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年内ABS发行总额超6700亿元 同比下降63%
Xin Hua Wang· 2025-08-12 06:26
Core Viewpoint - The issuance scale of asset-backed securities (ABS) in China has significantly decreased in 2023 compared to the previous year, primarily due to regulatory tightening, economic uncertainties, and reduced demand from financial institutions [1][2]. Group 1: Market Overview - As of May 30, 2023, the total number of newly issued ABS in China reached 546, with a cumulative issuance scale of 676.74 billion yuan, representing a decrease of approximately 63% compared to the same period last year [1]. - The credit ABS market saw 42 issuances totaling 135.40 billion yuan, down by 260.34 billion yuan year-on-year [1]. - The corporate ABS market had 341 issuances amounting to 323.58 billion yuan, a decline of 202.56 billion yuan from the previous year [1]. - The asset-backed notes (ABN) market recorded 163 issuances totaling 217.76 billion yuan, an increase of 32.48 billion yuan year-on-year [1]. Group 2: Reasons for Decline - Regulatory policies regarding ABS have tightened since last year, leading to a noticeable drop in total issuance [2]. - Overall credit levels in China remain uncertain, which does not support high levels of ABS issuance [2]. - Factors such as the pandemic have resulted in insufficient supply of underlying assets for ABS, while demand from the real economy remains weak [2]. - Banks are maintaining a medium to high leverage level, with some city commercial banks and joint-stock banks continuing to deleverage, reducing their enthusiasm for issuing ABS [2]. Group 3: Product Breakdown - Among credit ABS products, personal auto loans accounted for the largest share, with an issuance scale of 94.16 billion yuan, representing approximately 69.53% of the total [3]. - Housing mortgage loans contributed 24.54 billion yuan, making up about 18.12% of the total issuance [3]. - Small and micro enterprise loans totaled 10.78 billion yuan, accounting for 7.95% of the total [3]. - Personal consumption loans reached 3.31 billion yuan, representing 2.44% of the total [3]. - Non-performing asset restructuring ABS amounted to 2.62 billion yuan, constituting 1.93% of the total [3]. Group 4: Future Outlook - The future issuance scale of ABS is expected to maintain a cautiously optimistic outlook, particularly for ABS related to non-performing asset disposal, influenced by real estate and deleveraging processes in financial institutions [3]. - The growth potential for small and micro enterprise loan ABS is uncertain due to insufficient market demand and the need for further regulatory support [3].
大摩最新测算:到2028年,AI资本支出将推动科技巨头增加1万亿美元债务
Hua Er Jie Jian Wen· 2025-07-21 06:52
Group 1 - Morgan Stanley predicts a financing gap of $1.5 trillion for global data center investments by 2028, requiring approximately $2.9 trillion in total investment [1][2][3] - The capital expenditure driven by AI is expected to significantly impact macroeconomic conditions, contributing up to 40 basis points to U.S. GDP growth between 2025 and 2026 [1] - The annual investment demand for data centers is projected to exceed $900 billion by 2028, highlighting the scale of AI-related investments [2] Group 2 - Spending by hyperscale cloud service providers has surged from approximately $125 billion two years ago to an estimated $200 billion in 2024, with expectations to surpass $300 billion in 2025 [3] - The credit market is anticipated to play a crucial role in filling the financing gap, with both public and private markets becoming increasingly important [4] - The current market environment, characterized by ample credit dry powder and attractive real yields, is favorable for long-term investors such as insurance companies and sovereign wealth funds [4] Group 3 - Specific predictions for major financing channels include $200 billion from unsecured corporate bonds, $150 billion from asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), and approximately $800 billion from private credit markets [5] - Private credit is viewed as a key funding channel due to its adaptability to the complex and globalized financing needs associated with AI infrastructure [6] - Despite the inherent uncertainties in predicting financing channels, the credit market is expected to play an increasingly important role in supporting AI-driven technological expansion [6]
加速“储粮”,海尔消费金融再发10亿元金融债
Bei Jing Shang Bao· 2025-06-16 13:23
Core Viewpoint - Haier Consumer Finance plans to issue its first financial bond of 2025 with a scale of 1 billion RMB, marking another step in its financing efforts for the year [1][9] Financing Activities - The company previously issued 1.5 billion RMB in asset-backed securities (ABS) in March 2025 [1][9] - The financial bond will be issued from June 18 to June 20, 2025, with a three-year term and a minimum subscription amount of 10 million RMB [7][9] - The funds raised will be used to supplement medium to long-term capital and optimize the asset-liability structure [9][10] Company Background - Haier Consumer Finance was established in December 2014 and is the first consumer finance company in China initiated by an industrial group [8] - The company is backed by major shareholders including Haier Group, with a shareholding structure of 49%, 25%, 16%, and 10% respectively [8] Financial Performance - The company reported revenue growth from 1.71 billion RMB in 2022 to 3.17 billion RMB in 2024, with net profits increasing from 274 million RMB to 445 million RMB during the same period [10] - Total assets grew from 21.12 billion RMB in 2022 to 29.35 billion RMB in 2024, with loan balances increasing correspondingly [10] Business Strategy - The main business includes online cash loans and offline installment services, with online loans accounting for 81.90% of the total in 2024 [11] - The company plans to restart its home appliance installment business and enhance collaboration with the parent group [11] Risk Management - The company reported non-performing loan ratios of 2.35%, 2.34%, and 2.15% for the years 2022, 2023, and 2024 respectively [13] - Provision for loan impairment losses increased to 1.61 billion RMB in 2024, reflecting a 20.77% year-on-year growth [13] Market Trends - The issuance of financial bonds has become a common practice among consumer finance companies to strengthen their capital base and reduce financing costs [15] - In 2025, several consumer finance institutions have already issued a total of 10.6 billion RMB in financial bonds [14]