Design And Innovation Research Of Expressway Asset Securitization Scheme Based On Double SPV Architecture

According to the National Highway Planning Network(2013-2030)newly adjusted by the Ministry of Transport,the scale of National Highway Network will reach 118,000 km by 2030.In addition,Local Governments will increase the planned mileage of expressways in the province one after another.In the future,the National Highway construction will still maintain a high growth rate.In the face of the highway construction loans,Financial Institutions tend to take group consortium,operation with direct loans,bonds,etc.And these are usually State-owned Banks to implement,not for Joint-stock Commercial Banks generally,even if the market department concerned to strive,finally it is difficult to resolve.However,highway project Asset-Backed-Security is definitely good choice to solve this problem.However,traditional Asset-Backed-Security schemes are faced with the following problems:1.The toll cash flow of Highway in the future cannot cover the construction capital need;2.Bankruptcy cannot isolate completed;3.Investors’ income security is insufficient.It’s not a good solution such problems may not be well solved.The author solved the above problems through the innovative choice of underlying cash flow and the dual "SPV" architecture design scheme,and practiced the feasibility of the scheme through the actual highway Asset-Backed-Security case in Sichuan Tibetan.The project was successfully released in 2017,and the repayment was normal by the time of publication.This paper takes the Asset-Backed-Security of expressway as the research object,and takes the Tibetan Highway Asset-Backed-Security project as an example to analyze.Firstly,this paper briefly introduces the development process of Asset-Backed-Security at home and abroad.Secondly,it introduces the comparative analysis of highway project financing schemes.Thirdly,it introduces the risk analysis and evaluation of highway investment and financing.Then,through the case of highway Asset-Backed-Security in Tibet of Sichuan,it puts forward the innovative design of highway Asset-Backed-Security schemes(double "SPV" structure and innovative bottom cash flow Selection),and rating the Asset-Backed-Security program,and then through comparative analysis of sensitivity testing and pricing analysis to determine the reasonable pricing of the Asset-BackedSecurity product.This paper studies the innovative design scheme,product rating and pricing of Tibetan high-speed Asset-Backed-Security project,which has important theoretical and practical significance for the innovation and development of China’s highway Asset-Backed-Security products.