I. Definition, history and classification of asset securitization
According to a general definition, asset securitization is a form of financing that is based on an asset pool that generates stable cash flow, which can rearrange cash flow and issue tradable securities with different financial attributes. Asset securitization originated in the United States and can be traced back to the Great Depression in the 1920s. The United States carried out the earliest securitization of real estate mortgage loans in history. After 1985, securitization products expanded to categories other than real estate mortgage loans, and continued to enrich and develop, including lease contracts, car loans, credit card claims, and even non-performing loans and subprime loans. Outside the United States, Europe started securitization in 1980, and Japan passed the securitization decree in 1992. They are the world's leading countries and regions in asset securitization. my country's asset securitization started in 2005, and began to carry out small-scale pilots, but the US subprime mortgage crisis that broke out in 2008 made my country's regulators more cautious and stopped the process of asset securitization until 2012. After the resumption of development, there will be more market participants, the market structure will be more diversified, the product design will be more mature, and the market scale will expand rapidly. my country's asset securitization has ushered in a period of great development.
There are various classifications for asset securitization:
According to the classification of the trading market, it can be divided into credit asset securitization, enterprise asset securitization and asset-backed notes.
According to the nature of the underlying assets, it can be divided into real estate securitization, accounts receivable securitization, credit asset securitization, income right securitization, debt portfolio securitization, etc. Asset-backed securities) and MBS (mortgage-backed securities), each of which can be subdivided into sub-categories, such as CDO, CBO, CLO, etc.
According to the financial attributes of securities, they can be divided into debt, equity and hybrid.
According to the different regions of securities issuance, it can be divided into domestic asset securitization and offshore asset securitization.
Compliant asset securitization can bring many benefits to securitization sponsors and investors. For sponsors, new financing channels have been opened up, and the financing ceiling of some financial institutions stipulated by law has been resolved; the securitization of assets with high credit ratings can also reduce the financing cost of sponsors and encourage high-quality Sponsors carry out more loan business; because asset securitization can make assets off the balance sheet and remove some risky assets from the balance sheet, it can reversely increase the company's capital adequacy ratio and improve the company's credit rating; it is common for financial institutions The existing risks of borrowing for a short period of time, lending for a long period of time, and maturity mismatch have a mitigating effect. By securitizing some long-term loans with long periods and weak liquidity, funds can be obtained to pay recent debts, and high-liquidity assets can also be invested to achieve risk reduction. Reasonable allocation, improve the structure of the balance sheet, and improve the safety factor of the company. For investors, the diversity and plasticity of the asset securitization product portfolio can satisfy investors with various risk preferences and maturity requirements, expand the number of people involved in investment, have a higher yield than government bonds, and better help Investors' asset value preservation and appreciation.
2. Overview of my country's asset securitization market
In 2014, my country's asset-backed securities experienced explosive growth, with 326.4 billion yuan issued throughout the year, an increase of more than 10 times compared with 27.17 billion yuan in 2013. Among them, credit asset securitization accounted for 82%, which is the leading variety of asset securitization products. Under the supervision of the central bank and the China Banking Regulatory Commission, the sponsors are mainly financial institutions such as banks; the second is corporate asset securitization, accounting for 12%, which is regulated by the China Securities Regulatory Commission, and the sponsors are non-financial enterprises; the least asset-backed bills, accounting for 6%, are traded between banks The director of the chamber of commerce and the sponsor is also a non-financial enterprise, but compared with corporate asset securitization, there is no real "bankruptcy isolation".
The backing assets that make up these securitizations include personal residential mortgages, commercial real estate mortgages, credit card loans, non-performing loans, auto loans, business loans, accounts receivable, lease rentals, infrastructure charges, ticket sales, and other income rights, among others. . Compared with general corporate bonds, asset securitization has the characteristics of asset transfer and bankruptcy isolation, that is, after these backing assets are sold, they are no longer owned by the securitization sponsor or original owner, and the sponsor cannot be liquidated in case of bankruptcy of the company. other assets, the credit status of the sponsor of the securitization no longer affects the value of the asset-backed securities, the cash flow generated by these assets is used to return the holders of the securities, and there is no debt relationship between the sponsor of the securitization and the securities holders, or other relationships. At the same time, compared with equity financing, the company's shares held by the promoters of asset securitization are not diluted, and the control rights will not be dispersed.
At present, the most important supporting asset for credit asset securitization in my country is corporate loans, and the corresponding securities account for 86.9% of the total credit asset securitization; the most important supporting assets for corporate asset securitization are infrastructure income rights and park ticket revenue. , BT and BOT projects, all of which account for more than 10% of the total enterprise asset securitization.
Article source: http://p2p.hexun.com/2015-05-12/175741420.html