This question? Ping An Huitong Provident Fund No.65438 +0 Special Asset Management Plan? Changzhou Provident Fund Center is the original owner, China Merchants Bank Nanjing Branch is the custodian bank, Shanghai Lujiazui International Financial Assets Trading Market Co., Ltd. is the financial consultant, Ping An Dahua Huitong Wealth Management Co., Ltd. is the plan manager and lead underwriter, and Beijing Dacheng Law Firm provides legal services.
Changzhou housing provident fund has a high efficiency in the use of funds, so in order to solve the problem of tight supply of loan funds, relevant parties have come up with a method of asset securitization. At the beginning of this year, Changzhou Provident Fund Management Center began to explore the scheme of direct financing from the capital market by means of asset securitization, and passed the deliberation of the asset securitization scheme by the Municipal Housing Provident Fund Management Committee in June this year.
Changzhou is not the first city in the mainland to operate in this way. Both Wuhan and Yancheng have the operation of securitization of provident fund assets.
At the end of 20 14, Wuhan Housing Provident Fund Management Center cooperated with Shanghai Lujiazui Financial Exchange to package a specific part of the personal housing loan assets of the municipal provident fund by using the trust platform, sell the half-year income right of the asset package at an acceptable price in the market, and issue it to the public in a market-oriented way, successfully raising 355 million yuan. But this kind of operation based on the profit right of selling some assets can only be regarded as? Asset-like securitization? . On June 30 this year, the center passed the issuance? Huifu Wuhan Housing Provident Fund Loan No.65438 +0 Asset Support Special Plan? Public offering financing in Shanghai Stock Exchange is the first practice of asset securitization of provident fund personal housing loan in mainland China.
The special plan takes Wuhan Housing Provident Fund Center as the original owner, Minsheng Bank as the custodian bank and asset service institution, Minsheng Jiayin Asset Management Co., Ltd. as the plan manager, and Oriental Citigroup Securities as the financial consultant and lead underwriter. The issuance scale is 500 million yuan, including 475 million yuan of priority securities and 25 million yuan of subordinated securities. Priority securities will be listed and traded on the Shanghai Stock Exchange.
As far as asset characteristics are concerned, individual housing provident fund loan has the characteristics of stable income, low risk, good credit and small amount dispersion, and is an ideal type of securitization assets; However, the characteristics of long loan term, low loan interest rate and high regional concentration also restrict the practicability of securitization to some extent. This special plan is a clever introduction? Priority/secondary? 、? Overmortgage? Arrangements, thus breaking through the long-standing barriers of personal provident fund loans in securitization practice, priority securities have been rated AAA by rating agencies.
Also based on the shortage of loan funds, Yancheng launched the second attempt of asset securitization. By the end of May, 2065438+2005, the personal loan rate of Yancheng housing provident fund reached 99.4%. At the end of July this year, Yancheng City, Jiangsu Province delivered all the property income rights of some personal housing provident fund entrusted claims to Industrial International Trust. Industrial trust? Guangsha 1 property trust? , to carry out asset securitization business cooperation. The scale of this trust plan is 427 million yuan, of which the priority is 200 million yuan, which is subscribed by China Postal Savings Bank. The financing of 200 million yuan will all be used to solve the housing loan needs of employees who have paid the housing provident fund in our city. This marks the successful issuance of asset-backed securities based on individual housing provident fund loans, the second in China and the first in Jiangsu Province.
Rong 360 believes that in the future, housing provident fund management centers around the country will follow the national policies and the requirements of the Notice of the Ministry of Housing and Urban-Rural Development, the Ministry of Finance and the People's Bank of China on Developing Personal Housing Loan Business of Housing Provident Fund? Asset-like securitization? Or? Asset securitization? Mortgage loan business.