A tale of two structures

Securitisation

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The long wait for a domestic asset-backed securitisation (ABS) market in China finally ended in late 2005, when China Construction Bank (CCB) and China Development Bank (CDB) completed deals years in the making. The deals followed guidelines released by the People's Bank of China (PBOC) and China Banking Regulatory Commission (CBRC) in April last year setting out administrative rules for pilot asset-securitisation projects. However, corporates do not have equivalent rules on ABS, so have had to

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