数说者·2025-09-24 23:50Core Viewpoint - The article argues that securitization is not an effective method for disposing of non-performing loans, despite being a financing tool [2][10]. Summary by Sections Securitization Example - Postal Savings Bank issued a securitized product based on personal credit non-performing consumer loans on October 18, 2022, with the asset pool being finalized on May 18, 2022 [2][4]. - The total amount of non-performing loans included in the securitization was 1.11 billion yuan, with an expected recovery of 237.33 million yuan over 33 months [3][4]. Asset Characteristics - The asset pool consisted of 18,529 loans from 8,675 borrowers, with a total principal amount of 1.11 billion yuan and interest and fees amounting to 90.91 million yuan [3]. - The average outstanding balance per borrower was 138,400 yuan, and the average expected recovery amount was 27,400 yuan [3]. Issuance Details - The securitized product had a total issuance size of 182 million yuan, with 142 million yuan in senior tranches and 40 million yuan in junior tranches [4][5]. - The senior tranche had a fixed interest rate of 2.38% and was rated AAAsf by China Chengxin International [5]. Recovery and Investor Interest - The expected recovery amount of 237.33 million yuan was gross and included costs associated with recovery efforts [7]. - Investors were willing to purchase the securitized product due to the potential for profit, as the expected recovery exceeded the amount invested [8]. Bank's Perspective on Securitization - The bank benefits from securitization by reducing its non-performing loan balance and receiving upfront cash, which can enhance profits if the loans are fully provisioned [9]. - The bank retains the role of loan servicer, allowing it to earn service fees from the recovery process [9]. Critique of Securitization - The article highlights that the cash received from securitization may be less than what could be recovered without it, as evidenced by the actual recovery amounts [11][14]. - The "transition period" during which cash flows are restricted limits the bank's ability to utilize funds effectively [15]. Long-term Implications - Over a longer time frame, the advantages of receiving cash upfront diminish, especially if the bank engages in rolling securitizations [18][19]. - The article argues that traditional methods of write-offs and recoveries could achieve similar results without the drawbacks of securitization [20][26]. Conclusion - Securitization is portrayed as a financing method that may not effectively address the underlying issues of non-performing loans, potentially leading to negative impacts on bank profitability and loan management [26].