Internet small loan financing is fierce, ABS has been intensively approved!

Consumer Finance Channel Author: Ziqing

As one of the most important means of replenishing blood for small loans on the Internet, ABS has been in the limelight in recent years, but the approval and disapproval, when, and how much are approved are still in the hands of supervision.

Recently, the Shenzhen Stock Exchange and the Shanghai Stock Exchange have intensively responded to a batch of ABS applications for online small loans, involving more than 60 billion yuan.

Exchanges intensively reply to Internet small loan ABS

Recently, the Shanghai Stock Exchange reported on the "Beijing-TCL Online Loan Phase 1-10 Asset-backed Special Plan", the information shows that the original beneficiary of this ABS is Guangzhou TCL Internet Micro Loan Co., Ltd. (hereinafter referred to as Guangzhou TCL Small Loan).

According to industrial and commercial information, Guangzhou TCL Small Loan is wholly-owned by TCL Financial Services Holdings (Guangzhou) Group Co., Ltd., and TCL Financial Holdings is a subsidiary of TCL.

According to the data, there are currently 3 small loan companies and 1 consumer finance company under TCL. In addition to Guangzhou TCL Small Loan, the other two are Huizhou TCL Small Loan and Tianjin SDIC Binhai Small Loan Co., Ltd. In addition, TCL also holds It has a 10.6383% stake in Hubei Consumer Finance, and is tied for the fourth largest shareholder with Wonder Information Technology Co., Ltd.

It is understood that this is not the first time that Guangzhou TCL Small Loan has issued ABS. In February last year, Guangzhou TCL Small Loan was approved to issue ABS.

The approval published on the official website of the Guangdong Provincial Local Financial Supervision and Administration Bureau shows that Guangzhou TCL Small Loan, as the original owner and asset service institution, is approved to issue asset securitization products in installments on the Shenzhen Stock Exchange in a rack-based manner, with a total scale of no more than 1 billion yuan. .

In March of that year, the Shenzhen Stock Exchange accepted the 1 billion "CICC-TCL Small Loan Phase X Asset-backed Special Plan" from Guangzhou TCL Micro Loan, but the ABS was terminated in September of that year.

In fact, the Shenzhen Stock Exchange and the Shanghai Stock Exchange seem to have loosened the gates for ABS applications for Internet small loans recently, but only for the backlogged ABS projects that have not been issued before, most of the issuers are leading Internet small loan institutions.

On October 14, the official website of the Shanghai Stock Exchange showed that the status of the “Citic Securities Boyuan No. 1 Asset-backed Special Project Phase 1-30” project status was updated to have been reported, and the amount to be found is 3 billion yuan. company.

On October 12, the official website of the Shanghai Stock Exchange showed that the project status of the “CICC-Ctrip Small Loan Nagohua Phase 1-20 Asset-backed Special Plan” was updated to “Feedback”. The proposed issuance amount is 5 billion yuan, and the issuer is Chongqing Ctrip Small Loan Co., Ltd.

On September 30, the official website of the Shenzhen Stock Exchange showed that the project of “CITIC Securities (18.07 +2.03%, diagnostic stocks) - Completed No. 1 Phase 1-20 Asset-backed Special Plan” project has shown the status of “passed”, and the issuer of this project is Chongqing Duo Xiaoman Small Loan Co., Ltd., with an issuance amount of 5 billion yuan.

According to incomplete statistics, since August, there have been 15 small loan ABS under the Internet companies that have updated the progress of the Shenzhen Stock Exchange and the Shanghai Stock Exchange, 4 of which have been approved, 10 have been reported, and 1 has been terminated, involving an amount of over 60 billion yuan.

The best time to replenish blood with small loans this year is coming

Compared with consumer finance companies, the financing channels of Internet small loan institutions are very narrow, and the issuance of ABS is one of their main financing means.

It is worth noting that the threshold for small loan companies to issue ABS is also relatively low. It only needs to be established for 24 months, and maintain at or above A (inclusive) for 2 consecutive years in the annual assessment rating of the Provincial Finance Office. The grades meet certain credit rating criteria.

In terms of the scale of issuance, the scale of small loan bonds shall not exceed the issuer’s net capital after deducting bank financing, corporate shareholder borrowing, and inter-bank lending, that is, the total amount through the aforementioned four financing methods shall not exceed the issuer’s net capital. 100% of the amount.

In addition, according to the "Notice of the General Office of the China Banking and Insurance Regulatory Commission on Strengthening the Supervision and Administration of Small Loan Companies", the balance of funds raised by small loan companies in the form of standardized debt assets such as bonds and asset securitization products shall not exceed 4% of their net assets. times.

Since the first half of this year, Internet small loan companies have increased their registered capital to 5 billion. In addition to complying with the "Interim Measures for the Administration of Internet Small Loan Business (Draft for Comment)", "Consumer Finance Channel" believes that this move is also for the near future. Issue a large-amount ABS project to pave the way.

In August of this year, Shenzhen Zhongrong Small Loan Co., Ltd. (hereinafter referred to as: Zhongrong Small Loan), a subsidiary of ByteDance, issued three phases of ABS products. The proposed issuance amount is 10 billion yuan, and a total of 30 billion yuan has been accepted. In April of this year, Zhongrong Small Loan made a substantial capital increase, with a registered capital of 9 billion yuan. This move can expand its lending scale and increase the development of other financing channels.

In addition, the issuance rate of Internet small loans also has a downward trend. Since the beginning of this year, the priority A-level issuance rate of Internet small loan ABS has fallen below "3". Phase A asset-backed special plan, with a priority A-level issue rate of 2.92%; a priority A-level issue rate of 2.77% for the “China Merchants Asset Management-Meiyue Phase 6 Asset-backed Special Plan” with Meituan Sankuai Microloan as the original stakeholder.

Judging from the market situation, it is also a good time for small loan companies to issue ABS. Regulatory relaxation and policy support for consumer loans combined with lower issuance interest rates are good news for Internet small loan companies that need to supplement their blood.