資產(chǎn)證券化市場(chǎng)運(yùn)行報(bào)告2022年第3季度市場(chǎng)發(fā)行情況各市場(chǎng)發(fā)行規(guī)模和總單數(shù)億元1500010000

2021/2022年第三季度各市場(chǎng)發(fā)行規(guī)模占比162900228168

信貸A發(fā)行規(guī)模 A信貸A發(fā)行規(guī)模 AN發(fā)行規(guī)模A模 發(fā)行總單)AN企業(yè)AS30050006003005000600

581

1920 00為2021為2022年MS 車貸AS 消費(fèi)貸AMS 車貸AS 消費(fèi)貸AS O NASO微貸券來源：NA、惠譽(yù)博華信貸S2022年第三季度發(fā)行情況億元120010008006004002000來源：NA、惠譽(yù)博華21Q21Q3發(fā)行額21Q3發(fā)行單數(shù)右軸)22Q3發(fā)行額22Q3發(fā)行單數(shù)右軸)20151050NN2022年第季度發(fā)行情況30025020015010050022Q3發(fā)行額22Q3發(fā)行單數(shù)右軸)302520151050：N：NA企業(yè)S2022年第季發(fā)行況800600400200022Q3發(fā)行額22Q3發(fā)行單數(shù)右軸)100806040200來源：NA、惠譽(yù)博華資產(chǎn)證化市運(yùn)行告2022第3季度資產(chǎn)證券化市場(chǎng)發(fā)行同比、環(huán)比均下降：2年三季度資產(chǎn)證券化市場(chǎng)整體發(fā)行情況共產(chǎn)品5金額7較度場(chǎng)比業(yè)S以仍貸S比1N比度N比顯種中低。信貸S發(fā)下，貸S和S分別規(guī)和據(jù)：貸S品6額8同滑2有S貸AS額5貸S的的貸S業(yè)S，長(zhǎng)S行5少明產(chǎn)。銀間市場(chǎng)N行模比斬小貸款N為要：行N產(chǎn)品2額8同接降到。補(bǔ)限鏈型款S近乎停止，有一單易，這三季度N發(fā)行下降最要原。貼款類品發(fā)繼額與綠模9。三度業(yè)S發(fā)繼回：業(yè)S單為7和1，年同差度融賃S額8比他供微。19Q19Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q3注：季度換手率=季度成交金額/季度平均余額來源：上證債券信息網(wǎng)、深圳證券交易所、Win、惠譽(yù)博華-30%0-15%10000%200015%3000企業(yè)A成交金額 企業(yè)A季度換手率右軸30%信貸A季度換手率右軸) AN季度換手率右軸)億元4000AN成交金額資產(chǎn)證券化產(chǎn)品二級(jí)市場(chǎng)成交情況信貸A成交金額本季度證券化二級(jí)市場(chǎng)活躍度有所下降：2年三季度資產(chǎn)證券化二級(jí)市場(chǎng)總成交金為2貸N業(yè)S為32和8換貸S業(yè)S為平在，而AN波，。存續(xù)信貸ABS增信水平變化情況增信水平變化前五位MS車貸消費(fèi)貸O&M-S&金租證券簡(jiǎn)稱E增長(zhǎng)證券簡(jiǎn)稱E增長(zhǎng)證券簡(jiǎn)稱E增長(zhǎng)證券簡(jiǎn)稱E增長(zhǎng)162386%2122391%2121465%221B567%152385%2112337%2122465%221B462%175282%211320%212B403%221A368%174281%211317%221A282%221B289%161B77%211301%212C278%221C268%來源：受托機(jī)構(gòu)報(bào)告、CNABS、惠譽(yù)博華?三度貸S市場(chǎng)體水良：貸S用增加，存續(xù)證表現(xiàn)均無異波，增信水平下降的情況出現(xiàn)在個(gè)別處于持續(xù)購(gòu)買期產(chǎn)品，由于相應(yīng)證券資產(chǎn)扣除的逾期貸款本金余額上一有所增加，造成證券降情結(jié)到。截至22年10月底銀行間市場(chǎng)信貸ABS存續(xù)證券增信水平及變化情況見附錄。市場(chǎng)動(dòng)態(tài)前季信資證化下明S份額勢(shì)幣報(bào)9為5長(zhǎng)，增速比上年末高3個(gè)百分點(diǎn)。前三季度社會(huì)融資規(guī)模增量累計(jì)為7萬(wàn)億元，同比多增19量4降；減少5減5前化行大貸S，至2貸S發(fā)行2降過。原因，除了監(jiān)管機(jī)構(gòu)對(duì)個(gè)別型產(chǎn)的政策引導(dǎo)原因外，深層次原因在于居民的借貸力至2約.4額5續(xù)6容見譽(yù)博華最新研報(bào)《中國(guó)住戶部門杠桿率已連續(xù)多個(gè)季度保持平穩(wěn)》。居借貸需下，貸S導(dǎo)構(gòu)。貸S現(xiàn)良化年行斷S于6注度S貸S（單到處不良資產(chǎn)超千億元在中國(guó)濟(jì)持續(xù)承的環(huán)境，S對(duì)于金融機(jī)的不良產(chǎn)處功能N交易發(fā)行單數(shù)及占單2404242216012080400

NAS 全部信貸AS NA占信貸A比例（右軸） %60504030201002016 2017 2018 2019 2020 2021 2022-9來源：公開數(shù)據(jù)，惠譽(yù)博華附錄：2022年10月底銀行間市場(chǎng)信貸ABS存續(xù)證券CE值及變化情況債券簡(jiǎn)稱本季度CE季度變化債券簡(jiǎn)稱本季度CE季度變化債券簡(jiǎn)稱本季度CE季度變化債券簡(jiǎn)稱本季度CE季度變化RMBS18建元12A235.92.219和家1A423.91.719建元12A223.81.314郵元1A75.94.118建元13A338.32.719鑫寧1A247.14.019建元12A323.81.314郵元1B35.92.118工元8A233.41.919興元2A233.62.220融享1A135.62.815企富1B61.24.318工元9A233.22.019興元2A333.62.220融享1A235.62.815建元1A353.53.118興元3A239.72.619建元6A226.21.720和家1A231.13.115建元2A397.28.518建元14A245.53.019建元6A326.21.720和家1B25.32.616建元1A366.85.118工元10A233.82.019創(chuàng)盈1A231.02.020和家1C15.91.816家美1A366.83.318建元15A246.23.219浦鑫1A233.92.320工元宜居1A225.21.616家美1B54.12.718農(nóng)盈5A253.35.019和家2A225.51.120浦鑫安居1A228.52.216居融1B73.94.218交盈1A243.24.919惠益6A235.32.620建元1A221.61.416和家1A351.43.418工元11A234.52.019惠益7A236.13.220建元1A321.61.416蘇福1B99.67.718惠益1A266.57.519融享2A242.22.920郵元家和1優(yōu)先28.42.216中盈2A389.58.618建元16A339.42.619建元7A229.71.920杭盈1A236.72.816中盈2B78.17.518建元16A439.42.619建元7A329.71.920建元2A224.81.616建元2A342.72.618建元17A232.62.219安鑫1A247.15.420建元2A324.81.616企富1A248.53.618建元18A237.52.619工元宜居1A227.41.620建元2B21.41.416建元3A240.03.018建元18A337.52.619建元8A324.81.720建元3A217.91.116中盈3A369.36.818交盈2A234.02.619中盈萬(wàn)家3A227.21.920建元3A317.91.116中盈3B53.95.318工元安居1A238.82.319中盈萬(wàn)家3A327.21.920融享2A225.92.116建元4優(yōu)先42.23.518建元19A241.73.119惠益8A243.14.120建元4A217.71.216工元4A348.14.718工元安居2A238.02.219惠益9A232.72.220建元4A317.71.217中盈1A257.84.918廣元1A246.33.819惠益9A332.72.220旭越1A237.83.317杭盈1優(yōu)先58.74.618建元20A238.62.619工元宜居2A224.21.420杭盈2A236.03.117中盈2A251.24.518工元安居3A236.82.119工元宜居2A324.21.420建元5A115.80.917建元1A225.02.018中盈萬(wàn)家1A341.32.819工元宜居3A224.51.320建元5A215.80.917建元2A320.01.018興元4A240.33.019中盈萬(wàn)家4A127.21.820建元5A315.80.917建元3A241.03.418建元21A335.32.419中盈萬(wàn)家4A227.21.820工元宜居2A229.32.117建元4優(yōu)先46.23.618中盈萬(wàn)家2A243.62.719中盈萬(wàn)家4A327.21.820建元6A216.31.017興元1A251.54.118中盈萬(wàn)家2A343.62.719融享3A238.33.020建元6A316.31.017居融1A90.53.918工元安居4A238.12.219農(nóng)盈4A232.52.920招銀和家2A115.10.717居融1B55.22.418工元安居5A237.02.219農(nóng)盈4A332.52.920招銀和家2A215.10.717建元5A338.93.018建元22A235.12.319和家3A238.24.020招銀和家3A115.50.717龍居1A68.45.818交盈3A230.82.219和家3B31.83.420招銀和家3A215.50.717龍居1B59.85.219中盈萬(wàn)家1A239.82.719和家3C21.32.420招銀和家4A118.50.917建元6A244.84.319中盈萬(wàn)家1A339.82.719浦鑫安居1A228.92.120招銀和家4A218.50.917建元7A234.52.419農(nóng)盈1A243.83.619建元9A222.11.320建元7A215.40.817建元8A223.81.219建元1A340.83.119建元9A322.11.320建元7A315.40.817中盈3A248.34.719工元安居1A236.92.219工元安居4A223.81.520建元8A216.20.917建元9A232.81.919住元1A245.22.519工元安居5A224.81.520建元8A316.20.917工元3A258.37.619工元安居2A237.82.319創(chuàng)盈2A230.02.120興元1A126.41.517工元4A262.18.119融享1A249.74.619建元10A226.61.820興元1A226.41.517工元5A261.68.219興元1A235.62.519建元10A326.61.820工元宜居3A228.61.918建元1A243.83.319興元1A335.62.519中盈萬(wàn)家5A223.31.520杭盈3A231.22.318中盈1A237.52.419交盈1A230.02.419中盈萬(wàn)家5A323.31.520海元1A125.21.718建元2A239.13.419建元2A234.02.219工元宜居6A225.71.620海元1A225.21.718建元3A236.22.819建元2A334.02.219工元宜居7A222.11.420招銀和家5A122.01.018建元4A338.63.019建元2A434.02.219郵元家和1優(yōu)先27.32.020招銀和家5A222.01.018工元1A249.25.119建元3A324.61.619旭越1A141.43.220建元9A215.71.018家美1A238.12.919農(nóng)盈2A233.72.819旭越1A241.43.220建元9A315.71.018工元2A251.35.319農(nóng)盈2A333.72.819杭盈3A234.51.920鑫寧1A232.02.218興元1A264.66.719九通1A248.33.619安鑫2A230.92.420建元10A215.90.918建元5A243.53.619杭盈1A244.94.119安鑫2A330.92.420建元10A315.90.918建元6A342.93.519建元4A324.61.519和家4A233.23.220工元樂居1A117.91.218建元7A246.04.219惠益1A254.35.919和家4B29.92.920工元樂居1A217.91.218興元2A259.46.519惠益2A246.95.619和家4C17.21.720工元樂居2A118.31.218建元8A231.72.019建元5A224.61.519工元宜居8A225.01.520工元樂居2A218.31.218建元9A329.82.119建元5A324.61.519惠益10A231.31.920工元樂居3A118.31.118工元3A253.75.619交盈2A232.32.319惠益10A331.31.920工元樂居3A218.31.118建元10A227.61.619中盈萬(wàn)家2A228.61.819建元11A120.81.220建元11A214.10.718工元4A233.82.119中盈萬(wàn)家2A328.61.819建元11A220.81.220建元11A314.10.718建元11A349.03.819惠益3A240.44.319建元11A320.81.220工元樂居4A118.31.318工元5A237.42.419惠益4A237.33.919惠益11A232.42.420工元樂居4A218.31.318中盈2A339.42.519惠益5A234.82.719惠益11A332.42.420豫鼎1A226.31.918工元6A236.02.319杭盈2A235.72.319惠益12A231.31.820中盈萬(wàn)家1A217.71.018工元7A234.52.119和家1A323.91.719惠益12A331.31.820中盈萬(wàn)家1A317.71.0債券簡(jiǎn)稱 本季度CE季度變化債券簡(jiǎn)稱 本季度CE季度變化債券簡(jiǎn)稱 本季度CE季度變化債券簡(jiǎn)稱 本季度CE季度變化20建元12A2 17.2 1.021中盈萬(wàn)家2A3 17.8 1.221建元12A4 11.7 0.921融騰1B 59.8 20建元12A3 17.2 1.021鑫寧1優(yōu)先 27.5 1.921工元樂居6A1 15.8 1.021德寶天元1優(yōu)先 31.3 8.320招銀和家6A1 18.2 1.121興元1A1 18.9 1.421工元樂居6A2 15.8 1.021融騰2B 70.5 20.620招銀和家6A2 18.2 1.121興元1A2 18.9 1.421建元11A1 15.3 1.021豐耀1A2 76.6 26.320中盈萬(wàn)家2A2 14.8 1.021興元1A3 18.9 1.421建元11A2 15.3 1.021福元1A2 91.8 33.720中盈萬(wàn)家2A3 14.8 1.021惠益2A2 26.1 2.021建元11A3 15.3 1.021睿程1優(yōu)先 92.3 31.720建元13A2 16.6 1.121工元樂居1A1 16.9 1.121建元11A4 15.3 1.021速利銀豐1優(yōu)先 25.1 6.020建元13A3 16.6 1.121工元樂居1A2 16.9 1.121交盈2A2 13.2 1.021融騰3優(yōu)先 63.6 17.920創(chuàng)盈徽元1A1 30.0 1.421招銀和家1A2 21.1 1.221興元2A1 17.0 1.221屹騰1優(yōu)先 77.4 32.020創(chuàng)盈徽元1A2 30.0 1.421招銀和家1A3 21.1 1.221興元2A2 17.0 1.221長(zhǎng)盈2A2 94.9 39.120建元14A2 16.5 1.121招銀和家1A4 21.1 1.221興元2A3 17.0 1.221匯聚通1A2 66.9 22.520建元14A3 16.5 1.121建元5A1 15.9 1.321招銀和家3A2 12.3 0.9華馭12優(yōu)先 25.1 0.520浦鑫安居2A1 18.5 1.421建元5A2 15.9 1.321招銀和家3A3 12.3 0.921上和A2 41.1 8.320浦鑫安居2A2 18.5 1.421建元5A3 15.9 1.321惠益4A1 27.2 2.121上和B 26.3 5.520浦鑫安居2A3 18.5 1.421工元樂居2A1 17.1 1.221惠益4A2 27.2 2.121吉時(shí)代2A2 56.6 13.020莞鑫1A1 26.5 2.021工元樂居2A2 17.1 1.221工元樂居7A1 15.3 0.821德寶天元2A2 44.8 11.620莞鑫1A2 26.5 2.021惠益3A2 26.8 2.121工元樂居7A2 15.3 0.821融騰4A 46.7 11.820建元15A1 17.1 1.121郵元家和1優(yōu)先 23.6 1.721建元13A1 12.0 0.921融騰4B 26.0 6.820建元15A2 17.1 1.121建元6A1 14.7 1.021建元13A2 12.0 0.921屹騰3優(yōu)先 72.3 25.220建元15A3 17.1 1.121建元6A2 14.7 1.021建元13A3 12.0 0.921睿程2優(yōu)先 45.8 12.720建元15A4 17.1 1.121建元6A3 14.7 1.021建元13A4 12.0 0.921豐耀2優(yōu)先 32.9 7.820工元樂居5A1 17.9 1.121京誠(chéng)1A2 19.6 1.721工元樂居8A1 15.7 1.021長(zhǎng)盈3A2 55.4 17.220工元樂居5A2 17.9 1.121浦鑫1A1 21.4 1.421工元樂居8A2 15.7 1.021瑞澤1優(yōu)先 96.4 30.120杭盈4A1 32.6 2.121浦鑫1A2 21.4 1.421建元14A1 10.9 0.821欣榮2A1 54.8 13.420杭盈4A2 32.6 2.121安鑫1A1 24.0 2.121建元14A2 10.9 0.821欣榮2A2 54.8 13.420招銀和家8A1 19.9 1.021安鑫1A2 24.0 2.121建元14A3 10.9 0.821唯盈2A2 42.9 12.920招銀和家8A2 19.9 1.021安鑫1A3 24.0 2.121建元14A4 10.9 0.821長(zhǎng)融1A 87.3 27.020工元樂居6A1 17.7 1.121蓉居1A1 25.5 2.021中盈萬(wàn)家4A1 13.5 0.821長(zhǎng)融1B 47.3 14.820工元樂居6A2 17.7 1.121蓉居1A2 25.5 2.021中盈萬(wàn)家4A2 13.5 0.821吉時(shí)代3A2 48.1 9.920招銀和家7A1 20.5 1.221建元7A1 14.7 1.121中盈萬(wàn)家4A3 13.5 0.821盛世融迪2優(yōu)先 56.2 10.220招銀和家7A2 20.5 1.221建元7A2 14.7 1.121中盈萬(wàn)家4A4 13.5 0.821速利銀豐2優(yōu)先 14.9 0.920蓉居1A1 29.5 2.321建元7A3 14.7 1.121工元樂居9A1 15.7 0.921工元致遠(yuǎn)1優(yōu)先 47.1 6.520蓉居1A2 29.5 2.321海元1優(yōu)先 30.4 1.921工元樂居9A2 15.7 0.921匯聚通2A1 48.3 10.720常安居1A2 34.3 2.321杭盈2A1 29.3 2.021中盈萬(wàn)家5A2 17.7 1.121匯聚通2A2 48.3 10.720工元樂居7A1 18.8 1.221杭盈2A2 29.3 2.021中盈萬(wàn)家5A3 17.7 1.121匯聚通2B 29.8 6.920工元樂居7A2 18.8 1.221中盈萬(wàn)家3A1 17.4 1.021中盈萬(wàn)家5A4 17.7 1.121德寶天元3優(yōu)先 20.7 0.120招銀和家9A1 24.1 1.221中盈萬(wàn)家3A2 17.4 1.021建元15A2 10.9 0.821福元2A2 31.9 8.320招銀和家9A2 24.1 1.221中盈萬(wàn)家3A3 17.4 1.021建元15A3 10.9 0.821唯盈3A2 40.6 12.521信融宜居1A221農(nóng)盈匯寓1A221農(nóng)盈匯寓1A321中盈萬(wàn)家1A121中盈萬(wàn)家1A221中盈萬(wàn)家1A321建元1A121建元1A221建元1A321融享1A121融享1A221建元2A121建元2A221建元2A321建元3A121建元3A221建元3A321興渝1A121興渝1A221杭盈1A121杭盈1A221建元4A121建元4A221建元4A321惠益1A221中盈萬(wàn)家2A121中盈萬(wàn)家2A2

33.133.117.617.617.317.317.317.117.117.119.119.116.016.016.016.516.516.535.235.235.232.932.916.716.716.726.126.117.817.8

2.621郵元家和2優(yōu)先1.321工元樂居3A11.321工元樂居3A21.121建元8A11.121建元8A21.121建元8A31.021建元8B1.021招銀和家2A21.021招銀和家2A31.121建元9A11.121建元9A21.221建元9A31.221建元9A41.221工元樂居4A11.121工元樂居4A21.121交盈1A21.121建元10A11.921建元10A21.921建元10A33.121建元10A43.121工元樂居5A11.321工元樂居5A21.321招銀和家4A21.321招銀和家4A32.021招銀和家4A41.221建元12A21.221建元12A3

24.817.817.821.421.421.414.215.915.916.216.216.216.218.818.813.216.216.216.216.215.815.813.513.513.511.711.7

1.521建元15A41.221工元樂居10A11.221工元樂居10A21.721旭越1A11.721旭越1A21.721農(nóng)盈匯寓2A11.221農(nóng)盈匯寓2A21.121農(nóng)盈匯寓2A31.121惠益5A11.221惠益5A21.221浦鑫2A11.221浦鑫2A21.221浦鑫2A31.421農(nóng)盈匯寓3A11.421農(nóng)盈匯寓3A221農(nóng)盈匯寓3A321龍居安盈1A21.122郵元家和1優(yōu)先1.122中盈萬(wàn)家1A11.122中盈萬(wàn)家1A21.122中盈萬(wàn)家1A31.122中盈萬(wàn)家1A40.922工元樂居1A10.922工元樂居1A20.9車貸-ABS0.9華馭10優(yōu)先0.9華馭11優(yōu)先

10.90.821睿程3優(yōu)先15.91.021盛世融迪3優(yōu)先29.629.618.318.318.321.421.419.419.429.629.618.318.318.321.421.419.419.419.418.518.518.514.623.22.221欣榮3A12.221欣榮3A21.4華馭13優(yōu)先1.421屹騰4A1.421屹騰4B1.621招銀和信1A11.621招銀和信1A21.321招銀和信1B1.321長(zhǎng)盈4優(yōu)先21吉時(shí)代4A121吉時(shí)代4A21.421招銀和信2A11.421招銀和信2A21.421招銀和信2B1.821招銀和信2C11.90.921屹騰5A11.90.921屹騰5B11.90.921招銀和信3A111.90.921招銀和信3A217.41.221招銀和信3B17.41.221招銀和信3C22融騰1A147.017.422融騰1A224.90.522融騰1B

24.845.563.840.340.320.734.718.335.735.719.928.537.037.031.631.617.510.435.417.231.931.917.710.628.428.415.1

0.29.317.28.58.54.28.94.912.312.36.66.07.27.29.89.85.53.47.03.59.99.95.73.56.06.03.6債券簡(jiǎn)債券簡(jiǎn)稱22招銀和信1A122招銀和信1A222招銀和信1B22德寶天元1優(yōu)先22融騰通元1A222盛世融迪1優(yōu)先22吉時(shí)代1A122吉時(shí)代1A222速利銀豐1優(yōu)先22福元1A122福元1A222長(zhǎng)盈1優(yōu)先22融騰2A122融騰2A222融騰2B22瑞澤1優(yōu)先22匯聚通1A122匯聚通1A222睿程1優(yōu)先22唯盈1優(yōu)先22融發(fā)1優(yōu)先22豐耀1優(yōu)先22屹騰1優(yōu)先22融騰3A122融騰3A222盛世融迪2優(yōu)先本季度CE季度變化15.815.87.518.02.82.81.83.113.714.8-0.3-0.428.911.748.417.54.156.721.786.727.021.589.871.236.862.715.265.921.664.121安順1C2