In the first half of 2024, 813 new projects were issued in the ABS market, with an issuance scale of RMB767 billion, a decrease of 11% from the same period last year.
Credit ABS issued 86 new projects with a total issuance value of $124.3 billion, a decrease of 19% from the same period last year. From the perspective of underlying assets, personal auto loans were issued the most, with 13 issuances, totaling 56.4 billion yuan; Micro and micro enterprise loans were the second, with 6 issuances totaling 32.6 billion yuan. 512 corporate ABS were issued, with a total issuance value of RMB445 billion, a decrease of 18% year-on-year. Among them, the largest issuance scale is financial leasing debt, which issued 112 projects totaling 118.3 billion yuan; The accounts receivable of enterprises followed with 63 projects issued, totaling 65.6 billion yuan. A total of 206 ABNs were issued, amounting to $174 billion, representing a year-on-year increase of 21%. Among them, 56 projects were issued by enterprises with accounts receivable, totaling 47.5 billion yuan; Bank/Internet consumer loans followed with 53 issuances, totaling 38.9 billion yuan.
Primary market issuance statistics
1.1 The cumulative stock scale of the ABS market
As of June 28, 2024, the cumulative stock size of the ABS market was approximately RMB3,086.1 billion. Among them, the stock of credit ABS was 573.3 billion yuan, the stock of enterprise ABS was 1,890.5 billion yuan, the stock of ABN was 495.1 billion yuan, and the stock of public REITs was 127.1 billion yuan.
1.2 Statistics on the scale of new issuance in the market
In the first half of 2024, 813 new issuances were issued in the ABS market, with an issuance scale of RMB767.0 billion, a decrease of 11% from RMB862.9 billion last year.
Credit ABS
Among them, 86 new credit ABS projects were issued, with a total issuance value of RMB124.3 billion, a decrease of 19% from the same period last year. From the perspective of underlying assets, personal auto loans were issued the most, with 13 issuances, totaling 56.4 billion yuan; Micro and micro enterprise loans were the second, with 6 issuances totaling 32.6 billion yuan.
Corporate ABS
512 corporate ABS were issued, with a total issuance value of RMB445 billion, a decrease of 18% year-on-year. Among them, the largest issuance scale is financial leasing debt, which issued 112 projects totaling 118.3 billion yuan; The accounts receivable of enterprises followed with 63 projects issued, totaling 65.6 billion yuan.
ABN
A total of 206 ABNs were issued, amounting to $174 billion, representing a year-on-year increase of 21%. Among them, 56 projects were issued by enterprises with accounts receivable, totaling 47.5 billion yuan; Bank/Internet consumer loans followed with 53 issuances, totaling 38.9 billion yuan.
List of underwriting scale in the first half of 2024
Note: 1. All rankings do not include REITs2 and ABS secondary projects, including underwriting statistics and the scale of plan managers and issuers
2.1 List of underwriting scale in the whole market
In the first half of 2024, CITIC Securities underwrote a total of 142 projects with a total underwriting amount of 86.44 billion yuan, ranking first, Ping An Securities underwrote 107 projects with a total underwriting amount of 62.29 billion yuan, ranking second, and China Merchants Securities underwrote 132 projects with a total underwriting amount of 54.61 billion yuan, ranking third.
2.2 List of underwriting scale in market segments
List of underwriting scale in the credit ABS market
China Merchants Securities topped the list of credit ABS underwriting scale, with a total of 44 projects underwritten with a total underwriting amount of 20.01 billion yuan in the first half of 2024, while CITIC Securities underwrote 28 projects with a total underwriting amount of 14.38 billion yuan, ranking second.
List of underwriting scale in the ABS market of enterprises
In the first half of 2024, CITIC Securities topped the list of ABS underwriting scale, with a total underwriting amount of 68.23 billion yuan, while Ping An Securities underwrote 90 projects with a total underwriting amount of 58.39 billion yuan, ranking second.
2.3 points on the list of underwriting scale of underlying assets
In the first half of the year, the top three basic assets in terms of issuance scale were: financial leasing, accounts receivable, and banking/interconnection
In the category of online consumer loans, Wind conducts statistics on underwriting institutions in these three categories.
List of financial leasing ABS underwriting scale
Ping An Securities underwrote 22.68 billion yuan, leading the financial leasing ABS underwriting list, Guotai Junan underwrote 14.09 billion yuan, jumping to the second, and CITIC Securities ranked third with 12.61 billion yuan.
List of ABS underwriting scale of enterprise accounts receivable
Ping An Securities underwrote 15.44 billion yuan, ranking first, while CITIC Securities and China Securities Construction Investment ranked second and third.
List of ABS underwriting scale of bank/Internet consumer loans
CITIC Securities underwrote 13.28 billion yuan, ranking first, while CICC and Huatai Securities ranked second and third.
2.4 List of initiators in the credit ABS market
List of initiators in the credit ABS market
China Construction Bank topped the list of initiators in the credit ABS market with an underwriting scale of 31.11 billion yuan, while BYD Auto Finance and Binyin Auto Finance ranked second and third with 12.50 billion yuan and 11.67 billion yuan respectively.
List of issuers in the credit ABS market
CCB Trust issued 17 projects, with an issuance amount of 46.98 billion yuan, ranking first on the list, while Foreign Economic and Trade Trust and Shanghai International Trust ranked second and third on the list with 26.66 billion yuan and 13.34 billion yuan respectively.
2.5 Enterprise ABS Market Institutional Issuance Scale List
List of original equity holders in the enterprise ABS market
Xiamen International Trust topped the list with 24.00 billion yuan, and Foreign Economic and Trade Trust ranked second with 19.58 billion yuan.
List of enterprise ABS market plan managers
CITIC Securities ranked first with the issuance of 67 projects with a scale of 77.13 billion; Ping An Securities and Huatai Shanghai Asset Management ranked second and third with 50.83 billion yuan and 42.43 billion yuan respectively.
2.6 ABN Market Institutional Issuance Scale List
List of ABN market initiators
JD Trade topped the list with 16.00 billion yuan, and Shanghai International Trust ranked second with 14.60 billion yuan.
List of issuers in the ABN market
AVIC Trust ranked first with 26.89 billion yuan, followed by Braim Trust (21.59 billion yuan) and SDIC Taikang Trust (17.57 billion yuan).
2.7 List of institutional issuance scale in the public REITs market
Public REITs need to use ABS as a channel, and plan managers play a vital role in the issuance process of public REITs. At present, from the perspective of ABS, the ranking of original owners and plan managers is as follows:
List of the original equity holders of public REITs
China Resources Commercial Assets Holdings ranked first with 6.90 billion yuan, Hebei Expressway Group ranked second with 5.70 billion yuan, and SCPG Commercial Real Estate ranked third with 3.26 billion yuan.
List of public REITs plan managers
CITIC Securities ranked first with 10.63 billion yuan, ICBC Credit Suisse ranked second with 5.70 billion yuan, and CICC ranked third with 3.26 billion yuan.
ABS (Asset-Backed Securities)
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