China Association of Interbank Market Dealers: encourage the issuance of Securitization products with the supply chain notes of Shanghai Note Exchange as the basic assets, and revitalize the bill assets!

Recently, the China Association of Interbank Market Dealers issued the Notice on Further Exerting the Functions of the Inter bank Enterprise Securitization Market to Enhance the Quality and Efficiency of Serving the Development of the Real Economy (hereinafter referred to as the Notice), in order to further strengthen the support for the innovative development of the Securitization market and take multiple measures to help enterprises revitalize their existing assets.

The Notice proposes to continuously promote the deepening development of asset backed Commercial paper (ABCP). Vigorously support enterprises to issue ABCP with debt assets such as accounts receivable, financial lease claims, factoring financing claims, continue to expand the scope of basic assets, encourage the enrichment of Rolling release mechanism arrangements, promote the optimization and simplification of Rolling release information disclosure, improve market friendliness and convenience, and serve real economy enterprises to reduce debt, reduce costs, and optimize structure.

Actively promote the pilot of asset backed debt financing tools (CBs). Encourage and support the issuance of CB through various asset types such as real estate, land use rights, accounts receivable, fee income rights, carbon emission rights, and non listed company equity, fully leverage the "dual credit enhancement" mechanism of assets and entities, reduce enterprise financing costs, and activate existing assets. Encourage innovation in transaction structure, introduce bankruptcy isolation carriers such as trust plans on the basis of mortgage and pledge models, and achieve better investor protection effects.

Innovate ways for private small and micro enterprises to revitalize their stock. Encourage the issuance of interbank enterprise asset-backed securities based on micro enterprise loan claims, financing lease claims, factoring financing claims, accounts receivable, etc. formed by supporting private and small and medium-sized enterprises in financing. Encourage the issuance of Securitization products with the supply chain bills of Shanghai Note Exchange as the basic assets, revitalize the bill assets, guide the bond market funds to increase support for private, small and medium-sized micro enterprises, serve core enterprises, improve the financing capacity and liquidity management level, smooth and stabilize the upstream and downstream industrial chains, and solidly promote the work of ensuring supply and stability of the chain.

The dealers' association takes the release of the Notice as an opportunity to further improve the level of self-discipline services and stimulate the innovation vitality of market players, aiming to build an Securitization ecosystem that combines the "top-down" policy synergy with the "bottom-up" endogenous power, and promote the sustainable and healthy development of the market. The dealers' association said that in the next step, it will continue to earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, give full play to the role of inter-bank enterprises in the Securitization market under the correct guidance of the People's Bank of China, constantly innovate the way of Securitization to revitalize assets, expand the depth and breadth of Securitization market services, and improve the quality and efficiency of serving the real economy.

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