ABS Produet Design Of National Student Loan

Based on the theory of asset securitization,this paper tries to solve the existing problems of student loan,explains the problems in the development of student loan in our country,and brings out the most effective financial instrument to solve the problem of fund since 1990 s,asset securitization.The original intention of this product is to serve the demand of university education financial market,to meet the increasing demand of national education investment,and to make the government student loan policy keep up with the trend of marketization and realize the virtuous circle of loan.This product is a combination of a single trust plan asset-backed securities program.SPV and underwriters use their strong marketing capabilities to sell a single trust on state student loans to investors,investors sign trust contracts with trust companies,and CDB uses trust as a platform for issuing state student loans after the trust plan is established.The loan is sold to the SPV,which is managed by the SPV and finally distributed to the principal by the relevant service agency according to the regulations.The policy and public welfare of the state student loan determine that the issuing interest rate of its asset securitization products will not be too high,but its public welfare attribute is also the charm of the product.The product market is located in large enterprises,institutions and high net worth people,this special group in the pursuit of wealth,but also a certain sense of social mission,the pursuit of social value,the state student loan ABS is a product with certain economic benefits and a certain public interest attribute.Relatively low market interest rates will not affect the issue competitiveness of the product in the established market.With the development of the asset securitization market,it is imperative to bring the national student loan into the securitization market.It is of great significance to design an ABS product in the field of education in accordance with the national conditions of our country,based on the basis of international perspective comparison and drawing on the experience of student loan securitization in developed countries.This paper expounds the design from four aspects of transaction structure,asset pool design,credit enhancement and product pricing,in order to provide reference for interested financial institution workers,hoping to make the product design more feasible and realistic and realize the product landing.