Lender un­veils first ABS prod­uct in China

China Daily (Canada) - - FRONT PAGE -

The ten­der of China’s first as­set­backed se­cu­ri­ties prod­uct launched by a for­eign-funded bank con­cluded on Tues­day, ac­cord­ing to China Chengxin In­ter­na­tional Credit Rat­ing Co Ltd. China Chengxin, which rated the prod­uct, said in a state­ment that the prod­uct launched by HSBC Hold­ing Plc sold its 995 mil­lion yuan ($154 mil­lion) of pri­or­ity se­cu­ri­ties in the in­ter­bank mar­ket with a 4.95 per­cent coupon rate. The Bank of Com­mu­ni­ca­tions In­ter­na­tional Trust Co Ltd served as the un­der­writer to the sale. This is a ma­jor break­through in China’s credit as­set se­cu­ri­ti­za­tion as it is for the first time that the seller of an ABS prod­uct is not from a State bank, but a for­eign lender. last month brought it the clos­est ever to sur­pass­ing the United States as the Asian coun­try boosts emer­gency stock­piles and Amer­ica’s shale boom re­duces the need for oil from over­seas. China bought 7.19 mil­lion bar­rels a day of for­eign oil in De­cem­ber, data re­leased by the Gen­eral Ad­min­is­tra­tion of Cus­toms in Beijing showed on Tues­day. The US im­ported about 7.53 mil­lion bar­rels a day on av­er­age over that pe­riod, ac­cord­ing to the En­ergy In­for­ma­tion Ad­min­is­tra­tion. The dif­fer­ence was the small­est on record for monthly pur­chases by the world’s two largest oil con­sumers, the data show.

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