A tale of two structures

China's asset-backed securitisation market kicked-off in 2005 with two state-supported pilot schemes. But with its ABS rules applying only to financial institutions, corporates have been forced to go down another route to securitise. Alice Hales reports


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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