本报记者 丁玉萍 北京报道

Our reporter DingYuPing reports from Beijing

　　工银租赁16.3亿元“专项资产管理计划”获批后，更多金融租赁公司正在摩拳擦掌，金融租赁公司的资产证券化也有望在交易所大宗交易平台大量推出。

Work silver lease 1.63 billion yuan"Special asset management plan"After approved,More financial leasing company is fight,Financial leasing company's assets securitization is also expected to in exchange bulk trading platform introduced a lot.

　　11月22日，业内消息人士透露，民生租赁、交银租赁、招银租赁、兴业租赁、农银租赁五家金融租赁公司正在申报资产证券化产品。“已完成资产包的设计，作为产品管理人的券商也已找完，正在进入不同的申报环节，据了解其中一家已进入证监会审批环节。”

On November 22,Industry sources,Minsheng lease/Pay silver lease/ZhaoYin lease/Industrial lease/Agriculture silver lease five financial leasing company is declared asset securitization product."Has completed the design of assets bag,As a product manager of the securities trader has also find out,Are moving into different declaration link,It is understood one has entered the CSRC approval link."

　　相比资产证券化，金融租赁公司另一融资渠道发行金融债券进展却不顺利。目前全部已发行金融债仅45亿，占行业总资产规模约0.6%。

Compared with asset securitization,Financial leasing company another financing channels issuing financial bonds progress was not smooth.At present all financial bond issued only 4.5 billion,Accounts for about 0.6% of the industry total asset scale.

　　“民生租赁、工银租赁都在申请发行金融债，但今年获批可能性不大。”上述消息人士透露。

"Minsheng lease/Work in silver lease to apply for the issuance of financial bond,But this year approved unlikely."The news sources.

　　旨在腾挪资本 Aims to transfer to other use capital

　　就在十天前，以9笔融资租赁款收益权为基础资产的“工银租赁专项资产管理计划”获批，资产涵盖航空、航运、轨道交通、物流等行业。首单金融租赁业的资产证券化发行对行业意义重大，大家都在看工银租赁何时公开发行，如何询价。

In ten days ago,With 9 pen financing lease of usufruct as the foundation assets"Work silver lease special asset management plan"approved,Assets covers the aviation/shipping/Rail transit/Logistics industry, etc.The first ChanJinRong leasing industry assets securitization issue is of great significance to the industry,Everyone look at work when silver lease public,How to make an inquiry.

　　上述消息人士称，民生、交银等五家租赁公司正在准备中的资产证券化产品的规模也不高，“各家约10亿元左右，工银租赁仍是最大单”；基础资产也都是“铁、公、基”行业的优质资产，这也体现了试点阶段金融租赁公司的谨慎态度。

The sources said,The livelihood of the people/Silver into five leasing company is preparing for the assets securitization product scale is not high also,"Houses about 1 billion yuan,Work is the biggest silver lease is still single";Underlying assets are also"iron/male/base"Industry of high quality assets,This also reflected the pilot phase financial leasing companies cautious attitude.

　　标的资产特征决定了该产品预期收益率不会太高，“我们估计在5%左右，较1-3年期贷款基准利率下浮近20%。”上述租赁公司人士预计。

Underlying asset characteristics decide the product expected rate of return will not be too high,"We estimate that at around 5%,A 1-3 one-year benchmark lending rate down nearly 20%."The leasing company are expected to people.

　　收益率较低且规模有限，使资产证券化目前对金融租赁公司降低资金成本的意义并不显著。金融租赁公司的资金来源仍主要来自资本金、股东增资、银行借款，其中银行借款占比超过80%。一些金融租赁公司通过同业借款，融资成本几乎与资产证券化差不多。

Low rate of return and the scale limited,Now that asset securitization of financial leasing companies to lower the cost of capital is not significant meaning.Financial leasing company funds is still mainly from capital/Shareholder capital increase/Bank lending,The bank loan accounts for more than 80% than.Some financial leasing company through the trade borrowing,Financing cost almost and assets securitization almost.

　　资产证券化目前更大的意义在于腾挪资本，缓解资本压力。被证券化的租赁资产可以“出表”，减小金融租赁公司的资产规模，才能腾挪出资金做收益性更高的业务。

Asset securitization at present more significance lies in transfer to other use capital,Ease capital pressure.Be securitized lease assets can be"The table",Reduce financial leasing company's assets scale,To transfer to other use funds from do profitability higher business.

　　监管部门对金融租赁公司的经营杠杆有严格限制，租赁资产规模不得超过其注册资本的12.5倍。据中国银行(601988,股吧)业协会金融租赁专业委员会统计，截至2012年三季度末，19家金融租赁公司实收资本611.89亿元，而租赁资产规模达7301.93亿元，已达实收资本的近12倍。

The supervision department of finance leasing companies operating lever is strictly limited,The leased asset shall not exceed the size of the registered capital of the 12.5 times.According to the bank of China(601988,guba)Industry association professional committee of financial lease statistics,By the end of 2012 at the end of the third quarter,19 financial leasing company paid-in capital of 61.189 billion yuan,And the leased asset scale up to 730.193 billion yuan,Has amounted to nearly 12 times the paid-in capital.

　　金融债发行受阻 Financial bond issue hindered

　　为解决资金来源困局、加强流动性管理，金融租赁公司也在积极探索其他融资渠道，如在银行间市场发行金融债券、境外贷款、境外发债、银租保理合作等，其中最重要的金融债券发行进展并不顺利。

To solve the source of fund predicament/To strengthen liquidity management,Financial leasing firms are also actively explore other financing channels,As in the interbank market issuing financial bonds/Foreign loans/Overseas FaZhai/Silver rent factoring cooperation, etc,One of the most important financial bond issue is not smooth progress.

　　截至目前，银监会监管的20家金融租赁公司中，发行过金融债券的只有三家，分别为华融租赁、交银租赁、江苏金融租赁公司。三家公司发行金融债总规模为45亿元，相较7300多亿的行业资产规模，占比还不到1%。

So far,Supervision of CBRC 20 financial leasing companies,Published financial bonds only three,Wisewin lease respectively/Pay silver lease/Jiangsu financial leasing company.Three companies issuing financial bond total scale for 4.5 billion yuan,Compared with more than $7300 industry assets scale,Than of less than 1%.

　　金融债券发行曾被业内十分看好，多家金融租赁公司皆向有关监管部门提交了发债申请，名单至少有国银租赁、工银租赁、民生租赁。但整个2011年，仅有华融租赁发行一只10亿元金融债券，此后其他公司排队很久、再无一家获批。

The issuance of financial bonds is a promising has been the industry,Several financial leasing companies to the relevant regulatory authorities are presented FaZhai application,List at least countries silver lease/Work silver lease/Minsheng lease.But in the whole of 2011,Only wisewin lease issued a 1 billion yuan financial bonds,Since then other companies line up for a long time/There is no a approved.

　　其中，国银租赁有45亿元金融债的发行计划，但该公司人士曾表示，今年发行的可能性不大。上述业内消息人士也称，工银、民生租赁今年获批金融债的可能性也不大。

the,Countries silver lease have 4.5 billion yuan of the financial bond issuance plan,But the company has said people,This issue is unlikely.The above industry sources also say,Work silver/The people's livelihood lease this year approved the possibility of financial bond is not large also.

　　发行金融债券难成行的原因主要在于，一方面发债公司面临很高的门槛，另一方面需要经过人民银行、银监会两个监管机构的审批，审批周期长，可能得要一年时间，时间成本太高。

Issuing financial bonds it difficult the reason mainly lies in the,On the one hand FaZhai companies face a high threshold,On the other hand will need to be approved by the people's bank/The CBRC two regulatory approval,Examination and approval period long,May need to a year,Time cost is too high.

　　工银租赁金融市场部董事总经理左兴华日前对记者称，金融租赁公司的发债通道较为封闭，如需累计三年的经营业绩指标，且发债公司必须满足盈利水平、净资本等多个经营指标全部高于同业平均水平等条件，“这一点大多数金融租赁公司难以达到。”

Work silver lease finance marketing director general manager ZuoXingHua has told reporters said,Financial leasing companies FaZhai channel relatively closed,If you need accumulated three years of business performance indicators,And FaZhai company must meet the profit level/Net capital, and other business index is higher than the average of all the condition such as level,"This most financial leasing company is difficult to achieve."

　　一些金融租赁公司开始尝试境外发债。如招银租赁计划在香港发行3－5亿美元债券；而2011年11月底，工银租赁发行7.5亿美元境外美元债券；民生租赁副总裁张博此前也曾表示，考虑到境外发行美元债券的利率成本较低，该公司不排除在境外发债。

Some financial leasing companies began to try to FaZhai abroad.If ZhaoYin leasing programs in Hong Kong issue 3 - $500 million bond;And in 2011 by the end of November,Work silver lease issue $750 million dollar bonds abroad;The people's livelihood lease vice President ZhangBo previously has said,Considering the $bond issue overseas interest rates low cost,The company do not eliminate to be in FaZhai abroad.