Can private equity fund be the manager of asset securitization products? There are no special regulations for the products and projects sold after the approval of the manager, but it is possible as soon as possible, and it is not necessary to wait until the policy changes.
Why is the management mode of asset securitization private placement? Because there is no platform for free circulation, the amount involved will be large and the risk will be high. Most people can't afford it, so they decided to go private.
How to design the classification of asset securitization products? 1, which is divided into grades and files. Grades correspond to assets with different properties, and files are subdivisions of all levels.
1. If you see the division of priority 1, priority 2 and priority 3, they can usually be collectively called priority order, which generally corresponds to cash flow;
2. If we see the division of priority A, priority B and secondary, priority A is usually the priority mentioned above, but it is not refined, and priority B does not correspond to cash flow, but to rights and interests like C, so this "priority B" is very confusing. Generally, we call it mezzanine or general grade A. It can be called "priority" because its liquidation order is before the secondary;
3. But it depends on the product description. At present, there is no uniform standard for the designation of archives at all levels.
Corporate asset securitization
The classification of products is
How is it designed? Yes
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Why CLO is the most effective asset securitization product in the United States? Asset securitization is a financing form of issuing tradable securities with the support of specific asset portfolio or specific cash flow. Asset securitization only refers to asset securitization in a narrow sense. Since 1970, the National Mortgage Association issued mortgage-backed securities based on mortgage portfolio for the first time and completed the first asset securitization transaction, asset securitization has gradually become a widely used financial innovation tool and developed rapidly. On this basis, products such as risk securitization are now derived.
What are the asset securitization products of domestic ticket revenue? Hello, not yet.
Domestic ABS business is in its infancy, and the risk control of the contractor is very strict.
In the future, the cash flow of ticket income is unstable and the data is difficult to predict, so it is difficult to make this ABS product.
Which bank is the earliest public offering institution of credit asset securitization in China? Securitization of credit assets is a process of converting originally non-circulating financial assets into negotiable capital market securities.
There are many forms and types, among which mortgage-backed security is the most common form of securitization. Refers to the reorganization of illiquid credit assets (such as bank loans, enterprise accounts receivable, etc.) with future cash flows. ) form an asset pool and issue securities on this basis.
From a legal point of view, private placement involves six major areas, namely, equity relationship, creditor's rights relationship, trust relationship, capital relationship, entrustment relationship and partnership relationship. Convertible bonds mainly involve the relationship between equity and creditor's rights. Based on these two relationships, the same legal space can also be extended to the conversion of shares into bonds.
At present, China's financial laws do not allow direct loans between enterprises, and loans between enterprises must be authorized by a third party. In order to obtain legal recognition, private convertible bonds must first solve the legal status of direct lending between companies, because the latter directly defines the legality of issuing bonds to enterprises. "
At present, there are clear legal provisions on the bonds and equity of private convertible bonds. In terms of bonds, the Corporate Bonds Ordinance, the Contract Law and the Trust Law all have provisions, and in terms of equity, the Company Law also has relevant provisions. However, the conversion between equity and bonds is not clearly defined by law. According to international practice, what is prohibited by law but not clearly stipulated is allowed, and vice versa. Therefore, in principle, there is no legal obstacle to the non-public issuance of convertible bonds by SMEs. The blank of the existing law is that there is no clear guidance for non-public bonds, but this does not constitute an obstacle to private innovation.
According to China's current laws, there is no legislation specifically for convertible bonds of unlisted companies. At present, corporate bonds are mainly regulated by the Company Law, the Securities Law and the Measures for the Administration of Securities Issuance of Listed Companies of the CSRC.
In particular, Articles 162 and 163 of Chapter VII of the Company Law stipulate the specific requirements and implementation methods for listed companies to issue convertible bonds. Article 155 stipulates the "examination and approval" of issuing bonds, and the examination and approval of issuing bonds is a necessary procedure for public offering. This law can be interpreted as not applicable to non-public issuance of bonds. Articles 156 to 16 1 of the Company Law stipulate some miscellaneous matters concerning the issuance of bonds by companies, which can be used for non-public issuance of bonds without conflict.
For the future prospect of private convertible bonds, experts believe that private convertible bonds are like a bridge between equity and creditor's rights. If we can get the guidance and support of relevant policies, then the advantages will definitely outweigh the disadvantages. However, the whole legislative process should conform to the overall pace of national financial development.