Chinese consumer finance firms rush to raise money via ABS amid coronavirus [Reuters]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Reuters
Chinese consumer finance firms rush to raise money via ABS amid coronavirus BEIJING/SHANGHAI (Reuters) - Chinese consumer finance companies are rushing to fund lending by selling asset-backed securities (ABS) as they join banks in a government-led campaign to boost consumption in an economy ravaged by the coronavirus outbreak. Home Credit, one of the oldest consumer finance companies in China, launched the sale of 2.5 billion yuan of ABS backed by consumer loans on Tuesday, in the biggest ABS deal since the coronavirus outbreak shut large parts of China’s economy. Asset-backed securities allow lenders to move loans off their balance sheets, freeing them up to extend fresh credit. The firm, controlled by Czech businessman Petr Kellner, said it has another 15 billion yuan worth of ABS in the pipeline for sale. The rising sales of consumer ABS come as demand for credit has been hit badly by the economic downturn, but officials have pinpointed consumer lenders as a key lever in rebooting
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