Shanghai Dazhong Financial Leasing Co., Ltd. issued first ABS successfully

On December 5, 2019, first asset securitization special plan ("ABS")of Shanghai Dazhong Financial Leasing Co., Ltd. was successfully issued in Shanghai Stock Exchange. "Dazhong financial leasing-orange installment asset support special plan" is the first financial leasing asset securitization product of terminal operators in the industry, and this successful issuance of the first ABS indicates that Dazhong financial leasing has opened a new mode of open market financing. It not only enlivens the company's stock assets and reduces the financing cost, but also satisfies the financing demand of sustainable development through diversified financing channels, which provides a strong support for the transformation of Dazhong financial leasing to retail financial business.

"Dazhong financial leasing-orange installment asset support special plan" is a storage type ABS product with a total amount of 800 million yuan. The first issue scale is 290 million yuan, including priority and secondary securities, of which the priority principal scale is 275.5 million yuan, accounting for 95%; it has obtained the credit rating AAA of Zhongxin, with a coupon rate of 4%, which is the new low of similar products in the near future; the secondary principal scale is 145 million yuan, accounting for 5%, and the secondary self holding. After obtaining the no objection letter from Shanghai Stock Exchange, the special plan for asset support has been actively subscribed by commercial banks, public funds and other investors, reflecting the market's recognition of the original equity holders and current asset securitization products.

The underlying assets of the first ABS issued by Dazhong financial leasing performed well, and the underlying assets are the leasing claims formed by the "orange installment" financial leasing business carried out by Dazhong financial leasing (the original equity holders). The asset pool includes 344,521 lessee's financial leasing contracts. The average principal balance of a single leasing contract is not more than 1000 yuan, which has a very high degree of dispersion and excellent asset quality. The assets in the pool are guaranteed by a third party. The successful issuance of the first ABS was strongly supported by many professional organizations. Tianfeng securities acted as the management and promotion organization, Weixin Jinke acted as the risk control support organization, and Lixin CPA firm, Jinmao Kaide law firm and Zhongcheng credit rating agency participated in the professional services.

Since its establishment, Dazhong financial leasing has always adhered to the business philosophy of "gathering the public and circulating resources". In the second year of its establishment, Dazhong financial leasing was selected into the financial leasing industry innovation case set of Pudong New Area in Shanghai, and was also rated as "2017 excellent enterprise" and "2018 industry integrity enterprise" in Shanghai financial leasing industry. Dazhong financial leasing is the vice chairman unit of Shanghai Financial Leasing Association and one of the financial leasing companies in the industry that has been approved to access the credit system of the central bank earlier. With the increasing demand for consumption by stages,Dazhong financial leasing actively grasps the favorable outlet of small and micro businesses transformation and promotes the strategic transformation to  business to individual customers. In September 2018, Dazhong financial leasing became the first financial leasing company to cooperate with operators, and launched the "orange installment" business online at the end of the year. In 2019, Dazhong financial leasing successively carried out "passenger cars, 3C products" phased business cooperation with a number of industry leading enterprises. Under the background of new era, Dazhong financial leasing will take the opportunity of the successful issuance of the first ABS, continue to explore in-depth in the field of consumption staging, and help consumers upgrade and serve the real economy.

 

 

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