A Case Study Of Securitization Of Mayijiebei Personal Consumer Loan Assets

The first domestic individual consumer loan ABS is the Ping An Bank No.1 small consumer loan securitisation trust asset-backed securities issued on the Shanghai Stock Exchange on June 23,2014.Since then,the subject of China's personal consumer finance loan asset securitization market has been continuously enriched,and the issuance of products has continued to innovate.With the advancement of science and technology,online consumer loans have boomed and large-scale personal consumer loan receivables have been formed.More and more internet financial platforms have chosen to securitize these receivables to obtain liquidity.The most active e-commerce platform in the consumer finance ABS issuance market is Mayi Financial.Since 2016,the stock exchange has approved a total of 30 billion yuan of storage quotas for its mayi Shangcheng Small Loan.As of the end of November 2017,Mayi's current stock of ABS was RMB 125.2 billion.Internet finance companies have natural advantages in the development of consumer financial asset securitization projects,including certain consumption scenarios and the support of big data.With the development of Internet technology,the development of personal consumer loan business of Internet finance companies has extended from purchasing services to providing credit consumer loans.The registered capital of Internet finance companies is generally low.Whether they can integrate funds in time and ensure the smooth issuance of consumer loans will determine whether Internet finance companies can develop in the long term.In view of the necessity of Internet platform personal consumption loan asset securitization business,mayi borrowed ABS product's successful distribution experience and it was of great significance to other Internet consumer finance companies.Therefore,this paper chooses to conduct an in-depth analysis of mayi borrowing ABS.This article starts with mayi borrowing the asset securitization project to conduct a case analysis,combining case studies,comparative analysis,model analysis,and other research methods,and the basic assets,transaction structure characteristics,and cash flow coverage of mayi borrowing asset securitization projects.A detailed analysis of the yields of related parties was conducted to summarize the successful distribution experience of Mayi' asset securitization project.Mayi are still issuing ABS products,and their potential risks cannot be ignored.Finally,the article combines the latest regulatory regulations,analyzes the operational risks of mayi using ABS projects,and proposes solutions for them in a targeted manner,with a view to providing experience for personal loan products for Internet consumer financial platforms.