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Chinese securitization deals rise in Sep-Dec 2017 - Moody's

  Moody's Investors Service said that issuance of
Chinese securitization transactions for all asset classes rose during Sep-Dec from a year
ago, both in terms of number of deals and value, while loan performance was steady.
  A total of 59 transactions with an aggregate volume of RMB324.5 billion were issued
between 1 September and 31 December 2017, under the credit asset securitization (CAS)
scheme managed by the China Banking Regulatory Commission (CBRC) and People's Bank of
China (PBOC), four deals and RMB92.7 billion more than the same period in 2016.
  Within this total, issuance for residential mortgage-backed securities (RMBS) exceeded 
all other asset classes, amounting to RMB96.4 billion.
  Moody's conclusions are contained in its just-released report, "Securitization -- China:
Sector update, Q4 2017 -- Issuance up, led by RMBS".
  Moody's expects overall delinquencies to stabilize with continued economic growth, 
improving corporate profits and steady commodity prices.
  In addition, the average 30+ days delinquency rate for outstanding auto loan ABS was low
at 0.12% at the end of Q4 2017, although slightly up from 0.10% at the end of Q3 2017.
  Moody's expects auto ABS delinquencies to remain at around current low levels throughout
2018, given that overall, the environment is conducive to the stable performance of auto 
loans.

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