银行间市场信用卡分期ABS次级档研究

Group 1: Market Overview - Credit card installment ABS products have seen a total issuance of 46 units, amounting to CNY 394.5 billion from 2016 to 2023[3] - The issuance scale of credit card installment ABS products has significantly declined since 2020, with only 9 units issued totaling CNY 53.5 billion from 2020 to 2023[3] Group 2: Clearing and Settlement - As of the end of 2023, 43 out of 46 credit card installment ABS products have been cleared, resulting in a clearance ratio of 93.48%[10] - Among the cleared products, 40 were settled through repurchase, accounting for 93.02% of the cleared units[33] Group 3: Product Characteristics - The average expected term for the subordinate securities of cleared credit card installment ABS products is 28.16 months, while the average actual term is 15.72 months, indicating a ratio of 0.56[15] - The actual term of subordinate securities is closely related to the weighted average remaining term of the asset pool, especially for non-revolving purchase structures[16] Group 4: Yield and Investment Trends - The yield of subordinate securities is primarily concentrated below 20%, with only 2 products exceeding 30%[39] - The marketization level of credit card installment ABS products is high, with approximately 77% of subordinate securities being placed externally[26]