Sea area rental income right ABS
In terms of market dynamics, on June 27, 2024, the second single sea area rental income right ABS in the whole market re-entered the market. The right to lease income in the sea area is one of the innovative asset types of the urban investment platform, which can focus on the business underwriting opportunities of related enterprises.
In terms of issuance, the issuance scale of the whole market in July was relatively stable month-on-month, with 188.470 billion yuan issued in the whole market, a decrease of 0.75% month-on-month, of which credit ABS was disturbed by a low base, and the supply increased sharply month-on-month, while corporate ABS and ABN were affected by the weakening of corporate financing and off-balance sheet demand at the beginning of the third quarter, and the supply declined month-on-month. Among the corporate ABS, the supply of financial leasing ABS, personal consumption finance ABS and factoring financing ABS has shrunk greatly. In ABN, the issuance scale of personal consumption finance ABN and small and micro enterprise loan ABN issued by Internet financial platforms climbed in the first half of the year, tending to be saturated, and the supply contracted in July, and the accounts receivable ABN was affected by the poor prosperity of the infrastructure industry, and the supply contracted, which was in line with expectations. In the future supply side, the scale of new declared projects on the Shanghai and Shenzhen stock exchanges in July increased sharply month-on-month, mainly financial leasing ABS, accounts receivable ABS and supply chain ABS.
In terms of yield, at the level of secondary yield to maturity and spread, affected by the continuous decline in the risk-free interest rate in July, the yield to maturity of ABS continued to decline as a whole, and the trend of yield to maturity spread was differentiated, among which the RMBS spread fluctuated slightly upward, while the 3-year corporate ABS spread fell significantly, indicating that investors gradually extended the duration of corporate ABS in the "asset shortage" environment; At the level of primary issuance interest rate and spread, the interest rate of credit ABS issuance continued to decline slightly in July, and most of the issuance spread was still negative, while the interest rate and spread of corporate ABS issuance remained flat month-on-month, except for the quasi-REITs, the vast majority of corporate ABS issuance spreads were still between 0BP and 100BP, superimposed on its capital occupation advantage, compared with corporate bonds, there is still investment value, and we can focus on the sandwich level securities of personal consumption finance ABS and small and micro loan ABS.
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