A Case Research On The Fourth Credit Asset Securitization Of Industrial Bank In 2015

Credit asset securitization is now more than 40 years old.It originated in the United states..Our country began to carry out the credit asset securitization in 2005.Before 2008,China issued 17 asset securitization products,a total of 66 billion 783 million yuan.In 2008,the subprime mortgage crisis affected our country,our country suspended the credit asset securitization pilot work.With the change of macro environment,China's Government restart the securitization of credit assets in 2012.The third round of credit asset securitization pilot started in 2013,the total size of 400 billion yuan,credit asset securitization developed rapidly.The purpose of this paper is to introduce and analyze the specific products and to explore the existing problems in the development of credit asset securitization.On the basis of literature review,this paper firstly introduces the theoretical basis of credit asset securitization,the motivation and evaluation methods,evaluation methods include evaluation criteria and evaluation indicators,which is used to evaluate the success of the product,this is also one of the innovations of this paper.Then this paper presents the theory of credit asset securitization through the introduction and analysis of the transaction structure,the status of the asset pool,the pricing of the product and the risk and control of the product.Subsequently,this paper analyzes the operation status of the product from the aspects of product operation parameters,product revenue risk and so on.Finally,the paper examines and comments on the operation of the product.Through the introduction and analysis of the case,the paper summarizes the problems existing in the development of the credit asset securitization business in China,and puts forward some suggestions.The author found that the characteristics of this case can be listed as follows.Firstly,the main product design and operation are basically in accordance with the motivation of banks credit asset securitization.Secondly,the product structure design uses hierarchical design.Thirdly,it is the first implementation of market maker trading products in the inter-bank bond market.Finally,it has some measures to avoid the conventional risk.The case of the product is in line with the previous evaluation criteria and indicators,it is basically successful.But there are also some problems,such as the lack of uniform standards for credit rating,weak credit rating,the pool of assets is too concentrated,the phenomenon of prepayment is more serious.In view of the above problems,the author thinks that we can improve the standard of credit rating,introduce external rating,enrich assets into the pool carefully,provide fines to curb the phenomenon of early repayment.