articles Ratings /ratings/en/research/articles/231113-lackluster-3q-2023-for-china-securitization-issuance-consumer-abs-burgeoning-12913342 content esgSubNav
In This List

Lackluster 3Q 2023 for China Securitization Issuance; Consumer ABS Burgeoning


China Securitization: ABS And RMBS Tracker October 2023


Corporate And Government Ratings That Exceed The Sovereign Rating


Table Of Contents: S&P Global Ratings Credit Rating Models


RESIMAC Triomphe Trust - Warehouse Series No.5 Class A1 Notes Rating Affirmed

Lackluster 3Q 2023 for China Securitization Issuance; Consumer ABS Burgeoning

HONG KONG (S&P Global Ratings) Nov. 13, 2023--China's securitization issuance has been lackluster in the first three quarters of 2023 amid a slowing recovery of the overall economy and the weak property sector. New securitization issuance decreased by 10% year on year in the three quarters of 2023 to Chinese renminbi (RMB) 1,334 billion (US$182.8 billion). We expect annual issuance volumes to decline by 8% during 2023. This is according to a report, titled "China Securitization Performance Watch 3Q 2023: Consumer ABS Burgeoning Amid Lackluster Issuances," that S&P Global Ratings published today.

Key Takeaways

  • New securitization issuance decreased by 10% year on year to RMB1,334 billion (US$182.8 billion) in the first three quarters of 2023.
  • Issuance trends by asset type varied. We expect issuance of consumer finance asset-backed securities (ABS) to gain momentum due to favorable industry and regulatory dynamics. Issuance of auto loan ABS remained weak while residential mortgage-backed securities (RMBS) remained stalled.
  • We estimate structured finance issuance in 2023 at RMB1.85 trillion, representing an 8% drop. The forecast is based on our economic outlook, issuance seasonality, and actual amount of issuance in the first half of 2023.
  • A recent cut in mortgage rates led to lower interest income on RMBS transactions that we rate, and a one-off spike in prepayment, though this did not lead to any rating impact.

This report does not constitute a rating action.

The report is available to RatingsDirect subscribers at If you are not a RatingsDirect subscriber, you may purchase a copy of the report by sending an e-mail to Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box at

Primary Credit Analyst:Patrick Chan, Hong Kong + 852 2533 3528;
Secondary Contacts:Yilin Lou, Hong Kong +852 2533 3524;
Andrea Lin, Hong Kong + 852 2532 8072;
Jerry Fang, Hong Kong + 852 2533 3518;
Melanie Tsui, Hong Kong +852 2532 8087;
Carol Hu, Hong Kong + 852-2912-3066;

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at

Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back