ABS Regeneration Pattern Of Enterprises: 1 Trillion And 500 Billion

The filing system will bring about a new change in the pattern of enterprise asset backed securities (ABS), which is almost 5th anniversary.

According to the October 15th announcement of the central bank, since September this year, the ABS of the exchange has been incorporated into the total scale of the scale of corporate finance and has been included in the corporate bonds. This means that the financing impact of ABS is being further emphasized by the regulatory authorities.

In twenty-first Century, the economic statistics reporter Wind statistics found that as of the end of September, the scale of enterprise ABS stock amounted to 1 trillion and 570 billion yuan, accounting for more than half of the total assets of the whole market, including CLO and ABN, and this year, the number of new ABS products has reached 668, and the new scale is close to 700 billion yuan, an increase of over 11% over the same period last year.

In the eyes of the industry, along with the narrowing of the new regulations and standardized assets, the demand for more information management agencies represented by bank financing will be lifted, which will bring new expansion opportunities to the ABS market of enterprises.

The filing system will bring about a new change in the pattern of enterprise asset backed securities (ABS), which is almost 5th anniversary. - Song Wenhui diagram

Three quarter scan

The scale of ABS that integrates social and financial aggregates is growing.

According to the twenty-first Century economic report reporter statistics Wind data, the ABS scale of new enterprises reached 692 billion 123 million yuan in the first three quarters of this year, an increase of 11.11% over the same period last year.

On the basis of asset type, factoring debt based on supply chain financing has become the main force in the supply of ABS products. According to Wind statistics, the number of commercial factoring companies occupies as many as 8 seats in the first ten of the total number of ABS projects. The top four original equity holders are factoring companies from Shenzhen, with a total scale of over 100 billion.

In the first three quarters of this year, the total scale of the newly added enterprises ABS, which can reflect the three categories of factoring securitization accounts receivable, factoring financing and enterprise creditor's rights, amounted to 442 billion 406 million yuan.

On the one hand, factoring and accounts receivable financing are the main suppliers of ABS original rights holders. On the other hand, more and more enterprises have begun to seek factoring financing based on supply chain scenario after restricted financing of traditional banks and information management channels, which has also created conditions for the expansion of such basic assets in ABS. A Beijing stock trading company engaged in trade financing business said.

Another mutual fund platform pointed out that after the strengthening of mutual fund supervision, many factoring companies turned out their channels to move from the mutual gold platform to the regular ABS channels.

"Mutual fund supervision strengthened, the single amount of on-line restrictions, many factoring companies can not do in the mutual gold platform, only to find a relatively high cost, but relatively compliant ABS mode." The above mutual gold platform people said.

Specifically, the market share of ABS business is changing to different management institutions. Wind data show that as at the end of the three quarter of 2019, CITIC Securities is still the number one enterprise ABS project management volume and scale.

Last year, in the number of 3 and 4 of the number of Founder Securities and debbond securities, this year's ABS business has declined, the number of projects fell to tenth and eighteenth of the industry respectively. Correspondingly, the Great Wall securities, CITIC construction and Guotai Junan three brokerages rose from the eighth, tenth and eleventh ranks of the number of projects in 2018 to fourth, fifth and fifth positions in the first three quarters of this year.

It is worth mentioning that, as the southern capital subsidiary, the southern capital of 2019, the ABS project grew faster. The reporter statistics Wind data found that in 2018 the southern capital issued only a single scale of 275 million yuan project, and in the first three quarters of this year, the southern capital issued up to 18 projects, the total scale is as high as 16 billion 331 million yuan.

This blowout development also allowed southern capital to rank among the top ten ABS managers, and also become a subsidiary of first of the number and size of projects.

After the implementation of net capital supervision by fund subsidiary companies, the risk capital coefficient of ABS business is relatively low, and it has become a feasible path for subsidiaries to carry out more asset management scale with less net capital. "Therefore, ABS has also become a new channel for some subsidiaries to transform," said a senior executive of a fund subsidiary in Beijing.

Reporter statistics found that, including the southern capital, a total of Orient wisdom, Ping Huitong three gold base subsidiaries in the first three quarters of 2019 ABS projects broke through the scale of 10 billion, ranking the top 20 in the industry.

Non standard potential business

Standing on the 1 trillion and 500 billion stock basis, enterprise ABS is ushering in a new growth point.

In October 12th, the central bank issued the "standard creditor's assets recognition rules (Draft)", which further tightened the definition of non-standard assets, which is also regarded as the supporting rules for the new regulation of financial management ("guiding opinions on regulating asset management business of financial institutions").

According to the rules, a large number of fake standardized products will be re classified into standardized assets, and the challenge of non standard quota will be re formed to the asset management institutions represented by banks. According to the new regulation of information management, the total amount of investment in non-standard products of the same organization's products should not exceed 35% of the net assets of the whole product.

In the industry view, this initiative or will promote enterprise ABS to become an important way of non-standard transfer. Because ABS is listed on the Shanghai and Shenzhen Stock Exchange and has third party valuation and pricing system, it can be identified as standardized assets.

"The underlying assets of securitisation of credit assets are mainly standardized assets such as credit and credit card staging, so the non-standard assets of banks still need to be listed through ABN of ABS or dealer associations."

However, Wind data statistics found that the number of ABN initiated by the bank as a primitive equity holder is relatively limited. Since the five years of 2014, Minsheng Bank has issued a single enterprise accounts receivable support note as an initiator, and the bank's projects appearing on the list of ABS original rights holders are not rare.

According to the statistics of economic report reporters in twenty-first Century, 30 commercial banks have been the original owners of ABS since the end of 2014, and the largest five banks were Industrial Bank, Heng Feng bank, Shanghai Pudong Development Bank, Xiamen International Bank and Minsheng Bank.

Wind data show that most of the assets transferred are non-standard enterprises' claims in the form of information management plan and trust income rights.

It is worth mentioning that the number of enterprises ABS as the original equity holders has been reduced to a certain extent this year. Data show that this year only Shengjing bank, Jiangsu Jiangnan agricultural firm and Weifang bank have become the original rights holders of ABS.

ABS people pointed out that the current non-standard new regulations issued, leading to the lack of a number of non-standard part of the institutions, will be able to achieve the transfer of ABS business opportunities.

"Helping banks do regular transfer business is likely to become the next growth point for ABS. In this process, capital management agencies may also need to get closer to banks to find opportunities." The fund executives said frankly.