Group 1: Report Overview - The report is titled "Asset - Backed Notes Product Report (January 2026)" and focuses on the asset - backed notes (ABN) market [3] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - In January 2026, the issuance scale of asset - backed notes increased slightly compared to the same period last year, with personal consumption finance products being the dominant force in the market. The secondary - market trading also showed an upward trend [3][4] Group 4: Issuance Situation - In January 2026, 40 ABN products were issued, with a total issuance scale of 29.43 billion yuan, a 4.01% increase in scale and 1 more in quantity compared to the same period last year. All were privately issued [4][5] - The top five sponsoring institutions in terms of issuance scale were CITIC Trust & Investment Co., Ltd. (4.256 billion yuan, 14.46%), Huaxin Trust Co., Ltd. (3.7 billion yuan, 12.57%), Xiamen International Trust Co., Ltd. (3 billion yuan, 10.19%), Huarong International Trust Co., Ltd. (2.764 billion yuan, 9.39%), and China Foreign Economic and Trade Trust Co., Ltd. (2.23 billion yuan, 7.58%). The top ten sponsoring institutions accounted for 81.65% of the total issuance scale [5] - The underlying asset types included personal consumption finance, micro - loans, accounts receivable, general financial leasing, and auto financial leasing. Personal consumption finance products accounted for 63.98% of the issuance scale [4][7] - The highest single - product issuance scale was 2 billion yuan, and the lowest was 70 million yuan. Products with a single - issuance scale between (5, 10] billion yuan had the largest number and scale, accounting for 69.87% [9] - The shortest product term was 0.48 years, and the longest was 4.99 years. Products with a term between (1, 2] years had the largest number and scale, accounting for 59.84% [10][11] - According to the issuance scale of notes at each level, AAAsf - rated notes accounted for 89.15%, AA + sf - rated notes accounted for 4.71%, A + sf - rated notes accounted for 0.10%, and Asf - rated notes accounted for 0.29% [11] - For one - year - around AAAsf - rated notes, the lowest issuance interest rate was 1.79%, the highest was 1.98%, and the interest - rate center was around 1.84% [4][13] - In January 2026, 12 ABCP products were issued, with a total issuance scale of 8.365 billion yuan, a 9.48% year - on - year decrease, accounting for 28.42% of the ABN issuance scale. Personal consumption finance ABCP accounted for 88.82% of the ABCP issuance scale [17] Group 5: Secondary - Market Trading Situation - In January 2026, there were 554 secondary - market transactions of asset - backed notes, a 7.78% year - on - year increase in the number of transactions, and the transaction amount was 46.585 billion yuan, a 5.12% year - on - year increase [4][18] - The more active underlying asset types in the secondary - market trading were personal consumption finance, accounts receivable, REIT - like products, micro - loans, and auto financial leasing, with transaction - amount proportions of 38.42%, 15.53%, 13.92%, 9.43%, and 4.53% respectively [18]
资产支持票据产品报告(2026年1月):资产支持票据发行规模与上年同期相比小幅增长,个人消费金融类产品为市场发行绝对主力
Zhong Cheng Xin Guo Ji·2026-02-12 11:03