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ABS发行量创历史新高 消费金融类产品迎来爆发式增长

2017-10-17 16:16  来源:中国证券报

  近年来,我国ABS发行规模不断攀升,发行总额从2013年的279亿元,猛增至2015年的6079亿元,2016年进一步增长至8622亿元。今年以来,ABS发行总额已超过9600亿元,创下历史新高。其中,小额贷款、消费信贷成为ABS业务发展的新风口。业内人士指出,在消费升级大环境下,我国消费金融行业快速发展,作为扩展融资渠道、盘活存量资产的有效工具,消费金融类ABS随之迎来爆发式增长。

  ABS发行量达9601亿元

  据Wind数据统计,截至10月13日,ABS全市场共发行475个项目,发行金额达9601亿元,同比增长71.97%。对比2016年全年共发行499个ABS项目,发行金额合计8622亿元,今年ABS发行量已创下历史新高?;粗と治鍪楹浦赋?,ABS发行规模的快速增长会增加金融市场对实体经济的融资规模,使得现有的信贷和社融数据低估。

  其中,今年以来共发行企业ABS项目362只,发行金额5620亿元,同比增长65.78%;信贷CLO项目92只,发行金额3658亿元,同比增长69.43%;ABN项目21只,发行金额323亿元,同比增长878.79%。银行间市场发行3981.71亿元,机构间市场发行350.26亿元,上海证券交易所发行3944.69亿元,深圳证券交易所发行1050.77亿元,其他流通场所发行274.4亿元。

  有数据显示,信贷CLO的发行项目仍然集中在企业贷款、个人住房抵押贷款和汽车贷款三大基础资产类型上,不良贷款资产证券化类型的项目今年继续保持强劲势头。而在企业ABS发行市场上,小额贷款类型的项目发行异?;鸨?,前三季度一举发行了1712亿元,占总发行额的36%。

  从计划管理人来看,德邦证券以发行72只项目、1898.7亿元的规模排名第一。中信证券、国泰君安资管、华泰证券资管、招商证券资管和平安证券亦突破发行总额200亿元大关。

  在承销商方面,今年以来ABS项目承销商总共有77家,新增中信银行、申万宏源等14家机构,其中包括58家券商和19家银行。承销规模居于首位的是承销金额为1848.7亿元的德邦证券,占市场总份额的22.39%,与中信证券和招商证券一起继续稳坐总榜单前三名的宝座。

  小额贷款、消费信贷发展迅速

  Wind数据显示,截至10月13日,ABS市场现有产品中,信贷CLO中的企业贷款、个人住房抵押贷款,企业ABS中的小额贷款、租赁租金是最主要的四大类资产,发行金额均超过2000亿元,合计发行12537.11亿元,占比55.42%。

  事实上,今年以来,小额贷款成为了ABS项目发行的绝对主力。截至10月13日,小额贷款债权类ABS产品共备案91只,发行规模1965亿元,占发行总规模的比例超过两成。值得一提的是,得益于“蚂蚁花呗”和“借呗”,重庆市蚂蚁商诚小额贷款和重庆市蚂蚁小微小额贷款今年以来共发行68只产品,总规模达1847亿元,占比超93%。

  根据中国资产证券化分析网此前的统计,截至9月26日,今年个人消费类企业ABS累计发行了1713亿元,分别是去年同期的4倍多和去年全年发行量的两倍多,消费信贷ABS迎来了爆发式增长。有分析人士认为,在市场调控的大背景下,资金急于切入“实体经济”,从而选择了“消费金融”这一领域。

  对此,华创证券分析师周冠南认为,在消费持续增长背景下,消费信贷总额呈现不断上升的趋势,消费信贷在金融机构中的重要性逐渐提升,而消费金融资产证券化与行业需求匹配度高,成为助推行业发展的重要工具,消费金融ABS产品也得以快速发展。

  她还指出,目前消费金融ABS的发起人主体类型不断丰富,辨别其业务模式及风控能力也是衡量产品信用风险的重要指标之一。从投资价值角度看,消费金融类ABS产品久期较短,今年以来收益率有所回升,投资价值凸显,可以持续关注。(王蕊)

编辑:钟雅欢

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