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China issues US$84m ABS in 1st quarter

(XFN-Asia)
Updated: 2007-04-12 14:50

Asset-backed securities (ABS) issues in China totaled 650 million yuan (US$84 million) in the first quarter, bringing outstanding issues to 47.8 billion yuan, China Securitization said in a study posted on its website.

No comparative figures were provided.

The 650 million yuan came from a single product - a quasi- Real Estate Investment Trust launched by Shenzhen Overseas Chinese Town Holdings Co Ltd.

The bulk of China ABS issues were issued in 2006. At end-2006 outstanding issues amounted to 41.5 billion yuan.

Trading in the secondary markets was thin, with little price fluctuations, the study added.

The study said the sluggishness reflected the government's caution in awaiting the results from the first run of "pilot" ABS issues in 2006, adding that 30 billion yuan worth of new credit assets securitization products from commercial banks are in the pipeline.

The study also said it expects a speeding-up of issuances in the second quarter. Possible products include two quasi-REITs from Tianjin and Jiangsu respectively; a collective asset management scheme by GF Securities; and a special asset management plan for Guangdong Provincial Expressway Development Co Ltd.