 years, and the weighted interest rate was 2.36%; for ABN, the weighted term was 1.32 years, and the weighted interest rate was 2.17% [10] 2. Secondary Trading - In March 2025, the trading volume and turnover rate of ABS increased significantly. The monthly trading volume was 184.596 billion yuan, a 97.84% increase from February. The monthly turnover rate was 5.7%, up 2.8 percentage points from February [3][15] - Among them, the trading amount of credit ABS increased the fastest, and the turnover rate of ABN increased the fastest. ABN was the most actively traded ABS product type, with a monthly turnover rate of 9.6% in March, up 3.8 percentage points from the previous month [3][15] 3. Investor Structure - In credit ABS, commercial banks and non - legal person products were the main holders, accounting for 71% and 15% respectively. The proportion of commercial bank holdings decreased by 0.80 percentage points, while the proportions of non - legal person products, securities companies, and overseas institutions increased [4][19] - In ABN, non - legal person products and deposit - taking financial institutions held the most, accounting for 60% and 30% respectively [4] - For enterprise ABS, bank self - operation and trust institutions were the main investors in SSE enterprise ABS, with holding proportions of 26% and 31% respectively. In Shenzhen Stock Exchange enterprise ABS, general institutions and trust institutions were the main investors, with holding proportions of 27% and 33% respectively [4][22] 4. Yield and Spread - In March, the short - and medium - term ABS yields declined rapidly. The yields of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities changed by - 13.4bp, - 6.5bp, 0.1bp, and 6.3bp respectively compared with February 28 [5][24] - The spreads between ABS yields and medium - and short - term notes widened. The spreads of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities with medium - and short - term notes of the same term and rating increased by 0.6bp, 0.5bp, 1.1bp, and 3.1bp respectively [5][24]