A Case Analysis On The Asset Securitization Of Nanjing Public Holdings Of Urban Water Utilities Usufruct

In recent years, with the development of urbanization and industrialization, the problem of urban sewage treatment is increasingly serious. It is necessary to improve the urban water system and improve the urban water environment, but the construction of water facilities needs huge capital investment. The traditional financing methods have been difficult to meet the needs of current urban water affairs construction in our country.Today, China has begun to use adopt asset securitization to meet the needs of water industry construction, but in the end how to design the water facilities asset securitization products,what aspects need to be pay attention to and be improved. These are also worthy of deeply thinking. So this paper selects the typical case of water facilities securitization-- "Nanjing public holding sewage treatment fee income rights special asset management plan", from the perspective of product design, through the use of case analysis and comparative analysis, the case of the structure of asset pool, product size and structure, participation, trading structure,credit enhancement and credit rating, product value evaluation and other six aspects of in-depth analysis. The study found that the case has a correlation between the income of each period, the problem of high coupon rate and fixed, the lack of product liquidity and the legal significance of the bankruptcy and other issues.Finally, according to the problems reflected in the case, this paper puts forward the solutions to the problems of the basic assets, the introduction of a number of credit rating agencies, the implementation of floating coupon rate design, etc. At the same time, in order to realize the true meaning of "true sale" and "bankruptcy isolation ",and perfect the asset securitization trading market, I put forward my own opinion.