本报记者 丁玉萍 北京报道

Our reporter DingYuPing reports from Beijing

　　首单金融租赁公司的资产证券化产品即将出炉。

The first ChanJinRong leasing company's assets securitization forthcoming products.

　　11月19日，工银金融租赁有限公司（下称“工银租赁”）披露，“工银租赁专项资产管理计划” 已于11月12日获证监会审批通过。这是国内金融租赁企业首只获批发行的资产证券化产品。

On November 19,,Work silver financial leasing co., LTD(said"Work silver lease")disclosure,"Work silver lease special asset management plan" Already on November 12, the CSRC approval through the.This is the first domestic financial leasing enterprises only the wholesale done asset securitization product.

　　工银租赁研发创新部项目负责人对记者介绍，该计划总规模16.3亿元，分两档，优先级规模15.9亿元，次级0.4亿元。产品管理人为中信证券(600030,股吧)。

Work silver lease r&d innovation department project person in charge introduced to reporters,The project total scale is 1.63 billion yuan,Points two gears,Priority scale is 1.59 billion yuan,Secondary 040 million yuan.Product management people citic securities(600030,guba).

　　该计划是在交易所大宗交易平台公开发行并流通的固定收益产品。资产标的的选择上，工银租赁称“优先考虑优质资产”。

The plan is in the exchange bulk trading platform public offering and the circulation of fixed income products.On the choice of underlying assets,Work silver lease says"Preferred high quality assets".

　　因证监会规定产品批准之日起6个月内需启动发行，工银租赁表示，会根据市场情况择机发行。

The CSRC provisions for products from the date of approval six months start domestic demand issue,Work silver lease said,According to the market situation will be the issue.

　　“面向机构投资者发行，要进行公开推介及询价，并根据市场情况确定定价。”前述负责人说，“首选市场口碑比较好的，规模、定位在行业中靠前的机构投资者，目前已有一些初步沟通接触，名单不便透露。”

"Issue for institutional investors,Must carry on the public recommendation and inquiry,According to the market situation and determine the pricing."The person in charge said,"Preferred market reputation better,scale/Positioning in the industry in the front of the institutional investors,There are some preliminary communication contact,List inconvenience revealed."

　　资产证券化有望成为融资租赁业破解资金来源困局、加强租赁资产流动性管理的重要渠道。工银租赁的这单资产证券化产品在银监会监管的20家金融租赁公司中首开先河，或有更多金融租赁公司跟进。民生租赁有关人士19日透露，该公司以租赁款收益权为标的的资产证券化产品“已报有关部门审批过程之中。”

Asset securitization is expected to become the financing leasing industry crack source of fund predicament/Strengthen the leased asset liquidity management important channel.Work silver lease this single asset securitization products in supervision of CBRC 20 financial leasing company the first to open the first,Or have more financial leasing company to follow up.The people's livelihood leasing officials said 19,The company to lease of usufruct for mark assets securitization product"Already reported to the relevant department for examination and approval of the process."

　　而商务部监管下的租赁公司此前已有资产证券化尝试，如远东国际租赁有限公司早于2006年就发行了首期租赁资产支持收益专项资产管理计划， 2011年8月又发行了远东二期专项计划，二期募集资金约12.8亿元。

And the ministry of commerce under the supervision of the leasing company previously existing asset securitization try,Such as the far east international leasing co., LTD., as early as in 2006 the first issue of the leased asset income support special asset management plan, In August 2011 and issued the second phase of the far east special plan,Phase ii raised about 1.28 billion yuan.

　　九笔收益权“入包” Nine pen usufruct"Into the bag"

　　本次获批的“工银租赁专项资产管理计划” 整个期限为2.25年，因逐期还本付息，规模不断减少，折算下加权期限为1.36年。其中优先级规模15.9亿元，债项评级AAA。评级机构为中诚信国际。

This grant approved"Work silver lease special asset management plan" The whole period is 2.25 years,For batch by batch repayment of capital and interest,Scale unceasingly to reduce,Reduced the weighted period is 1.36 years.The priority of 1.59 billion yuan,Debt rating AAA.Rating agencies are CCX international.

　　其以工银租赁现有租赁资产中优选的9笔融资租赁款收益权为基础资产，涵盖航空、航运、轨道交通、物流等行业。

The worker silver lease existing in the leased asset optimization nine pen financing lease of usufruct as the foundation assets,Covers the aviation/shipping/Rail transit/Logistics industry, etc.

　　前述工银租赁研发创新部项目负责人19日表示，“入池资产标准”多达十几项，包括“均为已起租产品”、“均为公司正常类资产”、“均未设定抵质押限制”等。“由于为首次发行，我们遴选资产非常小心，优先考虑优质资产，以确保产品的高质量、低风险。”

The foregoing work silver lease r&d innovation department project principal 19 said,"Into the pool of assets standards"As many as a dozen items in a,including"Are already on hire product"/"For the company asset classes are normal"/"All did not set limit to pledge", etc."As for the initial issue,We are very careful to select assets,Preferred high quality assets,To ensure the high quality of the products/Low risk."

　　资本市场上的资产证券化主要有三大块：证监会监管的企业资产证券化、银监会监管的信贷资产证券化及交易商协会下的资产支持票据（ABN）。信贷资产证券化领域，目前已有三单试点：国开行、交行、上汽通用汽车金融分别在今年9月7日、10月30日、10月25日发行了约101.66亿元、30.34亿元、20亿元信贷资产支持证券。试点阶段，各机构投入资金池的几乎全部是优质资产或正常类贷款。

Capital market assets securitization mainly has three parts:Securities regulatory commission supervision enterprise asset securitization/The CBRC supervision of the securitization of credit assets and dealers association of the asset-backed bill(ABN).Field of the securitization of credit assets,There are SanChan pilot:Countries operation/Handing in travel/Gmac-saic automotive finance respectively in September 7,/October 30,/On October 25, released about 10.166 billion yuan/3.034 billion yuan/2 billion yuan credit asset-backed securities.Pilot stage,Agencies into the pool of almost all high quality assets or normal kind of loan.

　　可以看到，监管层对进一步放开资产证券化的态度日趋明显。“今年7月上报到上交所，审批通过后，9月底正式报到证监会，两个多月就审批完。”前述工银租赁研发创新部项目负责人称。而此前远东租赁产品审批时间为一年半。

Can see,Supervision layer to further open the attitude of the asset securitization has become increasingly evident."July this year to ShangJiaoSuo report,After examination and approval by,By the end of September formal report to the CSRC,More than two months after examination and approval."The foregoing work silver lease r&d innovation project department officials say.And the far east leasing products examination and approval time for a year and a half.

　　民生租赁产品审批中 The people's livelihood leasing products in the examination and approval

　　至2012年9月末，不包括10月18日新开业的北部湾金融租赁公司，银监会监管的19家金融租赁公司资产总额达7300多亿元。截至二季度末，整个融资租赁行业租赁资产已近万亿，较2007年末增长了30多倍。

And at the end of September 2012,Not including October 18 new practice of beibu gulf financial leasing company,Supervision of CBRC 19 financial leasing company with total assets of more than 7300 yuan.As at the end of the second quarter,The whole financial leasing industry leased assets has nearly one trillion,More by the end of 2007 increased by more than 30 times.

　　与资产规模快速膨胀不相匹配的是租赁公司普遍融资渠道狭窄目前主要有股东增资和银行借款两种，后者占80%以上，单纯靠银行融资易造成租赁公司资产负债期限严重不匹配。虽已有少数租赁公司发行或正筹备发行金融债，但受制于各种原因，发债融资远未成规模。

With the rapid expansion of the scale of assets not matching is leasing companies generally narrow financing channel at present mainly have shareholder capital increase and bank loan two,The latter accounts for more than 80%,Simply rely on bank financing easy leasing company assets and liabilities caused serious time limit does not match.Although a few leasing company has issued or are in the process of issuing financial bond,But subject to various reasons,FaZhai financing far into scale.

　　金融租赁业也必须要借助金融市场来融资，租赁资产证券化正是打通金融租赁公司和金融市场的一个通道。

Financial leasing industry must also to use financial market financing,The leased asset securitization is through financial leasing companies and financial market a channel.

　　另外，由于租赁公司不同于银行之处是，租赁公司始终控制的是“物”，而“物”有客观标准和估值方法，这决定了租赁资产相比银行贷款更易成为资产证券化的标的物。

In addition,Due to the leasing company is different from bank is the place,Lease companies always control is"things",and"things"There are objective standards and valuation method,This determines the leased assets compared with bank loans are more likely to become the subject of asset securitization.

　　据了解，工银租赁从2011年下半年开始关注研究资产证券化试点，2011年底开始布局，2012年初正式启动。

It is understood,Work silver lease from the second half of 2011 begin to pay close attention to the asset securitization experiments,By the end of 2011 began to layout,At the beginning of 2012 official start.

　　预计未来更多金融租赁公司将加入资产证券化阵营，如民生租赁的专项资产管理计划也在审批中。

The expected future more financial leasing company will join the asset securitization faction,If the people's livelihood lease special asset management plan is also in progress.

　　前述工银租赁研发创新部项目负责人透露，除上述专项资产管理计划外，公司正准备境外资产证券化产品，“在境外市场发行，找境外投资者。”

The foregoing work silver lease r&d innovation department project person in charge said,In addition to the special asset management plan,The company is preparing to overseas assets securitization product,"In the overseas market issue,Looking for foreign investors."

　　截至2012年6月末，工银租赁营业收入33.25亿元，同比增长49%；实现净利润5.09亿元，同比微降3%，拨备覆盖率172%，不良资产率0.72%。

By the end of June 2012,Work silver leasing business income is 3.325 billion yuan,Year-on-year growth of 49%;A net profit of 509 million yuan,Edge down 3% year-on-year,A provision coverage 172%,Bad assets ratio of 0.72%.