ICBC eyes selling US$1.8b of ABS
Print Edition
THE Industrial and Commercial Bank of China, the country’s largest lender, plans to sell 11.3 billion yuan (US$1.8 billion) of asset-backed securities (ABS), according to a memo obtained by Reuters.
ABS are securities created by packaging together a pool of underlying assets, typically small loans that are difficult to sell individually.
China is expanding asset securitization on an unprecedented scale as the government intends to increase bank liquidity without expanding the money supply.
The memo said the securities will be backed by an underlying asset pool drawn from loans to the railway and transport sector and will be divided between an AAA-rated senior tranche, which accounts for 92.6 percent, and a junior tranche.
The release date has not yet been determined.
“The underlying asset quality is very good, borrowers will be those in state-supported key industries,” sources said.
Borrowers include China Railway Construction Corp and its subsidiaries, as well as firms established by CRCC together with provincial governments.
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