ASIA-PACIFIC

摘要

China merchants bank priced two separate ABS totalling Rmbl5.38bn (US$2.5bn) in China's interbank market on March 21. One of the offerings was China's first securitisation of credit card receivables, for Rmb8.1bn. The issue comprised a Rmb6.57bn tranche A, priced to yield 6%, an Rmb892m tranche B, priced to yield 6.69%, and a Rmb649m subordinated tranche. Price indications called for yield ranges of 5.40%-6.4% for tranche A and 5.80%-6.8% for tranche B. The weighted-average tenors on the A, B and unrated tranches were 0.88 years, 1.96 years and 2.26 years. Lianhe and China Credit Rating both saw the A tranche as Triple A, though the former assigned the B tranche an AA and the latter gave it an AA+.