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ABS发行井喷 各路机构纷纷“抢滩”

2017-09-29 07:37:51   

数据显示,截至目前,今年ABS发行总额同比增长70.5%,其中小额贷款ABS发行额增长3.5倍。在承销榜中,拥抱蚂蚁金服的德邦证券以1683.30亿元的承销规模占据首位。业内人士认为,短期利率高企推动了ABS的快速发展,未来发展增速可能有所下降。

ABS发行猛增

近年来资产支持证券(ABS)发行增长迅速。根据数据统计,2014年ABS发行总额首次突破千亿,达到3218.49亿元;2015年发行总额为6079.6亿元,同比增长88.9%;2016年发行总额为8622.95亿元,同比增长41.8%。而截至9月27日,今年ABS项目发行总额为8724.33亿元,比去年同期的5116.59亿元增长70.5%,这已超过去年全年的发行总额。

从ABS的项目基础资产类型看,今年以来小额贷款类ABS发行总额占比最高,为20.1%,数额达1749.08亿元;其次是应收账款类ABS,发行总额为942.56亿元,占比10.8%;企业贷款类ABS发行总额为890.22亿元,占比10.2%。从存量ABS总体看,企业贷款类ABS发行总额最多,达5548.49亿元,占比24.89%;其次是个人住房抵押贷款类ABS,发行总额2609.1亿元,占比11.70%;增长迅猛的小额贷款类ABS发行总额也达到了2236.25亿元,占比10.03%。

值得注意的是,今年小额贷款类ABS发行额同比增长350%,成为增长最快、占比最大的ABS。小额贷款类在2016年、2015年的发行总额分别为681.57亿元和143.44亿元。具体到小额贷款类ABS,支付宝中的借呗、花呗ABS发行额分别为866亿元和765亿元,两者共占据小额贷款类ABS发行额的93.2%。与此同时,基础资产类型为应收账款的京东白条ABS,发行总额也达到80亿元,超过去年全年78亿元的发行总额。相比之下,“小米小贷”、“百度有钱花”的ABS发行总额分别为27亿元和12.56亿元。

今年以来,ABS的发展迅猛还体现在基础资产类型的拓展。例如,8月15日,暴风集团公告称拟发起“东方财富证券—暴风影音VIP会员费信托受益权资产支持专项计划”,通过对VIP会员费的证券化进行融资,发行规模不超过3亿元。业内人士认为,在再融资新规、减持新规等限制下,通过发行ABS进行融资正成为一些上市公司的新选择。此外,自去年底发改委和证监会联合发布推进PPP项目资产证券化相关文件后,今年以来PPP项目的ABS发行总额达到52.79亿元。

德邦证券占据承销榜首

数据显示,截至9月27日,今年以来ABS项目承销商总共有77家,其中包括58家券商和19家银行,共计承销金额7870.82亿元,承销项目530个。具体来看,承销规模居于首位的是德邦证券,承销金额为1683.30亿元,占据市场份额的21.39%,承销项目63个;其次是中信证券,总额达1008.63亿元,占据市场份额的12.81%,承销项目55个;招商证券以959.57亿的承销规模居于第三位,占据市场份额的12.19%,承销项目50个。从数据可以看出,以上三家券商的ABS承销规模合计占市场份额为46.39%,优势极为明显。

数据显示,自2017年以来,德邦证券承销的ABS项目在基础资产类型上以小额贷款为主,承销金额为1592.00亿元,占据德邦承销总金额的94.58%。自从去年8月以德邦证券为管理人的蚂蚁花呗消费信贷ABS项目在上交所挂牌以来,德邦在互联网金融消费贷资产证券化领域的优势一时还难以撼动。数据显示,中信证券承销的ABS项目在基础资产类型上以企业贷款、个人住房抵押贷款、汽车贷款、不动产投资信托REITs为主。而招商证券同期承销的ABS项目在基础资产类型上以个人住房抵押贷款、消费性贷款、汽车贷款和信托受益权为主。

在迅猛发展的背后,是各类金融机构加大对ABS的参与力度。在今年的ABS发行项目中,券商、信托、基金均出现在特殊目的实体(SPV)榜单上。从统计数据看,券商仍然占据SPV的绝对主导地位。除了券商,信托也是SPV的重要主体,而部分基金子公司如嘉实资本管理有限公司等也频频现身。业内认为,在通道业务全面收紧的情况下,发行和管理ABS项目已经成为一些基金子公司拓展业务的新方向。而对于金融机构而言,随着地方融资平台的规范,消费金融正受到热捧,目前消费类ABS优先级收益率基本高于同评级一年期公司债。

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