Recently, several consumer loan ABS products from Meituan and JD.COM began to be issued. Consumer financial asset securitization products are expected to pick up after the suspension of new issuance in recent months.

All kinds of products are "new"

In the past two months, Meituan and JD.COM have launched a large number of ABS products for consumer loans.

China Asset Securitization Network (CNABS) shows that the value date of "Admiralty-BBK 11 Asset Support Special Plan" under Meituan is May 17th, the first payment date is June 3th, and the legal maturity date is May 17th, 227. Another product, "Zhao Zheng-Man Mei Business No.222 No.1 Asset Support Special Plan", has the value date of May 11th, the first payment date of June 3th and the legal maturity date of May 26th, 227.

according to the corporate bond project information platform of Shanghai Stock Exchange, the update date of "Zhao Zheng-Man Mei Business Asset Support Special Plan No.1-2, 223" is April 6, 223, the project status is "passed", and the planned issuance amount is RMB 3 billion. In addition, the ABS project status of "Zhao Zheng-Man Mei Commercial No.1-2 Asset Support Special Plan, No.2 in 223" and "Admiralty-Good Life No.1-2 Asset Support Special Plan, 223" is "Feedback", and the update dates are May 25th and May 24th, 223 respectively.

in addition, JD. COM's "JD.COM Baitiao Accounts Receivable Creditor's Rights and Assets Support Special Plan", with an issue amount of 1 billion yuan, the value date is May 24th, and the legal maturity date is May 24th, 224. Another product, "JD. COM 1 Special Plan for Supporting Creditor's Rights and Assets of Accounts Receivable, Phase 6, No.7 Dongdao ",with an issue amount of 1 billion yuan, the value date is May 2, and the legal maturity date is May 2, 224.

It is worth noting that in recent months, only a few Internet platforms have newly released ABS products.

Previously, the Shanghai and Shenzhen Stock Exchanges gave guidance to the Internet platform company window and suspended the new issuance of consumer financial asset securitization products of Internet companies. According to the regulatory requirements, after the stock of ABS products expires, the corresponding quota can be changed, but the new quota will not be released.

from the perspective of sponsors, the issuers of consumer ABS are Internet small loan platforms, licensed consumer finance companies and banks. Among them, the Internet small loan platform is the main issue of consumer loan ABS.

as a non-bank financial institution, the internet small loan platform cannot absorb public deposits, but it can raise funds through bank loans, shareholder loans, bond issuance and asset securitization products (ABS). ABS products can not only reduce the financing cost, but also adjust the capital structure, which is beneficial to realize the strategy of light assets. It is not difficult to see that in the future, the demand for issuing ABS on the Internet small loan platform is still strong.

diversified financing channels

in may last year, ant 18 billion ABS was terminated. Under the background of risk prevention, the supervision of consumer finance business is generally stricter. Coupled with the impact of the epidemic, the number of scene assets available for distribution has decreased. Since the beginning of this year, the issuance of ABS in Internet consumer finance has slowed down.

Internet giants, licensed consumer finance companies, auto finance companies and trust companies have all issued ABS. However, judging from the overall ABS circulation of consumer finance, this year showed a downward trend compared with the previous year. In 221, 132 consumer ABS products were issued, with a total issuance scale of 14.858 billion yuan, down nearly 48% year-on-year.

in addition to the internet platform, consumer finance companies are also under pressure in funding channels this year. In 221, five consumer finance companies, including Gitzo Consumer Finance, Xingye Consumer Finance, Hubei Consumer Finance, Yin Hang Consumer Finance, China Post Consumer Finance and Instant Consumer Finance, issued ABS totaling 13.435 billion yuan. In 22, the total amount of ABS issued by consumer finance companies was 12.365 billion yuan. Only two consumer finance companies have issued nearly 3 billion ABS this year. Compared with before, ABS issuance of consumer financial institutions showed some signs of slowing down.

"It is a precautionary measure to open up diversified financing channels, especially when some financing channels are cold. On the one hand, cold weather is caused by macro-environment, such as policy tightening and epidemic situation. On the other hand, due to the lack of market confidence, we are cautious about the credit risks involved. " Sue said to me.

she pointed out that in the past, ABS, financial bonds, etc. It is a common means of enriching blood in such institutions. Judging from the threshold of application, financial bonds are more difficult than asset securitization business, and fewer institutions will be eligible for issuance. From the perspective of financing cost, the financing cost will be lower than ABS, because there are fewer institutions that can obtain the qualification to issue financial bonds, which is more difficult. Related Q&A: What does financial ABS mean?

it means Asset-BackedSecuritization,ABS), which is a securitization financing method supported by non-residential mortgage assets. It is actually the popularization and emergence of MBS technology in other assets. There are more and more kinds of ABS, which can be subdivided into the following categories: (1) securitization of automobile consumption loans and student loans; (2) Commercial, agricultural and medical real estate mortgage securitization; (3) securitization of credit card receivables; (4) Securitization of trade receivables; (5) Securitization of equipment rental fees; (6) Securitization of infrastructure charges; (7) Securitization of ticket revenue; (8) Securitization of club membership fee income; (9) Securitization of premium income; (1) SME loan-backed securitization; (11) Intellectual property securitization and so on. With the continuous development of asset securitization technology, the scope of securitization assets is expanding. Related questions and answers: What does ABS mean in the financial field?

ABS refers to the securitization financing method supported by the assets of the project. That is, based on the assets owned by the project, with the expected income from the project assets as the guarantee, a project financing method is to raise funds by issuing bonds in the capital market.

give a simple example.

Xiaoming has a neighbor, Lao Wang, who pushes a stall at the gate of the cinema to sell ice cream. With more and more people coming to see movies, Lao Wang's business is getting better and better. At this time, Lao Wang thought, why don't I just buy more ice cream trolleys to expand my business? But Lao Wang turned his head and thought, I don't have that much money. What can I do?

So, Lao Wang wants a bank loan, but Lao Wang's trolley business is only a few dollars, and the bank doesn't lend at all. What should I do at this time?

At this time, Xiao Ming couldn't stand it any longer, so he gave him an idea.

Xiao Ming: "Look, you can earn 5 yuan a day by selling ice cream. I'll lend you 4, yuan. You have to give me all the money you earn every month in the next six months.".

When Lao Wang heard this, it was good. Although it was more profitable than the bank, at least he had the capital, so Lao Wang reached a loan agreement with Xiao Ming.

In fact, Xiao Ming has no money either, but Xiao Ming has thought of a way to raise money. So, Xiao Ming quietly gathered other neighbors and said that there were good projects to make them all rich, and guaranteed to repay their principal and interest every month, but only if they each gave him 5, yuan, and the neighbors heard that they had the opportunity to make a fortune, why not, and 5, yuan was not a big sum. So the neighbors cooperated with Xiao Ming.

this is the ABS model, that is, Xiaoming uses Lao Wang's expected income as a guarantee to raise funds, and Lao Wang's monthly ice cream income is the basic asset.

Of course, there are also cautious neighbors who suspect that Lao Wang Neng can't guarantee their principal and interest every month. At this time, it's time for Lao Wang to make a statement. Lao Wang said, "I will invest 5, myself, and if I lose money, I will pay this 5, to my neighbors first", and immediately signed a letter of guarantee, saying, "As long as I hold the letter of guarantee, I can receive the money transferred by Lao Wang every month on time". At this time, Lao Li, a good friend of Lao Wang, also spoke. Lao Li said, "If I really lose money, I can also help Lao Wang pay back some."

In this case, the neighbors finally believed Lao Wang, and transferred their 5, yuan investment to Xiao Ming in succession, and then Xiao Ming gave it to Lao Wang. After that, Lao Wang will also transfer the income to Xiao Ming every month, and Xiao Ming will transfer it to everyone separately. Of course, Xiao Ming will get a certain amount of money in the middle.

At this time, Lao Wang is willing to give priority compensation to his neighbors with his own investment, which is self-sustaining after inferiority and also a kind of internal credit enhancement; Lao Li, a good friend of Lao Wang, is also willing to bear the liability for compensation with Lao Wang, which belongs to external credit enhancement. Xiaoming's role is investment bank, that is, domestic brokerage, and the guarantee signed by Lao Wang before is ABS asset-backed securities, which is liquid, and this financial derivative can be bought and sold like stocks.

to sum up, it is the definition and popular meaning of ABS in the financial field.

banks, e-commerce platforms, consumer finance companies and lending platforms without consumer finance licenses have set foot in ABS business. So, what problems can consumer finance ABS solve for the original owners?

(1) At present, the consumer finance mode products of commercial banks are mainly credit card installment payment and personal consumption loan

. Therefore, the purpose of issuing consumer finance ABS by commercial banks is to speed up the turnover rate of credit assets, reduce the capital occupation and change the business model.

(2) Consumer finance companies and small loan companies ABS are a supplement to the financing methods of consumer finance companies. Because consumer finance can solve the problem of generally low registered capital through asset securitization, expand the scale of assets and soften the phenomenon of short-term loans and long-term loans in debt structure. In addition, ABS can also be issued to realize the purpose of releasing assets and business lines. However, small loan companies have limited sources of funds, and financing through asset securitization can revitalize existing assets and improve the speed of capital turnover.

(3) Asset securitization is a low-cost financing method for issuers without consumer finance licenses in other consumer finance institutions, and it can be issued several times in a short period of time. At present, in the ABS distribution market of consumer finance, JD Finance and Ant Financial are the most active e-commerce platforms.

asset securitization product concept There are three kinds of asset securitization products in the market: MBS products, CDO products and ABS products.

As the most common form of securitization products in the market at present, the basic assets of ABS products cover a huge range.

Asset-backed securities are issued by trustees and represent the share of trust beneficial rights of special purpose trusts.

the trustee undertakes the obligation to pay the income of asset-backed securities to the investment institution within the limit of the trust property. Its payment basically comes from the cash flow generated by the asset pool supporting securities. The assets under

are usually financial assets, such as loans or credit # receivables, and according to their terms, payment is regular.

the time for paying the principal in asset securitization often depends on the time involved in the recovery of the principal. The inherent unpredictability of the time for recovering the principal and the time for paying the principal related to the corresponding asset-backed securities is a main feature that distinguishes asset-backed securities from other bonds, and it is one of the main fixed-income securities.

there are two types of assets that can be used as collateral for asset-backed securities: existing assets or receivables, and future assets or receivables. The former is called "securitization of existing assets" and the latter is called "securitization of future cash flows"

Except for real estate accidents, other assets can be used as mortgage loans, including accounts receivable or credit card loans.

ABS products are also the asset securitization products mainly studied in this paper.

the core value of ABS products to the original owners

banks, e-commerce platforms, consumer finance companies and lending platforms without consumer finance licenses have set foot in ABS business. So, what problems can consumer finance ABS solve for the original owners?

(1) At present, the consumer finance mode products of commercial banks are mainly credit card installment payment and personal consumption loan

. Therefore, the purpose of issuing consumer finance ABS by commercial banks is to speed up the turnover rate of credit assets, reduce the capital occupation and change the business model.

(2) Consumer finance companies and small loan companies ABS are a supplement to the financing methods of consumer finance companies. Because consumer finance can solve the problem of generally low registered capital through asset securitization, expand the scale of assets and soften the phenomenon of short-term loans and long-term loans in debt structure. In addition, ABS can also be issued to realize the purpose of releasing assets and business lines. However, small loan companies have limited sources of funds, and financing through asset securitization can revitalize existing assets and improve the speed of capital turnover.

(3) Asset securitization is a low-cost financing method for issuers without consumer finance licenses in other consumer finance institutions, and it can be issued several times in a short period of time. At present, in the ABS distribution market of consumer finance, JD Finance and Ant Financial are the most active e-commerce platforms. For example, since 215, ant flower beds and ant borrowing beds owned by Ant Financial have received the issuance quota of 3 billion shelves in the exchange. By the end of March 217, ant flower beds series I * * * had issued 32 orders, with a cumulative issuance scale of 65.78 billion yuan.