数说者·2025-09-25 23:32Core 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, with a total of 18,529 loans and 8,675 borrowers involved [3][4]. - The total principal amount of the underlying assets was 1.11 billion yuan, with an expected recovery of 237.33 million yuan over 33 months [3][4]. Issuance Details - The securitized product had a total issuance amount of 182 million yuan, with a senior tranche of 142 million yuan at a fixed interest rate of 2.38% [4][5]. - The expected maturity date for the senior tranche is January 26, 2024, with a legal maturity date of April 26, 2028 [5]. Recovery and Issuance Discrepancies - The article questions why only 182 million yuan was issued against a principal of 1.11 billion yuan, highlighting that the loans are non-performing and not all can be recovered [7]. - It also discusses why the expected recovery of 237 million yuan led to an issuance of only 182 million yuan, emphasizing the need to account for costs and investor returns [7]. Investor Interest - Investors are willing to purchase the securitized product because the expected recovery exceeds the amount invested, providing a potential profit margin [8]. Bank's Motivation for Securitization - The bank benefits from reducing its non-performing loan balance and receiving upfront cash from the securitization, which can enhance profits if the loans have been fully provisioned [9]. Critique of Securitization - The article argues that the cash received from securitization may be less than what could be recovered through traditional collection methods, especially when considering the transitional period where funds are not accessible to the bank [11][15]. - It highlights that the supposed time advantage of receiving cash earlier through securitization does not hold up under scrutiny, as the bank cannot freely use funds collected during the transitional period [15][17]. Alternative Solutions - The article suggests that traditional methods like write-offs and collections could effectively replace securitization, as they do not incur the same costs and risks associated with securitization [20][22]. - It emphasizes that banks can still manage their non-performing loans effectively without resorting to securitization, which may lead to negative impacts on profitability and loan classification [24][26].