Case Analysis Of Securitization Of Agricultural Leasing Assets Of CreditEase Finance Leasing Co.,Ltd.

Financial leasing plays an irreplaceable role in financial markets as an emerging financing tool only back to bank credit.However,it is necessary to actively explore new financing channels to meet the funding needs of the business development process for financial leasing companies with the continuous expansion of business.Since the end of 2014,the China Banking Regulatory Commission issued the "Notice on the Work Process of Credit Asset Securitization Registration and Registration",the credit asset securitization professional work was changed from the acceptance system to put on record,the financial leasing asset securitization business has also developed rapidly.CreditEase Leasing is a financial leasing company established by the CreditEase Group not only to provide rental services for small and micro enterprises but also to provide support for individuals.It meets the equipment financing needs of small and micro-populations with standardized small-scale leasing products and innovative business models.CreditEase Leasing is one of the core businesses of the agricultural machinery leasing business based on supporting agriculture and serving "three rural".The rural line business covers the whole country.With the country’s strong support for the "three rural" areas and the implementation of the company’s strategy,the company’s business scale continues to increase,and the demand for funds is also increasing.On June 1st,2018,CreditEase Leasing successfully issued the first ABS of CreditEase Leasing Phase I Asset support special plan on the exchange market,which is more capitalized while realizing the expansion of innovative financing channels.This paper takes "CreditEase Leasing Phase I Special Plan" as an example,and the article based on the relevant theories of domestic and foreign scholars on asset securitization and financial leasing asset securitization research.It includes asset pool feature analysis,project transaction structure and transaction mode analysis,securitization product cost and benefit analysis,risk control arrangement analysis and project operation status analysis.Through the research on the above aspects,the progress of the project is still relatively smooth,and the cost of financing the private placement of bonds is slightly lower.At the same time,the real distribution of assets and the asset structure of the company are optimized.However,in terms of product design,there are still several areas that need improvement.For example,the product term should match the asset pool lease term,appropriately expand the issue size,and it should optimize product design.Through the case analysis,this paper draws two inspirations.On the one hand,financial leasing companies can use asset securitization as an innovative financing channel to reduce financing costs and optimize the reporting structure;On the other hand,the agriculture-related leasing market has a large capacity,and leasing companies can actively participate in it.They can expand their own financing channels to meet the financing needs of farmers and help the development of China’s "three rural" undertakings.This article gives advice from a macro policy perspective and a micro-product perspective.The governments,regulators and financial institutions should strengthen their efforts to support the securitization of financial leasing assets and provide support for asset securitization of agricultural leasing companies.At the same time,when leasing companies are designing securitized products,they should consider factors such as deadline matching and risk control to improve the efficiency of financing funds.