Asset Securitization Report

Weak legislation hindering China’s securitization market

The number of Chinese securitization projects has almost doubled this spring. The sudden burst of activity brought the total number of securities industry securitization projects up to seven – but lagging legislation is hindering the growth of this market in the securities industry. In the banking industry last year, two of China’s biggest banks – …

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Standard Chartered claims first “true” loan securitization

The China Construction Bank privatization project, recently approved by the Chinese government, may become the first true loan securitization in China. As the sole advisor, Standard Chartered gains both experience and credibility in the marketplace, building on an existing track record in the country. Headed by Warren Lee, the Standard Chartered team working on the …

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CSFB helps move securitization forward in China

In the spring of 2004, China’s largest commercial bank struck a deal with Credit Suisse First Boston, CITIC Securities and China Credit Trust to securitize a portfolio of RMB2.6 billion ($322 million) in non-performing loans. The loans originated by the Industrial & Commercial Bank of China’s Ningbo branch. It was a ground breaking deal in …

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CITIC named Special Purpose Trust in ground-breaking project

This fall, one of the two big bank securitization projects in progress is the MBS project of China Construction Bank. The Special Purpose Trust that will handle the underlying assets of the securitization is the CITIC Trust Co., based in Beijing. CITIC has 80 employees and, as of the end of 2004, RMB8.6 billion ($1.06 …

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China opens up to new deal structures, new participants

China’s securitization market finally reached a new maturity level this fall, with new participants and new deal structures. The watershed moment was September’s listing of asset-backed securities from China Unicom on the Shanghai Stock Exchange. Additionally, two bank-based pilot projects are expected. The two banks, China Construction Bank and China Development Bank, received government approval …

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Brokerage pioneer in China’s securitization space

While other brokerage firms have tried – but so far failed – to get securitization projects off the ground, the Beijing-based China International Capital Corp. has jumped ahead of the pack with a fixed-income product based on a telecommunication company’s future income from the leasing of mobile CDMA technology. These asset-backed securities, which started trading …

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