Study On The Risk Of Green Asset Securitization Of 19 Guangzhou Metro Green ABN

Developing green finance is an important part of implementing the concept of green development.In particular,the recently proposed "double reduction" policy has put forward higher concerns and requirements for the development of green economy.As a representative of the rail transit cleaning industry,Metro is a typical green industry.Considering the characteristics of green projects,such as slow fund recovery,large initial investment and long term,the financing of such green industries needs more innovative ways and the participation of the society and the government.As the future ticket revenue of Metro has the characteristics of stabilizing future cash flow,asset securitization can be considered to increase financing channels,provide lower capital cost and increase capital support for green.This paper selects the case "19 Guangzhou Metro Green ABN",which is a green asset-backed bill,belonging to the rail transit industry,and is the first "three green" certified asset securities product in China.The underlying asset is the right to benefit from ticket fees.This paper introduces its product scheme,and through various risk identification and risk analysis,especially in combination with the risk situation under the influence of the epidemic,studies a variety of risk mitigation measures for "19Guangzhou Metro Green ABN",and puts forward suggestions on the risk control of green asset securitization.Specifically,this paper first briefly states the characteristics of the rail transit industry,and introduces the background of the issuer Guangzhou Metro Group Co.,Ltd.,including the basic financial status and financing status of the case sponsor Guangzhou Metro Group,which can provide some information support for the risk analysis of green asset securitization.Then the issue of green asset-backed notes is discussed in depth from the aspects of transaction subject,term interest and transaction structure.For risk identification,this paper expounds the market risk,repayment risk,related risks of basic assets under the epidemic background,green certification and related unique risks in combination with the existing market conditions and ABN performance.The risk of this case is assessed in detail through basic asset analysis,product pricing rationality analysis,financing cost comparison,green certification standard and environmental benefit analysis.Combined with the case’s own characteristics and market conditions,the existing risk mitigation measures and their effectiveness are analyzed in detail from the aspects of green certification related risk mitigation measures,infrastructure asset risk mitigation measures,internal and external credit enhancement measures,information disclosure and investor protection mechanism.In a word,this paper analyzes the risks of this case and explores the relevant countermeasures.On this basis,it provides relevant experience for the risk prevention of the financing channel of green asset securitization,and better helps the promotion of this green financing tool.