【固收】识微知著：ABN产品要点与市场观察——信用债品种研究系列之一（张旭/秦方好）

Group 1 - The core concept of Asset-Backed Notes (ABN) is defined as a securitized financing tool supported by cash flows generated from underlying assets, allowing for liquidity transformation and value realization of less liquid assets [4] - The development of ABN can be categorized into three phases: initial exploration (2012-2015), standardized development and innovation expansion (2016-2022), and high-quality development (2023-present) [5] - In the current market environment, ABN products show a certain yield advantage over ordinary credit bonds, with an approximate 20 basis points (bp) advantage compared to short-term financing bonds [8] Group 2 - The liquidity of ABN is significantly higher than that of corporate asset-backed securities (ABS), but lower than that of short-term financing bonds, medium-term notes, and targeted tools [6] - The average issuance coupon rate of ABN products is generally lower than that of corporate ABS and credit ABS, while showing a positive yield spread compared to medium-term notes and corporate bonds in certain maturity ranges [6] - The holder structure of ABN products is primarily dominated by non-legal entity products and deposit-type financial institutions [7]