Author | Mayor
Source | East Second District
Guide: Immediately the first phase of ABS for consumer finance 2020 is coming, with an issuance scale of 1.7 billion yuan and a mortgage of 1.8 billion yuan
On April 7, the information disclosed by the China Bond Information Network showed that the "Any spend 2020 first phase of personal consumer loan asset-backed securities" initiated by Immediate Consumer Finance will be issued on April 17, and China Foreign Trade Trust acts as the trustee, Release carrier.
It is understood that this is also the second ABS (asset-backed securities) product plan issued since the establishment of consumer finance. In March of this year, Consumer Finance said that it planned to issue the first phase of personal consumption loan ABS in 2020 and is currently in the process of approval.
1.7 million loans
In layman's terms, ABS issuance refers to a project financing method in which companies use the assets owned by the project as the guarantee and the expected return of the project assets to raise funds by issuing bonds in the capital market. In recent years, the issuance of consumer finance ABS products has continued to rise.
According to the introduction, the scale of ABS products issued by Consumer Finance immediately is 1.705 billion yuan. Among them, the priority A and priority B issuance scales were 1.268 billion yuan and 128 million yuan, accounting for 70.24% and 7.51%, respectively; the secondary scale was 309 million yuan, which was self-held by immediate consumer finance.
It is understood that in the scale of 1.705 billion yuan of ABS product issuance, consumer finance immediately over-collateralized 100 million yuan, a total of 1.805 billion yuan. ChinaBond Credit believes that excess mortgage provides certain support for the normal repayment of principal and interest of securities.
At the same time, China Bond Credit also stated that Immediate Consumer Finance was established in June 2015 and has a relatively short operating time. In recent years, the scale of business has grown rapidly. The peak of business defaults may not have been fully exposed. Waiting for further observation.
In terms of asset characteristics, the current ABS product pooling assets of consumer finance are all commodity instalments, involving 1.671 million borrowers borrowed from the originator by 1.671 million borrowers. The average contract value of a single loan is 1400 yuan, and the maximum principal of a single loan It is 100,000 yuan, the average loan contract period is 659 days, and the total outstanding amount is 1.805 billion yuan.
Calculated by the number of loans, as of the initial calculation date, the historical overdue rate of the asset-backed securities of the current consumption financial asset pool is 2.76%. However, the overdue days are all within 30 days. The proportion of the history with the largest number of overdue days being 0 is 97.24%, followed by 10-15 days, which is 1.22%.
The issuance statement shows that the distribution area of ABS basic asset borrowers in the current consumer finance period is relatively scattered, and the areas where the borrowers of the initial pool assets belong are distributed in 31 provinces, municipalities and autonomous regions. Among them, the top two regions are Hunan Province and Sichuan Province, and the proportion of the pooled amount is 14.23% and 12.29% respectively; the remaining asset pools of the remaining cities account for less than 8%.
This also means that although born in Chongqing, the main borrowers of consumer finance are not based locally or from first-tier cities such as Beishangguang, but in Sichuan and Hunan provinces located next door. Ranked third to fifth are Yunnan, Guizhou, and Jiangsu provinces, while Beijing, Shanghai, and other regions account for less than 1% of loans.
The first ABS has been repurchased
According to previous understandings, there are three main types of products for immediate consumer finance, one is cash instalment (consumer loan)-immediate loan, and the second is commodity instalment: three is immediate instalment-An Yihua, and the immediate wallet only for users in Chongqing area. .
As of the end of September 2019, the average single loan of consumer finance immediately was about 2,700 yuan, and the cumulative loans issued exceeded 200 billion yuan.
Data show that as of the end of 2016-2018 and the end of September 2019, the balance of loans for immediate consumer finance was 7.06 billion yuan, 31.564 billion yuan, 38.953 billion yuan, and 56.541 billion yuan, respectively. As of the end of September 2019, there were about 90 million registered users of consumer finance immediately, with total assets of 60.318 billion yuan and total liabilities of 54.029 billion yuan.
As the fourth largest shareholder of Immediate Consumer Finance, Bank of Chongqing disclosed the performance of Immediate Consumer Finance in its 2019 annual report. In 2019, consumer finance immediately achieved operating revenue of 8.99 billion yuan, an increase of 9.22% from 8.239 billion yuan in 2018; net profit was 853 million yuan, an increase of 6.49% from 2018's 801 million yuan. As of the end of 2019, the immediate consumption financial assets were 54.815 billion yuan and the total liabilities were 48.375 billion yuan.
East 2nd District learned that on May 16, 2019, the China Banking and Insurance Regulatory Commission issued an "Approval on the Qualification of Immediate Consumer Finance Co., Ltd. to Start Asset Securitization Business", approving the qualification of Immediate Consumer Finance to start asset securitization (ABS).
On November 28, 2019, consumer finance immediately issued ABS products with a total scale of 2.09 billion yuan, and the trustee and issuing carrier were SDIC Taikang Trust. Immediately, consumer finance said that the issuance of ABS opened its new funding channel and will "promote the normalization of ABS issuance" in the future.
On February 24 this year, the SDIC Taikang Trust released the "Announcement on Anyihua's 2019 First Phase Personal Consumer Loan Asset-backed Securities Clearance Repurchase", showing that consumer financial products will exceed 2 billion ABS in the first phase of 2019. The priority product in has been redeemed on February 3, 2020.
It is understood that Immediate Consumer Finance also issued a "Clearance Repurchase Notice" to SDIC Taikang Trust on February 13 to initiate the clearance repurchase. The "Clearance Repurchase Offer Notice" issued by Consumer Finance immediately on February 17 showed that the clearance repurchase price was 335 million yuan, and the clearance repurchase was completed on March 13.
According to Zero One Finance statistics, China's consumer finance ABS issued a total of 102 products in 2019, with an issuance scale of 302.567 billion yuan. Among them, a total of 5 licensed consumer finance companies participated, and a total of 18.544 billion yuan was issued.
As of the end of 2019, a total of 9 consumer finance companies were approved for credit asset securitization business, and 7 successfully issued ABS. According to the East 2nd District, these 7 are Gitzo Consumer Finance, Immediate Consumer Finance, Jincheng Consumer Finance, Suning Consumer Finance, Societe Generale Consumer Finance, Hubei Consumer Finance and BOC Consumer Finance.
In addition to consumer finance companies, fintech companies such as 360 Finance, Duxiaoman Finance, and JD Finance are also seeking ABS issuance for financing. Among them, 360 Finance listed 500 million yuan in consumer finance ABS on the Shenzhen Stock Exchange; Du Xiaoman Finance also received approval from the Shenzhen Stock Exchange for a total of 8 billion yuan in consumer finance ABS products.
