| 作者 |
 证券化系列：国家开发银行吃螃蟹 准备启动“良性资产证券化”（转贴） |
 |
| 所跟贴 |
证券化系列：国家开发银行吃螃蟹 准备启动“良性资产证券化”（转贴） -- 安普若 - (819 Byte) 2004-4-20 周二, 00:17 (2432 reads) |
青青
[博客]
[个人文集]
游客
|
|
|
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Thursday, October 28, 2004
China bank securitises 10b yuan of state assets
ANDREW K. COLLIER in Beijing
China Development Bank is poised to issue the country's largest asset-backed securitisation, according to sources close to the deal.
The policy bank is seeking permission from the People's Bank of China to securitise 10 billion yuan worth of loans extended to some of the largest infrastructure projects.
A senior CDB official said any new debt issued by the bank would not be tied to its non-performing loan portfolio, but rather its better assets.
"If we do a securitisation, we must use good assets," said Liu Yong, a deputy director of the investment department.
The issue is expected to be yuan-denominated and is likely to target domestic investors.
Other groups in the mainland have dabbled in securitisations in the past, including a 2.55 billion yuan issue by China Cinda Asset Management, but CDB's is by far the largest. A securitisation bundles together a group of similar loans into a single security, with investors being guaranteed income from the interest paid on the loans.
Analysts said CDB was a good starting point in China for issuing large securitisations because it provided funding for infrastructure projects that generally produced a steady income stream.
"If you look at their loan portfolio, because they are a policy bank, parts of it are prime candidates for securitisation," said one Beijing expert on securitisations.
Last year, the bank had 1.14 trillion yuan in outstanding loans, a 27.2 per cent increase over 2002. The bank issued 243.7 billion yuan in new loans last year.
Over the years, CDB's loans have included 30 billion yuan for the Three Gorges dam and 640 million yuan to the Liaoning social security fund.
Most of its loans are destined for infrastructure projects in power, road construction, railways, petrochemicals and telecommunications.
According to the bank's website, it provided 65 per cent of domestic bank lending to these sectors.
This makes securitisation of such loans attractive to domestic and, potentially, foreign investors because they are backed by hard assets and have a steady cash flow.
What is not clear, however, is whether the bank is choosing to use a fixed or floating interest rate and what assets will be packaged into the security.
Also, a number of obstacles must be overcome before securitisation in the mainland can take off.
These include the lack of a credit ratings system from agencies such as Moody's Investors Service, unclear title registration for property, and a lack of laws governing the establishment of so-called "special purpose vehicles" that will be responsible for the securities.
The asset management companies are eager to proceed with securitisations because it will help to speed up the sale of non-performing loans.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
| |
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
