ABS’s annual scale is expected to be 400 billion，Completed the first filing-based financial lease

ABS’s annual scale is expected to be 400 billion，Completed the first filing-based financial lease:2025July 8，"Zhaojin 2025 First Phase Lease Asset-Backed Securities" was issued in the interbank market。Shown in the collection instructions，The sponsor of the product is CMB Financial Leasing Co., Ltd., a subsidiary of China Merchants Bank(Hereinafter referred to as "CMB Financial Leasing")，The trustee organization is Shanghai Trust Trust，The lead underwriter is China Merchants Securities。

The total distribution plan of this product

1. 61billion，Divided into priority A-1 level、Priority A-2 level、There are four levels in total: priority B level and secondary level.。Bidding results appear，After deducting the retained portion，The total bid amount is
2. 98billion，respectively：Priority A-1 level
3. 28billion、Priority A-2 level
4. 11billion、Limited B Category
5. 44billion，and sub tranches
6. 15billion。

Since November last year, the China Banking Regulatory Commission has securitized credit assets.(Hereinafter referred to as "Credit ABS")After the business was changed to the filing system，The first credit ABS product was issued by CMB Financial Leasing Co., Ltd.(Hereinafter referred to as "CMB Financial Leasing")come out on top。78th of the month，"Zhaojin 2025 First Phase Lease Asset-Backed Securities" was issued in the interbank market。

Prospectus display，The product sponsor is CMB Financial Leasing Co., Ltd., a subsidiary of China Merchants Bank(Hereinafter referred to as "CMB Financial Leasing")，The trustee is Shanghai Trust，The lead underwriter is China Merchants Securities。The total issuance scale of this product is 1.261 billion yuan，Divided into priority A-1 level、Priority A-2 level、There are four levels in total: priority B level and secondary level.。

Bidding results display，After deducting the retained portion，The total amount of the tender is

1. 98billion，respectively：Priority A-1 level
2. 28billion、Priority A-2 level
3. 11billion、Limited B Category
4. 44billion，and sub tranches
5. 15billion。

A person close to the transaction said，This product has been very popular，Preferred A-1 tranche securities were oversubscribed by 6 times，The issuance interest rate is 3%，This is the lowest price for this type of product since the asset securitization pilot program was restarted in 2012.。Priority A-2 level、The over-subscription multiples of the preferred Class B securities are respectively

1. 45times and 2 times，The issuance interest rates are respectively
2. 55%and 5%。

“June-July is a better release window.，Several recently released products，The priority A-1 rate has dropped to around 3.5%，Mainly due to the current relatively loose liquidity，and regulatory support for asset securitization business。"A person in the asset securitization business of a rating agency in Beijing told reporters。VAT "clamps" de facto，Financial leasing asset securitization business accounts for a small proportion of the existing credit ABS scale。

"China Asset Securitization Analysis" website shows，Up to now，There are only five financial leasing ABS products，The total scale is 4.99 billion yuan，The total amount of credit ABS products in the inter-bank market has already exceeded 300 billion yuan.。The main obstacles to securitization of leasing business assets，or under the current tax structure。At present, most leasing companies no longer pay business tax，Instead, value-added tax。

March this year，The "Proposal on Improving Tax-related Issues in my country's Financial Leasing Asset Securitization Business" submitted by former China Merchants Bank President Ma Weihua stated that，Subject to tax issues，At present, the asset securitization business reported and prepared to be reported by financial leasing companies is limited to business tax items.。

The reason is：Although the financial leasing industry has implemented the “business tax to value-added tax” reform in 2012,，But as a potential investor in asset securitization business，bank、Other financial industries such as trusts have not yet implemented the “business tax to value-added tax” reform.，Leading to the break of the value-added tax deduction chain。

From a tax perspective，Once the transfer of claims triggered by asset securitization constitutes the off-balance sheet of leased assets，The claims under the lease contract and almost all risks and rewards are transferred to the investors of the securitized assets.，The financial leasing company's own balance sheet will no longer include corresponding claims.。“If assets are taken off the balance sheet,，The leasing company will no longer be able to issue special VAT invoices to the lessee.，This is unacceptable to the lessee。

"A broker familiar with the financial leasing business told reporters，Because leasing companies generally have high debt ratios，The removal of underlying assets from the balance sheet is the main motivation for doing asset securitization business.，“Finance with VAT paid

cost

It should be deducted as input tax。""but，Currently, policies across regions are not unified on this issue.。

Many regions allow leasing companies to deduct VAT on bank loan interest.，Interest on other forms of financing is not deductible；certainly，There are also some areas that do not allow any financial

cost

Deduct VAT。"The person said。limited by this，The projects currently used for asset securitization are only business tax projects，The range of basic assets that can be added to the pool is limited。As for the follow-up momentum of such products?，It may be necessary after the end of the “business tax to value-added tax” reform in the financial industry at the end of this year，Only then can we know。

The annual issuance scale may reach 400 billion, although the issuance momentum of financial leasing ABS products remains to be seen.，The interbank market is already on the road to speeding up。Wind data display，January to June this year，A total of 32 issues of asset-backed securities were issued in the inter-bank market，The total scale is approximately 113 billion yuan，An increase of 35% over the same period last year。despite this，This figure is still far behind the market’s expected annual issuance scale of 500 billion to 600 billion yuan at the end of last year.。

previously，Several people in charge of credit ABS products told reporters，Subject to central bank registration system、The impact of the transformation of the China Banking Regulatory Commission’s filing system，Issuance was slower in the first half of the year。However, with the gradual implementation of institutional reforms,，Product releases will accelerate in the second half of the year，The previously expected issuance scale may be expected to reach。“The implementation of the registration system allows sponsors to register once、Issued in batches，Greatly shortened issuance preparation time and process。

at the same time，The continued loose market environment in the second half of the year also provides issuers with issuance motivation.。"A brokerage firm in Beijing told reporters，At present, many automobile finance companies and banks have completed the registration process for mortgage-backed securitization.，In the second half of the year, more institutions are expected to register and issue。

The official website of the central bank shows，SAIC-GM、BMW、Three Volkswagen Auto Finance Companies，And China Merchants Bank has obtained the registration quota for automobile mortgage loan ABS products.，The total scale is 64 billion yuan；China Construction Bank and China Minsheng Banking Corporation have obtained a total registration quota of 60 billion yuan for individual housing mortgage asset-backed securities.。Despite the registration-based escort，but it doesn't mean，Issuance of credit ABS，It will be smooth sailing。

China Merchants Securities Research Report stated，On the supply side，The current supervision of banks’ assets in pools

Require

very high，The project cycle is very long，And the current downward pressure on the economy is relatively large，CLO issuance costs remain high，Banks lack motivation to issue balance sheets。at the same time，Due to the existence of various shadow banks，Banks also have off-balance sheet channels for financing new projects.。The demand side is mainly affected by the lack of liquidity.，The spread between asset-backed securities and short- and medium-term financing bills is limited，Factors such as the relatively single main body of investors。

Judgment based on multiple factors，China Merchants Securities estimates，The issuance scale of credit ABS this year is approximately 400 billion yuan.。“At a time when banks’ non-performing ratios are under pressure,，To light the fire for the credit ABS market，It may be necessary to restart the securitization business of non-performing assets。"The aforementioned Beijing brokerage firm said。For details, please consult Shenzhen Hong Kong Xintong-。

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