blowout growth of Internet consumer finance, gradually into the winter. An obvious feature, was once hot consumer finance ABS issue, in the second half into silence.
asset backed securities (Asset-Backed Security, referred to as ABS) is based on assets (such as consumer credit) future cash flow as a repayment guarantee, issuing bonds in the market, the fundamental purpose is to obtain financing.
The first half of the
ABS record information combing Chinese securities investment fund industry association can be found, in addition to the Jingdong and white ant flower chanting, to consumer financial assets as a basis for the ABS in October 24th issued a single (Teng Letter No. 1 working loan asset-backed special plan).
a broker information management told the author, the second half of the basic regulatory acceptance and Internet related loan or consumer finance projects, although there is no official documents, but information management and fund brokerage subsidiaries have been expressed, "this kind of asset backed plan not to report, the report is not approved."
from the beginning of 2015, the concept of Internet consumer finance ABS hot issue. Ali, led by Jingdong, pleasant loans, followed by music followed. But after entering the July 2016, the sudden tightening of supervision, some of the exchange has been no objection letter (valid for 6 months) of the project, the second half are not sent out, seeing no objection letter expired.
asset securitization filing system in the end of 2014, but in fact the approval system for the issue of the main restrictions. Consumer finance ABS in the presence of the issue, generally divided into inter-bank market and exchange market. The former must be licensed financial institutions, the CBRC record; the latter, although the conditions are slightly relaxed, but still need to record in the exchange and the fund industry association.
distribution channel is called the venue ABS, corresponding to the OTC ABS chaos, the existence of regulatory arbitrage space. For the Internet consumer finance companies, the venue has gradually closed the door ABS, while the road is difficult to play outside ABS.
consumer finance ABS impulse
consumer finance consumer loans for consumers, Ai Rui consulting is expected in 2019 the market size will reach 41 trillion and 100 billion. Join the fray with consumer finance, bank credit card center, licensed Consumer Finance Companies (North silver, 15 silver), the Internet giant (ALI, Jingdong) and emerging Internet Consumer Finance Companies (fun staging, staging music etc.).
consumer finance is a core competitiveness, the cost of capital for lending. Because they can not absorb deposits from the public, so the consumer financial institutions are trying to find low-cost sources of funding, ABS is one of them.
Jingdong ABS issued ious have low interest rates to below 4%, but the emerging Internet Consumer Finance Companies, previously only.